Variable name	Variable code	Description
Trade credit	TC	The ratio of trade receivable to total assets.
The square of trade credit	TC2	The square of trade credit.
Return on Assets	ROA	The ratio of earnings before interest and taxes (EBIT) to total assets.
Return on Equity	ROE	The ratio of earnings before interest and taxes to equity.
Firm size	FSIZE	The natural logarithm of total assets.
Financial Leverage	LEV	The ratio of total liabilities to total assets.
Liquidity	LQD	The natural logarithm of the ratio of cash and short-term investment to total assets.
Sales growth	SGR	The ratio of (Sales at t-sales at t − 1)/sales at t − 1.
Economic growth	GDP	Yearly gross domestic income growth rate.