𝑅𝑂𝐴𝑖𝑡 = 𝑎 + (𝛽 + 𝛾)𝑆𝑇𝐷𝑖𝑡 + (𝛽 + 𝛾)𝐿𝑇𝐷𝑖𝑡 + (𝛽 + 𝛾)𝑇𝐷𝑖𝑡 + (𝛽 + 𝛾)𝑇𝐴𝑖𝑡 + 𝜀𝑡
𝑅𝑂𝐴𝑖𝑡 = Return on assets
𝑆𝑇𝐷𝑖𝑡 = Short-term debt
𝐿𝑇𝐷𝑖𝑡 = Total debt
𝑇𝐴𝑖𝑡 =Total assets
𝜀𝑡 = Error-term
𝑎 = alpha
t = yearly time, which contains the period 2013-2022
𝛾 = dummy variable, which is 0 for the period 2013-2019 plus 2022 and 1 for the period
2020-2021