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Table 1 Blinder–Oaxaca decomposition of equity and debt issuance applied to a sample of 6834 publicly listed US firms over the sample period starting 2000 until 2018

From: Raising capital amid economic policy uncertainty: an empirical investigation

Volume

Overall

Adjusted

Debt

584.73*** (1.8897)

584.73*** (1.8897)

Equity

488.33*** (4.8059)

458.16*** (23.598)

Difference

1.1974*** (0.0124)

1.2763** (0.0659)

Explained

 

1.1973*** (0.0164)

Unexplained

 

1.0709*** (0.0461)

Observations

 

9726

  1. Dependent variable volume is the logarithm of the dollar volume of capital raised. The coefficients are generated after retransforming them into the original scale of millions of US dollars. The row ‘explained’ indicates the proportion of increase in equity to the level of debt issuance that would be generated by an adjustment in the list of determinants shown in “Appendix 2”. Probability of coefficient estimates from the model greater than standard statistics are provided in parentheses with ***p < 0.01, **p < 0.05, *p < 0.1***. Parentheses contain robust standard error estimates. Asterisks correspond to the outcome of the z-test from the model