Table 1. Sample selection Sample –...

Table 1.

Sample selection

Sample – selection	Firm-year observations
Top 300 firms for each year 2006–2022	5,100
Less, observations for financial, utilities and real estate trust	1,434
Less, missing data	262
Final observations	3,404
Number of unique firms in the sample	597

Sample – selection	Firm-year observations
Top 300 firms for each year 2006–2022	5,100
Less, observations for financial, utilities and real estate trust	1,434
Less, missing data	262
Final observations	3,404
Number of unique firms in the sample	597