| Variable | Measure | Expected Result | |
| Dependent variable | |||
| Return on assets (ROA ) | Net income after tax as percentage of total assets (%) | ||
| Return on equity (ROE) | Net income after tax as percentage of shareholders’ equity (%) | ||
| Total Asset Growth (TA) | The percentage change in total assets from current quarter t - 2 to previous quarter t − 1 minus 1 |
| |
| Independent variable | |||
| Real GDP Growth (RGDP) | It is a measure of total economic activity/performance within an economy. The economic growth is measured as the quarterly change in real Jamaican GDP | +/– | |
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| Control Variables |
| |
| Bond Yields (GBY) | Bond Yields are represented by the 1 year GOJ Bond Yields | +/– | |
| Interest rate (IR) | Interest rates are represented by the 180-day GOJ Treasury bill rate | +/– | |
| Stock Market Growth (Changes in Main Index) (JSEM) | Growth was measured by using the daily returns of three months and finding the average returns for the quarter. | +/– | |
| Unemployment Rate (UR) | The number of unemployed as a percentage of the labor force (the sum of the employed and unemployed) | +/– |