N

%

Extracted firms from Orbis

14296

100.00

− Firms with missing values in time series

3192

22.33

− Firms with changes in length of accounting period

1535

10.74

− Active firms in insolvency proceedings

8

0.06

− Dissolved firms

302

2.11

− Dissolved (merger or take-over) firms

6

0.04

− Firms In liquidation

12

0.08

Final sample

9241

64.64

Active firms

9160

99.12

+Bankruptcy firms

81

0.88

Final sample

9241

100.00