Table 1. Characteristics of the firms in...

Table 1.

Characteristics of the firms in the sample

Variable	Mean	Median	St. deviation	Min	Max
Panel A: all sample
Firm value (million Rupiah)	15,646,116	2,080,953	64,666,892	6,478	1,403,389,648
Tobin’s Q	1.5013	1.0895	1.1596	0.4385	6.2366
Adv/firm value	0.0161	0.0036	0.0409	0.0000	0.4488
R&D/firm value	0.0006	0.0001	0.0038	0.0000	0.0693
Market share	0.0307	0.0057	0.0771	0.0000	0.7336
Panel b: Sharia
Firm value (million Rupiah)	10,482,528	2,042,580	33,656,967	10,460	551,680,200
Tobin’s Q	1.5517	1.1216	1.2083	0.4385	6.2366
Adv/firm value	0.0191	0.0050	0.0433	0.0000	0.4970
R&D/firm value	0.0007	0.0001	0.0041	0.0000	0.0693
Market share	0.0284	0.0062	0.0731	0.0000	0.7203
Panel c: Non-Sharia
Firm value (million Rupiah)	30,657,627	3,267,490	107,133,182	4,899	1,403,389,648
Tobin’s Q	1.4201	1.0642	1.0714	0.4385	6.2366
Adv/firm value	0.0106	0.0015	0.0353	0.0000	0.4165
R&D/firm value	0.0006	0.0003	0.0007	0.0000	0.0035
Market share	0.0344	0.0047	0.0829	0.0000	0.9478

Variable	Mean	Median	St. deviation	Min	Max
Panel A: all sample
Firm value (million Rupiah)	15,646,116	2,080,953	64,666,892	6,478	1,403,389,648
Tobin’s Q	1.5013	1.0895	1.1596	0.4385	6.2366
Adv/firm value	0.0161	0.0036	0.0409	0.0000	0.4488
R&D/firm value	0.0006	0.0001	0.0038	0.0000	0.0693
Market share	0.0307	0.0057	0.0771	0.0000	0.7336
Panel b: Sharia
Firm value (million Rupiah)	10,482,528	2,042,580	33,656,967	10,460	551,680,200
Tobin’s Q	1.5517	1.1216	1.2083	0.4385	6.2366
Adv/firm value	0.0191	0.0050	0.0433	0.0000	0.4970
R&D/firm value	0.0007	0.0001	0.0041	0.0000	0.0693
Market share	0.0284	0.0062	0.0731	0.0000	0.7203
Panel c: Non-Sharia
Firm value (million Rupiah)	30,657,627	3,267,490	107,133,182	4,899	1,403,389,648
Tobin’s Q	1.4201	1.0642	1.0714	0.4385	6.2366
Adv/firm value	0.0106	0.0015	0.0353	0.0000	0.4165
R&D/firm value	0.0006	0.0003	0.0007	0.0000	0.0035
Market share	0.0344	0.0047	0.0829	0.0000	0.9478