Table 1 Sample selection Companies...

Table 1

Sample selection

Companies listed on tde main market as of 2011			822
Minus	Finance companies	37
	PN17	16
	New companies exist on the board in 2010	28
	New companies exist on the board in 2011	14
	Companies with no annual report 2012	37
	Companies with no annual report 2008	8
	Companies with no annual report 2009, 2010 and 2011	27	(167)
	Total companies		655
	Three years of observations (2009–2011)		1965
Minus	Companies with no NAS provider		(284)
	Missing information		(563)
	Total observations		1,118

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