Sample attrition
| Initial population of industrial firms with required data for estimating variables derived from the TSE database for the sample period 2011–2016 | 2,982 | |
| Less: | Delisted observations | 696 |
| Less: | Observations with missing variable data | 126 |
| Less: | Observations operating in banking industry as well as financial and investment institutions | 894 |
| Less: | Newly-listed observations | 408 |
| Equal: | Total observations in sample | 858 |
| Initial population of industrial firms with required data for estimating variables derived from the TSE database for the sample period 2011–2016 | 2,982 | |
| Less: | Delisted observations | 696 |
| Less: | Observations with missing variable data | 126 |
| Less: | Observations operating in banking industry as well as financial and investment institutions | 894 |
| Less: | Newly-listed observations | 408 |
| Equal: | Total observations in sample | 858 |
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