Table I Definitions of dependent and... | Emerald Publishing

Table I

Definitions of dependent and independent variables

Variables	Definition	Measure	References
Dependent
dividend	Dividend yield	Dividend yield of IFCG index	Bekaert and Harvey (2000a, b), Henry (2000a, b), Huang (2006, 2008)
Independent
sml	Stock market liberalization	SML=PCA [(MC^IFCI/MC^IFCG) + (NE^IFCI/NE^IFCG)	Edison and Warnock (2001), Huang (2006, 2008)
interest	3-month IBOR	Interest offer rate for each country	Auzairy et al. (2011)
forex	Exchange rate	Exchange rate for each country	Auzairy et al. (2011)
oil	Crude oil price	Monthly traded crude oil	Auzairy et al. (2011)

Variables	Definition	Measure	References
Dependent
dividend	Dividend yield	Dividend yield of IFCG index	Bekaert and Harvey (2000a, b), Henry (2000a, b), Huang (2006, 2008)
Independent
sml	Stock market liberalization	SML=PCA [(MC^IFCI/MC^IFCG) + (NE^IFCI/NE^IFCG)	Edison and Warnock (2001), Huang (2006, 2008)
interest	3-month IBOR	Interest offer rate for each country	Auzairy et al. (2011)
forex	Exchange rate	Exchange rate for each country	Auzairy et al. (2011)
oil	Crude oil price	Monthly traded crude oil	Auzairy et al. (2011)