| 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 |