I
nte
rna
t
io
na
l J
o
urna
l o
f
Adv
a
nces in Applie
d Science
s
(
I
J
AAS)
Vo
l.
1
3
,
No
.
4
,
Dec
em
b
er
2
0
2
4
,
p
p
.
1
0
5
0
~
1
05
8
I
SS
N:
2252
-
8
8
1
4
,
DOI
:
1
0
.
1
1
5
9
1
/ijaas
.
v
1
3
.
i
4
.
pp
1
0
5
0
-
1
0
5
8
1050
J
o
ur
na
l ho
m
ep
a
g
e
:
h
ttp
:
//ij
a
a
s
.
ia
esco
r
e.
co
m
A review
of t
he li
t
erature on “
de
ter
mina
nts of insu
re
rs' ca
pital
structu
re”
Ash
wa
g
Als
o
f
ia
ni
1
,
M
a
iza
it
u
la
ida
wa
t
i Md
H
us
i
n
2
1
D
e
p
a
r
t
me
n
t
o
f
Ec
o
n
o
m
i
c
a
n
d
F
i
n
a
n
c
e
,
C
o
l
l
e
g
e
o
f
B
u
s
i
n
e
ss A
d
mi
n
i
s
t
r
a
t
i
o
n
,
Ta
i
f
U
n
i
v
e
r
si
t
y
,
T
a
i
f
,
S
a
u
d
i
A
r
a
b
i
a
2
A
z
ma
n
H
a
s
h
i
m I
n
t
e
r
n
a
t
i
o
n
a
l
B
u
si
n
e
s
s Sch
o
o
l
,
U
n
i
v
e
r
si
t
i
Te
k
n
o
l
o
g
i
M
a
l
a
y
si
a
,
K
u
a
l
a
L
u
mp
u
r
,
M
a
l
a
y
s
i
a
Art
icle
I
nfo
AB
S
T
RAC
T
A
r
ticle
his
to
r
y:
R
ec
eiv
ed
Oct
2
6
,
2
0
2
3
R
ev
is
ed
J
u
l 4
,
2
0
2
4
Acc
ep
ted
Au
g
2
5
,
2
0
2
4
Ca
p
it
a
l
stru
c
t
u
re
p
lay
s
a
n
e
ss
e
n
ti
a
l
ro
le
in
th
e
fin
a
n
c
ial
d
e
c
isio
n
-
m
a
k
in
g
o
f
a
c
o
m
p
a
n
y
b
y
stre
n
g
t
h
e
n
i
n
g
fi
n
a
n
c
ial
p
e
rfo
rm
a
n
c
e
a
n
d
wo
rt
h
.
Th
i
s
re
se
a
rc
h
a
ims
to
p
ro
v
i
d
e
a
li
tera
tu
re
re
v
iew
to
id
e
n
ti
fy
t
h
e
fa
c
to
rs
th
a
t
a
ffe
c
t
in
su
ra
n
c
e
c
o
m
p
a
n
ies
’
c
a
p
it
a
l
stru
c
tu
re
.
Th
e
p
a
p
e
r
fo
c
u
se
s
o
n
a
rti
c
les
p
u
b
li
sh
e
d
fr
o
m
2
0
1
0
t
o
2
0
2
1
o
n
in
su
ra
n
c
e
c
o
m
p
a
n
ies
’
c
a
p
it
a
l
st
ru
c
tu
re
in
d
e
v
e
lo
p
in
g
c
o
u
n
tri
e
s
we
re
re
v
iew
e
d
.
Th
re
e
th
e
o
ries
we
re
id
e
n
ti
fied
a
s
h
a
v
in
g
c
o
m
m
o
n
d
e
term
in
a
n
ts:
t
ra
d
e
-
o
ff,
p
e
c
k
in
g
o
rd
e
r,
a
n
d
a
g
e
n
c
y
c
o
st
.
Th
e
se
in
d
e
p
e
n
d
e
n
t
d
e
term
in
a
n
ts
in
c
lu
d
e
se
v
e
n
firm
-
sp
e
c
ifi
c
d
e
t
e
rm
in
a
n
ts:
c
o
m
p
a
n
y
siz
e
,
a
g
e
,
p
r
o
fit
a
b
i
li
ty
,
g
ro
wt
h
,
li
q
u
i
d
it
y
,
ta
n
g
i
b
il
it
y
,
a
n
d
risk
a
lo
n
g
with
two
m
a
c
ro
e
c
o
n
o
m
ic
d
e
term
i
n
a
n
ts:
e
c
o
n
o
m
ic
g
ro
wt
h
a
n
d
i
n
fla
ti
o
n
ra
te.
Th
e
re
se
a
rc
h
fo
u
n
d
th
a
t
th
e
le
v
e
ra
g
e
ra
ti
o
is
t
h
e
p
r
ima
ry
m
e
a
su
re
m
e
n
t
o
f
c
a
p
it
a
l
stru
c
tu
re
u
se
d
a
s
a
d
e
p
e
n
d
e
n
t
v
a
riab
le.
F
u
r
th
e
rm
o
re
,
p
re
v
io
u
s
stu
d
ie
s
ha
ve
sh
o
wn
t
h
a
t
t
h
e
sta
ti
c
d
a
ta
m
o
d
e
l
wa
s
t
h
e
m
o
st
a
p
p
ro
p
riate
fra
m
e
wo
rk
in
m
o
st
re
se
a
rc
h
.
Th
is
re
se
a
rc
h
p
ro
v
i
d
e
s
fu
tu
re
re
se
a
rc
h
e
rs
with
in
fo
rm
a
ti
o
n
o
n
u
n
d
e
rsta
n
d
i
n
g
th
e
d
e
term
in
a
n
t
s o
f
c
a
p
it
a
l
str
u
c
tu
re
i
n
t
h
e
in
s
u
ra
n
c
e
field
.
K
ey
w
o
r
d
s
:
C
ap
ital stru
ctu
r
e
Deb
t
Dete
r
m
in
an
ts
Firm
-
s
p
ec
if
ic
I
n
s
u
r
an
ce
L
ev
er
ag
e
Ma
cr
o
ec
o
n
o
m
ic
T
h
is i
s
a
n
o
p
e
n
a
c
c
e
ss
a
rticle
u
n
d
e
r th
e
CC B
Y
-
SA
li
c
e
n
se
.
C
o
r
r
e
s
p
o
nd
ing
A
uth
o
r
:
Ash
wag
Als
o
f
ian
i
Dep
ar
tm
en
t o
f
E
co
n
o
m
ic
an
d
Fin
an
ce
,
C
o
lleg
e
o
f
B
u
s
in
ess
Ad
m
in
is
tr
atio
n
,
T
aif
Un
iv
e
r
s
ity
T
aif
2
1
9
4
4
,
Sau
d
i A
r
ab
ia
E
m
ail:
ash
wag
also
f
ian
i@
g
m
ail.
co
m
1.
I
NT
RO
D
UCT
I
O
N
C
ap
ital
s
tr
u
ctu
r
e
p
lay
s
a
s
ig
n
i
f
ican
t
r
o
le
in
a
c
o
m
p
a
n
y
's
f
in
a
n
cial
d
ec
is
io
n
-
m
a
k
in
g
.
C
ap
ital
s
tr
u
ctu
r
e
is
also
cr
u
cial
to
s
tr
en
g
th
en
i
n
g
a
co
m
p
an
y
's
f
in
an
cial
p
er
f
o
r
m
an
ce
an
d
wo
r
th
.
C
ap
ital
s
tr
u
ctu
r
e
is
th
e
b
len
d
o
f
d
if
f
er
en
t
s
ec
u
r
ities
a
c
o
m
p
a
n
y
p
r
o
v
id
es
to
f
u
n
d
its
ac
tiv
iti
es
[
1
]
.
Fin
an
cial
c
o
m
p
a
n
ies
h
av
e
d
if
f
er
en
t
ca
p
ital
s
tr
u
ctu
r
e
s
th
an
n
o
n
-
f
i
n
an
cial
co
m
p
an
ies.
T
h
er
ef
o
r
e,
m
o
s
t
p
r
ev
io
u
s
s
tu
d
ies
ex
clu
d
ed
all
f
in
an
cial
co
m
p
an
ies
lik
e
in
v
estme
n
t c
o
m
p
an
ies,
in
s
u
r
an
ce
co
m
p
an
ies,
an
d
b
an
k
s
f
r
o
m
th
eir
d
ataset.
T
h
e
p
ap
er
aim
s
to
id
en
tify
th
e
f
ac
to
r
s
th
at
af
f
ec
t
in
s
u
r
an
ce
c
o
m
p
an
ies'
p
er
f
o
r
m
an
ce
.
2
0
p
u
b
lis
h
ed
ar
ticles
b
etwe
en
th
e
y
ea
r
s
2
0
1
0
to
2
0
2
1
on
th
e
in
s
u
r
an
ce
s
ec
to
r
'
s
ca
p
i
tal
s
tr
u
ctu
r
e
f
ield
f
r
o
m
d
ev
el
o
p
in
g
co
u
n
tr
ies
w
er
e
r
ev
iewe
d
.
T
h
e
d
ev
elo
p
in
g
co
u
n
tr
ies
in
th
e
liter
atu
r
e
a
n
d
with
th
e
ca
p
ital
s
tr
u
ctu
r
e
f
ield
s
in
clu
d
e
Gh
an
a,
E
th
io
p
i
a,
Nig
er
ia,
Om
an
i
,
Ken
y
a,
an
d
Ma
lay
s
ia.
Sin
ce
ca
p
ital stru
ctu
r
e
f
o
r
i
n
s
u
r
an
ce
c
o
m
p
an
ies
is
d
if
f
er
en
t
f
r
o
m
o
r
d
in
ar
y
f
ir
m
s
’
ca
p
ital
s
tr
u
ctu
r
e.
Per
h
a
p
s
d
if
f
er
en
t
c
o
u
n
tr
ies
an
d
r
e
g
io
n
s
wo
u
ld
r
eq
u
ir
e
d
i
f
f
er
en
t
ca
p
ital
s
tr
u
ct
u
r
e
s
d
u
e
to
c
o
u
n
tr
y
p
o
licy
o
r
in
d
u
s
tr
y
r
eg
u
latio
n
s
.
T
h
is
s
tu
d
y
h
as
p
ar
ticu
lar
o
b
jectiv
es,
wh
ich
ar
e
i)
t
o
r
ec
o
g
n
i
z
e
t
h
e
m
o
s
t
co
m
m
o
n
d
e
ter
m
in
an
ts
in
f
lu
en
cin
g
in
s
u
r
an
ce
c
o
m
p
a
n
ies’
ca
p
ital
s
tr
u
ctu
r
e
,
ii)
t
o
ass
es
s
th
e
m
ea
s
u
r
em
en
t
th
a
t
is
m
o
s
tly
u
s
ed
to
m
ea
s
u
r
e
in
s
u
r
an
ce
co
m
p
a
n
ies’
ca
p
ital
s
tr
u
ctu
r
e
,
an
d
iii)
t
o
d
eter
m
in
e
th
e
b
est
s
u
itab
le
m
o
d
el
o
f
m
u
ltip
le
r
eg
r
ess
io
n
u
s
ed
to
test
th
e
r
ela
tio
n
s
h
ip
b
etwe
en
th
e
f
ac
to
r
s
a
n
d
in
s
u
r
an
c
e
co
m
p
an
ies’
ca
p
it
al
s
tr
u
ctu
r
e.
Evaluation Warning : The document was created with Spire.PDF for Python.
I
n
t J Ad
v
Ap
p
l Sci
I
SS
N:
2252
-
8
8
1
4
A
r
ev
iew
o
f th
e
liter
a
tu
r
e
o
n
“d
etermin
a
n
ts
o
f in
s
u
r
ers
'
ca
p
ita
l str
u
ctu
r
e”
(
A
s
h
w
a
g
A
ls
o
fia
n
i)
1051
I
n
s
ig
h
t o
f
th
e
o
b
jectiv
es m
en
ti
o
n
ed
ab
o
v
e,
th
e
r
esear
ch
q
u
est
io
n
s
ar
e
an
s
wer
ed
:
i)
W
h
at
ar
e
th
e
m
o
s
t
co
m
m
o
n
d
eter
m
in
a
n
ts
in
f
lu
en
cin
g
in
s
u
r
an
ce
c
o
m
p
a
n
ies’
ca
p
ital
s
tr
u
ctu
r
e?
;
ii)
W
h
at
is
t
h
e
m
o
s
t
p
r
ev
ailin
g
m
ea
s
u
r
em
en
t
f
o
r
m
ea
s
u
r
i
n
g
in
s
u
r
an
ce
co
m
p
an
ies’
ca
p
ital
s
tr
u
c
tu
r
e?
;
an
d
iii)
W
h
at
is
th
e
m
o
s
t
s
u
itab
le
m
o
d
el
o
f
m
u
ltip
le
r
eg
r
ess
io
n
s
to
test
th
e
r
elatio
n
s
h
ip
b
etwe
en
th
e
f
ac
to
r
s
an
d
in
s
u
r
a
n
ce
co
m
p
an
ies’
ca
p
ital
s
tr
u
ctu
r
e?
