| Authors | Exogenous variables | Proxy | Mesured |
| Diamond [17] | Company reputation | Value of the company in the market compared to its book value | Average annual price/Earnings per share |
| Chemanur and Fulghieri [32] | Renegotiability of the debt | Degree of concentration of short-term debts | Cash flows of the liabilities/Financial debts |
| Diamond [9] , Anderson and Makhija [10] , Bolton and Frexia [11] | Growth opportunities |
| (Total Assets-Equity) + Market Capitalization/Total Balance Sheet |
| Diamond [9] , Anderson and Makhija [10] , Sabrina [12] , Maggie [23] | limitation of information on the company | Degree of information asymmetry | Total Intangible Assets/Total Tangible Assets |
| Kartobi [15] | Financing regime | Degree of self-financing | Equity/Total Assets |
| Diamond [17] , Houston and James [18] , Fiorella De Fiorey [19] | Fixed costs of bond issues | Pricing of transaction on BRVM | Structuring/arrangement commission = 1.5% to 2% of the amount raised (a) |
| Investment commissions = 1.5% to 1.75% of the amount invested (a) | |||
| Rajan and Zingales [40] , Fama and French [41] , Delcoure [42] | Level of corporate wealth | Profitability of the company | Net accounting results/Total Assets |
| Fama [46] | The size of the company |
| Neperian logarithm Turnovers |
| Hautcoeur [14] , Kartobi [15] , Baker and Wurgler [36] | Attractiveness of the market |
| Neperian logarithm BRVM’ Composite Index |