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 |