Table 2 The sample Panel A. Sample...

Table 2

The sample

Panel A. Sample selection process
									N. of firms
Listed companies: - Having the country of headquarters in one of 27 European countries - Having the country of Exchange in one of 27 European countries - Preparing a sustainability report in the period 2004–2021 - Having a market capitalization equal or higher than 500 million									574
Companies with no accounting and financial data									(89)
Final sample									485
Panel B. sample by country					Panel C. sample by industry
Country of Headquarter		No. of firms	No. of obs	% of obs	Sector		No. of firms	No. of obs	% of Obs
1	Austria	17	121	3.22	1	Accommodation and Food Services	7	54	1.44
2	Belgium	16	106	2.82	2	Admin. and Supp., Waste Manag. and Remed. Services	11	86	2.29
3	Czech Republic	1	17	0.45	3	Agriculture, Forestry, Fishing and Hunting	1	6	0.16
4	Denmark	18	131	3.48	4	Arts, Entertainment, and Recreation	5	29	0.77
5	Finland	22	196	5.21	5	Construction	24	184	4.89
6	France	73	611	16.25	6	Educational Services	1	5	0.13
7	Germany	85	624	16.59	7	Finance and Insurance	55	417	11.09
8	Greece	11	96	2.55	8	Health Care and Social Assistance	31	213	5.66
9	Hungary	4	48	1.28	9	Information	191	1643	43.69
10	Ireland	2	8	0.21	10	Manufacturing	3	27	0.72
11	Italy	54	367	9.76	11	Mining, Quarrying, Oil and Gas Extraction	2	13	0.35
12	Luxembourg	9	55	1.46	12	Other Services (except Public Administration)	29	175	4.65
13	Netherlands	23	238	6.33	13	Professional, Scientific, and Technical Services	37	185	4.92
14	Poland	8	72	1.91	14	Real Estate, Rental and Leasing	20	155	4.12
15	Portugal	8	70	1.86	15	Retail Trade	16	165	4.39
16	Romania	5	17	0.45	16	Transportation and Warehousing	16	73	4.39
17	Slovenia	2	9	0.24	17	Utilities	28	281	7.47
18	Spain	36	358	9.52	18	Wholesale Trade	8	50	1.33
19	Sweden	91	617	16.41		Tot.	485	3,761	100.00
	Tot.	485	3,761	100.00

Source(s): Developed by author

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Panel A. Sample selection process
									N. of firms
Listed companies:- Having the country of headquarters in one of 27 European countries- Having the country of Exchange in one of 27 European countries- Preparing a sustainability report in the period 2004–2021- Having a market capitalization equal or higher than 500 million									574
Companies with no accounting and financial data									(89)
Final sample									485
Panel B. sample by country					Panel C. sample by industry
Country ofHeadquarter		No. offirms	No. ofobs	% ofobs	Sector		No. offirms	No. ofobs	% ofObs
1	Austria	17	121	3.22	1	Accommodation and Food Services	7	54	1.44
2	Belgium	16	106	2.82	2	Admin. and Supp., Waste Manag. and Remed. Services	11	86	2.29
3	Czech Republic	1	17	0.45	3	Agriculture, Forestry, Fishing and Hunting	1	6	0.16
4	Denmark	18	131	3.48	4	Arts, Entertainment, and Recreation	5	29	0.77
5	Finland	22	196	5.21	5	Construction	24	184	4.89
6	France	73	611	16.25	6	Educational Services	1	5	0.13
7	Germany	85	624	16.59	7	Finance and Insurance	55	417	11.09
8	Greece	11	96	2.55	8	Health Care and Social Assistance	31	213	5.66
9	Hungary	4	48	1.28	9	Information	191	1643	43.69
10	Ireland	2	8	0.21	10	Manufacturing	3	27	0.72
11	Italy	54	367	9.76	11	Mining, Quarrying, Oil and Gas Extraction	2	13	0.35
12	Luxembourg	9	55	1.46	12	Other Services (except Public Administration)	29	175	4.65
13	Netherlands	23	238	6.33	13	Professional, Scientific, and Technical Services	37	185	4.92
14	Poland	8	72	1.91	14	Real Estate, Rental and Leasing	20	155	4.12
15	Portugal	8	70	1.86	15	Retail Trade	16	165	4.39
16	Romania	5	17	0.45	16	Transportation and Warehousing	16	73	4.39
17	Slovenia	2	9	0.24	17	Utilities	28	281	7.47
18	Spain	36	358	9.52	18	Wholesale Trade	8	50	1.33
19	Sweden	91	617	16.41		Tot.	485	3,761	100.00
	Tot.	485	3,761	100.00