. 2021 Jun 17;7(6):e07341. doi: 10.1016/j.heliyon.2021.e07341

Table 5.

Outer loadings of the measurement model.

SL	Details of Questionnaire items	Factors	p-values
Issues of Corporate Governance for Leverage Structure Decisions			1
$C G_{1}$	The rights of shareholders are recognized by your firm	0.937	0.000
$C G_{2}$	Board Size and composition have an influence on leverage decisions	0.910	0.000
$C G_{3}$	Corporate laws and regulations are observed by your firm	0.839	0.000
$C G_{4}$	Independent directors are on board (at least 10%)	0.836	0.000
$C G_{5}$	The rights of stakeholders are protected by law.	0.893	0.000
$C G_{6}$	Financial reports are timely prepared and delivered to stakeholders	0.926	0.000
$C G_{7}$	Firms can freely appoint auditors	0.854	0.000
$C G_{8}$	Your firm provides fairly, timely and cost effective information	0.900	0.000
$C G_{9}$	Annual general meeting(AGM) is regularly held	0.862	0.000
$C G_{10}$	There is female board member participation	0.895	0.000
Leverage Structure Decision			2.0
$L S_{1}$	Issuing common stock/external equity financing	0.888	0.000
$L S_{2}$	Issuing bond/debenture/Long-term loan	0.925	0.000
$L S_{3}$	Issuing preferred stock (redeemable/Perpetual)	0.777	0.000
$L S_{4}$	Retained Earnings/Internal equity financing	0.927	0.000
Determinants of leverage structure Decision			3.0
$D_{1}$	Profitability results in leverage decision	0.846	0.000
$D_{2}$	Growth opportunity influences the leverage decision	0.868	0.000
$D_{3}$	Tangibility has an impact on leverage structure	0.912	0.000
$D_{4}$	Changes in market interest rates influence leverage decision	0.908	0.000
$D_{5}$	Corporate tax rates directly involve leverage decision	0.946	0.000
$D_{6}$	Business risks influence leverage decisions	0.898	0.000
$D_{7}$	Agency cost is related to leverage decision	0.912	0.000
$D_{8}$	Liquidity has an impact on leverage decision	0.896	0.000
$D_{9}$	Investment opportunities directly influence leverage decision	0.915	0.000
$D_{10}$	The firm size can influence leverage decision	0.912	0.000
$D_{11}$	The nature of industry influences leverage decision	0.95	0.000
$D_{12}$	Stock price volatility influences leverage decision	0.926	0.000

Source: The results were estimated by the researcher using questionnaires.

CG = Corporate governance; LS = Leverage Structure; D = Determinants.