Table 1 Sample selection.
| Â | Number of firms | Number of observations |
|---|---|---|
Initial sample (2010–2020) | 761 | 8371 |
(1) Less banks, financial or insurance companies | 61 | 671 |
(2) Less missing or invalid values | 212 | 5096 |
Final sample | 488 | 2604 |
| Â | Number of firms | Number of observations |
|---|---|---|
Initial sample (2010–2020) | 761 | 8371 |
(1) Less banks, financial or insurance companies | 61 | 671 |
(2) Less missing or invalid values | 212 | 5096 |
Final sample | 488 | 2604 |