b) The variables that correlate with a firm's leverage have been studied by many researchers over the years. While the set of statistically significant variables may vary from study to study, the following is a list of the common determinants of capital structure: - Firm size; - Asset tangibility: - Profitability; - Market-to-book (MTB) ratio; - Industry capital structure. For each of these variables, describe the sign (positive or negative) of the relationship that is typically observed with leverage. Also, explain whether such a relationship is expected based on the trade-off theory, the pecking order theory or other theories of capital structure. [Word limit: 500 words]