Dependent Variable

Variable

Measurement

Formula

References

Firm Performance

Return on Assets (ROA)

Earnings Before Interest & Tax (EBIT)/Total Assets

Joliet and Muller (2013), Al-Taani (2013), Visic (2013)

Return on Equity (ROE)

Earnings Before Interest & Tax (EBIT)/Total Equity

Pouraghajan et al. (2012), Visic (2013), Nirajini and Priya (2013)

Independent Variables

Variable

Measurement

Formula

References

Debt

Financial leverage

Debt to total assets ratio

(Amore et al. 2022)

Size

Firm Size

Natural Logarithm of Total Assets

(Setiawan et al. 2016)

Sales

sales revenues

sales revenues

(Wijayangka, 2014)

FCF

Free cash flow

Cash flow generated from firm operations—cash flow required for capital expenditures

(Richardson, 2006)

Brush, Bromiley, and Hendrickx, 2000; Kim and Bettis, 2014

Growth

capital expenditure over assets

Δ(in assets—in liabilities)/ total assets

(Smith et al., 2012)

COVID 19

COVID 19

Dummy to differentiate between pre-epidemic and epidemic periods

Perwitasari et al., 2022

Amore et al., 2022

Tang

Tangible assets

net fixed assets/total assets

Dessi and Robertson (2003) , Weill (2007) and Margaritis and Psillaki (2010)