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. | \( \frac{\mathrm{Urb}}{\mathrm{Wre}} \) |