Table 1. Sample selection process and...

Table 1.

Sample selection process and distribution by GICS sector

Panel A: Sample selection process
				Unique firms	Firm-year observations
ASX 500 firms in year 2022				500	3,000
Exclude: firms do not list on ASX for six years (three years pre- and post-IFRS 9 adoption)				−110	−660
Managed fund				−3	−18
Firms do not use IFRS				−9	−54
Insurance firms that are exempt from adopting IFRS 9 till IFRS 17 effective				−1	−6
Total sample				377	2,262
Panel B: Sample distribution by GICS sector
Sector	No. of firms	%	No. of obs	No. of obs have EFA	% of obs have EFA
Consumer staples	15	3.98	90	38	42.22
Real estate	35	9.28	210	75	35.71
Materials	88	23.34	528	250	47.35
Financials	62	16.45	372	300	80.65
Energy	22	5.84	132	54	40.91
Consumer discretionary	43	11.41	258	34	13.18
Industrials	27	7.16	162	36	22.22
Utilities	7	1.86	42	4	9.52
Health care	32	8.49	192	24	12.50
Communication services	18	4.77	108	44	40.74
Information technology	28	7.43	168	34	20.24
Total	377	100	2,262	893	39.48

Source(s): Table by authors

Panel A: Sample selection process
				Unique firms	Firm-year observations
ASX 500 firms in year 2022				500	3,000
Exclude: firms do not list on ASX for six years (three years pre- and post-IFRS 9 adoption)				−110	−660
Managed fund				−3	−18
Firms do not use IFRS				−9	−54
Insurance firms that are exempt from adopting IFRS 9 till IFRS 17 effective				−1	−6
Total sample				377	2,262
Panel B: Sample distribution by GICS sector
Sector	No. of firms	%	No. of obs	No. of obs have EFA	% of obs have EFA
Consumer staples	15	3.98	90	38	42.22
Real estate	35	9.28	210	75	35.71
Materials	88	23.34	528	250	47.35
Financials	62	16.45	372	300	80.65
Energy	22	5.84	132	54	40.91
Consumer discretionary	43	11.41	258	34	13.18
Industrials	27	7.16	162	36	22.22
Utilities	7	1.86	42	4	9.52
Health care	32	8.49	192	24	12.50
Communication services	18	4.77	108	44	40.74
Information technology	28	7.43	168	34	20.24
Total	377	100	2,262	893	39.48

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