Code

Capital Structure variables

Definition

Data source

TL

Total Leverage

Total Liabilities divided by total assets

Ghana Stock Exchange Database/Annual Report Ghana

STL

Short term Leverage

Short-term liabilities divided by total assets

Ghana Stock Exchange Database/Annual Report Ghana

LTL

Long term Leverage

Long-term liabilities divided by total assets

Ghana Stock Exchange Database/Annual Report Ghana

Independent Variables/Control Variables

Definition

Data source

Dcrisis

COVID-19 crisis

A dummy variable equal to “1” for the presence of a COVID-19 crisis in the year 2020, otherwise “0”

PROF

Profitability

Earnings before interest and tax divided by

Total asset

Ghana Stock Exchange Database/Annual Report Ghana

LIQ

Liquidity

The ratio of current assets to current liabilities

Ghana Stock Exchange Database/Annual Report Ghana