Definition | Variable |

The financial flexibility calculated in this paper is the company with financial flexibility that has not used the debt capacity at least for three consecutive years | FF1 |

Financial leverage: total debts to total assets ratio | LEV |

market to book ratio, calculated as the book value of the assets plus value of stock market minus book value of stock divided by book value of assets | MTB |

Logarithm of total assets of company | Size |

Fixed assets to total assets ratio | Tangibility |

Profit obtained from extraordinary items divided by total assets | Profitability |

Amount of yearly inflation obtained from global bank | Inflation |

Cash flow of the companies | CF |

Investment activity | IA |

Company payments to total assets ratio | EPR |

Amount of cash holding of company | CASH |

The financial crisis which is a virtual variable and is 1 for the years 2009 and 2010 and otherwise it is zero | CRISIS |

Year | YEAR |

Industry | IND |

Debt payable after one years to total debts | MATURE |

Amount of dividend profit | DIVIDEND |

Amount of tax paid by company | TAX |

Depreciation to total assets ratio | NDTS |