Sample selection
| Description | Firm-year Observations |
|---|---|
| Main companies listed on the TSE from 2012 to 2023 | 3,493 |
| Financial or utility industry companies | (896) |
| Company years with insufficient information | (283) |
| Firms not in operation for the entire period | (369) |
| Missing audit fees | (848) |
| The final sample used for the main analysis | 1,097 |
| Description | Firm-year Observations |
|---|---|
| Main companies listed on the TSE from 2012 to 2023 | 3,493 |
| Financial or utility industry companies | (896) |
| Company years with insufficient information | (283) |
| Firms not in operation for the entire period | (369) |
| Missing audit fees | (848) |
| The final sample used for the main analysis | 1,097 |
Note(s): This table outlines the process used for selecting the sample of firms from the Tehran Stock Exchange from 2012 to 2023, including the criteria for exclusions
Source(s): Authors’ own work
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