Table 2 Descriptive statistics of main variables
Variable | Observations | Mean | SD | Minimum value | Maximum value |
|---|---|---|---|---|---|
Panel (A): overall period | |||||
Islamic stock market returns (%) | 2416 | − 0.006 | 1.788 |  − 17.640 | 12.810 |
Conventional stock market returns (%) | 2416 | − 0.042 | 1.744 |  − 17.440 | 12.390 |
Panel (A1): before COVID-19 pandemic | |||||
Islamic stock market returns (%) | 1641 | 0.051 | 0.962 |  − 5.360 | 6.090 |
Conventional stock market returns (%) | 1641 | 0.042 | 0.894 |  − 5.540 | 5.600 |
Panel (A2): during COVID-19 pandemic | |||||
Islamic stock market returns (%) | 775 | − 0.129 | 2.828 |  − 17.640 | 12.810 |
Conventional stock market returns (%) | 775 | − 0.221 | 2.783 | − 17.440 | 12.390 |
Growth in confirmed cases | 564 | 1.554 | 6.884 | 0 | 156 |
Democratic accountability | 775 | 3.933 | 1.422 | 1.500 | 6.000 |
Uncertainty avoidance | 775 | 58.949 | 17.797 | 30.000 | 92.000 |
Investment freedom | 775 | 54.329 | 14.993 | 20.000 | 80.000 |
Log (GDP) | 775 | 12.332 | 0.516 | 11.515 | 13.469 |