Variables

Indicators

Measurement

Reference

Dependent variables

Dividend Decision

DIVDECISION

Coded “1” if the firm paid dividend or “0” if it didn’t.

Budiarso et al. (2019) , Dewasiri et al. (2019) , Trabelsi et al. (2019) , ELbannan (2020) and Takmaz et al. (2020)

Dividend Payout Ratio

DIVRATIO

$\frac{\text{Dividend}\text{PerShare}}{\text{Earnings}\text{PerShare}}$

Neves (2017) , Jabbouri (2016) , Dewasiri et al. (2019) and Byun et al. (2021)

Independent variables

Profitability

Prof

EBIT/T. Assets

Ahmed (2015) , Chazi et al. (2018) Trabelsi et al. (2019) , ELbannan (2020)

Free Cash flow

FCF

Cash flow from operation – Capital expenditures

Islam et al. (2021)

Liquidity

LIQ

Current Assets – Current Liabilities

Patra et al. (2012) , Al-Kayed (2017) , Budagaga (2020)

Investment Opportunity

M/B ratio

Market value Per Share/Book Value Per Share

Al-Malkawi (2007) , Patra et al. (2012) and Al-Kayed (2017) , Dewasiri et al. (2019)

Leverage

LEV

S.T Debts/T.assets.

Ramadan (2015) , Setiawan et al. (2016) , Ranajee and Pathak (2018)

Firm Size

FS

Log T.Assets

Ramadan (2015) ; Jabbouri (2016) ; Baker et al. (2019) ; Dewasiri et al. (2019) and Byun et al. (2021)

Institutional Ownership

INST_OWN

$\frac{\text{Total}\text{Shares}\text{heldby}\text{Institutions}}{\text{Total}\text{captial}\text{shares}}$

Al-Najjar & Kilincarslan (2016) , Sindhu et al. (2016) , Dhuhri and Diantimala (2018)

Managerial Ownership

Man_Own

$\frac{\text{TotalShares}\text{heldby}\text{top}\text{management}}{\text{Totalcaptial}\text{shares}}$

Sakir & Fadli (2014) , Sindhu et al. (2016) and Dhuhri and Diantimala (2018)

Free Float

Free_Float

$\frac{\text{TotalShares}\text{heldby}\text{external}\text{investors}}{\text{Totalcaptial}\text{shares}}$

Abdelsalam and El-Masry (2008) and Afza and Mirza (2010)