I
n
s
u
r
an
ce
co
m
p
an
ies
ar
e
v
ital
in
th
is
b
u
s
in
ess
er
a
wh
er
e
r
is
k
is
ce
r
tain
to
h
ap
p
en
.
B
esid
es,
th
e
b
u
s
in
ess
wo
r
ld
wo
u
ld
b
e
u
n
te
n
ab
le
to
in
s
u
r
a
n
ce
co
m
p
an
ies'
in
s
u
r
an
ce
[
2
]
.
C
ap
ital
s
tr
u
ctu
r
e
is
a
s
ig
n
if
ican
t
s
u
b
ject
o
f
s
tu
d
y
in
th
e
in
s
u
r
a
n
ce
s
ec
to
r
s
in
ce
it d
if
f
er
s
f
r
o
m
t
h
e
n
o
n
-
f
in
an
cial
s
ec
to
r
.
I
n
s
u
r
a
n
ce
co
m
p
a
n
ies u
s
e
r
eser
v
e
ca
p
it
al
to
p
ay
f
o
r
u
n
e
x
p
ec
ted
lo
s
s
es f
r
o
m
in
s
u
r
an
ce
claim
s
.
T
h
u
s
,
in
s
u
r
an
ce
co
m
p
a
n
ies’
m
ain
co
n
ce
r
n
is
m
ain
tain
in
g
a
r
ec
o
r
d
o
f
s
o
lv
en
cy
an
d
liq
u
id
atio
n
[
3
]
.
Mu
ch
r
esear
ch
h
as
b
ee
n
d
o
n
e
o
n
ca
p
ital
s
tr
u
ctu
r
e,
b
u
t
th
er
e
ar
e
s
till
co
n
tr
ad
icto
r
y
ass
u
m
p
tio
n
s
o
n
th
eo
r
ies;
s
o
m
e
ar
e
an
aly
z
ed
f
r
o
m
th
e
p
er
s
p
ec
tiv
e
o
f
d
ev
elo
p
ed
ec
o
n
o
m
ies.
R
esu
lts
f
r
o
m
d
ev
elo
p
ed
co
u
n
tr
ies
ar
e
ap
p
r
o
p
r
iate
f
o
r
estab
lis
h
ed
ec
o
n
o
m
ies
b
u
t
n
o
t
f
o
r
d
ev
elo
p
in
g
an
d
u
n
d
er
d
ev
elo
p
e
d
ec
o
n
o
m
ies.
T
h
i
s
r
esear
ch
f
u
lf
illed
t
h
e
liter
atu
r
e
g
ap
b
y
p
r
esen
tin
g
a
liter
at
u
r
e
r
ev
iew
o
n
ca
p
ital
s
tr
u
ctu
r
e
d
eter
m
in
a
n
ts
f
o
r
in
s
u
r
an
ce
co
m
p
an
ies in
d
e
v
elo
p
in
g
ec
o
n
o
m
ies
[
4
]
.
T
h
er
e
h
as
b
ee
n
less
s
tu
d
y
co
n
d
u
cted
o
n
th
e
v
iewp
o
in
t
o
f
em
er
g
in
g
ec
o
n
o
m
ies.
I
t
is
u
n
ce
r
tain
if
f
in
d
in
g
s
f
r
o
m
r
esear
ch
co
n
d
u
c
ted
o
n
estab
lis
h
ed
c
o
u
n
tr
ies
c
an
b
e
ap
p
lied
to
em
er
g
in
g
ec
o
n
o
m
ies,
o
r
wh
et
h
er
o
th
er
f
ac
to
r
s
in
f
lu
en
ce
ca
p
it
al
s
tr
u
ctu
r
e
d
ec
is
io
n
s
in
d
ev
elo
p
in
g
n
atio
n
s
.
R
esear
ch
o
n
em
er
g
in
g
n
atio
n
s
p
r
esen
ts
co
n
f
lictin
g
p
er
s
p
ec
t
iv
es
o
n
th
e
f
ac
to
r
s
in
f
lu
en
cin
g
th
e
ca
p
ital
s
tr
u
ctu
r
e
o
f
p
u
b
licly
t
r
ad
ed
co
r
p
o
r
atio
n
s
,
with
less
f
o
c
u
s
o
n
in
s
u
r
a
n
ce
f
ir
m
s
.
Alth
o
u
g
h
th
er
e
is
a
lack
o
f
s
tu
d
y
o
n
th
e
f
ac
to
r
s
in
f
lu
en
cin
g
th
e
ca
p
ital
s
tr
u
ctu
r
e
o
f
lis
ted
in
s
u
r
an
ce
f
i
r
m
s
,
s
ev
er
al
s
tu
d
ies
h
av
e
p
r
o
d
u
ce
d
co
n
f
lictin
g
r
esu
lts
.
T
h
er
e
h
as
b
ee
n
little
r
esear
ch
co
n
d
u
cte
d
o
n
th
e
f
ac
to
r
s
i
n
f
lu
en
ci
n
g
t
h
e
ca
p
ital
s
tr
u
ctu
r
e
o
f
p
u
b
licl
y
tr
ad
e
d
in
s
u
r
a
n
ce
f
ir
m
s
.
Fu
r
th
er
,
Hass
an
[
5
]
d
id
n
o
t
in
clu
d
e
co
m
p
an
y
r
is
k
as
a
v
ar
iab
le
wh
en
m
ea
s
u
r
in
g
b
u
s
in
ess
ch
ar
ac
ter
is
tics
.
Ad
ar
am
o
la
an
d
Olar
ewa
ju
[
6
]
d
id
n
o
t
in
clu
d
e
f
ir
m
a
g
e
as
a
ch
ar
ac
t
er
is
tic
o
f
in
s
u
r
an
ce
b
u
s
in
ess
es
in
th
eir
a
n
aly
s
is
.
T
h
is
r
esear
ch
aim
s
to
f
ill
th
e
k
n
o
wled
g
e
g
ap
b
y
in
v
esti
g
at
in
g
th
e
f
ac
to
r
s
th
at
in
f
lu
en
ce
th
e
ca
p
ital stru
ctu
r
e
o
f
in
s
u
r
an
ce
f
ir
m
s
.
2.
L
I
T
E
R
AT
U
RE
R
E
VI
E
W
:
T
h
is
liter
atu
r
e
r
e
v
iew
p
r
o
ce
s
s
s
tar
ts
with
ar
ticle
v
al
u
atio
n
.
Ar
ticles
p
u
b
lis
h
ed
to
d
eter
m
in
e
ca
p
ital
s
tr
u
ctu
r
e
wer
e
in
v
esti
g
ated
.
I
n
s
u
r
an
ce
o
r
g
an
i
z
atio
n
s
'
ca
p
ital
s
tr
u
ctu
r
e
h
as
b
ec
o
m
e
a
n
i
m
p
o
r
tan
t
ar
ea
to
b
e
in
v
esti
g
ated
b
ec
a
u
s
e
in
s
u
r
an
ce
o
r
g
an
i
z
atio
n
s
n
ee
d
ass
ets
an
d
r
eser
v
es
t
o
s
ettle
p
o
licy
h
o
ld
er
s
’
cla
im
s
.
Ass
es
s
m
en
t o
f
ca
p
ital stru
ctu
r
e
p
atter
n
s
is
n
ec
es
s
ar
y
to
p
r
ev
en
t u
n
u
s
u
al
cir
cu
m
s
tan
ce
s
o
f
n
o
t h
av
in
g
a
d
eq
u
ate
ass
ets to
s
e
ttle c
laim
s
b
y
p
o
licy
h
o
ld
er
s
.
T
o
th
e
b
est
o
f
th
e
au
th
o
r
’
s
k
n
o
wled
g
e,
ca
p
ital
s
tr
u
ctu
r
e
d
ete
r
m
in
an
ts
h
a
v
e
b
ee
n
d
is
cu
s
s
ed
in
v
ar
i
o
u
s
liter
atu
r
e
r
ev
iews
wh
ic
h
ar
e
i)
“
C
ap
ital
s
tr
u
ctu
r
e
an
d
f
ir
m
p
er
f
o
r
m
a
n
ce
:
em
p
ir
ical
ev
i
d
en
ce
f
r
o
m
I
n
d
ia”
[
7
]
.
I
n
th
e
p
r
ev
io
u
s
y
ea
r
an
d
d
u
r
i
n
g
th
e
last
d
ec
ad
e,
th
e
au
th
o
r
s
r
ev
iewe
d
I
n
d
ian
an
d
in
ter
n
atio
n
al
r
esear
ch
o
n
ca
p
ital
s
tr
u
ctu
r
e
d
eter
m
in
a
n
ts
in
th
e
ec
o
n
o
m
y
an
d
th
e
s
ec
to
r
lev
el.
T
h
eir
s
tu
d
y
in
clu
d
e
s
o
n
e
s
tu
d
y
in
th
e
in
s
u
r
an
ce
s
ec
to
r
;
ii)
“Res
ea
r
ch
o
n
ca
p
ital
s
tr
u
ctu
r
e
d
eter
m
in
an
ts
:
a
r
ev
iew
an
d
f
u
tu
r
e
d
ir
ec
tio
n
s
”
[
8
]
.
T
h
e
au
th
o
r
s
h
a
v
e
a
n
ex
cl
u
s
iv
e
m
eta
-
an
aly
s
is
s
tu
d
y
th
at
i
n
clu
d
es
all
in
d
u
s
tr
y
t
y
p
es
f
r
o
m
1
9
7
2
to
2
0
1
3
i
n
m
o
s
t
g
eo
g
r
a
p
h
ic
r
e
g
io
n
s
.
Ho
wev
e
r
,
th
e
au
th
o
r
s
o
n
l
y
co
v
er
ed
o
n
e
s
tu
d
y
in
th
e
in
s
u
r
a
n
ce
s
e
cto
r
;
iii)
“Cap
ital
s
tr
u
ctu
r
e
d
eter
m
i
n
an
ts
:
a
liter
a
tu
r
e
r
ev
iew”
[
9
]
.
T
h
e
au
th
o
r
s
an
aly
ze
d
th
e
f
ac
to
r
s
o
f
t
h
e
f
ir
m
th
at
in
f
l
u
en
ce
th
e
ca
p
ital
s
tr
u
ctu
r
e
o
f
co
m
p
an
ies
in
I
n
d
ia.
So
m
e
o
f
th
e
d
eter
m
in
an
ts
in
clu
d
e
r
is
k
s
,
c
o
s
t
o
f
d
eb
ts
,
an
d
d
iv
i
d
en
d
p
ay
o
u
t r
atio
;
iv
)
“T
h
e
d
eter
m
i
n
an
ts
o
f
ca
p
ital
s
tr
u
ctu
r
e
i
n
in
s
u
r
an
ce
co
m
p
a
n
ies’
ev
id
en
ce
f
r
o
m
Sau
d
i
Ar
a
b
ia”
[
1
0
]
.
T
h
e
au
th
o
r
aim
s
to
ad
d
r
ess
th
e
r
esear
ch
g
ap
in
Sau
d
i
in
s
u
r
an
ce
b
u
s
in
ess
es
b
y
p
r
o
p
o
s
in
g
s
o
lu
tio
n
s
th
at
m
ig
h
t
aid
in
f
in
an
cial
d
ec
is
io
n
-
m
ak
i
n
g
.
T
h
e
f
i
n
d
in
g
s
in
d
i
ca
te
th
at
p
r
o
f
itab
ilit
y
,
ag
e,
a
n
d
v
u
ln
e
r
ab
ilit
y
o
f
in
s
u
r
an
ce
f
ir
m
s
h
av
e
an
e
x
ce
p
tio
n
ally
h
ig
h
a
d
v
er
s
e
im
p
ac
t
o
n
th
e
ca
p
ital
s
tr
u
ctu
r
e
;
an
d
v
)
“M
ea
s
u
r
em
en
t
m
atte
rs
-
a
m
eta
-
s
tu
d
y
o
f
d
eter
m
in
an
ts
o
f
co
r
p
o
r
ate
ca
p
ital
s
t
r
u
ctu
r
e”
[
1
1
]
.
T
h
e
au
th
o
r
s
ex
a
m
in
ed
th
e
f
ac
to
r
s
at
th
e
co
m
p
a
n
y
lev
el
th
at
i
n
f
lu
en
ce
th
e
ca
p
ital
s
tr
u
ctu
r
e
o
f
co
r
p
o
r
ates.
T
h
e
r
esu
lts
s
h
o
wed
th
at
ec
o
n
o
m
ic
v
iab
ilit
y
,
p
r
o
f
itab
ilit
y
,
an
d
m
ar
k
et
-
to
-
b
o
o
k
r
atio
ar
e
im
p
o
r
ta
n
t
f
ac
to
r
s
th
at
in
f
lu
en
ce
a
f
ir
m
'
s
ca
p
ital
s
tr
u
ctu
r
e.
