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