Table III Financial performance...

Table III

Financial performance indicators employed

Abbreviation	Indicator	Formula
S1	Asset size	Ln asset
S2	Equity size	Ln equity
S3	Net sales level	Net revenue
L1	Liquidity ratio	Current assets/short-term liabilities
L2	Cash ratio	Cash and cash equivalents/short-term liabilities
L3	Networking capital	(Current assets-short term liabilities)/total assets
L4	Equity financing level	Equity/tangibles
D1	Debt level	Total debt/total assets
D2	Financial leverage	Total debt/total equity
P1	EBIT margin	EBIT/net sales
P2	Net profit margin	Net profit/net sales
P3	Asset turnover ratio	Net sales/total asset
P4	Equity turnover ratio	Net sales/equity
P5	Operating profit	Operating expense/net sales
P6	Tangibles financing level	Net sales/tangibles
P7	Assets operating profit	EBIT/total assets
P8	ROA	Net profit/total assets
P9	ROE	Net profit/equity
G1	Asset growth rate
G2	Equity growth rate

Abbreviation	Indicator	Formula
S1	Asset size	Ln asset
S2	Equity size	Ln equity
S3	Net sales level	Net revenue
L1	Liquidity ratio	Current assets/short-term liabilities
L2	Cash ratio	Cash and cash equivalents/short-term liabilities
L3	Networking capital	(Current assets-short term liabilities)/total assets
L4	Equity financing level	Equity/tangibles
D1	Debt level	Total debt/total assets
D2	Financial leverage	Total debt/total equity
P1	EBIT margin	EBIT/net sales
P2	Net profit margin	Net profit/net sales
P3	Asset turnover ratio	Net sales/total asset
P4	Equity turnover ratio	Net sales/equity
P5	Operating profit	Operating expense/net sales
P6	Tangibles financing level	Net sales/tangibles
P7	Assets operating profit	EBIT/total assets
P8	ROA	Net profit/total assets
P9	ROE	Net profit/equity
G1	Asset growth rate
G2	Equity growth rate

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