Table 1 The study sample

Firms listed on the Egyptian Stock Exchange

226

100

Less: financial, insurance, and investment firms

(47)

21

Less: firms that do not have information for at least 3 years

(30)

13

Less: industry sectors that do not have homogeneity

(5)

1

Less: sectors that do not have at least 7 firms

(18)

8

Less: firms with missing DataStream information

(23)

10

Less: firms with missing corporate governance data

(25)

11

Total firms included in the sample

78

36