Panel A: Sample size | ||||
Sample Selection Criteria | No. of Firms | Total Observations | ||
 Total listed and non-listed firms | 169 | 499 | ||
 Less: Non-listed firms | (72) | (153) | ||
 Total listed firms | 97 | 346 | ||
 Less: Non-availability of report | (9) | (20) | ||
 Final Sample | 88 | 326 | ||
Panel B: Yearly sample size by countries | ||||
Sample Year | Bangladesh | India | Pakistan | Total Observations |
 2009 | 0 | 2 | 1 | 3 |
 2010 | 0 | 7 | 3 | 10 |
 2011 | 1 | 23 | 4 | 28 |
 2012 | 2 | 33 | 7 | 42 |
 2013 | 3 | 44 | 6 | 53 |
 2014 | 4 | 52 | 7 | 63 |
 2015 | 4 | 58 | 6 | 68 |
 2016 | 2 | 52 | 5 | 59 |
 Total | 16 | 271 | 39 | 326 |