Dependent variables
| Hypothesis | Dimension | Variable | Specification |
|---|---|---|---|
| H1 | Financial Structure | FA (Financial Autonomy) | Equity / Total Assets |
| SOLV (Solvency) | Equity / Total Liabilities | ||
| H2 | Operating Indicators | GL (General Liquidity) | Current Assets / Current Liabilities |
| RL (Reduced Liquidity) | (Current Assets – Inventories) / Current Liabilities | ||
| H3 | Profitability Indicators | ROA (Return on Assets) | Net Income / Total Assets |
| ROE (Return on Equity) | Net Income / Equity | ||
| ROS (Operating Return on Sales) | Operating Income / Turnover | ||
| H4 | Equilibrium Indicator | LEV (Indebtedness) | Total Liabilities / Total Assets |
| Hypothesis | Dimension | Variable | Specification |
|---|---|---|---|
| Financial Structure | FA (Financial Autonomy) | Equity / Total Assets | |
| SOLV (Solvency) | Equity / Total Liabilities | ||
| Operating Indicators | GL (General Liquidity) | Current Assets / Current Liabilities | |
| RL (Reduced Liquidity) | (Current Assets – Inventories) / Current Liabilities | ||
| Profitability Indicators | ROA (Return on Assets) | Net Income / Total Assets | |
| ROE (Return on Equity) | Net Income / Equity | ||
| ROS (Operating Return on Sales) | Operating Income / Turnover | ||
| Equilibrium Indicator | LEV (Indebtedness) | Total Liabilities / Total Assets |
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