| Description |
Variable |
Calculation |
Author |
| Dependent Variables: |
|
|
|
| Return on Asset |
ROA |
Net Income/ Average Total Asset |
(Anton & Nucu, 2021; Essel & Brobbey, 2021; Hameer et al., 2021; Herison et al., 2022; Hossain & Zariyawati, 2022) |
| Return on Equity |
ROE |
Net Income/ Average Shareholder Equity |
(Akbar et al., 2021) |
| Independent Variables: |
|
|
|
| Inventory days |
INV |
Inventory/Sales x 365 days |
(Akbar et al., 2021; Essel & Brobbey, 2021; Hameer et al., 2021) |
| Account receivables to sales |
AR |
Account receivables/Sales x 365 days |
(Akbar et al., 2021; Essel & Brobbey, 2021; Hameer et al., 2021; Herison et al., 2022; Satoto et al., 2022) |
| Account payables to sales |
AP |
Account payables/Sales x 365 days |
(Akbar et al., 2021; Essel & Brobbey, 2021; Hameer et al., 2021) |
| Firm size |
SIZE |
Natural Logarithm of Firm’s Sales, lagged one year period |
(Al-Mawsheki et al., 2019; Akbar et al., 2021; Anton & Nucu, 2021; Essel & Brobbey, 2021; Hameer et al., 2021; Hossain & Zariyawati, 2022) |
| Current asset to total asset |
CATA |
Total current assets/Total current liabilities |
(Al-Mawsheki et al., 2019; Akbar et al., 2021) |
