Variable;Description;Source
ROE;"Calculated by dividing the net income by the average of its equity";"Authors’ calculations based on companies’ financial statements"
ROA;"Calculated by dividing the net income by the average of its total assets";"Authors’ calculations based on companies’ financial statements"
"Current Ratio";"Calculated by dividing the total current assets by its total current liabilities";"Authors’ calculations based on companies’ financial statements"
"Ln(Total Assets)";"Calculated by taking the logarithm of total assets";"Authors’ calculations based on companies’ financial statements"
"Debt to Equity Ratio";"Calculated by dividing the total liabilities by total shareholders’ equity";"Authors’ calculations based on companies’ financial statements"
"Debt to Assets Ratio";"Calculated by dividing the total liabilities by total assets";"Authors’ calculations based on companies’ financial statements"
Ln(Revenue);"Calculated by taking the logarithm of revenue";"Authors’ calculations based on companies’ financial statements"
"Ln(Cost And Expenses)";"Calculated by taking the logarithm of cost and expenses";"Authors’ calculations based on companies’ financial statements"
"Ln(Company’s Age)";"Calculated by taking the logarithm of company’s age";"Based on the establishment year information on the companies’ official websites"
"GDP Growth Rate";"The GDP growth rate of the country where the company is headquartered";"Eurostat and World Bank"
"COVID-19 Support";"Total spending for supporting the COVID-19 pandemic (% of GDP)";"IMF (2021)"