Variables

Influence factors

Indicators

Variable’s name

Expected symbol¹

Explanatory variables

Profitability

Earnings per share

X₁

+

Growth ability

Earnings per share growth rate

X₂

−

Operation capacity

Total assets turnover ratio

X₃

+

Debt levels

Asset-liability ratio

X₄

−

Liquidity of assets

Operating activities cash flow per share

X₅

+

Explained variable

Dividend payment levels

Dividend payment rate

Y

/