Articles according to the type of variable used
| Category | Number of studies | % | Top article, according to the FWCI |
|---|---|---|---|
| Financial ratios1 | 70 | 100 | Kliestik et al. (2017) |
| Nonfinancial indicators2 | 10 | 14 | Liang et al. (2016) |
| Macroeconomic indicators | |||
| GDP/GDP per capita | 5 | 7 | Jones (2017) |
| Inflation rate | 2 | 3 | Jones (2017) |
| Unemployment | 2 | 3 | Jones (2017) |
| Others | 2 | 3 | Jones (2017) |
| Category | Number of studies | % | Top article, according to the FWCI |
|---|---|---|---|
| Financial ratios1 | 70 | 100 | |
| Nonfinancial indicators2 | 10 | 14 | |
| Macroeconomic indicators | |||
| GDP/GDP per capita | 5 | 7 | |
| Inflation rate | 2 | 3 | |
| Unemployment | 2 | 3 | |
| Others | 2 | 3 |
Note(s): 1accounting-based variables and market-based variables; 2corporate governance indicators, other industry and firm-specific indicators
Source(s): Own elaboration
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