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\ p None B a = c @ = Z ?N*8 X" 1 Arial1 Arial1 Arial1 Arial1 Arial1 Arial1 Arial General ` Table_3 ^ Q Attribute Acronym Proxy Expected Sign Dependent Variables Financial Leverage 1 Fin_Lev1 Gross Debt / Asset Financial Leverage 2 Fin_Lev26 (Current Liabilities + Noncurrent Liabilities) / Asset Leverage at Market Value 1 Lev_Mkt1# Gross Debt / Assets at Market Value Leverage at Market Value 2 Lev_Mkt2F (Current Liabilities + Noncurrent Liabilities) / Asset at Market Value Short-term Leverage Lev_ST Current Liabilities / Asset Long-term Leverage Lev_LT Noncurrent Liabilities / Asset Explanatory Firm Variables Size
Size Ln (Net Operating Revenue) Neg./Pos. Tangibility
Tang% (Fixed assets + Inventories) / Assest
Profitability
Prof Return on Asset - ROA Risk
Risk ROA standard deviation Neg. Liquidity Liq$ Current Assets / Current Liabilities Growth Opportunities Gr_Opp (Salest / Salest-1) - 1 Market-to-Book MB, Asset at Market Value / Assets at Book Value5 Explanatory Country Variables - Macroeconomic Factors Growth of Gross Domestic Product Growt_GDP/ Average annual GDP change between 2009 and 2014 Per capita income Income) Natural logarithm of GDP/Total population Undetermined Annual inflation rate
Infl3 Average annual inflation rate between 2009 and 2014 Pos.7 Participation of public-traded companies in the economy Part_CompA Total in US$ of the market value of publicly traded companies/GDP Average time to start a business T_Buss# Natural logarithm of number of days5 Explanatory Country Variables - Institutional Factors Property right Prop_Rig8 Level of property rights protection-GCI (1 worst-7 best)
Legal Risk Legal_RiskD Efficiency of the legal framework in litigation-GCI (1 worst-7 best) Minority Protection Min_Prot3 Legal Protection for Investors-GCI (1 worst-7 best) Creditors Protection Cred_Prot> Legal protection to the creditor World Bank (0 weak-12 strong) Level of Corruption and Ethics Corrup_Eth/ GCI aggregate indicator (the higher the better)
d MbP?_ % * + &P &F