Table 7 Results of the unit root tests
From: Testing the pecking order theory of capital structure: the case of Islamic financing modes
Variables | ADF | PP | Stationarity status | ||
|---|---|---|---|---|---|
Level (I(0)) | First difference (I(1)) | Level (I(0)) | First difference (I(1)) | ||
BBD | 102.058*** | 169.252*** | 85.763*** | 237.423*** | I(0) |
MBD | 100.865*** | 208.513*** | 100.168*** | 269.756*** | I(0) |
TAN | 89.743*** | 149.254*** | 73.016** | 193.654*** | I(0) |
MTB | 91.907*** | 168.772*** | 97.483*** | 192.896*** | I(0) |
LS | 93.421*** | 232.425*** | 83.147** | 289.452*** | I(0) |
PRF | 111.546*** | 187.472*** | 86.471*** | 234.912*** | I(0) |
CDEF | 124.253*** | 272.857*** | 125.704*** | 396.453*** | I(0) |