From: Testing the pecking order theory of capital structure: the case of Islamic financing modes
Variables | Pre-crisis | Crisis | Post-crisis | ||||||
---|---|---|---|---|---|---|---|---|---|
Net debt | Net Sukuk | Net equity | Net debt | Net Sukuk | Net equity | Net debt | Net Sukuk | Net equity | |
α | 0.001 (0.05) | 0.001 (0.06) | − 0.007 (− 0.22) | 0.017*** (3.47) | 0.002 (0.71) | 0.013** (2.16) | 0.005*** (3.05) | 0.001 (1.06) | 0.010*** (5.21) |
β | 0.529*** (17.69) | 0.083*** (6.96) | 0.376*** (4.72) | 0.396*** (13.55) | 0.059*** (3.30) | 0.424*** (7.77) | 0.551*** (27.82) | 0.023*** (5.25) | 0.225*** (9.95) |
N | 132 | 132 | 132 | 132 | 132 | 132 | 462 | 462 | 462 |
R2 | 0.692 | 0.254 | 0.084 | 0.568 | 0.066 | 0.299 | 0.612 | 0.046 | 0.167 |
F | 312.8*** | 48.46*** | 7.42*** | 183.5*** | 10.86*** | 60.42*** | 773.8*** | 9.08*** | 98.99*** |
F test | 1.01 | 0.62 | 1.01 | 1.48 | 0.91 | 0.84 | 1.57 | 1.09 | 1.28 |
Chow test | 1.17 | 1.42 | 1.33 | 1.27 | 1.36 | 1.09 | 1.22 | 1.54 | 1.13 |
B–P test | 0.72 | 0.93 | 0.86 | 0.81 | 0.89 | 0.66 | 0.79 | 0.98 | 0.69 |