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 | / |