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Table 1 Variables description

From: The impact of US sugar prices on the financial performance of US sugar-using firms

Variable Description Formula
ROA Return on assets \( \mathrm{ROA}=\frac{\mathrm{TTM}\ \mathrm{operating}\ \mathrm{income}\ \mathrm{after}\ \mathrm{depreciation}}{\mathrm{Assets}}\times 100 \)
MTB Market-to-book \( \mathrm{MTB}=\frac{\mathrm{Assets}-\mathrm{Equity}+\mathrm{Stock}\ \mathrm{price}\times \#\mathrm{shares}}{\mathrm{Assets}} \)
SGA SG&A margin \( \mathrm{SGA}=\frac{\mathrm{TTM}\ \mathrm{selling},\mathrm{general}\ \mathrm{and}\ \mathrm{adm}.\mathrm{expenses}}{\mathrm{Sales}}\times 100 \)
ATO Assets turnover \( \mathrm{ATO}=\frac{\mathrm{TTM}\ \mathrm{sales}}{\mathrm{Assets}} \)
Size Firm size Size = ln(Stock price ×  # shares)
Growth Firm growth Growth = TTM sales growth rate
FRisk Long-term financial risk \( \mathrm{FRisk}=\frac{\mathrm{Long}\ \mathrm{term}\ \mathrm{debt}}{\mathrm{Equity}} \)
Ura US raw sugar price Average monthly US raw cane sugar prices per quarter
Ure US refined sugar price Average monthly US refined cane sugar prices per quarter
Urb US ref. beet sugar price Average monthly US refined beet sugar prices per quarter
Wra World raw cane sugar price Average monthly world raw sugar prices per quarter
Wre World ref. cane sugar price Average monthly world refined sugar prices per quarter
UWpra US-to-world raw sugar price \( \frac{\mathrm{Ura}}{\mathrm{Wra}} \)
UWpre US-to-world ref. sugar price \( \frac{\mathrm{Ure}}{\mathrm{Wre}} \)
UWprb US-to-world ref. beet s.p. \( \frac{\mathrm{Urb}}{\mathrm{Wre}} \)
  1. Notes: TTM stands for trailing twelve months; ln is natural logarithm. Source for sugar prices: USDA ERS (2018)