The main objective of this study is to investigate the effect of interest rate, inflation rate, and GDP on real … rate. Finally regression used to test GDP, interest rate, and inflation rate together; results have shown that current GDP … the integration order of the variables. Acointegration analysis with four variables (economic growth, interest rate, GDP …

profitability, liquidity, asset structure, non-debt tax shield, the GDP growth rate, inflation rate, and reference interest rate … the value of coefficients; while in terms of the frequency of coefficients the GDP growth rate is significant. …