Sample selection strategy and geographical distribution
| Panel a) | ||
|---|---|---|
| Strategy | No. of firms | No. of observations (2018–2021) |
| Number of firms available in the AIDA database | 1,518,904 | |
| Companies that did not correspond to the legal form of a corporation | −112,423 | |
| Financial companies | −62,583 | |
| Minor companies | −1,329,326 | |
| Listed companies | −162 | |
| Missing data | −6 | |
| Final sample after the filters were adopted | 14,404 | 57,616 |
| Panel a) | ||
|---|---|---|
| Strategy | No. of firms | No. of observations (2018–2021) |
| Number of firms available in the AIDA database | 1,518,904 | |
| Companies that did not correspond to the legal form of a corporation | −112,423 | |
| Financial companies | −62,583 | |
| Minor companies | −1,329,326 | |
| Listed companies | −162 | |
| Missing data | −6 | |
| Final sample after the filters were adopted | 14,404 | 57,616 |
| Panel b) | |||
|---|---|---|---|
| No. of firms | No. of observations (2018–2021) | % | |
| Northern Italy | 8,966 | 35,864 | 62.2% |
| Central Italy | 4,048 | 16,192 | 28.1% |
| Southern Italy and Islands | 1,390 | 5,560 | 9.7% |
| 14,404 | 57,616 | 100.0% | |
| Panel b) | |||
|---|---|---|---|
| No. of firms | No. of observations (2018–2021) | % | |
| Northern Italy | 8,966 | 35,864 | 62.2% |
| Central Italy | 4,048 | 16,192 | 28.1% |
| Southern Italy and Islands | 1,390 | 5,560 | 9.7% |
| 14,404 | 57,616 | 100.0% | |
Note(s): Panel a) summarizes the sample’s selection process. Our sample numbered 14,404 companies. Since there were 4 periods under investigation (2018–2019–2020–2021), the total number of observations was 57,616
Panel b) provides information about the geographical distribution of the entities that were analysed, distinguishing the entities that operate in Northern, Central, Southern Italy and Islands
Source(s): Table by authors