Table 1. Sample selection and...

Table 1.

Sample selection and distribution

Steps of the sample selection process			No. of companies
Panel A: Sample selection
Firms IIRC’s IR Examples Database: the name of the companies whose IR is downloadable from this Database as of 1st January 2017 that engage in IR under a voluntary setting			181
Plus firms non-IR adopters selected according to the industry sector classification (based on NAICS code); the geographical location (same country); and the size (based on the volume of assets)			226
Total unmatched sample			407
Deleted firms because of propensity score matching			−140
Deleted firms with missing accounting or governance data			−49
Final matched sample			218
Panel B: Sample distribution along the period of analysis
	IR adopters	IR non-adopters
Year	No. of companies	No. of companies
2015	33	11
2016	51	21
2017	55	47
Total	139	79
Panel C: Observations’ distribution
	IR adopters	IR non-adopters
Year	No. of observations	No. of observations
2015	94	22
2016	371	42
2017	464	216
Total	929	280

Steps of the sample selection process			No. of companies
Panel A: Sample selection
Firms IIRC’s IR Examples Database: the name of the companies whose IR is downloadable from this Database as of 1st January 2017 that engage in IR under a voluntary setting			181
Plus firms non-IR adopters selected according to the industry sector classification (based on NAICS code); the geographical location (same country); and the size (based on the volume of assets)			226
Total unmatched sample			407
Deleted firms because of propensity score matching			−140
Deleted firms with missing accounting or governance data			−49
Final matched sample			218
Panel B: Sample distribution along the period of analysis
	IR adopters	IR non-adopters
Year	No. of companies	No. of companies
2015	33	11
2016	51	21
2017	55	47
Total	139	79
Panel C: Observations’ distribution
	IR adopters	IR non-adopters
Year	No. of observations	No. of observations
2015	94	22
2016	371	42
2017	464	216
Total	929	280