Table 3 Variables used under panel data... | Emerald Publishing

Table 3

Variables used under panel data regression analysis

Dependent variable	Proxies	Independent variables	Proxies	Control variables	Proxies
Default risk	Z-score (2000)	Employee productivity	INPUTS – no. of employees, capital employed	Leverage	Ratio of total debt to total assets
	Distance-to-default (2006)	Employee productivity	OUTPUT – sales	Size	Natural logarithm of market capitalization
		Asset productivity	INPUTS – total assets	Liquidity	Ratio of cash and cash equivalents to total assets
			INPUTS – total assets	Loss	Dummy variable, which takes the value 1 when a firm incurs loss and 0 otherwise
			OUTPUT – sales	Volatility	Measured as standard deviation of daily equity returns and Ln.AGE
			OUTPUT – sales	Ln.AGE	Computed as natural logarithm of firm’s age

Dependent variable	Proxies	Independent variables	Proxies	Control variables	Proxies
Default risk	Z-score (2000)	Employee productivity	INPUTS – no. of employees, capital employed	Leverage	Ratio of total debt to total assets
	Distance-to-default (2006)	Employee productivity	OUTPUT – sales	Size	Natural logarithm of market capitalization
		Asset productivity	INPUTS – total assets	Liquidity	Ratio of cash and cash equivalents to total assets
			INPUTS – total assets	Loss	Dummy variable, which takes the value 1 when a firm incurs loss and 0 otherwise
			OUTPUT – sales	Volatility	Measured as standard deviation of daily equity returns and Ln.AGE
			OUTPUT – sales	Ln.AGE	Computed as natural logarithm of firm’s age

Source(s): Authors’ own