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Table 5 The estimators for pecking order model according to crisis period classification

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

BP test

0.72

0.93

0.86

0.81

0.89

0.66

0.79

0.98

0.69

  1. This table displays results for OLS estimations of the equations in specifications (3), (4) and (5) according to crisis period classifications. t-statistics are shown in parentheses
  2. *** p < 0.01, ** p < 0.05