Sample selection and observations for the study
| Total companies listed in the national stock exchange (NSE) belonging to the six chosen industries (sampling frame) | 534 |
| Companies from these industries that are listed among the top 500 | 151 |
| Companies dropped due to data unavailability | 18 |
| Final sample companies used in the study | 133 |
| Number of years (study period from 2016 to 2020) | 5 years |
| Total number of observations for the study (133 companies × 5 years) | 665 |
| Total companies listed in the national stock exchange (NSE) belonging to the six chosen industries (sampling frame) | 534 |
| Companies from these industries that are listed among the top 500 | 151 |
| Companies dropped due to data unavailability | 18 |
| Final sample companies used in the study | 133 |
| Number of years (study period from 2016 to 2020) | 5 years |
| Total number of observations for the study (133 companies | 665 |
Source(s): Authors' computation
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