Table 1. Variables definition Variables... | Emerald Publishing

Table 1.

Variables definition

Variables	Definitions
$D A$	Signed Discretionary Accruals (Positive $P O S D A$ and Negative $N E G D A$ ⁠) based on the Kothari et al. model (2005) to proxy Accrual Earnings Management
$A B N C F O$	Abnormal Cash Flow from Operations based on Roychowdhury (2006)
$A B N P R O D$	Abnormal Production Costs based on Roychowdhury (2006)
$F I R M I N F L E X P$	Firm inflation expectations
$C O N S I N F L E X P$	Consumer inflation expectations
$A C C I N F L E X P$	The standardized balance statistic of the last month of the quarter (March, June, September and December) per country derived from Questions 6 [services, retail, industry (manufacturing)] and 5 [building (construction)] of Consumer and Business Survey of European Commission
$R E A L I N F L E X P$	The standardized arithmetic average of monthly balance statistic within a quarter per country derived from Questions 6 [services, retail, industry (manufacturing)] and 5 [building (construction)] of Consumer and Business Survey of European Commission
$C O N S A C C I N F L E X P$	The standardized balance statistic of the last month of the quarter (March, June, September and December) per country derived from Question 6 (consumers) of Consumer and Business Survey of European Commission
$C O N S R E A L I N F L E X P$	The standardized arithmetic average of monthly balance statistic within a quarter per country derived from Question 6 (consumers) of Consumer and Business Survey of European Commission
$L E V$	(Long term debt)/total assets
$S A L E S G R$	(Change in sales)/lagged sales
$R O A$	(Net income)/total assets
$S I Z E$	Natural logarithm of total assets
$L O S S$	A dummy variable, taking the value 1 if current quarter’s net income is negative and 0 otherwise is included
$E L B$	A dummy variable taking the value 1 from 2012Q3 to 2022Q3 and 0 otherwise
$E C B S U R P$	The sum of changes in the three-month Overnight Indexed Swaps (OIS 3 m) following monthly ECB policy meeting

Variables	Definitions
$D A$	Signed Discretionary Accruals (Positive $P O S D A$ and Negative $N E G D A$ ) based on the Kothari et al. model (2005) to proxy Accrual Earnings Management
$A B N C F O$	Abnormal Cash Flow from Operations based on Roychowdhury (2006)
$A B N P R O D$	Abnormal Production Costs based on Roychowdhury (2006)
$F I R M I N F L E X P$	Firm inflation expectations
$C O N S I N F L E X P$	Consumer inflation expectations
$A C C I N F L E X P$	The standardized balance statistic of the last month of the quarter (March, June, September and December) per country derived from Questions 6 [services, retail, industry (manufacturing)] and 5 [building (construction)] of Consumer and Business Survey of European Commission
$R E A L I N F L E X P$	The standardized arithmetic average of monthly balance statistic within a quarter per country derived from Questions 6 [services, retail, industry (manufacturing)] and 5 [building (construction)] of Consumer and Business Survey of European Commission
$C O N S A C C I N F L E X P$	The standardized balance statistic of the last month of the quarter (March, June, September and December) per country derived from Question 6 (consumers) of Consumer and Business Survey of European Commission
$C O N S R E A L I N F L E X P$	The standardized arithmetic average of monthly balance statistic within a quarter per country derived from Question 6 (consumers) of Consumer and Business Survey of European Commission
$L E V$	(Long term debt)/total assets
$S A L E S G R$	(Change in sales)/lagged sales
$R O A$	(Net income)/total assets
$S I Z E$	Natural logarithm of total assets
$L O S S$	A dummy variable, taking the value 1 if current quarter’s net income is negative and 0 otherwise is included
$E L B$	A dummy variable taking the value 1 from 2012Q3 to 2022Q3 and 0 otherwise
$E C B S U R P$	The sum of changes in the three-month Overnight Indexed Swaps (OIS 3 m) following monthly ECB policy meeting

Note(s):

This table presents the definition of variables used in this study

Source(s): Authors’ own work