Table 1 Variables definitions Variable... | Emerald Publishing

Table 1

Variables definitions

Variable	Proxies	Definitions	Reference
Dependent variable
Bankruptcy	ZSCORE	$Z s c o r e = \frac{(k + R O A)}{σ R O A}$ $k$ = total equity to total asset $σ R O A$ = standard deviation of return on assets	Hesse (2010)
Independent variables
Financial literacy	FLLENDER	The number of lender lending transactions	Author calculation
Financial literacy	FLBOR	The number of borrower credit transactions	Author calculation
Other drivers	OUT	Natural logarithm of total outstanding loan	Author calculation
	PRO	Total productive lending to total lending	Author calculation
	LNDYB	Natural logarithm of total funds provided by the lender	Author calculation
	LNPP	Natural logarithm of total loan disbursement to the borrower	Author calculation
	ROE	Return on equity	Author calculation
	NPL	Percentage of non-performing loan	Author calculation

Variable	Proxies	Definitions	Reference
Dependent variable
Bankruptcy	ZSCORE	$Z s c o r e = \frac{(k + R O A)}{σ R O A}$ $k$ = total equity to total asset $σ R O A$ = standard deviation of return on assets	Hesse (2010)
Independent variables
Financial literacy	FLLENDER	The number of lender lending transactions	Author calculation
Financial literacy	FLBOR	The number of borrower credit transactions	Author calculation
Other drivers	OUT	Natural logarithm of total outstanding loan	Author calculation
	PRO	Total productive lending to total lending	Author calculation
	LNDYB	Natural logarithm of total funds provided by the lender	Author calculation
	LNPP	Natural logarithm of total loan disbursement to the borrower	Author calculation
	ROE	Return on equity	Author calculation
	NPL	Percentage of non-performing loan	Author calculation

Source(s): Table by author