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University, Tokyo, Japan. 27 Table 1: Sample Description
This table presents characteristics of 270 companies in the sample. The sample consists of
non-ﬁnancial companies listed in the Stock Exchange of Thailand in 1996. Accounting data is
for consolidated companies, obtained from the Stock Exchange of Thailand.
Panel A: Companies in the sample, classiﬁed by industries
Industry No. of companies Agribusiness
Chemicals and plastics
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