| Variables | Description | Expected sign |
| Capital Adequacy Ratio (CAR) | Capital/total Assets | Positive |
| Risk Coverage Ratio (RISK) | Capital/total risk incurred | Positive |
| Liquidity Ratio (LIQUIDITY) | Current financial assets/current liabilities | Negative |
| External Funding Coefficient (EFC) | Equity/Debts | Positive |
| Fixed Assets Coverage Ratio (FACR) | Permanent resources/total fixed assets | Positive |
| Size of the MFI (SIZE) | Natural logarithm of total assets | Ambiguous |
| Subvention (SUB) | Quantitative variable | Ambiguous |