Table 1.

Sample selection and description

Panel A: Sample selectionn
The initial population of firm-year observations for nine reporting years8,676
Less: observations for which annual reports cannot be obtained or processed in textual analysis−2,142
The final sample of annual reports6,534
Panel B: Sample composition by stock exchangen%
Botswana Stock Exchange 2844.35
Dar-es-Salaam Stock Exchange 1902.91
Egyptian Stock Exchange 1281.96
Ghana Stock Exchange 2734.18
Johannesburg Stock Exchange 2,31035.35
Lusaka Stock Exchange 1652.53
Malawi Stock Exchange 1201.84
Mauritius Stock Exchange 66810.22
Nairobi Stock Exchange 4767.28
Namibian Stock Exchange 3555.43
Nigerian Stock Exchange 80012.24
Rwandan Stock Exchange 671.03
Seychelles Stock Exchange 1151.76
Swaziland Stock Exchange 240.37
Uganda Stock Exchange 1332.04
Zimbabwe Stock Exchange 4266.52
Total 6,534100.00
Panel C: Sample composition by industry  
Basic materials5438.31
Consumer discretionary71810.99
Consumer staples71210.90
Energy20733.17
Financials1,64125.11
Health care1181.81
Industrials71610.96
Real estate5217.97
Technology1352.07
Telecommunications1352.07
Utilities400.61
Missing1,04816.04
Total6,534100.00
Panel D: Sample composition by reporting year  
2015 66110.12
2016 68710.51
2017 73511.25
2018 86013.16
2019 84412.92
2020 78912.08
2021 67410.32
2022 6269.58
2023 65810.07
Total 6,534100.00
Note(s):

This table provides information on the sample selection process (Panel A) and the sample composition by stock exchange (Panel B), industry (Panel C) and reporting year (Panel D). Industry grouping is based on industry classification benchmark (icb) two-digit code

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