Table I. Results from other empirical...

Table I.

Results from other empirical studies related conventional banks’ profitability

Explanatory variable	Positive relation with	Negative relation with	No relation with
Capital adequacy	**Abreu and Mendes (2001)^N,C, Athanasoglou et al.* (2008)^A, Demirgüc-Kunt and Huizinga (1999)^NIM,C, *Flamini et al.* (2009)^A,C, Kosmidou et al. (2005)^{A, N}, Ben Naceur (2003)^{A, N} , Nguyen ( 2011) ^{E , C}, Pasiouras and Kosmidou (2007)^A,C, Ben Khedhiri et al. (2008)^N, Ben Ameur and Mhiri (2013)^A,N, Sufian (2012)^A,C	***Saona (2016)^N,A,C	Ben Ameur and Mhiri (2013)^E, Mungly et al. (2016)^E, Sufian (2012)^A,C, Yanikkaya et al. (2018)^N,A,C, Yüksel et al. (2018)^C,E
Deposit	Chirwa (2003)^{A, E}, Saona (2016)^N,C, Menicucci and Paolucci (2016)^C,E	Demirgüc-Kunt and Huizinga (1999)^{A, C}, Akbaş (2012)^A, Tariq et al. (2014)^E	Demirgüc-Kunt and Huizinga (1999)^{N, C}, Soyemi et al. (2013)^N, Tariq et al. (2014)^N
Loans	Demirgüc-Kunt and Huizinga (1999)^{N, C}, Kosmidou et al. (2005)^A, Mamatzakis and Remoundos (2003)^{A, E ,C}, Ben Naceur (2003)^N, Heffernan and Fu (2008)^A,N, Sufian (2012)^A, Menicucci and Paolucci (2016)^C,E	Demirgüc-Kunt and Huizinga (1999)^{A, C}, Kosmidou et al. (2005)^N, Heffernan and Fu (2008)^E, ***Rekik and Kalai (2018)^C,A,E	Athanasoglou et al. (2006)^{A, E}, Yanikkaya et al. (2018)^N,A,C
Nontraditional activities/OBS activity	Demirgüc-Kunt and Huizinga (1999)^{A, C}, Nguyen (2011)^{N, C}, Valverde and Fernández (2007)^N,C, Sufian (2012)^A,C, vithyea (2014)^N, Petria et al. (2015)^C,A,E	Demirgüc-Kunt and Huizinga (1999)^{N, C}, Chen and Liao (2011)^{A , E, N , C}, Heffernan and Fu (2008)^N, Rahman et al. (2015)^A,N, **Wahidudin et al.* (2012)^{A,E,PBT, C}, Saona (2016)^N,C	Heffernan and Fu (2008)^{A , E}, Islam and Nishiyama (2016)^{C, A,E}
Overhead	Dietrich et al. (2015)^N,C	Mamatzakis and Remoundos (2003)^{A, E}, Kosmidou et al. (2005)^{A, N}, Pasiouras and Kosmidou (2007)^{A, C}, Ben Khedhiri et al. (2008)^N, Athanasoglou, Delis and Staikouras (2006)^{A , E, C}, ***Sufian (2012)^A
Foreign Ownership	Demirgüc-Kunt and Huizinga (1999)^{N, C}, Athanasoglou et al. (2006)^{A, E,C}, Yanikkaya et al. (2018)^N,A,C	Mungly et al. (2016)^E	Mungly et al. (2016)^A
GDP growth	Al-Bertazzi and Gambacorta (2009)^N, Claeys and Vennet (2008)^N,C, Mungly et al. (2016)^E, Sufian (2012)^A, Saona (2016)^{C, N}	Dietrich et al. (2015)^N,C, Demirgüç-Kunt et al. (2004)^N,C, Gelos (2009)^N,C, Huseynov (2009)^N, Ben Ameur and Mhiri (2013)^{E, N}, Ben Naceur and Omran (2011)^A, Yanikkaya et al. (2018)^N,A,C	Ben Khedhiri et al. (2008)^N, **Ben Ameur and Mhiri (2013)^A, Mungly et al.* (2016)^A, Ben Naceur and Omran (2011)^N, **Yüksel et al.* (2018)^C,E
GDPPC	Bogdan and Roman (2015)^{A, E}	Demirgüc-Kunt and Huizinga (1999)^N,C, Ben Naceur and Omran (2011)^N	Athanasoglou et al. (2006)^{A, E, C}, Flamini et al. (2009)^A,C, Ben Naceur and Omran (2011)^{A, C}
RI	Alper and Anbar (2011)^E, Chen and Liao (2011)^{A , E, N , C}, Demirgüc-Kunt and Huizinga (1999)^N,C, Gelos (2009)^N,C, Maudos and Fernandez de Guevara (2004)^N,C, Aburime (2008^{) A,PBT}	Noman et al. (2015)^A,N, Staikouras and Wood (2003)^{A, C}, Islam and Nishiyama (2016)^{C, A}	Yüksel et al. (2018)^C,E
OIL	Essayyad and Madani (2003)^{(PBT, before tax profit/equity)}, Yanikkaya et al. (2018)^C,A	Huseynov (2009)^N
Deposit insurance	Bouheni et al. (2014) ^A,C	Davis and Obasi (2009)^A,C, Demirgüc-Kunt and Huizinga (1999)^N	Demirgüc-Kunt and Huizinga (1999)^{PBT, C}
Explicit tax	Demirgüc-Kunt and Huizinga (1999)^{PBT, N, C}, Demirgüç-Kunt and Huizinga (2000)^{PBT,N, C}, Chiorazzo and Milani (2011)^PBT,C	Aburime (2008) A	Aburime (2008)^PBT, Wahidudin et al. (2012)^{A,E,PBT, C}
Implicit tax	Ben Khedhiri et al. (2008)^N, Saona (2016)^N,AC	Demirgüc-Kunt and Huizinga (1999)^{PBT, N, C}
Banking sector development (industry size)	****Ghosh (2016)^A,C	Ghosh (2016)^{N, C}, Demirgüc-Kunt and Huizinga (1999)^PTB,N,C, Yao et al. (2018)^A,E,N
Market capitalization	Demirgüc-Kunt and Huizinga (1999)N, C, Demirgüç-Kunt and Huizinga (2008) ^PBT,N,C	Borroni et al. (2016)^{A,E, C}	Demirgüc-Kunt and Huizinga (1999)^{PBT, C}, Aburime (2008)^{A, PBT}, Borroni et al. (2016)^{N, C}
Size	Demirgüc-Kunt and Huizinga (1999)^N,C, Athanasoglou, Delis and Staikouras (2006)^{A, C}, Saona (2016)^N,C	Ben Ameur and Mhiri (2013)^{A, N}, Mungly et al. (2016)^E	Demirgüc-Kunt and Huizinga (1999)^A,C, Ben Ameur and Mhiri (2013)^{A, E}, Wahidudin et al. (2012)^{A,E,PBT, C}, Yanikkaya et al. (2018)^N,A,C, Islam and Nishiyama (2016)^{C, A,E}
Concentration	Athanasoglou et al. (2006)^{A, C}, Dietrich et al. (2015)^N,C, Demirgüc-Kunt and Huizinga (1999)^{PBT, N, C}, Saona (2016)^N,A,C	Ben Ameur and Mhiri (2013)^{A, N}, Ben Naceur and Omran (2011)^A	Ben Ameur and Mhiri (2013) E, Ben Naceur and Omran (2011)N, Korytowski (2018)^C,A,E, Petria et al. (2015)^{C, A,E}

