Table 1

Sample selection and distribution

Panel A: Sample selection
DescriptionTotal firms
Total firms available to be sampled285
Less 
Financial companies12
Firms with insufficient financial data60
Final selected sample213
Panel B: Industrial composition of the sample
Industry classificationNo. of firmsPercentage of sample
Construction115.17%
Consumer products5827.23%
Industrial products8338.97%
Plantations125.63%
Properties3415.96%
Technology157.04%
Total213100%

Source(s): Own elaboration

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