This data is from Theodossiou, P., E. Kahya, and R. Saidi, and G. Philippatos (1996), "Financial Distress and Corporate Acquisitions: Further Empirical Evidence," Journal of Business Finance and Accounting 23: 699 - 838. In their study, a firm is defined as financially distressed if it meets at least one of the following conditions: (1) actual debt default, (2) management negotiations with creditors to restructure terms of debt instruments, or (3) difficulty in meeting the payment requirements of debt contracts. All data are gathered from Compustat and include only firms listed on NYSE or AMEX from 1981 through 1989. The sample consists of 181 manufacturing firms, of which 86 are classified as financially distressed at some point during this period. Data for the distressed firms are gathered approximately one year prior to exhibiting the first sign of distress. The firm-specific variables used include size measures and ratios measuring liquidity, debt, managerial efficiency, and profitability; they are defined below. The labels for the data are as follows: yd = Distress Dummy (1 if distressed and 0 otherwise) tdta = Debt to Assets gempl = Employee Growth Rate opita = Op. Income to Assets invsls = Inventory to Sales lsls = Log of Sales lta = Log of Assets nwcta = Net Working Cap to Assets cacl = Current Assets to Current Liab qacl = Quick Assets to Current Liab ebita = EBIT to Assets reta = Retained Earnings to Assets ltdta = LongTerm Debt to TotAssets mveltd = Mkt Value Eqty to LTD fata = Fixed Assets to Assets