Table I

The sample criteria of the study

NoSample criteriaTotal
1Manufacturing companies registered in ISE during 2009–2013 year156
2Registered after January 1, 2009(20)
3Delisting for the periods of 2009–2013(19)
4Not experiencing loss for at least 3 years or a negative equity for one-year financial statement during the research period (2009–2013)(78)
5Incomplete financial statements(23)
6Financial statements which did not end on 31 December0
 The total of samples per year16
 The total of samples during the research period (5 years)80

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