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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.
  1. Note. This table reports variables definitions