Description of variables
| Code | Description | Measurement | Source |
|---|---|---|---|
| ICTINV | ICT investment | Natural logarithm of ICT investment | ARB Apex Bank |
| BSize | Firm size | Natural logarithm of total assets | ARB Apex Bank |
| ROA | Financial performance | PBIT/total assets | ARB Apex Bank |
| CAP | Capitalization | Shareholders fund/total assets | ARB Apex Bank |
| LIQ | Liquidity risk | Gross loans/total deposits | ARB Apex Bank |
| TCD | Telecommunication development | Mobile-cellular subscriptions per 100 inhabitants | WDI |
| FSD | Financial sector development | Domestic credit to private sector by banks (% of GDP) | WDI |
| GDP | GDP growth | GDP growth (annual) | WDI |
| INF | Inflation | Inflation rate | WDI |
| TCD | Telecommunication development | Mobile-cellular subscriptions per 100 inhabitants | WDI |
| INF | Inflation | Inflation rate | WDI |
| Rqual | Regulatory quality | Perception of the ability of the government to formulate and implement sound policies and regulations that permit and promote private sector | WGI |
| Gffect | Government effectiveness | Perception of public services, the quality of the civil service and the degree of its independence from political pressures, the quality of policy formulation and implementation, and the credibility of the government’s commitment to such policies | WGI |
| Code | Description | Measurement | Source |
|---|---|---|---|
| ICTINV | Natural logarithm of ICT investment | ARB Apex Bank | |
| BSize | Firm size | Natural logarithm of total assets | ARB Apex Bank |
| ROA | Financial performance | PBIT/total assets | ARB Apex Bank |
| CAP | Capitalization | Shareholders fund/total assets | ARB Apex Bank |
| LIQ | Liquidity risk | Gross loans/total deposits | ARB Apex Bank |
| TCD | Telecommunication development | Mobile-cellular subscriptions per 100 inhabitants | WDI |
| FSD | Financial sector development | Domestic credit to private sector by banks (% of GDP) | WDI |
| GDP | GDP growth | GDP growth (annual) | WDI |
| INF | Inflation | Inflation rate | WDI |
| TCD | Telecommunication development | Mobile-cellular subscriptions per 100 inhabitants | WDI |
| INF | Inflation | Inflation rate | WDI |
| Rqual | Regulatory quality | WGI | |
| Gffect | Government effectiveness | WGI |
Source(s): Authors’ Compilation
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