Table 4

Summary of variables

VariableDefinition/calculationSource
Financial distressDistressed firms = 1, non-distressed firms = 0Altman et al. (2017), Fernández-Gámez et al. (2020) 
Financial ratiosRetained earnings to total assets ratioAltman (1983), Altman et al. (2017) 
 Earnings before interest and taxes to total assets ratio
 Book value of equity to total liabilities ratio
 Cash and cash equivalents to current liabilities ratioMotivation from De Luca and Meschieri (2017) as they have considered other liquidity ratios

Source(s): Table created by author

[ViewLarge]
This Feature Is Available To Subscribers Only

or Create an Account

Close subscription notice
Close access options