| Variable | Symbol | Definition |
| Profitability | EPS | The Earning per Share ratio divided by share price |
| Cost Stickiness | Sticky | Using Cost of Goods Sold (COGS) as indicated in Model (2a) |
| Firm Age | Age | Log of the number of years since the creation of the firm |
| Financial Leverage | Lev | Log(total long-term debts/total assets) |
| Firm Size | Size | Log of total assets |