Sample selection procedure
| Description | Total observations |
|---|---|
| All firms listed on the Tehran Stock Exchange from 2011 to 2024 [14 (years) × 319 (firms) = 4,466] | 4,466 |
| Less: | |
| (1) Financial or utility industry firms [14 (years) × 80 (firms) = 1,120] | (1,120) |
| (2) Firms without other necessary data for calculating dependent and control variables | (448) |
| Final sample | 2,898 |
| Description | Total observations |
|---|---|
| All firms listed on the Tehran Stock Exchange from 2011 to 2024 [14 (years) × 319 (firms) = 4,466] | 4,466 |
| Less: | |
| (1) Financial or utility industry firms [14 (years) × 80 (firms) = 1,120] | (1,120) |
| (2) Firms without other necessary data for calculating dependent and control variables | (448) |
| Final sample | 2,898 |
The sample consists of Tehran Stock Exchange (TSE) listed non-financial firms from 2011 to 2024 in Iran. A total of 2,898 observations were collected, covering 207 distinct firms across multiple years
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