Table 1

Sampling and selected sectors

Panel A: sampling proceduresSample size
Initial sample2,964
Financial institutions(612)
Companies with missing data(1,392)
Final sample960
Panel B: sample companies by sector
SectorNumber of companiesCompany-years observationsPercentage
Basic materials2125226.3
Consumer on-cyclicals1416817.5
Consumer cyclicals1315616.3
Industrials1012012.5
Real estate910811.3
Technology89610.0
Healthcare4485.0
Energy1121.3
Total80960100
Source(s): Authors’ own work
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