lnAuditFee | N/A | Natural logarithm of the amount of audit fees for conducting a mandatory audit of an entity's financial statement in the period covered by the statement (including fees for reviews of financial statements) |
lnTOTALASSETS | + | Natural logarithm of the total assets |
BIG4 | + | Discrete variable coded as 1 if a company's auditor is Deloitte, EY, KPMG or PwC, and 0 in other cases |
MERGE | + | Discrete variable coded as 1 if there was a merger or acquisition of entities forming a corporate group during a financial year and 0 in other cases |
LEVERAGE | + | Company's debt to total assets ratio |
Complexity | + | A company's total short- and long-term receivables and inventories |
Foreign | + | The ratio of the number of foreign companies in a corporate group to the number of all companies forming the corporate group |
lnSales2018 | + | Natural logarithm of sales volume in 2018 |