We test the relevance of the trade-off, pecking order, and market timing theories of capital structure from the point of view of a stock's religious orientation. Using a unique sample of Islamic stocks, we discover the leverage speed of adjustment (SOA) to be faster compared to that in the literature on conventional stocks, consistent with trade-off theory. We hypothesize that this result is due to the risk-sharing principal of Islamic investments that substantially reduces market imperfections. The inclusion of variables belonging to other theories of capital structure does not change the SOA, implying the importance of the trade-off theory.

中文翻译：

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道德投资和资本结构

我们从股票的宗教取向的角度来检验资本结构的权衡、啄食顺序和市场时机理论的相关性。使用独特的伊斯兰股票样本，我们发现与传统股票的文献相比，调整杠杆速度 (SOA) 更快，这与权衡理论一致。我们假设这一结果是由于伊斯兰投资的风险分担本金大大减少了市场不完善性。包含属于其他资本结构理论的变量不会改变 SOA，这意味着权衡理论的重要性。