Table 1 The suggested evaluation criteria.

Profitability and operation ratios

ROA

C1

Net income/Average total assets

Abdel-Basset et al. (2020), Gayathri et al. (2021), Heidary Dahooie et al. (2019)

Inventory turnover ratio

C2

Cost of sales or cost of goods sold/Average inventory

Deng et al. (2020), Türegün (2022), Wu et al. (2022)

Net profit margin (NPM) growth rate

C3

Current NPM−Prior NPM)/Prior NPM

(NPM = Net income/ Revenue)

Wu et al. (2022)

Leverage ratios

Current ratio

C4

Current assets/Current liabilities

Abdel-Basset et al. (2020), Gayathri et al. (2021), Heidary Dahooie et al. (2019), Roy and Shaw (2022), Türegün (2022), Wu et al. (2022)

Interest coverage

C5

EBIT Interest payments

Abdel-Basset et al. (2020), Gayathri et al. (2021)

Debt ratio

C6

Total debt/total asset

Abdel-Basset et al. (2020), Heidary Dahooie et al.(2019), ÜNVAN (2020)

Growth ratios

Revenue growth rate

C7

Current revenue−Prior revenue)/Prior revenue

Wu et al. (2022)

ROE growth rate

C8

(Current ROE−Prior ROE)/Prior ROE

(ROE = Net income/Average total equity)

Sun et al. (2023)

Asset growth rate

C9

Current asset−Prior asset)/Prior revenue

Türegün (2022), Wu et al. (2022)

P/E growth rate

C10

Current P/E−Prior P/E)/Prior P/E

Huang (2009)