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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