Hen
ce
,
th
is
r
esear
ch
an
aly
s
es
em
p
ir
ical
liter
atu
r
e
o
n
th
e
d
eter
m
in
an
ts
o
f
ca
p
ital
s
tr
u
ctu
r
e
f
r
o
m
d
if
f
er
en
t
g
eo
g
r
a
p
h
ical
ar
ea
s
,
f
o
cu
s
in
g
o
n
th
e
in
s
u
r
a
n
ce
s
ec
to
r
.
2
.
1
.
T
heo
re
t
ica
l ba
c
k
g
ro
un
d
I
n
s
u
r
an
ce
is
a
co
n
ce
p
t
th
at
is
b
ased
o
n
r
is
k
tr
an
s
f
er
.
Fo
r
a
c
o
m
p
a
n
y
,
ca
p
ital
s
tr
u
ctu
r
e
is
th
e
p
er
ce
n
tag
e
o
f
ca
p
ital
o
r
m
o
n
ey
in
th
e
p
ar
ticu
lar
c
o
m
p
an
y
.
L
o
n
g
-
s
tan
d
in
g
d
eb
t,
tem
p
o
r
ar
y
d
eb
t,
co
m
m
o
n
eq
u
ity
,
an
d
p
r
ef
er
r
ed
e
q
u
ity
m
ix
tu
r
e
ex
p
lain
th
e
ca
p
ital
s
tr
u
ctu
r
e.
Ho
w
th
e
c
o
m
p
a
n
y
’
s
f
u
n
d
s
ar
e
u
s
ed
to
m
ain
tain
its
o
v
e
r
all
o
p
er
atio
n
s
an
d
g
r
o
wth
is
also
p
ar
t
o
f
t
h
e
ca
p
ital
s
tr
u
ctu
r
e.
I
t
is
ch
al
len
g
in
g
to
e
x
p
lain
ca
p
ital
s
tr
u
ctu
r
e
d
ec
is
io
n
s
in
u
n
ce
r
tain
ec
o
n
o
m
ies.
Ma
cr
o
en
v
ir
o
n
m
en
tal
f
ac
to
r
s
s
u
ch
as
h
ig
h
in
te
r
est
r
ates
an
d
v
o
latilit
y
in
th
e
p
o
liti
ca
l
an
d
ec
o
n
o
m
ic
s
itu
atio
n
d
eter
m
i
n
e
th
e
ca
p
ital
s
tr
u
ctu
r
e
in
d
ev
elo
p
in
g
ec
o
n
o
m
ies.
Evaluation Warning : The document was created with Spire.PDF for Python.
I
SS
N
:
2252
-
8
8
1
4
I
n
t J Ad
v
Ap
p
l Sci
,
Vo
l.
1
3
,
No
.
4
,
Dec
em
b
er
2
0
2
4
:
1
0
5
0
-
1
0
5
8
1052
Mo
s
t
o
f
th
e
ca
p
ital
s
tr
u
ctu
r
e
s
tu
d
ies
ar
e
d
o
n
e
in
d
e
v
elo
p
ed
ec
o
n
o
m
ies
wh
er
e
th
ey
h
av
e
in
s
titu
tio
n
al
s
im
ilar
ities
[
1
2
]
.
Ho
wev
er
,
th
e
in
s
titu
tio
n
al
ar
r
an
g
em
en
ts
a
r
e
d
if
f
er
en
t
in
d
if
f
er
e
n
t
co
u
n
tr
ies
d
u
e
to
d
if
f
er
en
t
ec
o
n
o
m
ic
n
at
u
r
e,
s
o
cial
,
an
d
cu
ltu
r
al
d
if
f
er
e
n
ce
s
.
B
as
et
a
l.
[
1
3
]
d
escr
ib
ed
th
at
m
o
s
t
o
f
th
e
p
ast
s
tu
d
ies
o
n
ca
p
ital
s
tr
u
ctu
r
e
h
av
e
o
n
ly
b
ee
n
co
n
d
u
cted
in
d
e
v
elo
p
e
d
co
u
n
tr
ies.
T
h
e
n
o
tio
n
o
f
ca
p
i
tal
s
tr
u
ctu
r
e
g
ain
ed
s
ig
n
if
ican
t
p
r
o
m
in
en
ce
af
ter
Mo
d
ig
lian
i
a
n
d
Miller
'
s
d
em
o
n
s
tr
atio
n
in
th
eir
p
ap
e
r
th
at
th
e
d
ec
is
io
n
b
etwe
en
d
eb
t
an
d
e
q
u
ity
h
as
n
o
s
u
b
s
ta
n
tial
im
p
ac
t
o
n
t
h
e
f
ir
m
'
s
v
alu
e.
T
h
is
s
tatem
en
t
is
v
alid
u
n
d
e
r
th
e
ass
u
m
p
tio
n
o
f
f
lawless
ca
p
ital
m
ar
k
ets.
A
p
er
f
ec
t
m
ar
k
et
is
ch
ar
ac
ter
ized
b
y
th
e
ab
s
en
ce
o
f
an
y
o
b
s
ta
cles
o
r
h
in
d
r
a
n
ce
s
,
s
u
ch
as
tr
an
s
ac
tio
n
an
d
b
a
n
k
r
u
p
tcy
co
s
ts
.
Nev
er
th
eless
,
in
r
ea
lity
,
it
is
wo
r
th
q
u
esti
o
n
in
g
th
e
p
er
f
ec
tio
n
o
f
all
f
in
an
cial
m
ar
k
ets.
C
ap
ital
s
t
r
u
ctu
r
e
b
ec
o
m
es
cr
u
cial
wh
en
tak
in
g
in
to
ac
co
u
n
t
m
ar
k
et
f
laws
in
clu
d
in
g
tr
an
s
ac
tio
n
an
d
b
a
n
k
r
u
p
tcy
e
x
p
en
s
es.
Ma
n
y
th
eo
r
ies
h
av
e
b
ee
n
d
ev
elo
p
ed
to
s
u
p
p
o
r
t
th
e
ar
g
u
m
e
n
t
th
at
ca
p
ital
s
tr
u
ctu
r
e
in
f
lu
en
ce
s
th
e
v
alu
e
o
f
th
e
co
m
p
an
y
.
T
h
u
s
,
co
m
p
an
ies
s
h
o
u
ld
en
s
u
r
e
th
at
th
ey
ar
e
ab
le
to
r
ea
ch
a
n
o
p
tim
al
lev
el
o
f
ca
p
ital
s
tr
u
ctu
r
e.
Am
o
n
g
t
h
e
th
e
o
r
i
es
r
elate
d
to
ca
p
ital
s
tr
u
ctu
r
es
ar
e
ag
e
n
cy
th
eo
r
y
,
p
ec
k
in
g
o
r
d
e
r
th
eo
r
y
,
an
d
tr
ad
e
-
o
f
f
th
e
o
r
y
.
2
.
1
.
1
.
Ca
pita
l st
ruct
ure
t
heo
ry
Acc
o
r
d
in
g
to
E
l‐
Say
ed
E
b
ai
d
[
1
4
]
,
th
e
c
o
m
p
a
n
y
'
s
ca
p
ital
s
tr
u
ctu
r
e
c
o
u
ld
b
e
d
escr
ib
e
d
b
y
two
p
r
ev
ailin
g
th
e
o
r
ies:
th
e
tr
ad
e
-
o
f
f
an
d
th
e
p
ec
k
in
g
o
r
d
er
th
eo
r
ies.
T
h
ese
th
eo
r
ies
ca
teg
o
r
i
z
e
n
u
m
er
o
u
s
co
m
p
an
y
-
lev
el
f
ea
tu
r
e
s
k
n
o
w
n
as
in
ter
n
al
f
ac
to
r
s
th
at
im
p
ac
t
co
m
p
an
y
lev
e
r
ag
e,
s
u
ch
as
th
e
co
m
p
an
y
'
s
s
ize,
p
r
o
f
itab
ilit
y
,
liq
u
id
ity
f
ac
ed
b
y
th
e
co
m
p
a
n
y
,
an
d
tan
g
ib
ilit
y
[
1
5
]
.
Dec
is
io
n
s
r
eg
a
r
d
in
g
c
ap
ital
s
tr
u
ctu
r
e
a
r
e
cr
u
cial
f
o
r
th
e
well
-
b
ein
g
o
f
t
h
e
in
s
u
r
a
n
ce
c
o
m
p
an
y
,
s
in
ce
p
r
o
b
lem
s
with
th
e
ca
p
ital
s
tr
u
ctu
r
e
m
ay
lea
d
to
o
u
tco
m
es
s
u
ch
as
in
s
o
lv
en
c
y
,
in
s
o
lv
en
cy
,
o
r
f
in
a
n
cial
s
u
f
f
e
r
in
g
.
Ma
r
k
et
s
h
ar
e,
in
ess
en
ce
,
in
d
icate
s
a
f
i
r
m
'
s
r
elativ
e
p
o
s
itio
n
c
o
m
p
ar
e
d
to
its
co
m
p
etito
r
s
.
I
n
tr
ad
e
-
o
f
f
th
eo
r
y
,
ca
p
ital
s
tr
u
ctu
r
e
p
o
s
itiv
ely
in
f
lu
e
n
ce
s
its
p
r
o
f
itab
ilit
y
,
c
o
m
p
a
n
y
s
ize,
li
q
u
id
ity
,
a
n
d
ta
n
g
ib
ilit
y
.
B
ased
o
n
th
e
p
ec
k
in
g
o
r
d
er
t
h
eo
r
y
,
ca
p
ital
s
tr
u
ctu
r
e
n
eg
ativ
ely
in
f
l
u
en
ce
s
p
r
o
f
itab
i
lity
an
d
tan
g
i
b
ilit
y
wh
ile
p
o
s
itiv
ely
af
f
ec
tin
g
co
m
p
a
n
y
s
ize
a
n
d
liq
u
id
ity
.
2
.
1
.
2
.
T
ra
de
-
o
f
f
t
heo
ry
T
r
ad
e
-
o
f
f
th
eo
r
y
was f
ir
s
t in
tr
o
d
u
ce
d
b
y
[
1
6
]
an
d
it wa
s
f
u
r
th
er
d
ev
elo
p
ed
b
y
Mo
d
ig
lian
i
an
d
Miller
.
My
er
s
[
1
7
]
an
al
y
z
ed
th
at
th
e
c
o
m
p
an
y
'
s
id
ea
l c
ap
ital
s
tr
u
ctu
r
e
is
d
is
tin
g
u
is
h
ed
b
y
th
e
ex
ch
a
n
g
e
o
f
b
e
n
ef
it a
n
d
d
eb
t
f
in
a
n
ce
ex
p
en
s
e.
Acc
o
r
d
in
g
to
tr
ad
e
-
o
f
f
th
e
o
r
y
,
ea
ch
m
o
n
etar
y
s
o
u
r
ce
h
as
p
o
s
s
ess
ed
p
r
o
f
it
an
d
co
s
t.
Ma
n
y
r
esear
ch
p
iece
s
[
1
8
]
,
[
1
9
]
g
av
e
ex
p
e
r
im
en
tal
p
r
o
o
f
th
at
s
u
p
p
o
r
ts
tr
ad
e
-
o
f
f
th
e
o
r
y
.
I
d
ea
l c
ap
ital stru
ctu
r
e
an
d
th
e
t
r
ad
e
-
o
f
f
th
eo
r
y
c
o
u
ld
b
e
c
o
n
tr
o
lled
b
y
m
o
d
if
y
in
g
t
h
e
v
ar
i
o
u
s
b
e
n
efits
an
d
e
x
p
en
s
es
r
elate
d
to
d
e
b
t
fin
an
cin
g
.
T
h
e
tr
ad
e
-
o
f
f
th
e
o
r
y
ex
p
ec
ts
th
at
th
er
e
a
r
e
b
en
ef
its
an
d
e
x
p
en
s
es
r
elate
d
to
th
e
u
s
ag
e
o
f
r
esp
o
n
s
ib
ilit
y
.
As
p
er
tr
ad
e
-
o
f
f
th
eo
r
y
,
h
i
g
h
er
i
n
co
m
e
is
p
r
esen
t
in
a
p
r
o
f
itab
le
co
m
p
an
y
to
s
af
eg
u
ar
d
,
an
d
h
en
ce
t
h
ey
o
u
g
h
t
to
o
b
tain
m
o
r
e
to
tak
e
tax
ad
v
a
n
tag
es.
T
h
e
th
eo
r
y
is
s
ig
n
if
ican
t
f
o
r
th
is
r
esear
ch
b
ec
a
u
s
e
it
aim
s
to
d
em
o
n
s
tr
ate
h
o
w
in
s
u
r
an
ce
co
m
p
a
n
ies
d
eter
m
in
e
g
o
al
co
n
tr
o
l
r
atio
s
b
ased
o
n
p
r
o
f
it
-
to
-
ex
p
en
s
e
r
atio
s
,
ec
o
n
o
m
ic
d
is
tr
ess
b
u
d
g
ets,
an
d
aid
ex
p
en
d
itu
r
es.
