Figure 1
In the table the first row presents the column headers as follows: Column 1: Variable. Column 2: Proxy. Column 3: Description. Column 4: References. The entries between rows 2 and 5 are as follows: Row 2: Variable: Bank Indebtedness. Proxy: Did not succeed (0); Succeeded (1 out of 3, 2 out of 3, or 3 out of 3). Description: Success in obtaining credit. References: Elaborated by the author. Row 3: Variable: Tangibility. Proxy: F A slash T A. Description: Ratio of fixed assets to total assets. References: Michaelas et al. (1999). Row 4: Variable: Liquidity. Proxy: C A slash C L. Description: Ratio of current assets to current liabilities. References: Pereira et al. (2015). Row 5: Variable: Governance. Proxy: Transparency, Accountability, Board. Description: Likert Scales: 1 - Strongly disagree. 2 - Slightly disagree. 3 - Neither agree nor disagree. 4 - Slightly agree. 5 - Strongly agree. References: I B G C (2014, 2009); Cavalheiro et al. (2016); Erdogan (2018).Operationalization of variables. Source: Elaborated by the researchers