Table 1 Description of variables
From: Debt choice, growth opportunities and corporate investment: evidence from China
Symbol | Variable | Description |
|---|---|---|
INVST | Investment | Investment; Change in fixed assets from the beginning of the year to the end of a year plus depreciation, scaled by the value at the beginning of the year. |
INVST2 | Investment2 | Change in fixed assets/ total assets |
LEV | Leverage | Total liabilities / total assets |
GTH | Tobinq | Market value/ Book value of assets |
ROA | Return on Assets | EBIT/total assets |
TG | Tangibility | Fixed assets / total assets |
CFLOW | Cash Flow | Operating cash flow / total assets |
CASH | Cash | Cash and Equivalents / total assets |
BSIZE | Board Size | Total number of members of the board |
CEODUA | Dual Leadership | 1 if the chairman of the board is holding both positions i.e., chairman of the board and CEO otherwise 0 |
INDBOARD | Independent Directors | Ratio of independent board members to total members of the board |
SDEBTRATIO | Short-term debt ratio | The ratio of total short-term debt to total debt. We calculate total debt by adding short-term debt and long-term debt. Short term debt refers to debt having maturity period less than 1 year, and long-term debt refers to debt having maturity period of more than 1 year. |