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 |