| Dependent variable |
| Market value of bank | MV | The closing share price multiplied by the number of ordinary shares outstanding for bank i at the end of year t over the period 2000–2015 | |
| Main Independent Variables |
| Book value | BV | Total equity divided by number of shares of bank i at the end of year t over the period 2000–2015 | + |
| Residual income | RI | Current earnings per share (Xt) less the risk-free rate (r) times book value per share at the beginning of year t () of bank i over the period 2000–2015 | + |
| Dividend payouts | DPOR | The ratio of dividends per share to earnings per share of banki at the end of year t over the period 2000–2015 | +/− |
| Dividend yield | DYR | The ratio of dividend per share to price per share of bank i at the end of year t over the period 2000–2015 | +/− |
| Islamic | Islamic | Dummy = 1 if a bank is Islamic, else zero | +/− |
| Independent Control Variables |
| Size | SIZE | The natural logarithm of the total assets of bank i at the end of year t from 2000 to 2015 | + |
| Global financial crisis | FCR | Dummy variable for the time period of the global financial crisis; FCR = 1 for years 2008 and 2009 and FCR = 0 otherwise | − |
| Arabic spring crisis | ASC | Dummy variable for the time period of the Arabic spring crisis; ASC = 1 for years 2010 and 2011 and ASC = 0 otherwise | − |