| Name | Nature | Formula | Description |
| MSPit | Dependent variable | Closing market price | Market share price of firm i at time t represented by closing price at end of financial year |
| Α | Independent | Captures the influence of variables that have been excluded from the model but exercise some influence on the dependent variable | |
| EPSit | Independent variable | Earnings attributable to ordinary shareholders Total amount of outstanding ordinary shares | Earnings per share of firm i at time t |
| BVPSit | Independent variable | Equity share capital + shareholders reserves Total number of outstanding ordinary shares | Book value per share of firm i at time t |
| ROEit | Independent variable | Net income/Shareholder’s equity | Return on equity of firm i at time t |
| ATRit | Independent variable | Total amount of sales or turnover/Total amount of assets | Assets turnover ratio of firm i at time t |
| CRit | Independent variable | Current assets/Current liabilities | Current ratio of firm i at time t |
| NIMit | Independent variable | Net interest income/Average interest earnings assets | Net interest margin of firm i at time t |
| CARit | Independent variable | Tier I capital + Tier II capital/Risk weighted assets | Capital adequacy ratio of firm i at time t |
| Net NPAit | Independent variable | Net non-performing assets/Loans given | Net Non Performing Assets |
| CASAit | Independent variable | Deposit in Current account and Savings account Total amount of deposits | Current account and Savings account deposits ratio of firm i at time t |
| T | Time | Represents the number of years covered for this study | 2005, ∙∙∙, 2014, corresponding to the years 2006-2014 |