T
h
e
tr
ad
e
-
o
f
f
t
h
eo
r
y
is
im
p
o
r
tan
t
as
it
elu
cid
ates
th
at
in
s
u
r
an
ce
f
ir
m
s
ar
e
f
in
a
n
ce
d
v
ia
a
co
m
b
in
atio
n
o
f
d
eb
t
an
d
e
q
u
ity
.
Un
d
e
r
th
e
cir
cu
m
s
tan
ce
s
o
f
a
g
o
in
g
co
n
ce
r
n
,
th
e
co
m
p
an
y
m
ay
p
o
s
s
ess
in
s
u
f
f
icien
t
r
eser
v
es
to
s
u
p
p
o
r
t
all
o
f
its
en
d
ea
v
o
r
s
.
Hen
ce
,
th
e
co
n
ce
p
t
s
er
v
es to
illu
s
tr
ate
th
e
im
p
ac
t
o
f
f
air
n
ess
an
d
its
s
way
o
n
f
in
an
cial
o
u
tco
m
es.
2
.
1
.
3
.
P
ec
k
in
g
o
rder
t
heo
ry
T
h
e
p
ec
k
in
g
o
r
d
er
th
e
o
r
y
was d
ev
elo
p
e
d
b
y
My
e
r
s
an
d
Ma
jlu
f
.
B
ased
o
n
th
is
th
e
o
r
y
,
it
wa
s
b
eliev
ed
th
at
u
n
d
er
d
is
o
r
g
a
n
i
z
ed
d
ata
am
o
n
g
in
t
er
n
al
an
d
e
x
ter
n
al
f
in
an
cin
g
,
co
m
p
an
ies
will
f
all
b
ac
k
p
r
o
d
u
ci
n
g
r
eser
v
es
to
f
u
n
d
th
eir
d
ev
elo
p
m
en
t
[
1
7
]
,
[
2
0
]
.
H
o
wev
er
,
in
t
h
e
r
eq
u
ir
em
en
t
o
f
ex
ter
n
al
f
in
an
cin
g
,
c
o
m
p
a
n
ies
d
ec
id
e
to
cr
ea
te
o
b
lig
atio
n
s
af
o
r
e
v
al
u
e.
As
in
d
icate
d
b
y
th
e
p
ec
k
in
g
o
r
d
er
t
h
eo
r
y
,
p
r
o
f
itab
le
co
m
p
an
ies
g
en
er
ate
a
h
i
g
h
lev
el
o
f
in
c
o
m
e.
T
h
e
y
p
r
e
f
er
less
d
eb
t
t
h
an
th
o
s
e
wh
o
p
r
o
d
u
ce
a
lo
w
-
in
co
m
e
lev
el
as
p
r
o
f
itab
le
c
o
m
p
an
ies r
ely
o
n
t
h
eir
r
eser
v
ed
in
co
m
e
f
o
r
f
u
lf
il
lin
g
o
b
lig
atio
n
s
.
Fu
r
th
er
,
r
esear
ch
er
s
[
8
]
,
[
2
1
]
s
u
p
p
o
r
ted
th
is
th
e
o
r
y
an
d
e
x
am
in
ed
d
etailed
m
a
n
ag
er
ial
ac
tiv
ities
.
Nev
er
th
eless
,
th
is
th
eo
r
y
d
o
es
n
o
t
c
o
n
s
id
er
th
e
tax
s
h
ield
i
m
p
ac
t
[
2
2
]
.
I
n
ad
d
itio
n
,
r
esea
r
ch
er
s
[
1
]
,
[
2
3
]
u
s
e
th
is
th
eo
r
y
to
in
v
esti
g
ate
ca
p
i
tal
s
tr
u
ctu
r
e
an
d
f
o
u
n
d
th
at
a
co
m
p
an
y
’
s
p
er
f
o
r
m
a
n
ce
is
n
e
g
ativ
ely
in
f
l
u
en
ce
d
b
y
ca
p
ital
s
tr
u
ctu
r
e.
I
t
is
s
h
o
wn
th
at
t
h
e
p
ec
k
in
g
o
r
d
er
th
e
o
r
y
is
g
en
er
ally
ap
p
r
o
p
r
iate
t
o
b
e
ap
p
lied
to
lar
g
e
an
d
s
m
all
co
m
p
a
n
ies.
T
h
e
p
ec
k
in
g
o
r
d
er
id
e
a
p
o
s
its
th
at
a
co
r
p
o
r
atio
n
s
h
o
u
l
d
p
r
io
r
itize
f
in
an
cin
g
its
elf
in
ter
n
ally
v
ia
r
etain
ed
p
r
o
f
its
.
I
f
th
is
p
ar
tic
u
lar
s
o
u
r
ce
o
f
f
u
n
d
in
g
is
n
o
t
ac
ce
s
s
ib
le,
a
co
r
p
o
r
atio
n
s
h
o
u
ld
n
ex
t
s
ee
k
to
g
et
f
u
n
d
s
b
y
m
ea
n
s
o
f
b
o
r
r
o
win
g
.
Ultim
ately
,
as
a
la
s
t
o
p
ti
o
n
,
a
co
r
p
o
r
atio
n
s
h
o
u
ld
f
u
n
d
its
elf
b
y
is
s
u
in
g
ad
d
itio
n
al
eq
u
ity
[
1
1
]
.
T
h
e
c
o
n
ce
p
t
is
cr
u
cial
f
o
r
th
e
s
tu
d
y
as
it
clar
if
ies
th
e
r
atio
n
al
e
b
eh
in
d
in
s
u
r
a
n
ce
b
u
s
in
ess
es
p
r
io
r
itizin
g
in
ter
n
a
l
f
in
an
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Evaluation Warning : The document was created with Spire.PDF for Python.
I
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8
8
1
4
A
r
ev
iew
o
f th
e
liter
a
tu
r
e
o
n
“d
etermin
a
n
ts
o
f in
s
u
r
ers
'
ca
p
ita
l str
u
ctu
r
e”
(
A
s
h
w
a
g
A
ls
o
fia
n
i)
1053
co
m
p
an
y
'
s
o
p
er
atio
n
s
an
d
f
in
an
cial
s
tatu
s
,
ar
e
n
o
t
at
a
d
i
s
ad
v
an
tag
e.
T
h
is
ap
p
r
o
ac
h
ef
f
ec
tiv
e
ly
m
itig
ates
o
wn
er
s
h
ip
d
ilu
tio
n
,
a
p
r
o
m
in
e
n
t
wo
r
r
y
f
o
r
f
ir
m
s
,
b
y
u
s
in
g
e
q
u
ity
as
a
last
ch
o
ice.
T
h
e
is
s
u
an
ce
o
f
a
d
d
itio
n
al
s
h
ar
es m
ig
h
t p
o
ten
tially
d
ilu
te
th
e
o
wn
er
s
h
ip
p
er
ce
n
ta
g
es o
f
cu
r
r
en
t stak
eh
o
ld
er
s
.
2
.
1
.
4
.
Ag
ency
t
heo
r
y
An
ag
en
cy
th
eo
r
y
was
in
tr
o
d
u
ce
d
b
y
J
en
s
en
an
d
Me
ck
lin
g
[
2
4
]
.
I
n
th
e
f
in
a
n
ce
liter
atu
r
e,
t
h
is
th
eo
r
y
h
as
b
ee
n
g
iv
en
s
u
b
s
tan
tial
co
n
s
id
er
atio
n
in
d
eter
m
i
n
in
g
co
m
p
an
ies'
ca
p
ital
s
tr
u
ctu
r
e.
T
h
i
s
th
eo
r
y
p
r
o
p
o
s
ed
a
n
ex
u
s
o
f
p
r
in
ci
p
al
-
ag
en
t
lin
k
am
o
n
g
co
m
p
an
y
in
v
esto
r
s
m
o
s
t
s
ig
n
if
ican
tly
b
etwe
en
t
h
e
ass
et’
s
s
u
p
p
lier
s
,
wh
ich
cr
ea
tes
a
g
en
cy
is
s
u
e
s
.
E
s
p
ec
ially
wh
en
th
e
p
r
o
b
lem
s
ass
o
ciate
d
with
d
eb
t
s
u
p
p
lier
s
ar
e
n
o
t
ten
d
ed
to
.
T
h
e
ag
e
n
cy
p
r
o
b
lem
p
r
esu
m
e
s
th
at
m
an
a
g
er
s
o
f
c
o
m
p
a
n
ies
d
o
n
o
t
in
cr
ea
s
e
in
v
esto
r
s
'
wea
lth
,
y
et
th
ey
wo
r
k
to
m
ak
e
th
e
m
o
s
t
o
f
th
eir
welf
ar
e.
Ab
o
r
[
2
5
]
s
aid
th
at
s
ettlin
g
th
e
ag
e
n
cy
is
s
u
e
is
th
e
co
s
t
o
f
th
e
ag
e
n
cy
,
a
n
d
t
h
e
wh
o
le
s
tr
u
ct
u
r
e
o
f
t
h
e
f
in
an
cial
claim
is
u
s
ed
t
o
s
ettle
i
t
b
y
t
h
e
co
m
p
an
y
.
Su
b
s
eq
u
en
tly
,
to
s
u
cc
ess
f
u
lly
d
im
in
is
h
ag
en
c
y
is
s
u
es,
th
e
c
ap
ital
s
tr
u
ctu
r
e
m
u
s
t
b
e
alter
ed
.
Har
r
is
an
d
R
av
iv
[
2
6
]
u
p
h
eld
th
is
id
ea
an
d
alo
n
g
th
ese
lin
es
s
h
o
wed
th
a
t
m
an
ag
er
s
h
av
e
th
e
m
o
tiv
at
io
n
to
p
r
o
ce
ed
with
a
co
m
p
an
y
'
s
p
r
esen
t
task
s
r
eg
ar
d
less
o
f
wh
et
h
er
in
v
esto
r
s
ar
e
in
clin
ed
to
war
d
s
liq
u
id
at
i
o
n
.
T
h
e
s
ig
n
if
ican
ce
o
f
th
is
t
h
eo
r
y
lies
in
its
u
s
e
in
co
m
p
r
eh
en
d
in
g
th
e
d
y
n
am
ics
b
etwe
en
ag
en
ts
an
d
p
r
in
c
ip
als.
Ag
en
ts
o
p
er
ate
as
r
ep
r
esen
tativ
es
o
f
th
e
p
r
in
cip
al
an
d
h
av
e
a
d
u
t
y
to
p
r
io
r
itize
th
e
p
r
in
cip
al'
s
in
ter
ests
ab
o
v
e
t
h
eir
o
wn
.
2
.
1
.
5
.
E
m
pirica
l r
ev
iew
o
n det
er
m
ina
nts o
f
ca
pita
l st
ruct
ure
o
f
ins
ura
nce
co
m
pa
nies
T
h
e
ass
o
ciatio
n
b
etwe
en
ca
p
ital
s
tr
u
ctu
r
e
an
d
co
m
p
an
y
p
er
f
o
r
m
an
ce
h
as
b
ee
n
ex
ten
s
iv
ely
d
is
cu
s
s
ed
in
th
e
f
in
an
c
e
liter
atu
r
e
[
2
7
]
,
[
2
8
]
.
T
h
e
im
p
ac
t
o
f
ca
p
ita
l
s
tr
u
ctu
r
e
o
n
co
m
p
a
n
y
p
er
f
o
r
m
an
ce
h
as
b
ee
n
an
aly
z
ed
in
d
ev
elo
p
in
g
a
n
d
d
e
v
elo
p
ed
ec
o
n
o
m
ies.
Ah
m
ed
et
a
l.
[
2
]
s
tu
d
ied
th
e
ca
p
ital
s
tr
u
ctu
r
e
d
eter
m
in
an
ts
in
in
s
u
r
an
ce
o
r
g
an
i
z
atio
n
s
in
Pak
is
tan
f
r
o
m
2
0
0
1
to
2
0
0
7
.
He
p
r
o
v
e
d
th
at
s
ize,
p
r
o
d
u
ctiv
ity
,
liq
u
id
i
ty
,
an
d
r
is
k
ar
e
ca
p
ital
s
tr
u
ctu
r
e
d
eter
m
in
an
ts
f
o
r
Pak
is
tan
's
in
s
u
r
an
ce
co
m
p
an
ie
s
.
C
o
n
s
eq
u
en
tly
,
Pak
is
tan
'
s
lif
e
in
s
u
r
an
ce
co
m
p
an
ies
wer
e
f
o
u
n
d
t
o
f
o
llo
w
th
e
p
ec
k
in
g
o
r
d
er
th
eo
r
y
wh
er
e
b
y
p
r
o
d
u
ctiv
ity
,
liq
u
id
ity
,
an
d
ag
e
h
a
ve
b
ee
n
f
o
u
n
d
to
h
av
e
a
n
eg
ativ
e
r
elatio
n
s
h
ip
.
