Table 1 Sample formation and description... | Emerald Publishing

Table 1

Sample formation and description of the study

Panel A
Initial sample			59,182
(-) Year 2005 and earlier			3,707
Final sample			55,475

Panel B

Variable

Categories

Frequency

%

Sectors

Basic materials

5,702

10.28

Consumer cyclicals

8,029

14.47

Consumer noncyclicals

3,827

6.90

Energy

3,792

6.84

Financials

12,556

22.63

Healthcare

3,948

7.12

Industrials

8,946

16.13

Technology

4,889

8.81

Telecommunications services

1,454

2.62

Utilities

2,332

4.20

Total

55,475

100

Year

2006

1,640

2.96

2007

1,776

3.20

2008

2,061

3.72

2009

2,480

4.47

2010

2,892

5.21

2011

3,284

5.92

2012

3,454

6.23

2013

3,590

6.47

2014

3,786

6.82

2015

4,469

8.06

2016

5,383

9.70

2017

6,120

11.03

2018

6,838

12.33

2019

7,702

13.88

Total

55,475

100.00

Source(s): Authors’ own work