Definitions of variables
| Variable | Symbol | Description |
|---|---|---|
| Total debt | DEBT | The log value of the firm's total debt |
| Leverage | LEV | The ratio of debt to total assets |
| Patent | INNOV | The Log of patent value, a proxy for innovative activity |
| Patent to Assets | INNOV_A | The ratio of patent value to total assets, a proxy for innovative activity and risk |
| Institutional investor | INST | A binary variable for the existence of institutional investors |
| Total Assets | ASST | The log value of firm's total assets |
| EBITDA | EBITDA | The log earnings before interest, tax, depreciation and amortization |
| EBITDA to Assets | EBITDA | The ratio of EBITDA value to total assets |
| Tangibles | TANG | The log value of the firm's tangibles |
| Tangibles to Assets | TANG_A | The ratio of tangibles to total assets |
| Intangibles | INTANG | The log value of the firm's intangibles |
| Intangibles to Assets | INTANG_A | The ratio of intangibles to total assets |
| Sector | DUMSECTOR | A dummy variable for the sector |
| Region | DUMREGION | A dummy variable for the region |
| INST × LOMB | INST × LOMB | An interaction variable for institutional investors in the Lombardy region |
| IND × LOMB | IND × LOMB | An interaction variable for the industrial sector in the Lombardy region |
| Variable | Symbol | Description |
|---|---|---|
| Total debt | DEBT | The log value of the firm's total debt |
| Leverage | LEV | The ratio of debt to total assets |
| Patent | INNOV | The Log of patent value, a proxy for innovative activity |
| Patent to Assets | INNOV_A | The ratio of patent value to total assets, a proxy for innovative activity and risk |
| Institutional investor | INST | A binary variable for the existence of institutional investors |
| Total Assets | ASST | The log value of firm's total assets |
| EBITDA | EBITDA | The log earnings before interest, tax, depreciation and amortization |
| EBITDA to Assets | EBITDA | The ratio of EBITDA value to total assets |
| Tangibles | TANG | The log value of the firm's tangibles |
| Tangibles to Assets | TANG_A | The ratio of tangibles to total assets |
| Intangibles | INTANG | The log value of the firm's intangibles |
| Intangibles to Assets | INTANG_A | The ratio of intangibles to total assets |
| Sector | A dummy variable for the sector | |
| Region | A dummy variable for the region | |
| An interaction variable for institutional investors in the Lombardy region | ||
| An interaction variable for the industrial sector in the Lombardy region |
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