Sample selection procedure
| Selection criteria | # of firms | # of obs |
|---|---|---|
| Initial firms/obs. in the XU100 Index | 100 | 1,300 (100 firms × 13 years) |
| Firms/obs. with incomplete data | −35 | −455 |
| Final sample of firms/obs | 65 | 845 |
| Firms/obs. with missing TPC disclosures | – | −430 |
| Final firms/obs. used | 65 | 415 |
| Selection criteria | # of firms | # of obs |
|---|---|---|
| Initial firms/obs. in the XU100 Index | 100 | 1,300 (100 firms × 13 years) |
| Firms/obs. with incomplete data | −35 | −455 |
| Final sample of firms/obs | 65 | 845 |
| Firms/obs. with missing TPC disclosures | – | −430 |
Note(s): This table depicts the sample selection procedure
Source(s): Authors’ own work
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