| Variable | Definition | Sign |
| ROE growth | Growth in Return on Equity of an SME |
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| ROA growth | Growth in Return on Asset of an SME |
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| Profit growth | This measures the change in profit of an SME. It is measured as the current year’s profit minus the previous year’s |
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| Manufacturing | This refers to SMEs registered as a manufacturing company under the ministry of Economy |
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| Service | This refers to SMEs registered as a service company under the ministry of Economy |
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| Technology | This refers to SMEs registered as a technological company under the ministry of Economy |
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| Social media | A binary variable indicating if a firm has an SM presence in a particular year | ± |
| Depth of SM presence | The depth of social media SM presence. An index calculated from four SM platforms | ± |
| War | A binary variable measuring if the period is a post-Syrian war | − |
| Growth | This is the growth in revenue of an SME | + |
| Expense | The expenses of an SME in a year | ± |
| Age | The current year minus the year of establishment | + |
| Leverage | Total debt as a ratio of total assets | ± |
| Working capital | The current asset minus the current liability of a firm | + |
| Debt sustainability | Interest paid to total debts | ± |
| GDP growth | The GDP growth rate of Syria | + |