| Cumulative abnormal returns | CAR | The cumulative abnormal return over the event window. The abnormal return is computed as the difference between the actual raw returns and the predicted returns based on the market model | the wall street journal database and www.investing.com |
| NATO members | NATO | A dummy variable that takes one for NATO member countries and 0 otherwise | https://www.nato.int/cps/en/natohq/nato_countries.htm |
| Size of Company | SIZE | Logarithm of market capitalization | Full Year 2021 Financial Statement |
| Board Size | BSIZE | Number of Director | Full Year 2021 Financial Statement |
| Inflation | INF | Inflation rate, average consumer prices, Annual percent change (2021) | https://www.imf.org/external/datamapper/PCPIPCH@WEO/OEMDC/ADVEC/WEOWORLD |
| Gross domestic product | GDP | GDP per capita, current prices; Purchasing power parity; international dollars per capita (2021) | https://www.imf.org/external/datamapper/PPPPC@WEO/OEMDC/ADVEC/WEOWORLD |