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 |