Table 3 Determinants of ṣukūk issuance... | Emerald Publishing

Table 3

Determinants of ṣukūk issuance

Model 1: $Ṣ u k ū k^{*} = α_{i +} β_{i} X_{i t - 1} + ε_{i}$

Dependent variable Ṣukūk/assets
Independent variables	Specification 1	Specification 2
EBIT/total assets	−1.17	−1.16
EBIT/total assets	(0.058)	(0.037)*
Fixed assets/total assets	0.116	0.125
Fixed assets/total assets	(0.716)	(0.500)
Depreciation/total assets	0.144	–
Depreciation/total assets	(0.972)	–
Market-to-book ratio	0.019	0.019
Market-to-book ratio	(0.306)	(0.286)
sd ROA	3.006	3.0017
sd ROA	(0.002)**	(0.001)
ln assets	0.105	0.104
ln assets	(0.095)	(0.082)
Constant	−1.78	−1.77
Constant	(0.1)	(0.088)
R²	0.57	0.118
Hausman test chi2	217.71	8.59
lProb > chi2	(0.007)**	(0.0001)**
Wooldridge autocorrelation	(0.0085)**	(0.0319)*

Dependent variable Ṣukūk/assets
Independent variables	Specification 1	Specification 2
EBIT/total assets	−1.17	−1.16
EBIT/total assets	(0.058)	(0.037)*
Fixed assets/total assets	0.116	0.125
Fixed assets/total assets	(0.716)	(0.500)
Depreciation/total assets	0.144	–
Depreciation/total assets	(0.972)	–
Market-to-book ratio	0.019	0.019
Market-to-book ratio	(0.306)	(0.286)
sd ROA	3.006	3.0017
sd ROA	(0.002)**	(0.001)
ln assets	0.105	0.104
ln assets	(0.095)	(0.082)
Constant	−1.78	−1.77
Constant	(0.1)	(0.088)
R²	0.57	0.118
Hausman test chi2	217.71	8.59
lProb > chi2	(0.007)**	(0.0001)**
Wooldridge autocorrelation	(0.0085)**	(0.0319)*

Note(s): *Significant at 5% level, **Significant at 1% level