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Table 2 Summary of the sample selection procedure

From: Testing the pecking order theory of capital structure: the case of Islamic financing modes

 

No. of companies

Percentage of sample

Panel A: industrial composition of firms listed on the “Tadawul” available to be sampled as of December 31, 2016

Materials

42

23.59

Energy

4

2.25

Consumer service

22

12.36

Consumer goods

28

15.73

Capital goods

12

6.74

Real estate development

11

6.18

Telecommunication

4

2.25

Financial

48

26.97

Others (transportation, utilities)

7

3.93

Total firms available to be sampled

178

100

Less: non-Islamic companies (type two and three)

38

 

Islamic financial companies

22

 

Firms with missing data (newly listed)

52

 

Total excluded firms

112

62.92

Final selected sample

66

37.08

Industry classification

No. of observations

Percentage of sample

Panel B: industrial composition of the sample

Materials

22

33.33

Energy

4

6.06

Consumer service

8

12.12

Consumer goods

14

21.21

Capital goods

6

9.09

Real estate development

3

4.55

Telecommunication

4

6.06

Others (transportation, utilities)

5

7.58

Final selected sample

66

100