| Research Variable | Variables | Measurement |
| Ownership Structure | Managerial Ownership | The number share owned by managers directly and indirectly/the total outstanding share |
| State Ownership | Percentage of shares held by state to the total number of shareholders. | |
| Foreign Ownership | Percentage of shares owned by foreign investors | |
| Block holders | Percentage of shareholders who owns at least 5% of the stock to the total number of shareholders. | |
| Ownership Concentration | Percentage of ownership shares (votes) of the largest shareholder | |
| Institutional Ownership | Percentage of shares held by institutions (e.g., pension funds) | |
| Capital Structure | Long-term debt to total assets | Long-term debt/total assets |
| Short-term debt to total assets | Short-term debt/total assets | |
| Debt to Equity | Total debt/Equity | |
| Total debts | Short Term debt + Long Term debt | |
| Firm Size | The natural log of total assets |
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| Firm Age | The natural log of the number of years since establishment |
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