Summary presentation of selected variables
| Variables | Abbreviation | Measurements | Citation |
|---|---|---|---|
| Dependent variables | |||
| Firm performance (return on assets) | ROA | (Net profit before tax)/(total assets) | Niazi et al. (2023), Ogoe and Suzuki (2023), Yuan, Xia, and Li (2023), Wattanawarangkoon et al. (2022), Cuervo-Cazurra and Dau (2009) |
| Independent variables | |||
| Leverage | TDTA | (Total debt)/(total assets) | Nguyen et al. (2022), Ahmed and Bhuyan (2020), Tang and Chang (2015) |
| Tangibility | TANG | (Fixed assets)/(total assets) | Chen and Chen (2023), Altaf (2024), Gharaibeh and Khaled (2020) |
| Firm size | FRS | Log (Total assets) | Nguyen et al. (2022), Tran and Vo (2020), Kayani, De Silva, and Gan (2020) |
| Capital turnover ratio | CTOR | (Net fixed assets)/(total sales) | Kuntluru et al. (2008), Chandrapala and Knápková (2013) |
| Physical capital intensity | PHCI | Log of physical assets per employee | Chandrapala and Knápková (2013), Barbosa and Louri (2005) |
| Firm age | FAGE | Log of number of years since a firm registered | Cataltepe, Kamasak, Bulutlar, and Alkan (2022), Li et al. (2021), Tanaka (2021) |
| Variables | Abbreviation | Measurements | Citation |
|---|---|---|---|
| Firm performance (return on assets) | ROA | (Net profit before tax)/(total assets) | |
| Leverage | TDTA | (Total debt)/(total assets) | |
| Tangibility | TANG | (Fixed assets)/(total assets) | |
| Firm size | FRS | Log (Total assets) | |
| Capital turnover ratio | CTOR | (Net fixed assets)/(total sales) | |
| Physical capital intensity | PHCI | Log of physical assets per employee | |
| Firm age | FAGE | Log of number of years since a firm registered | |
Source(s): Own elaboration
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