Ho
wev
er
,
a
p
o
s
i
tiv
e
r
elatio
n
s
h
ip
is
id
en
tifie
d
b
etwe
en
lev
er
ag
e
a
n
d
s
ize,
wh
ich
is
co
n
s
is
ten
t
with
tr
ad
e
-
o
f
f
th
e
o
r
y
.
An
o
th
e
r
o
u
tco
m
e
was
also
o
b
s
er
v
ed
wh
er
e
th
e
lev
er
ag
e
r
elatio
n
s
h
ip
with
tan
g
ib
ilit
y
an
d
g
r
o
wth
was in
s
ig
n
if
ican
t.
Najjar
an
d
Petr
o
v
[
2
9
]
ass
ess
ed
th
e
in
f
lu
en
ce
o
f
co
r
p
o
r
ate
g
o
v
er
n
an
ce
o
n
f
iv
e
in
s
u
r
an
ce
co
m
p
an
ies
in
B
ah
r
ain
b
etwe
en
2
0
0
5
-
2
0
0
9
u
tili
z
in
g
f
iv
e
v
ar
iab
les:
p
r
o
f
itab
ilit
y
,
g
r
o
wth
o
p
p
o
r
tu
n
i
ty
,
co
m
p
an
y
s
ize,
liq
u
id
ity
,
an
d
ass
ets
tan
g
ib
ilit
y
.
T
h
e
least
-
s
q
u
ar
e
o
u
tco
m
e
i
n
d
icate
d
th
at
co
m
p
an
y
s
ize,
l
iq
u
id
ity
,
an
d
ass
et
tan
g
ib
ilit
y
af
f
ec
t
ca
p
ital
s
tr
u
ctu
r
e
d
ec
is
io
n
s
.
T
h
e
p
o
s
itiv
e
ass
o
ciatio
n
o
f
lev
e
r
ag
e
w
as
id
en
tifie
d
with
co
m
p
an
y
s
ize
an
d
tan
g
ib
ilit
y
wh
ile
a
n
eg
ativ
e
r
elatio
n
s
h
ip
o
f
d
eb
t
le
v
el
o
f
i
n
s
u
r
an
ce
c
o
m
p
an
ies
in
B
ah
r
ain
with
liq
u
id
ity
was
o
b
s
er
v
ed
.
Hass
an
[
3
0
]
ex
p
lo
r
ed
ca
p
ital
s
tr
u
ctu
r
e
d
eter
m
in
an
ts
in
1
5
i
n
s
u
r
an
ce
co
m
p
a
n
ies
in
Nig
er
ia
f
r
o
m
2
0
0
1
-
2
0
1
0
.
He
u
tili
z
ed
f
iv
e
v
ar
iab
les
wh
ich
ar
e
ag
e,
s
ize,
g
r
o
wth
,
p
r
o
f
itab
ilit
y
,
a
n
d
tan
g
ib
ilit
y
.
B
y
u
s
in
g
m
u
ltip
le
r
eg
r
ess
i
o
n
s
,
h
is
o
u
tco
m
es
u
n
c
o
v
er
th
at
all
th
e
v
ar
iab
les
h
a
v
e
af
f
ec
ted
lev
er
ag
e
.
Ad
d
itio
n
ally
,
h
e
s
tat
ed
th
at
th
e
p
ec
k
in
g
o
r
d
e
r
th
eo
r
y
an
d
tr
ad
e
-
o
f
f
th
e
o
r
y
e
n
d
o
r
s
ed
p
r
o
f
itab
ilit
y
an
d
tan
g
ib
ilit
y
,
r
esp
ec
tiv
ely
.
An
o
th
er
r
esear
c
h
h
as
b
ee
n
d
o
n
e
f
r
o
m
2
0
0
4
to
2
0
0
9
to
f
i
n
d
an
id
ea
l
ca
p
ital
s
tr
u
ctu
r
e
in
3
1
Pak
is
tan
in
s
u
r
an
ce
co
m
p
a
n
ies.
T
h
e
r
e
s
u
lts
f
o
u
n
d
th
at
th
er
e
is
an
in
d
ir
ec
t
r
elatio
n
s
h
ip
b
etwe
en
lev
er
ag
e
an
d
a
g
e,
p
r
o
f
itab
ilit
y
,
an
d
ea
r
n
in
g
in
s
tab
ilit
y
.
On
th
e
o
th
er
h
an
d
,
th
e
n
eg
ativ
e
an
d
in
s
ig
n
if
ican
t r
ela
tio
n
s
h
ip
o
f
l
iq
u
id
ity
with
th
e
d
eb
t
r
atio
is
an
aly
z
ed
.
B
esid
es,
s
ize
an
d
g
r
o
wth
h
av
e
a
d
ir
ec
t
r
elatio
n
s
h
ip
w
ith
lev
er
ag
e
.
T
h
ese
r
esu
lts
ar
e
f
o
llo
win
g
th
e
p
ec
k
i
n
g
o
r
d
er
th
e
o
r
y
a
n
d
tr
a
d
e
-
o
f
f
t
h
eo
r
y
[
3
1
]
.
Ku
m
ar
et
a
l.
[
3
2
]
r
esear
ch
ed
th
e
I
n
d
ian
in
s
u
r
an
ce
s
ec
to
r
to
d
eter
m
in
e
th
e
f
in
a
n
cial
ca
p
ital
s
tr
u
ctu
r
e
.
He
r
ev
ea
led
th
at
th
er
e
is
a
s
ig
n
if
ican
t
r
elatio
n
s
h
ip
b
etwe
en
t
h
e
s
ize
an
d
ca
p
ital
s
tr
u
ctu
r
e
o
f
th
e
c
o
m
p
a
n
y
.
T
h
e
s
tr
u
ctu
r
e
o
f
th
e
co
m
p
a
n
y
’
s
ass
ets
is
also
s
ig
n
if
ican
tly
ass
o
ciate
d
with
ca
p
ital
s
tr
u
ctu
r
e.
Al
s
o
,
ca
p
ital
s
tr
u
ctu
r
e
an
d
r
etu
r
n
o
n
ass
ets (
R
OA)
h
av
e
a
p
o
s
itiv
e
r
elatio
n
s
h
ip
.
R
esear
ch
er
s
[
3
3
]
,
[
3
4
]
a
n
aly
z
ed
th
e
r
elatio
n
s
h
ip
b
etwe
en
s
ev
en
c
o
m
p
an
y
-
ex
p
licit
ca
p
ita
l
s
tr
u
ctu
r
e
f
ac
to
r
s
(
p
r
o
d
u
ctiv
ity
,
liq
u
id
ity
,
g
r
o
wth
,
a
g
e,
r
is
k
,
ta
n
g
ib
ilit
y
,
an
d
s
ize)
f
o
r
1
2
i
n
s
u
r
an
ce
c
o
m
p
an
ies in
E
th
io
p
ia
f
r
o
m
2
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Usi
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e
e
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'
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to
tal
d
eb
t r
atio
,
a
n
d
th
e
c
o
m
p
a
n
y
'
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lo
n
g
-
ter
m
d
eb
t
r
atio
.
T
h
e
o
u
tco
m
es in
d
icate
d
th
at
th
e
co
m
p
a
n
y
'
s
g
r
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wth
o
p
p
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tu
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ity
,
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r
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e,
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ican
tly
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ec
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th
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ca
p
ital
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tr
u
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e;
it is
b
ased
o
n
esti
m
a
tio
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b
y
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o
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g
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te
r
m
o
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lig
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co
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p
lete
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ati
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s
.
T
h
e
d
eter
m
in
a
n
ts
o
f
ca
p
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tr
u
ctu
r
e
in
i
n
s
u
r
an
ce
c
o
m
p
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ies
f
r
o
m
2
0
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2
to
2
0
0
7
in
Gh
an
a
w
er
e
an
aly
z
ed
i
n
th
e
s
tu
d
y
[
3
]
.
T
h
e
p
ap
e
r
in
v
esti
g
ated
th
e
s
ize,
r
is
k
,
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ta
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g
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,
tax
,
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d
p
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in
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ep
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en
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Usi
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o
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ar
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least
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ar
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th
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o
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tco
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th
at
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ies
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if
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t
in
clar
if
y
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g
in
s
u
r
a
n
ce
co
m
p
an
ies'
ca
p
ital
s
tr
u
ctu
r
e
in
Gh
an
a.
T
h
er
e
is
a
s
tatis
tica
lly
s
ig
n
if
ican
t
r
elatio
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s
h
ip
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etwe
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m
p
an
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ize,
g
r
o
wth
,
an
d
p
r
o
f
itab
ilit
y
with
lev
e
r
ag
e.
Evaluation Warning : The document was created with Spire.PDF for Python.
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8
8
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4
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8
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Sh
e
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if
an
d
E
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ay
ed
[
3
5
]
also
in
s
p
ec
ted
th
e
ca
p
ital
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tr
u
ctu
r
e'
s
im
p
ac
t
o
n
E
g
y
p
tian
in
s
u
r
an
ce
co
m
p
an
ies'
co
r
p
o
r
ate
q
u
alitie
s
f
r
o
m
2
0
0
6
u
n
til
2
0
1
1
.
T
h
e
in
d
ep
en
d
en
t
v
ar
iab
les
wer
e
g
r
o
wth
,
p
r
o
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itab
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g
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ize
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th
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co
m
p
an
y
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e
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ield
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th
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ize,
ass
ets
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g
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ilit
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r
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itab
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d
a
g
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o
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th
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co
m
p
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r
elate
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to
le
v
e
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ag
e.
A
g
ain
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wth
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f
E
g
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ti
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in
s
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ce
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o
m
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ies.
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h
e
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s
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ip
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etwe
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ir
m
-
s
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if
ic
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m
a
cr
o
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o
n
o
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ic
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le
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er
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e
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f
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th
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n
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al
r
ep
o
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ts
an
d
1
8
in
s
u
r
an
ce
co
m
p
an
ies'
f
in
an
cial
s
tatem
e
n
ts
r
ec
o
r
d
ed
with
th
e
Natio
n
al
I
n
s
u
r
an
ce
C
o
m
m
is
s
io
n
in
Gh
an
a.
T
h
e
r
esu
lts
p
r
o
p
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ed
th
at
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s
tr
o
n
g
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ip
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ee
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etwe
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m
p
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ar
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ter
is
tics
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o
n
o
m
ic
v
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iab
les
an
d
ca
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o
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e
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e
is
a
s
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if
ican
t,
an
d
in
v
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r
s
e
r
elatio
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h
ip
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lev
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ag
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ex
is
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s
with
f
ir
m
-
s
p
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if
ic
v
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iab
les
s
u
ch
as
c
o
m
p
an
y
s
ize,
liq
u
id
ity
,
an
d
tan
g
ib
i
lity
o
f
I
n
s
u
r
an
ce
co
m
p
an
ies
[
3
6
]
.
C
o
n
v
er
s
ely
,
s
u
b
s
tan
tial,
s
ig
n
if
ican
tly
p
o
s
itiv
e
r
elatio
n
s
h
ip
r
is
k
is
ex
h
ib
ited
with
lev
er
a
g
e
in
in
s
u
r
an
ce
co
m
p
an
ies.
Firm
-
s
p
ec
if
ic
v
ar
iab
les
s
u
ch
as
ag
e,
p
er
f
o
r
m
an
ce
,
an
d
g
r
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wth
o
f
co
m
p
a
n
ies
s
h
o
w
an
in
s
ig
n
if
ican
t
p
o
s
itiv
e
an
d
n
eg
ativ
e
r
elatio
n
s
h
ip
,
r
esp
ec
t
iv
ely
[
3
7
]
.
He
n
ce
,
th
e
y
ar
e
n
o
t
v
ital
d
eter
m
i
n
an
ts
o
f
th
e
ca
p
ital
s
tr
u
ctu
r
e
o
f
in
s
u
r
an
ce
co
m
p
a
n
ies
in
Gh
an
a.
R
elatin
g
to
th
e
m
ac
r
o
ec
o
n
o
m
ic
v
ar
iab
les,
th
e
ex
ch
an
g
e
r
ate
is
th
e
es
s
en
tial
d
eter
m
in
an
t o
f
ca
p
ital stru
ctu
r
e
b
ec
au
s
e
it r
ev
ea
led
a
s
ig
n
if
ic
an
t n
eg
ativ
e
r
elatio
n
s
h
ip
with
lev
er
ag
e
[
3
8
]
.
Sh
ala
et
a
l.
[
3
9
]
ass
ess
ed
th
e
d
eter
m
in
an
ts
o
f
ca
p
ital
s
tr
u
ctu
r
e
am
o
n
g
1
1
co
m
p
an
ies
in
Ko
s
o
v
o
f
r
o
m
2
0
0
9
u
n
til
2
0
1
2
.
T
h
e
i
n
d
ep
e
n
d
en
t
v
ar
ia
b
les
wer
e
co
m
p
a
n
y
s
ize,
life
an
d
g
r
o
wth
o
f
th
e
c
o
m
p
an
y
,
f
ix
ed
ass
ets,
an
d
liq
u
id
ity
r
ati
o
.
