Sampling-based on the above limitations
| Limitations | Firms |
|---|---|
| Listed companies on the Tehran Stock Exchange by the end of March 2017 | 518 |
| Investment companies, leasing, credit, and financial institutions and banks | (39) |
| Companies that their fiscal year-end is not in March (the end of Persian/solar year) | (98) |
| Companies that have more than six months trading halt or have changed fiscal year during the period under study | (148) |
| Companies whose information is not available or have been removed from the stock exchange | (142) |
| The remaining companies in the sample | 91 |
| Limitations | Firms |
|---|---|
| Listed companies on the Tehran Stock Exchange by the end of March 2017 | 518 |
| Investment companies, leasing, credit, and financial institutions and banks | (39) |
| Companies that their fiscal year-end is not in March (the end of Persian/solar year) | (98) |
| Companies that have more than six months trading halt or have changed fiscal year during the period under study | (148) |
| Companies whose information is not available or have been removed from the stock exchange | (142) |
| The remaining companies in the sample | 91 |
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