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Debt Incentives and Performance

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Description of data:
DEBT Ratio of debt (long-term liabilities, bank loans and overdrafts) to total net assets

Q Market value of equity plus book value of debt divided by book value of equity and debt

SIZE Log of real value of sales (at 1985 prices)

SHCH Standard deviation of change in real operating income divided by mean (over previous 8 years)

EMP Log of number of employees

COLL Tangible fixed assets plus stocks and work in progress, divided by total net assets

PI Operating income (gross of tax, interest and depreciation) divided by total net assets

DEPR Total depreciation divided by total gross assets

SALES Sales

YEAR Year

COMPANY Company id number