Official websites use .gov
A
.gov website belongs to an official
government organization in the United States.
Secure .gov websites use HTTPS
A lock (
) or https:// means you've safely
connected to the .gov website. Share sensitive
information only on official, secure websites.
Benchmark variable definitions.
| Type of variable | Variable name | Variable definition |
|---|---|---|
| Benchmark variable | Past revenue | Natural logarithm of company revenue at the end of the year |
| Cash flow ratio | Operating net cash flow / total assets | |
| Firm age | Company listing years | |
| Size | Log of the total assets | |
| SOE | Soes = 1, non-soes = 0 |
