*3.2.1 Endogenous variables*

To explain FP, we used four measures. **Table 5** displays the chosen ratios as well as their symbols.


### **Table 5.**

*Endogenous variables details.*

<sup>1</sup> Saudi Arabia (9/9), Pakistan (8/8), Iran (8/8), Malaysia (7/7), Afghanistan (6/6), Bahrain (6/6), Qatar (6/ 6), Kuwait (6/6), United Kingdom (5/5), United Arab Emirates (5/5),Sudan (5/5), Yemen (5/5), Turkey (5/

<sup>5),</sup> Bahamas (4/4), Jordan (4/4), Egypt (4/4), Singapore (4/4), Morocco (4/4), Iraq (4/4), Switzerland (4/

<sup>4),</sup> Bangladesh (4/4), Indonesia (4/4), Kazakhstan (3/3), Algeria (3/3), Tajikistan (3/3),Germany (3/3),

Brunei Darussalam (3/3), Senegal (3/3), Philippines (3/3), Ireland (3/3), Oman (3/3), USA (2/2), France (2/ 2), Mauritania (2/2), Libya (2/2), India (2/2), Tunisia (2/2), Luxembourg (2/2), Guinea (2/2), Nigeria (2/2), Lebanon (2/2), Australia (2/2), Sri Lanka (1/1), South Africa (1/1), Russia (1/1), Niger (171), Canada (1/1), Mali (1/1), Thailand (1/1), Djibouti (1/1), Gambia (1/1), Denmark (1/1), Albania (1/1), Italy (1/1), Kenya (1/1), and Somalia (1/1).

### *3.2.2 Exogenous variable*

EAC was symbolized by the EA size. With reference to the previous studies, the main independent variable is described in **Table 6** as follows:

