| Variable | (1) | (2) |
| Cash Holdings | ||
| Shariah Index | −0.0105*** | −0.00536** |
| (−5.36) | (−2.48) | |
| Leverage | −0.286*** | −0.306*** |
| (−9.16) | (−9.79) | |
| Leverage Square Term | 0.139*** | 0.155*** |
| (4.58) | (5.1) | |
| Cost of Debt | 0.0797** | 0.00969 |
| (2.44) | (0.25) | |
| Working Capital | −0.192*** | −0.189*** |
| (−23.36) | (−23.17) | |
| Dividend | −0.00574*** | −0.00656*** |
| (−3.04) | (−3.15) | |
| Capital Expenditure | −0.0789*** | −0.101*** |
| (−3.51) | (−4.35) | |
| ROA | 0.0726*** | 0.0559*** |
| (4.42) | (3.33) | |
| Size | 0.00680** | 0.0140*** |
| (1.97) | (3.79) | |
| Firm Effect | Yes | Yes |
| Period Effect | No | Yes |
| N | 5172 | 5172 |
| r2 | 0.128 | 0.141 |