Selection of samples
| Variables | Firm-year observations |
|---|---|
| Total observations of non-financial firms 2017–2021 | 2,840 |
| Less- | |
| Firms with positive earnings | (1,980) |
| Firms with negative book values | (118) |
| Firms with incomplete financial report | (90) |
| Final sample | 652 |
| Variables | Firm-year observations |
|---|---|
| Total observations of non-financial firms 2017–2021 | 2,840 |
| Less- | |
| Firms with positive earnings | (1,980) |
| Firms with negative book values | (118) |
| Firms with incomplete financial report | (90) |
| Final sample | 652 |
Source(s): Authors’ own work
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