| Variables | Measurement |
| Profitability (PROF) | EBIT/Total Assets |
| Tangibility (TANG) | Fixed Assets/Total Assets |
| Leverage (LEV) | Total Debt/Total Assets |
| Liquidity (LIQ) | Current Assets/Current Liabilities |
| Firm size (SIZE) | Natural log of Total Assets |
| Growth Opportunities (GROW) | Market Value/Book Value |
| Non-Debt Tax Shield (NDTS) | Depreciation/Total Assets |