T
h
eir
o
u
tc
o
m
es
in
d
icate
d
th
at
th
ese
v
ar
i
ab
les
wer
e
in
a
p
o
s
itiv
e
ass
o
ciatio
n
with
th
e
d
eb
t
r
atio
.
T
h
en
ag
ain
,
c
o
m
p
a
n
y
s
ize,
liq
u
id
ity
r
atio
,
an
d
g
r
o
wth
h
ad
s
ig
n
if
ican
t e
f
f
ec
ts
o
n
th
e
d
eb
t r
atio
.
Fu
r
th
er
,
R
ah
m
an
et
a
l.
[
4
0
]
l
ed
an
in
v
esti
g
atio
n
o
n
ca
p
ital
s
tr
u
ctu
r
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d
ec
is
io
n
s
o
f
5
life
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in
s
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r
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ce
co
m
p
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ies
in
Pak
is
tan
f
r
o
m
2
0
0
7
to
2
0
1
3
b
y
u
s
in
g
c
o
m
p
an
y
p
r
o
f
itab
ilit
y
,
g
r
o
wth
,
r
is
k
,
ta
n
g
ib
ilit
y
,
s
ize,
an
d
ag
e
as
in
d
ep
e
n
d
en
t
v
ar
iab
les.
T
h
e
o
r
d
in
ar
y
least
s
q
u
ar
es
(
OL
S
)
r
eg
r
ess
io
n
m
o
d
el
im
p
li
ed
th
at
th
e
ess
en
tial
f
ac
to
r
s
ar
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p
r
o
f
itab
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,
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is
k
,
liq
u
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s
ize
,
an
d
ag
e
.
S
r
ith
ar
an
[
4
1
]
b
r
o
k
e
d
o
wn
th
e
ca
p
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s
tr
u
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r
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d
eter
m
in
an
ts
o
f
2
8
lis
ted
b
a
n
k
s
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d
Fin
an
ce
a
n
d
I
n
s
u
r
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C
o
m
p
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C
o
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m
b
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Sto
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k
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Sri
L
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s
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ix
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m
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x
p
licit
v
ar
iab
les,
p
a
r
ticu
lar
ly
p
r
o
f
itab
ilit
y
,
s
ize,
g
r
o
wth
,
tan
g
i
b
ilit
y
,
liq
u
id
ity
,
an
d
n
o
n
-
d
e
b
t
tax
s
h
ield
s
.
T
h
eir
s
tatis
tical
r
esu
lts
s
h
o
wed
a
n
eg
ativ
e
ass
o
ciatio
n
o
f
d
eb
t
r
atio
with
co
m
p
an
y
g
r
o
wth
,
p
r
o
f
ita
b
ilit
y
,
an
d
liq
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i
d
ity
,
an
d
a
p
o
s
itiv
e
ass
o
ciatio
n
o
f
co
m
p
an
y
s
ize.
Ad
ar
am
o
la
an
d
Olar
ewa
ju
[
6
]
a
n
a
ly
z
ed
th
e
8
ch
o
s
en
in
s
u
r
an
ce
c
o
m
p
a
n
y
’
s
ca
p
ital
s
tr
u
ctu
r
e
d
eter
m
in
a
n
ts
in
Nig
er
ia
d
u
r
in
g
2008
-
2
0
1
4
u
tili
z
in
g
p
r
o
f
itab
ili
ty
,
s
ize,
tan
g
i
b
ilit
y
,
liq
u
i
d
ity
,
g
r
o
wth
,
an
d
r
is
k
as
i
n
d
ep
e
n
d
e
n
t
v
ar
iab
les.
T
h
eir
o
u
tco
m
es
f
o
u
n
d
a
n
eg
ativ
e
im
p
ac
t
o
f
lev
er
ag
e
o
n
g
r
o
wth
,
liq
u
id
ity
,
an
d
tan
g
ib
il
ity
,
an
d
a
p
o
s
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e
r
elatio
n
s
h
ip
is
ex
am
in
ed
f
o
r
s
i
ze
,
r
is
k
an
d
R
OA
with
lev
er
ag
e.
A
r
esear
ch
s
tu
d
y
in
Ken
y
an
in
s
u
r
an
ce
o
r
g
an
i
z
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n
s
was
d
o
n
e
t
o
ex
am
in
e
th
e
im
p
ac
t
o
f
f
ir
m
-
s
p
ec
if
ic
f
ac
to
r
s
as
p
r
o
p
o
s
ed
b
y
n
u
m
e
r
o
u
s
th
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r
ies
o
n
th
e
id
ea
l
ca
p
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s
tr
u
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r
e
o
f
r
e
g
is
ter
ed
in
s
u
r
an
ce
co
m
p
an
ies
b
etwe
en
2
0
0
3
an
d
2
0
1
2
.
R
esu
lts
s
h
o
wed
th
at
h
ig
h
-
p
r
o
f
itab
ilit
y
in
s
u
r
an
ce
o
r
g
a
n
i
z
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n
s
in
Ken
y
a
m
o
s
tly
u
s
e
lev
er
ag
e
to
s
u
p
p
o
r
t
th
eir
in
v
estme
n
ts
.
Pro
f
itab
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y
co
m
p
an
ies
in
th
e
in
s
u
r
a
n
ce
s
eg
m
en
t
h
av
e
lo
w
r
is
k
an
d
co
n
s
eq
u
en
tly
m
a
y
ch
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o
s
e
to
u
s
e
m
o
r
e
d
eb
t
f
in
an
ce
.
Ad
d
itio
n
ally
,
h
ig
h
-
g
r
o
wth
in
s
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r
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co
m
p
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ies
in
ten
d
ed
to
u
s
e
lev
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ag
e
to
f
i
n
an
ce
th
eir
i
n
v
estme
n
ts
co
m
p
ar
ed
to
co
m
p
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h
a
v
in
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a
l
o
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lev
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o
f
g
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Als
o
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e
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lo
w
d
e
b
t
r
is
k
,
th
e
h
ig
h
ly
p
r
o
f
itab
le
co
m
p
an
ies
u
s
e
m
o
r
e
d
eb
t
f
in
an
ci
n
g
.
I
t
i
s
also
r
ev
ea
led
th
at
m
an
ag
em
en
t
co
n
tr
o
l
h
as
a
m
o
d
er
atin
g
b
u
t
s
ig
n
if
ican
t
im
p
ac
t
o
n
ca
p
ital
s
tr
u
ctu
r
e
d
ec
is
io
n
s
.
T
h
ese
o
u
tco
m
es
wer
e
co
n
s
is
ten
t w
ith
th
e
a
g
en
c
y
th
eo
r
y
o
f
ca
p
ital stru
ctu
r
e
in
ter
m
s
o
f
m
an
a
g
em
e
n
t im
p
ac
t
[
4
2
]
.
On
e
o
f
th
e
r
esear
ch
s
tu
d
ies
o
b
s
er
v
ed
t
h
e
d
eter
m
i
n
an
ts
o
f
ca
p
ital
s
tr
u
ctu
r
e
in
3
9
s
to
c
k
m
ar
k
et
-
r
eg
is
ter
ed
B
ah
r
ain
i
c
o
m
p
an
ie
s
.
I
t
s
h
o
ws
th
at
o
n
e
o
f
th
e
d
eter
m
in
an
ts
o
f
a
co
m
p
an
y
'
s
ca
p
ital
s
tr
u
ctu
r
e
is
p
r
o
f
itab
ilit
y
(
b
o
o
k
lev
er
a
g
e
a
n
d
m
ar
k
et
lev
er
ag
e
)
.
I
t
m
ea
n
s
th
at
h
ig
h
ly
p
r
o
f
itab
le
co
m
p
a
n
ies
m
o
s
tly
r
el
y
o
n
au
to
f
in
an
cin
g
ex
ce
p
t
f
o
r
d
e
b
t.
R
esu
lts
an
aly
z
ed
th
e
wea
k
an
d
s
ig
n
if
ican
tly
p
o
s
itiv
e
r
elatio
n
s
h
ip
b
etwe
en
r
is
k
an
d
m
a
r
k
et
lev
e
r
ag
e
o
f
d
eb
t
r
atio
an
d
th
e
i
n
s
ig
n
if
ican
t
r
el
atio
n
s
h
ip
o
f
b
o
o
k
lev
er
ag
e
o
f
d
eb
t
with
r
is
k
.
I
t
p
r
o
v
es
t
h
at
th
e
r
e
is
n
o
s
ig
n
if
i
ca
n
t
im
p
ac
t
o
f
r
is
k
o
n
ca
p
ital
s
tr
u
ctu
r
e.
T
h
e
r
esu
lt
also
in
d
i
ca
tes
th
at
g
r
o
wth
is
n
o
t a
d
eter
m
i
n
an
t o
f
ca
p
ital stru
ctu
r
e
[
4
3
]
.
Similar
ly
,
Kin
d
e
[
3
3
]
i
n
s
p
ec
ted
th
e
d
eter
m
in
a
n
ts
o
f
1
7
c
h
o
s
en
in
s
u
r
a
n
ce
c
o
m
p
an
ies'
ca
p
ital
s
tr
u
ctu
r
e
in
E
th
io
p
ia
f
r
o
m
th
e
y
ea
r
s
2
0
0
5
-
2
0
1
4
.
T
h
e
r
esear
ch
er
u
tili
z
ed
n
in
e
in
d
ep
e
n
d
en
t
v
ar
iab
les
(
g
r
o
wth
o
p
p
o
r
tu
n
ities
o
f
th
e
co
m
p
an
y
,
th
e
r
is
k
as
s
o
ciate
d
,
co
m
p
an
y
s
ize,
as
s
ets
tan
g
ib
ilit
y
,
liq
u
id
ity
o
f
th
e
co
m
p
an
y
,
ag
e,
m
an
ag
em
en
t
ef
f
icien
cy
,
in
f
latio
n
,
an
d
g
r
o
s
s
d
o
m
esti
c
p
r
o
d
u
ct
)
.
T
h
eir
r
eg
r
ess
io
n
r
e
s
u
lts
r
ev
ea
led
th
at
ag
e,
ec
o
n
o
m
ic
g
r
o
wth
r
ate
(
G
DP)
,
an
d
in
f
latio
n
wer
e
ac
ce
p
ted
as
th
e
cr
it
ical
s
ig
n
if
ican
t
d
eter
m
in
an
t
f
ac
t
o
r
s
o
f
ca
p
ital
s
tr
u
ctu
r
e
an
d
p
o
s
itiv
ely
in
ter
r
elate
d
with
ca
p
ital
s
tr
u
ctu
r
e.
Fu
r
th
er
m
o
r
e,
th
e
in
s
ig
n
if
ican
t
in
f
lu
en
ce
o
f
s
ize,
ass
ets
tan
g
ib
ilit
y
,
an
d
liq
u
id
ity
o
n
th
e
ca
p
ital
s
tr
u
ct
u
r
e
o
f
co
m
p
an
ies.
Als
o
,
T
a
k
e
le
an
d
B
esh
ir
[
4
4
]
an
aly
z
ed
firm
-
s
p
ec
ific
f
ac
to
r
s
'
im
p
ac
t
o
n
8
E
th
io
p
ian
in
s
u
r
an
ce
co
m
p
an
ies'
c
ap
ital
s
tr
u
ct
u
r
e
d
ec
is
io
n
s
f
r
o
m
2
0
0
5
to
2
0
1
4
.
T
h
is
s
tu
d
y
u
s
ed
p
an
el
-
f
ix
ed
e
f
f
ec
ts
m
o
d
els
an
d
p
r
ed
icted
th
at
t
h
e
p
r
o
f
ita
b
ilit
y
an
d
liq
u
id
ity
r
elatio
n
s
h
ip
was
s
ig
n
if
ican
t,
an
d
th
e
r
elatio
n
o
f
r
is
k
with
co
m
p
an
y
s
ize
was
in
s
ig
n
if
ican
t.
Ho
wev
er
,
th
e
Evaluation Warning : The document was created with Spire.PDF for Python.
I
n
t J Ad
v
Ap
p
l Sci
I
SS
N:
2252
-
8
8
1
4
A
r
ev
iew
o
f th
e
liter
a
tu
r
e
o
n
“d
etermin
a
n
ts
o
f in
s
u
r
ers
'
ca
p
ita
l str
u
ctu
r
e”
(
A
s
h
w
a
g
A
ls
o
fia
n
i)
1055
tan
g
ib
ilit
y
o
f
th
e
co
m
p
an
y
'
s
a
s
s
ets
an
d
g
r
o
wth
o
p
p
o
r
tu
n
ities
o
f
s
u
b
s
tan
tial
im
p
ac
t
o
n
th
e
t
o
tal
d
eb
t
r
atio
ha
s
a
s
ig
n
if
ican
t a
n
d
in
s
ig
n
i
f
ican
t i
m
p
ac
t o
n
d
eb
t
-
eq
u
ity
r
atio
.
