Table A1 Variables explanation Variable... | Emerald Publishing

Table A1

Variables explanation

Variable	Definition	Measurement
CASH1	Cash holding	CASH = $\frac{c a s h a n d c a s h e q u i v a l e n t}{t o t a l a s s e t s}$
CASH2	Cash holding	CASH = $\frac{c a s h a n d c a s h e q u i v a l e n t}{m a r k e t v a l u e o f f i r m}$
SO	State ownership	SO = $\frac{t h e n u m b e r o f s h a r e s o w n e d b y t h e g o v e r n m e n t}{t o t a l o u t s t a n d i n g s h a r e s}$
FO	Foreign ownership	FO = $\frac{t h e n u m b e r o f s h a r e s h e l d b y f o r e i g n i n v e s t o r s}{t o t a l o u t s t a n d i n g s h a r e s}$
SIZE	Firm size	SIZE = ln(Total assets)
GROWTH	Growth opportunity	GROWTH = $\frac{m a r k e t v a l u e o f s h a r e s}{b o o k v a l u e o f s h a r e s}$
PROFIT	Profitability	PROFIT = $\frac{E a r n i n g s b e f o r e i n t e r e s t a n d t a x}{t o t a l a s s e t s}$
TDA	Book leverage	TDA $= \frac{t o t a l d e b t s}{t o t a l a s s e t s}$
CF	Cash flow	CF = $\frac{T h e s u m o f e a r n i n g s b e f o r e e x t r a o r d i n a r y i t e m s a n d d e p r e c i a t i o n}{l a g g e d t o t a l a s s e t s}$

Source(s): Table created by authors