| Variable | Proxy |
| Roe | Net profit Net worth |
| Roa | Profit before income tax Total assets |
| Div | Dividends paid Net profit |
| Log tam | Logarithm of total assets |
| Log pl | Logarithm of equity |
| Sz | Companies in the two lowest deciles according to their asset size compared to the average assets of companies in the year-on-year database |
| Tang | Tangible fixed assets Total assets |
| Sg | (net operating revenue – net operating revenue previous year) Net operating revenue |
| Mtb | (total assets - pl + market value of shares) Total assets |
| Cha | Current year total active logarithm – previous year total active logarithm |
| Capex | (fixed tangible assets current year) – (fixed tangible assets prior year) + ((depreciation/amortization/depletion) in current year)) |
| Industry | 0 - 1 |
| Service | 0 - 1 |
| Commerce | 0 - 1 |