An
o
th
er
r
esear
ch
p
a
p
er
in
d
i
ca
tes
th
at
th
e
ca
p
ital
s
tr
u
ctu
r
e
is
d
if
f
er
en
t
in
b
an
k
s
an
d
in
s
u
r
an
c
e
co
m
p
an
ies.
T
h
e
s
tu
d
y
an
aly
z
ed
th
at
th
e
f
in
an
cial
c
r
is
is
im
p
ac
t
is
n
eg
ativ
e
o
n
b
an
k
s
'
ca
p
ital
s
tr
u
ctu
r
e
as
a
cr
is
is
m
ak
es
th
em
d
ele
v
er
ag
e
d
[
4
5
]
.
I
n
co
m
p
ar
is
o
n
,
in
s
u
r
a
n
ce
co
m
p
an
ies’
ca
p
ital
s
tr
u
ct
u
r
e
was
p
o
s
itiv
ely
in
f
lu
en
ce
d
b
y
th
e
f
in
an
cial
cr
is
is
.
Sig
n
if
ican
tly
,
b
an
k
le
v
er
ag
e
an
d
p
r
o
f
its
h
av
e
n
eg
ativ
e
r
elatio
n
s
h
ip
s
in
d
icatin
g
th
at
th
e
f
i
n
an
cin
g
b
eh
av
io
r
o
f
th
e
So
u
th
Af
r
ica
n
b
an
k
s
ca
n
b
e
ex
p
lain
ed
b
y
th
e
p
ec
k
in
g
o
r
d
e
r
th
eo
r
y
.
As
th
er
e
is
an
in
v
er
s
e
r
elatio
n
s
h
ip
b
etwe
en
p
r
o
f
its
with
in
s
u
r
er
lev
er
ag
e
in
b
an
k
s
,
th
e
s
tu
d
y
p
r
ed
icted
th
e
So
u
th
Af
r
ica
n
in
s
u
r
an
ce
c
o
m
p
an
ies’
ca
p
ital stru
ctu
r
e
co
u
ld
b
e
e
x
p
lain
ed
i
n
ter
m
s
o
f
p
ec
k
in
g
o
r
d
er
t
h
eo
r
y
.
Peck
in
g
o
r
d
er
th
e
o
r
y
ca
n
e
x
p
lain
th
e
f
i
n
an
cin
g
b
eh
a
v
io
r
o
f
th
e
So
u
th
Af
r
ica
n
B
an
k
s
'
ca
p
ita
l
s
tr
u
ctu
r
e
f
o
r
th
ir
tee
n
y
ea
r
s
,
f
r
o
m
2
0
0
6
-
2
0
1
8
.
T
h
e
r
esu
lts
r
ev
ea
led
th
at
co
m
p
a
n
y
s
ize
h
as
a
p
o
s
itiv
e
an
d
in
s
ig
n
if
ican
t in
f
lu
en
ce
o
n
ca
p
ital stru
ctu
r
e
in
lis
ted
in
s
u
r
an
ce
co
m
p
an
ies.
I
n
co
n
tr
ast,
ag
e
a
n
d
ca
p
ital stru
ctu
r
e
ar
e
p
o
s
itiv
ely
ass
o
ciate
d
.
R
eg
r
ess
io
n
r
esu
lts
id
en
tifie
d
th
a
t
ass
et
tan
g
ib
ilit
y
im
p
ac
t
o
n
ca
p
ital
s
tr
u
ctu
r
e
is
in
s
ig
n
if
ican
tly
n
e
g
ativ
e;
r
is
k
h
as
an
in
s
ig
n
if
ica
n
t
p
o
s
itiv
e
im
p
ac
t
o
n
th
e
ca
p
ital
s
tr
u
ctu
r
e
[
4
6
]
.
I
t
is
also
f
o
u
n
d
th
at
in
s
u
r
an
ce
g
r
o
wth
h
as
a
s
ig
n
if
ican
t
an
d
p
o
s
itiv
e
im
p
ac
t
o
n
ca
p
ital
s
tr
u
ctu
r
e.
T
h
e
s
tu
d
y
f
o
u
n
d
t
h
at
co
m
p
an
y
s
ize,
a
g
e,
th
e
ta
n
g
ib
i
lity
o
f
ass
et
s
,
g
r
o
wth
,
an
d
in
s
u
r
an
ce
r
is
k
ar
e
c
r
itical
f
ac
to
r
s
in
d
eter
m
in
in
g
t
h
e
ca
p
ital stru
ctu
r
e
o
f
i
n
s
u
r
an
ce
c
o
m
p
an
ies in
Nig
er
ia
[
4
7
]
.
El
m
ah
g
o
p
[
1
0
]
in
v
esti
g
ated
th
e
ca
p
ital
s
tr
u
ctu
r
e
d
eter
m
in
a
n
ts
o
f
2
8
in
s
u
r
an
ce
co
m
p
a
n
ie
s
lis
ted
o
n
th
e
Sau
d
i
Sto
ck
E
x
ch
an
g
e.
T
h
e
r
esu
lts
o
f
r
an
d
o
m
ef
f
ec
t
r
eg
r
ess
io
n
r
ev
ea
led
th
at
t
h
e
k
ey
d
eter
m
in
an
ts
o
f
th
e
ca
p
ital
s
tr
u
ctu
r
e
o
f
Sau
d
i
in
s
u
r
an
ce
co
m
p
a
n
ies
ar
e
p
r
o
f
i
tab
ilit
y
,
ag
e,
s
ize,
g
r
o
wth
r
ate,
an
d
r
is
k
.
T
h
e
co
n
v
en
tio
n
al
an
d
c
o
n
tem
p
o
r
a
r
y
m
eth
o
d
s
o
f
s
tu
d
y
p
r
o
v
id
e
s
ev
er
al
u
n
ce
r
tai
n
ties
an
d
u
n
r
eso
lv
ed
is
s
u
es
th
at
n
ee
d
f
u
r
th
e
r
in
v
esti
g
atio
n
.
T
h
e
r
esu
lts
o
n
th
e
f
ac
to
r
s
in
f
lu
en
cin
g
ca
p
ital
s
tr
u
ctu
r
e
d
o
n
o
t
s
ee
m
to
alig
n
with
a
s
in
g
le
th
eo
r
etica
l
f
r
am
ewo
r
k
.
W
h
ile
ea
ch
th
o
u
g
h
t
m
ay
s
ee
m
r
ea
s
o
n
a
b
le
in
d
i
v
id
u
ally
,
it
is
n
o
w
n
ec
ess
ar
y
t
o
ex
p
lo
r
e
f
r
esh
co
n
ce
p
ts
in
em
p
ir
ical
s
tu
d
y
an
d
ac
k
n
o
wled
g
e
th
e
lim
itatio
n
s
an
d
im
p
licit
g
o
als
th
at
ar
is
e
f
r
o
m
ad
h
er
in
g
to
estab
lis
h
ed
th
e
o
r
i
es
[
1
1
]
.
R
esear
ch
er
s
s
h
o
u
ld
a
ck
n
o
wled
g
e
p
r
io
r
p
u
b
licatio
n
s
,
b
u
t
a
d
h
er
e
s
tr
i
ctly
to
th
e
f
ac
tu
al
f
in
d
i
n
g
s
o
f
t
h
eir
s
tu
d
y
.
C
o
n
s
eq
u
e
n
tly
,
f
u
tu
r
e
r
esear
ch
er
s
n
ee
d
to
c
o
n
d
u
ct
c
o
m
p
letely
au
to
n
o
m
o
u
s
an
aly
s
es
in
o
r
d
e
r
to
f
ac
ilit
ate
ad
d
itio
n
al
a
d
v
a
n
ce
m
en
ts
in
th
e
s
tu
d
y
o
f
th
e
f
ac
to
r
s
in
f
lu
e
n
cin
g
ca
p
ital stru
ctu
r
e.
3.
RE
S
E
ARCH
M
E
T
H
O
D
T
h
is
r
esear
ch
ass
ess
e
s
twen
ty
p
u
b
lis
h
ed
ar
ticles
o
n
th
e
ca
p
ital
s
tr
u
ctu
r
e
o
f
th
e
in
s
u
r
an
ce
s
ec
to
r
f
r
o
m
2
0
1
0
to
2
0
2
1
.
T
h
e
ar
ticles
d
ef
in
e
th
e
m
eth
o
d
o
lo
g
y
o
f
d
eter
m
in
in
g
ca
p
ital
s
tr
u
ctu
r
e
f
ac
to
r
s
in
th
e
last
d
ec
ad
e
b
y
c
o
n
ce
n
tr
atin
g
o
n
th
e
in
s
u
r
an
ce
s
ec
to
r
,
wh
er
e
t
h
ese
p
u
b
l
icatio
n
s
co
m
p
r
is
e
s
p
ec
if
ic
s
tu
d
ies
in
n
atio
n
al
a
n
d
in
ter
n
atio
n
al
jo
u
r
n
als
o
r
co
n
f
e
r
en
ce
s
.
On
th
e
o
th
er
h
an
d
,
b
o
o
k
s
,
d
is
s
er
tatio
n
s
,
an
d
ex
clu
s
iv
e
r
ep
o
r
ts
in
n
ews
m
ag
az
in
es a
r
e
n
o
t in
clu
d
e
d
in
th
e
r
ev
iews b
ec
au
s
e
th
e
wr
iter
s
f
ee
l th
ey
co
n
tain
s
tan
d
a
r
d
i
n
f
o
r
m
atio
n
.
T
h
is
r
esear
ch
s
tu
d
y
co
n
s
is
ts
o
f
s
ev
er
al
s
tep
s
,
wh
ich
ar
e
i)
U
p
d
atin
g
th
e
d
atab
ases
to
co
n
f
i
r
m
th
at
th
e
liter
atu
r
e
is
as
r
ec
en
t
a
s
p
o
s
s
ib
le
;
ii)
T
h
e
co
llectio
n
o
f
th
e
liter
atu
r
e
was
s
tar
ted
f
r
o
m
Dec
em
b
er
2
0
2
2
till
Ap
r
il
2
0
2
3
;
iii)
Usi
n
g
a
n
e
l
ec
tr
o
n
ic
d
atab
ase
o
n
ly
f
o
r
s
ea
r
ch
in
g
th
e
liter
atu
r
e
;
a
n
d
i
v
)
All
p
u
b
licatio
n
s
’
b
ib
lio
g
r
ap
h
y
w
as
lis
ted
in
th
e
E
x
ce
l sp
r
ea
d
s
h
ee
ts
.
4.
RE
SU
L
T
S AN
D
D
I
SCU
SS
I
O
N
T
h
is
r
esear
ch
f
o
u
n
d
th
at
t
h
e
co
m
p
a
n
y
'
s
ca
p
ital
s
tr
u
ctu
r
e
co
m
b
in
es
d
eb
t
a
n
d
e
q
u
ity
s
ec
u
r
ity
to
f
in
a
n
ce
tan
g
i
b
le
in
v
estme
n
t.
Acc
o
r
d
in
g
to
Og
b
u
lu
et
a
l.
[
4
8
]
,
alth
o
u
g
h
v
ar
io
u
s
th
eo
r
ies
h
av
e
b
ee
n
estab
lis
h
ed
,
co
m
p
an
ies
ar
e
s
t
ill
h
av
in
g
d
i
f
f
icu
lty
g
ain
in
g
o
p
tim
al
ca
p
ital
s
tr
u
ctu
r
e.
I
t
h
as
ap
p
ea
led
to
th
e
atten
tio
n
o
f
th
e
r
esear
ch
er
.
E
m
p
ir
ical
s
tu
d
ies
h
av
e
u
s
ed
lev
er
ag
e
as
a
d
ep
en
d
en
t
v
ar
iab
le
f
o
r
ca
p
ital
s
tr
u
ctu
r
e,
m
ea
s
u
r
ed
b
y
t
h
e
to
tal
d
eb
t
r
at
io
[
4
9
]
.
Mu
h
am
m
ad
et
a
l.
[
1
]
d
ef
in
ed
d
eb
t
to
eq
u
ity
r
atio
as
m
ea
s
u
r
in
g
th
e
r
is
k
o
f
a
co
m
p
an
y
'
s
ca
p
ital
s
tr
u
ctu
r
e
r
eg
ar
d
i
n
g
th
e
r
elatio
n
s
h
ip
b
e
twee
n
cr
ed
ito
r
s
an
d
f
u
n
d
s
d
eli
v
er
ed
.
T
h
e
d
ec
is
io
n
o
n
in
d
e
p
en
d
e
n
t
v
ar
iab
les
d
ep
en
d
s
o
n
twen
ty
r
esear
ch
s
tu
d
ies
g
ath
er
ed
f
r
o
m
s
ev
er
al
n
atio
n
s
.
Fu
r
th
er
,
C
h
ad
h
a
a
n
d
Sh
ar
m
a
[
7
]
in
tr
o
d
u
ce
d
th
e
s
ig
n
if
ican
t
ca
p
ital
s
tr
u
ctu
r
e
d
eter
m
in
an
ts
r
ef
er
en
ce
d
in
o
th
er
r
esear
ch
(
co
m
p
an
y
s
ize,
ag
e,
p
r
o
f
itab
ilit
y
,
liq
u
id
it
y
,
g
r
o
wth
,
tan
g
i
b
ilit
y
,
an
d
r
is
k
)
.