Explanatory variable	Positive relation with	Negative relation with	No relation with
Capital adequacy	*Abreu and Mendes (2001)^N,C, Athanasoglou et al. (2008)^A, Demirgüc-Kunt and Huizinga (1999)^NIM,C, ****Flamini et al. (2009)^A,C, Kosmidou et al. (2005)^{A, N}, Ben Naceur (2003)^{A, N} , Nguyen ( 2011) ^{E , C}, Pasiouras and Kosmidou (2007)^A,C, Ben Khedhiri et al. (2008)^N, Ben Ameur and Mhiri (2013)^A,N, Sufian (2012)^A,C	***Saona (2016)^N,A,C	Ben Ameur and Mhiri (2013)^E, Mungly et al. (2016)^E, Sufian (2012)^A,C, Yanikkaya et al. (2018)^N,A,C, Yüksel et al. (2018)^C,E
Deposit	Chirwa (2003)^{A, E}, Saona (2016)^N,C, Menicucci and Paolucci (2016)^C,E	Demirgüc-Kunt and Huizinga (1999)^{A, C}, Akbaş (2012)^A, Tariq et al. (2014)^E	Demirgüc-Kunt and Huizinga (1999)^{N, C}, Soyemi et al. (2013)^N, Tariq et al. (2014)^N
Loans	Demirgüc-Kunt and Huizinga (1999)^{N, C}, Kosmidou et al. (2005)^A, Mamatzakis and Remoundos (2003)^{A, E ,C}, Ben Naceur (2003)^N, Heffernan and Fu (2008)^A,N, Sufian (2012)^A, Menicucci and Paolucci (2016)^C,E	Demirgüc-Kunt and Huizinga (1999)^{A, C}, Kosmidou et al. (2005)^N, Heffernan and Fu (2008)^E, ***Rekik and Kalai (2018)^C,A,E	Athanasoglou et al. (2006)^{A, E}, Yanikkaya et al. (2018)^N,A,C
Nontraditional activities/OBS activity	Demirgüc-Kunt and Huizinga (1999)^{A, C}, Nguyen (2011)^{N, C}, Valverde and Fernández (2007)^N,C, Sufian (2012)^A,C, vithyea (2014)^N, Petria et al. (2015)^C,A,E	Demirgüc-Kunt and Huizinga (1999)^{N, C}, Chen and Liao (2011)^{A , E, N , C}, Heffernan and Fu (2008)^N, Rahman et al. (2015)^A,N, ***Wahidudin et al. (2012)^{A,E,PBT, C}, Saona (2016)^N,C	Heffernan and Fu (2008)^{A , E}, Islam and Nishiyama (2016)^{C, A,E}
Overhead	Dietrich et al. (2015)^N,C	Mamatzakis and Remoundos (2003)^{A, E}, Kosmidou et al. (2005)^{A, N}, Pasiouras and Kosmidou (2007)^{A, C}, Ben Khedhiri et al. (2008)^N, Athanasoglou, Delis and Staikouras (2006)^{A , E, C}, ***Sufian (2012)^A
Foreign Ownership	Demirgüc-Kunt and Huizinga (1999)^{N, C}, Athanasoglou et al. (2006)^{A, E,C}, Yanikkaya et al. (2018)^N,A,C	Mungly et al. (2016)^E	Mungly et al. (2016)^A
GDP growth	Al-Bertazzi and Gambacorta (2009)^N, Claeys and Vennet (2008)^N,C, Mungly et al. (2016)^E, Sufian (2012)^A, Saona (2016)^{C, N}	Dietrich et al. (2015)^N,C, Demirgüç-Kunt et al. (2004)^N,C, Gelos (2009)^N,C, Huseynov (2009)^N, Ben Ameur and Mhiri (2013)^{E, N}, Ben Naceur and Omran (2011)^A, Yanikkaya et al. (2018)^N,A,C	Ben Khedhiri et al. (2008)^N, *Ben Ameur and Mhiri (2013)^A, Mungly et al. (2016)^A, Ben Naceur and Omran (2011)^N, *Yüksel et al. (2018)^C,E
