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 | +/– | |

| 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) | +/– |