Figure 3.
The figure contains four histograms arranged in two panels. Panel A compares the propensity scores of non-Shariah compliant and Shariah compliant firms in the full sample, showing that non-Shariah compliant firms peak around 0.25 and Shariah compliant firms peak around 0.30, with noticeable differences in distribution spread. Panel B presents the matched sample, where both non-Shariah compliant and Shariah compliant distributions are more aligned, with peaks between 0.25 and 0.30 and reduced differences in spread. The vertical axis represents density, and the horizontal axis represents propensity scores ranging from 0 to 0.6.Propensity score distribution
Source: Authors’ own work