Table 1

Data description*

Variable nameSymbolDefinition
LeverageLEVFraction of non-current liabilities plus loans divided by shareholder funds
ESIESIThe ESI is a composite indicator made up of the individual opinion balances of five confidence indicators having different weights
Return on assetsROAFraction of net profit before tax plus interest divided by total assets
SizeSIZENatural logarithm of total assets
SalesSALESAnnual sales over total assets

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