Table 1. Descriptive statistics...

Table 1.

Descriptive statistics

Variables	All firms (N = 2,250)								Sharīʿah non-compliant firms (N = 855)
Variables	Mean	SD	Min	Max	Mean	SD	Min	Max	Mean	SD	Min	Max
Dependent
HS	0.22	0.42	0	1.00	0.28	0.45	0	1.00	0.17	0.38	0	1.00
LnNV	3.66	0.90	0	22.18	4.61	7.49	0	22.18	2.80	6.23	0	20.57
Independent
FS/TS	0.20	0.27	0	0.82	0.24	0.28	0	0.82	0.15	0.25	0	0.79
LnTFCF	12.23	7.93	0	23.89	13.28	7.64	0	23.89	11.57	7.90	0	22.76
TFCF/TA	0.09	0.18	0	0.36	0.11	0.17	0	0.15	0.07	0.21	0	0.36
LnNFCF	11.66	7.57	0	23.33	12.47	7.61	0	23.33	10.44	7.95	0	22.69
NFCF/TA	0.05	0.12	0	0.33	0.06	0.11	0	0.15	0.04	0.17	0	0.33
SHA	0.77	0.42	0	1.00	0.97	0.00	0	1.00	0.43	0.50	0	1.00
Control
LnTA	20.09	1.57	13.86	25.28	20.23	1.50	16.28	24.97	19.90	1.63	13.86	25.28
MTBV	1.46	2.81	−1.63	38.89	1.31	1.02	−0.15	11.56	1.72	3.68	−1.63	38.89
ICR	10.66	21.76	−97.68	97.78	10.94	20.05	−97.68	97.22	10.20	23.95	−81.94	97.78
SR	1.05	0.91	−7.72	8.30	1.09	0.79	−2.73	4.29	1.00	1.03	−7.72	8.30

Variables	All firms (N = 2,250)								Sharīʿah non-compliant firms (N = 855)
Variables	Mean	SD	Min	Max	Mean	SD	Min	Max	Mean	SD	Min	Max
Dependent
HS	0.22	0.42	0	1.00	0.28	0.45	0	1.00	0.17	0.38	0	1.00
LnNV	3.66	0.90	0	22.18	4.61	7.49	0	22.18	2.80	6.23	0	20.57
Independent
FS/TS	0.20	0.27	0	0.82	0.24	0.28	0	0.82	0.15	0.25	0	0.79
LnTFCF	12.23	7.93	0	23.89	13.28	7.64	0	23.89	11.57	7.90	0	22.76
TFCF/TA	0.09	0.18	0	0.36	0.11	0.17	0	0.15	0.07	0.21	0	0.36
LnNFCF	11.66	7.57	0	23.33	12.47	7.61	0	23.33	10.44	7.95	0	22.69
NFCF/TA	0.05	0.12	0	0.33	0.06	0.11	0	0.15	0.04	0.17	0	0.33
SHA	0.77	0.42	0	1.00	0.97	0.00	0	1.00	0.43	0.50	0	1.00
Control
LnTA	20.09	1.57	13.86	25.28	20.23	1.50	16.28	24.97	19.90	1.63	13.86	25.28
MTBV	1.46	2.81	−1.63	38.89	1.31	1.02	−0.15	11.56	1.72	3.68	−1.63	38.89
ICR	10.66	21.76	−97.68	97.78	10.94	20.05	−97.68	97.22	10.20	23.95	−81.94	97.78
SR	1.05	0.91	−7.72	8.30	1.09	0.79	−2.73	4.29	1.00	1.03	−7.72	8.30

Notes:

Definitions of variables are as follows: HS: hedging status, LnNV: natural log of currency derivative notional value, FS/TS: ratio of foreign sales to total sales, LnTFCF: natural log of total foreign cash flows, TFCF/TA: ratio of total foreign cash flows to total assets, LnNFCF: natural log of net foreign cash flows, NFCF/TA: ratio of net foreign cash flows to total assets, SHA: Sharīʿah-compliant status, LnTA: natural log of total assets, MTBV: ratio of market to book value of equity, ICR: interest coverage ratio and SR: systematic risk

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