GDPPC	Bogdan and Roman (2015)^{A, E}	Demirgüc-Kunt and Huizinga (1999)^N,C, Ben Naceur and Omran (2011)^N	Athanasoglou et al. (2006)^{A, E, C}, Flamini et al. (2009)^A,C, Ben Naceur and Omran (2011)^{A, C}
RI	Alper and Anbar (2011)^E, Chen and Liao (2011)^{A , E, N , C}, Demirgüc-Kunt and Huizinga (1999)^N,C, Gelos (2009)^N,C, Maudos and Fernandez de Guevara (2004)^N,C, Aburime (2008^{) A,PBT}	Noman et al. (2015)^A,N, Staikouras and Wood (2003)^{A, C}, Islam and Nishiyama (2016)^{C, A}	Yüksel et al. (2018)^C,E
OIL	Essayyad and Madani (2003)^{(PBT, before tax profit/equity)}, Yanikkaya et al. (2018)^C,A	Huseynov (2009)^N
Deposit insurance	Bouheni et al. (2014) ^A,C	Davis and Obasi (2009)^A,C, Demirgüc-Kunt and Huizinga (1999)^N	Demirgüc-Kunt and Huizinga (1999)^{PBT, C}
Explicit tax	Demirgüc-Kunt and Huizinga (1999)^{PBT, N, C}, Demirgüç-Kunt and Huizinga (2000)^{PBT,N, C}, Chiorazzo and Milani (2011)^PBT,C	Aburime (2008) A	Aburime (2008)^PBT, Wahidudin et al. (2012)^{A,E,PBT, C}
Implicit tax	Ben Khedhiri et al. (2008)^N, Saona (2016)^N,AC	Demirgüc-Kunt and Huizinga (1999)^{PBT, N, C}
Banking sector development (industry size)	****Ghosh (2016)^A,C	Ghosh (2016)^{N, C}, Demirgüc-Kunt and Huizinga (1999)^PTB,N,C, Yao et al. (2018)^A,E,N
Market capitalization	Demirgüc-Kunt and Huizinga (1999)N, C, Demirgüç-Kunt and Huizinga (2008) ^PBT,N,C	Borroni et al. (2016)^{A,E, C}	Demirgüc-Kunt and Huizinga (1999)^{PBT, C}, Aburime (2008)^{A, PBT}, Borroni et al. (2016)^{N, C}
Size	Demirgüc-Kunt and Huizinga (1999)^N,C, Athanasoglou, Delis and Staikouras (2006)^{A, C}, Saona (2016)^N,C	Ben Ameur and Mhiri (2013)^{A, N}, Mungly et al. (2016)^E	Demirgüc-Kunt and Huizinga (1999)^A,C, Ben Ameur and Mhiri (2013)^{A, E}, Wahidudin et al. (2012)^{A,E,PBT, C}, Yanikkaya et al. (2018)^N,A,C, Islam and Nishiyama (2016)^{C, A,E}
Concentration	Athanasoglou et al. (2006)^{A, C}, Dietrich et al. (2015)^N,C, Demirgüc-Kunt and Huizinga (1999)^{PBT, N, C}, Saona (2016)^N,A,C	Ben Ameur and Mhiri (2013)^{A, N}, Ben Naceur and Omran (2011)^A	Ben Ameur and Mhiri (2013) E, Ben Naceur and Omran (2011)N, Korytowski (2018)^C,A,E, Petria et al. (2015)^{C, A,E}

Notes:

The letter after year means the dependent variable. (N = NIM, A = ROA, E = ROE, PBT = profit before tax to total asset and C = Cross-country); *Table adapted from Chen and Liao (2011); **profit before tax/total assets; ***results for developing countries; ****the study conducted on low-income countries

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