Definitions of the dependent and independent variables employed in the models
| Variable | Description |
|---|---|
| Dependent variable | |
| TobinsQ | The ratio between the market value of the company divided by the assets' replacement cost |
| Independent variables | |
| PIA | The ratio of intangible assets to total assets |
| PGW | The ratio of goodwill to the total assets |
| Control variables | |
| SIZE | The size of the company is computed as the logarithm of total assets |
| CR | Current ratio (Current assets/Current liabilities) |
| SGR | Sustainable growth rate computed as 1- (cost of ordinary dividends/net profit)*ROE |
| Zscore | Altman Z-score |
| LEV | The degree of indebtedness (total debt over shareholders’ funds) |
| ROA | Return on Assets (P/L before tax over total assets) |
| GFC | Dummy variable for the global financial crisis |
| CoC | Dummy variable for the COVID-19 pandemic |
| Variable | Description |
|---|---|
| TobinsQ | The ratio between the market value of the company divided by the assets' replacement cost |
| PIA | The ratio of intangible assets to total assets |
| PGW | The ratio of goodwill to the total assets |
| SIZE | The size of the company is computed as the logarithm of total assets |
| CR | Current ratio (Current assets/Current liabilities) |
| SGR | Sustainable growth rate computed as 1- (cost of ordinary dividends/net profit)*ROE |
| Zscore | Altman Z-score |
| LEV | The degree of indebtedness (total debt over shareholders’ funds) |
| ROA | Return on Assets (P/L before tax over total assets) |
| GFC | Dummy variable for the global financial crisis |
| CoC | Dummy variable for the COVID-19 pandemic |
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