Ho
wev
er
,
m
o
r
e
r
esear
ch
is
n
ee
d
ed
t
o
a
d
d
r
ess
m
ac
r
o
ec
o
n
o
m
ic
d
eter
m
in
an
ts
s
u
ch
as in
f
latio
n
,
GDP,
an
d
in
ter
est r
ates.
Fin
ally
,
all
r
esear
ch
e
r
s
h
a
v
e
u
s
ed
r
eg
r
ess
io
n
to
ex
am
i
n
e
t
h
e
r
elatio
n
s
h
i
p
b
etwe
e
n
an
in
d
ep
en
d
e
n
t
an
d
d
e
p
en
d
e
n
t
v
a
r
iab
le
[
4
5
]
.
I
t
is
f
o
u
n
d
th
at
m
o
s
t
o
f
th
e
r
esear
ch
er
s
h
a
v
e
u
s
ed
OL
S
m
u
lti
p
le
r
eg
r
ess
io
n
with
th
r
ee
esti
m
atio
n
m
o
d
els:
f
ix
ed
-
ef
f
ec
ts
,
r
an
d
o
m
-
e
f
f
ec
ts
,
a
n
d
s
tatic
p
an
el
d
ata
an
aly
s
i
s
.
T
h
u
s
,
it
ca
n
b
e
d
eter
m
in
ed
th
at
t
h
e
r
a
n
d
o
m
e
f
f
ec
t
m
o
d
el
was
least
c
o
m
p
ar
ed
to
th
e
f
ix
ed
p
a
n
el
r
e
g
r
ess
io
n
m
o
d
el
in
f
in
d
in
g
th
e
d
eter
m
in
an
ts
o
f
t
h
e
ca
p
it
al
s
tr
u
ctu
r
e
o
f
in
s
u
r
a
n
ce
co
m
p
an
ies.
T
ab
le
1
d
escr
ib
es
th
e
s
u
m
m
ar
y
o
f
th
e
em
p
ir
ical
ev
id
en
ce
d
is
cu
s
s
ed
ab
o
v
e
.
Evaluation Warning : The document was created with Spire.PDF for Python.
I
SS
N
:
2252
-
8
8
1
4
I
n
t J Ad
v
Ap
p
l Sci
,
Vo
l.
1
3
,
No
.
4
,
Dec
em
b
er
2
0
2
4
:
1
0
5
0
-
1
0
5
8
1056
T
ab
le
1
.
Su
m
m
a
r
y
o
f
em
p
i
r
ical
s
tu
d
ies o
n
d
eter
m
in
a
n
ts
o
f
ca
p
ital stru
ctu
r
e
o
f
i
n
s
u
r
an
ce
c
o
m
p
an
ies
D
e
t
e
r
m
i
n
a
n
t
s
Li
st
o
f
A
u
t
h
o
r
s
R
e
l
a
t
i
o
n
s
h
i
p
w
i
t
h
Le
v
e
r
a
g
e
Th
e
o
r
y
F
i
r
m si
z
e
A
h
m
e
d
e
t
a
l
.
[2
]
;
T
o
r
n
y
e
v
a
[
3
]
;
A
d
a
r
a
mo
l
a
a
n
d
O
l
a
r
e
w
a
j
u
[
6
]
;
E
l
ma
h
g
o
p
[
1
0
]
;
N
a
j
j
a
r
a
n
d
P
e
t
r
o
v
[
2
9
]
;
S
h
a
r
i
f
e
t
a
l
.
[
3
1
]
;
K
u
m
a
r
e
t
a
l
.
[
3
2
]
,
K
i
n
d
e
[
3
3
]
;
G
u
r
u
sw
a
my
a
n
d
M
a
r
e
w
[
3
4
]
;
S
h
e
r
i
f
a
n
d
El
s
a
y
e
d
[
3
5
]
;
S
h
a
l
a
e
t
a
l
.
[
3
9
]
;
R
a
h
m
a
n
e
t
a
l
.
[
4
0
]
;
S
r
i
t
h
a
r
a
n
[
4
1
]
;
W
a
h
o
me
e
t
a
l
.
[
4
2
]
;
M
e
e
r
o
[
4
3
]
;
Ta
k
e
l
e
a
n
d
B
e
s
h
i
r
[
4
4
]
;
S
i
b
i
n
d
i
a
n
d
M
a
k
i
n
a
[
4
6
]
;
B
a
l
a
a
n
d
A
b
a
t
c
h
a
[
4
7
]
P
o
si
t
i
v
e
Tr
a
d
e
-
o
f
f
t
h
e
o
r
y
H
a
ssan
[
3
0
]
;
G
a
t
s
i
a
n
d
G
a
d
z
o
[
3
8
]
N
e
g
a
t
i
v
e
P
e
c
k
i
n
g
o
r
d
e
r
t
h
e
o
r
y
A
g
e
K
i
n
d
e
[
3
3
]
;
G
u
r
u
sw
a
m
y
a
n
d
M
a
r
e
w
[
3
4
]
;
S
h
e
r
i
f
a
n
d
El
s
a
y
e
d
[
3
5
]
;
G
a
t
si
a
n
d
G
a
d
z
o
[
3
8
]
;
B
a
l
a
a
n
d
A
b
a
t
c
h
a
[
4
7
]
P
o
si
t
i
v
e
Tr
a
d
e
-
o
f
f
t
h
e
o
r
y
A
h
m
e
d
e
t
a
l
.
[
2
]
;
E
l
ma
h
g
o
p
[
1
0
]
;
H
a
s
san
[
3
0
]
;
S
h
a
r
i
f
e
t
a
l
.
[
3
1
]
;
R
a
h
ma
n
e
t
a
l
.
[
4
0
]
N
e
g
a
t
i
v
e
P
e
c
k
i
n
g
o
r
d
e
r
t
h
e
o
r
y
P
r
o
f
i
t
a
b
i
l
i
t
y
A
d
a
r
a
m
o
l
a
a
n
d
O
l
a
r
e
w
a
j
u
[
6
]
;
K
u
mar
e
t
a
l
.
[
3
2
]
;
S
h
e
r
i
f
a
n
d
El
s
a
y
e
d
[
3
5
]
;
W
a
h
o
me
e
t
a
l
.
[
4
2
]
P
o
si
t
i
v
e
Tr
a
d
e
-
o
f
f
t
h
e
o
r
y
A
h
m
e
d
e
t
a
l
.
[2
]
;
T
o
r
n
y
e
v
a
[
3
]
;
E
l
m
a
h
g
o
p
[
1
0
]
;
N
a
j
j
a
r
a
n
d
P
e
t
r
o
v
[
2
9
]
;
H
a
ssan
[
3
0
]
;
K
i
n
d
e
[
3
3
]
;
G
a
t
si
a
n
d
G
a
d
z
o
[
3
8
]
;
R
a
h
m
a
n
e
t
a
l
.
[
4
0
]
;
S
r
i
t
h
a
r
a
n
[
4
1
]
;
M
e
e
r
o
[
4
3
]
;
Ta
k
e
l
e
a
n
d
B
e
sh
i
r
[
4
4
]
;
S
i
b
i
n
d
i
a
n
d
M
a
k
i
n
a
[
4
6
]
N
e
g
a
t
i
v
e
P
e
c
k
i
n
g
o
r
d
e
r
t
h
e
o
r
y
G
r
o
w
t
h
To
r
n
y
e
v
a
[
3
]
;
E
l
ma
h
g
o
p
[
1
0
]
;
H
a
ssa
n
[
3
0
]
;
K
u
mar
e
t
a
l
.
[
3
2
]
;
S
h
a
l
a
e
t
a
l
.
[
3
9
]
,
R
a
h
ma
n
e
t
a
l
.
[
4
0
]
;
W
a
h
o
me
e
t
a
l
.
[
4
2
]
;
M
e
e
r
o
[
4
3
]
;
T
a
k
e
l
e
a
n
d
B
e
s
h
i
r
[
4
4
]
;
S
i
b
i
n
d
i
a
n
d
M
a
k
i
n
a
[
4
6
]
;
B
a
l
a
a
n
d
A
b
a
t
c
h
a
[
4
7
]
P
o
si
t
i
v
e
P
e
c
k
i
n
g
o
r
d
e
r
t
h
e
o
r
y
A
h
m
e
d
e
t
a
l
.
[
2
]
;
A
d
a
r
a
m
o
l
a
a
n
d
O
l
a
r
e
w
a
j
u
[
6
]
;
S
h
a
r
i
f
e
t
a
l
.
[
3
1
]
;
K
i
n
d
e
[
3
3
]
;
G
u
r
u
sw
a
my
a
n
d
M
a
r
e
w
[
3
4
]
;
S
h
e
r
i
f
a
n
d
El
s
a
y
e
d
[
3
5
]
;
G
a
t
s
i
a
n
d
G
a
d
z
o
[
3
8
]
;
S
r
i
t
h
a
r
a
n
[
4
1
]
N
e
g
a
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5.
CO
NCLU
SI
O
N
I
n
th
is
r
esear
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twen
ty
in
te
r
n
atio
n
ally
p
u
b
lis
h
ed
ar
ticles
in
th
e
f
ield
o
f
in
s
u
r
a
n
ce
co
m
p
an
i
es'
ca
p
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s
tr
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r
e
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e
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.
T
h
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s
tu
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ed
p
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h
ed
ar
ticl
es
f
r
o
m
2
0
1
0
to
2
0
2
1
f
r
o
m
d
e
v
elo
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co
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tr
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T
h
e
r
ev
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s
h
o
ws
th
at
th
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lev
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ag
e
r
atio
is
an
ess
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tial
m
ea
s
u
r
em
en
t
o
f
ca
p
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s
tr
u
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e
u
s
ed
as
a
d
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n
d
en
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v
ar
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lt
s
p
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m
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d
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m
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n
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ts
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d
in
th
r
ee
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r
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tr
ad
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-
o
f
f
,
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k
in
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co
s
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T
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ev
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f
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s
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m
in
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ts
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p
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s
ize,
co
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p
an
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p
r
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f
itab
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r
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,
tan
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d
r
is
k
)
a
n
d
two
m
ac
r
o
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o
n
o
m
ic
d
eter
m
in
an
ts
:
ec
o
n
o
m
ic
g
r
o
wth
an
d
in
f
latio
n
r
ate
as
in
d
ep
en
d
en
t
v
ar
iab
les.
T
h
is
r
esear
ch
also
f
o
u
n
d
th
at
m
u
ltip
le
r
eg
r
ess
io
n
an
d
f
ix
ed
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f
ec
t
m
o
d
els
ar
e
t
h
e
b
est
r
eg
r
ess
io
n
m
o
d
els
u
s
ed
i
n
th
e
liter
atu
r
e.
T
h
is
r
esear
c
h
d
eliv
er
s
p
r
ac
tical
in
f
o
r
m
atio
n
an
d
d
ata
f
o
r
r
ese
ar
ch
er
s
in
ter
ested
in
u
n
d
er
s
ta
n
d
in
g
th
e
d
eter
m
in
i
n
g
f
ac
t
o
r
s
o
f
ca
p
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s
tr
u
ctu
r
e
an
d
f
u
r
t
h
er
p
o
s
s
ib
le
ar
ea
s
f
o
r
f
u
tu
r
e
s
tu
d
y
.
I
n
th
e
f
u
tu
r
e,
th
e
em
p
ir
ical
liter
atu
r
e
m
ay
ad
d
r
ess
an
y
o
f
th
e
r
esear
ch
g
ap
s
:
i)
t
o
s
tu
d
y
h
o
w
lo
n
g
-
te
r
m
d
e
b
t
is
d
if
f
er
en
t
f
r
o
m
s
h
o
r
t
-
ter
m
d
eb
t
,
ii)
t
o
ex
p
an
d
th
e
d
ata
to
co
u
n
tr
ies
in
d
e
v
elo
p
in
g
n
atio
n
s
,
s
u
ch
as
th
e
Gu
lf
C
o
o
p
e
r
a
tio
n
C
o
u
n
cil
(
GC
C
)
,
an
d
iii)
t
o
also
in
co
r
p
o
r
ate
ex
ter
n
al
v
ar
ia
b
les
o
r
m
ac
r
o
ec
o
n
o
m
ic
f
ac
t
o
r
s
lik
e
in
f
latio
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in
-
co
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n
tr
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g
r
o
s
s
d
o
m
e
s
tic
p
r
o
d
u
ct,
in
ter
est
r
ates
f
lu
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s
,
r
eg
u
latio
n
,
a
n
d
o
wn
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s
h
ip
s
tr
u
ctu
r
e
as in
d
e
p
en
d
en
t v
ar
iab
les.
Evaluation Warning : The document was created with Spire.PDF for Python.
I
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Ap
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2252
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8
8
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A
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