From: Testing the pecking order theory of capital structure: the case of Islamic financing modes
Variables | Book-based debt | Market-based debt | ||
---|---|---|---|---|
(1) | (2) | (3) | (4) | |
Constant | − 2.858*** (− 7.43) | − 2.815*** (− 7.71) | − 1.342** (− 2.41) | − 1.290** (− 2.44) |
TAN | 0.553*** (5.88) | 0.552*** (6.00) | 0.361** (1.97) | 0.333* (1.88) |
MTB | − 0.036** (− 2.29) | − 0.036*** (− 2.32) | − 0.123*** (− 3.61) | − 0.124*** (− 3.74) |
LS | 0.313*** (7.57) | 0.308*** (7.84) | 0.177*** (2.96) | 0.171*** (3.02) |
PRF | − 0.492*** (− 3.27) | − 0.484*** (− 3.26) | − 0.254 (− 0.76) | − 0.192 (− 0.59) |
CDEF | 0.370*** (4.55) | 0.932*** (4.45) | ||
R2 | 0.398 | 0.417 | 0.326 | 0.369 |
N | 726 | 726 | 726 | 726 |
F test (ui = 0) | 14.30*** | 14.09*** | 2.99*** | 2.87*** |
Chow test | 17.86*** | 21.07*** | 24.93*** | 31.05*** |
B–P LM test | 1089.42*** | 1044.40*** | 74.60*** | 66.16*** |
Hausman test | 6.06 | 7.35 | 8.32 | 11.08 |
Wald χ2 | 158.51*** | 188.46*** | 37.84*** | 61.76*** |