Table 1. Number of firms included in the...

Table 1.

Number of firms included in the study

Sample	2010	2011	2012	2013	2014	2015	2016	2017	2018
Number of firms listed on MTA (now Euronext Milan)	277	268	260	254	249	246	244	244	244
Number of firms excluded	−52	−55	−51	−51	−51	−45	−47	−44	−52
Of which
Financial firms	−48	−46	−45	−45	−45	−45	−45	−43	−43
Firms with missing data	−4	−9	−6	−6	−6	–	−2	−1	−9
Number of firms included in the analysis	225	213	209	203	198	201	197	200	194
Total firms included	273
Total observations	1,840

Sample	2010	2011	2012	2013	2014	2015	2016	2017	2018
Number of firms listed on MTA (now Euronext Milan)	277	268	260	254	249	246	244	244	244
Number of firms excluded	−52	−55	−51	−51	−51	−45	−47	−44	−52
Of which
Financial firms	−48	−46	−45	−45	−45	−45	−45	−43	−43
Firms with missing data	−4	−9	−6	−6	−6	–	−2	−1	−9
Number of firms included in the analysis	225	213	209	203	198	201	197	200	194
Total firms included	273
Total observations	1,840

Note(s):

The table reports the number of companies listed on the main segment of the Milan Stock Exchange (MTA, now Euronext Milan) as of December 31 of each year, based on official data from “Borsa Italiana”. We excluded firms operating in the financial sector (banks, insurance companies and other financial institutions), which are subject to different governance logics and regulatory constraints (Arena et al., 2006). Additionally, a small number of companies were excluded each year because of missing data on key variables. The final sample includes all non-financial firms for which complete data were available in each year, resulting in an unbalanced panel of 273 unique firms and 1,840 firm-year observations

Source(s): Table created by authors

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