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 |