Research sample determination process
| Step | Description | Observations |
|---|---|---|
| 1 | Initial sample of firms listed on the TSE from 2010 to 2021 [11 (years) × 319 (firms)] | 3,509 |
| 2 | Exclusion of financial and utility industry firms due to industry-specific metrics and regulations [11 (years) × 138 (firms)] | (1,518) |
| 3 | Removal of PDF files that were damaged, protected or could not be merged or extracted | (170) |
| 4 | Exclusion of firm-years with insufficient information for variable calculation | (376) |
| 5 | Final research sample | 1,445 |
| Step | Description | Observations |
|---|---|---|
| 1 | Initial sample of firms listed on the TSE from 2010 to 2021 [11 (years) × 319 (firms)] | 3,509 |
| 2 | Exclusion of financial and utility industry firms due to industry-specific metrics and regulations [11 (years) × 138 (firms)] | (1,518) |
| 3 | Removal of PDF files that were damaged, protected or could not be merged or extracted | (170) |
| 4 | Exclusion of firm-years with insufficient information for variable calculation | (376) |
| 5 | Final research sample | 1,445 |
Source(s): Author’s own creation
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