Table I.

Variable information

Var. explic.Formula
LeverageBook value debt/Business market value
Size of the companyLn (Sales)
Growth oppurtunities(S. bks. liab. + S. eq. mkt.)/(Tot. bks. ass.)
ProfitabilityEbit/T. bks. ass.
TangibilityNet fixed ass./T. bks. ass.
Business riskStd. dev. of profitability
Inflation volatilityStd. dev. of the annual inf. rate per country
Ref. rate volatilityStd. dev. of the ref. rate per country
Regulated industry*1 if business belongs to: Const., Elect., Gas and oil, Mining; Telec., y Transp. y Logist, 0 in other case.
Source: Own elaboration

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