Table 6

Mean of CAR difference t-test results for Sharīʿah-compliant and non-compliant companies

Shariah compliantShariah non-compliant
Panel A: CAR (0, 10) difference for Shariah non-compliant and compliant companies
Mean−0.0253−0.0633
Variance0.01350.0207
Observations96207
Df301 
t-stat2.270** 
Prob.0.024 
Panel B: CAR (0, 5) difference for Shariah non-compliant and compliant companies  
Mean−0.0357−0.0461
Variance0.00840.0168
Observations97208
df303 
t-stat0.715 
Prob.0.4199 

Note(s): CAR refers to cumulative abnormal returns; t-stat represents the statistical test results for two-tailed independent two samples assuming equal variances. **p < 0.05

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