Table 1 Sample selection Panel A: sample...

Table 1

Sample selection

Panel A: sample	Observations
Over the years 2006–2018	139,054
Less: non-availability of investment opportunity data	(70,722)
Less: non-availability of firm performance data	(14,600)
Less: non-availability of control variables	(17,547)
Final sample	36,185

Panel A: sample	Observations
Over the years 2006–2018	139,054
Less: non-availability of investment opportunity data	(70,722)
Less: non-availability of firm performance data	(14,600)
Less: non-availability of control variables	(17,547)
Final sample	36,185

Panel B: industry distribution	Observations	%
Basic metals	1,085	3.00
Chemicals and chemical products	3,096	8.56
Construction	81	0.22
Electricity, gas, and water	2	0.01
Electronics	1,295	3.58
Fabricated metal products	2,963	8.19
Food	6,905	19.08
Furniture	1,877	5.19
Garments	4,303	11.89
Hotels and restaurants	18	0.05
Information technology	12	0.03
Leather	969	2.68
Machinery and equipment	2,096	5.79
Mining and quarrying	11	0.03
Motor vehicles	724	2.00
Non-metallic mineral products	2,411	6.66
Other services	4	0.01
Paper	525	1.45
Publishing	1,111	3.07
Recycling	84	0.23
Refined petroleum	77	0.21
Retail	117	0.32
Rubber and plastics products	2,329	6.44
Textiles	2,734	7.56
Tobacco	138	0.38
Transport	19	0.05
Transport equipment	96	0.27
Wholesale	110	0.30
Wood	993	2.74
Total	36,185	100

Panel B: industry distribution	Observations	%
Basic metals	1,085	3.00
Chemicals and chemical products	3,096	8.56
Construction	81	0.22
Electricity, gas, and water	2	0.01
Electronics	1,295	3.58
Fabricated metal products	2,963	8.19
Food	6,905	19.08
Furniture	1,877	5.19
Garments	4,303	11.89
Hotels and restaurants	18	0.05
Information technology	12	0.03
Leather	969	2.68
Machinery and equipment	2,096	5.79
Mining and quarrying	11	0.03
Motor vehicles	724	2.00
Non-metallic mineral products	2,411	6.66
Other services	4	0.01
Paper	525	1.45
Publishing	1,111	3.07
Recycling	84	0.23
Refined petroleum	77	0.21
Retail	117	0.32
Rubber and plastics products	2,329	6.44
Textiles	2,734	7.56
Tobacco	138	0.38
Transport	19	0.05
Transport equipment	96	0.27
Wholesale	110	0.30
Wood	993	2.74
Total	36,185	100

Panel C: year-wise distribution
2006	4,601	12.72
2007	4,001	11.06
2008	620	1.71
2009	1,857	5.13
2010	4,251	11.75
2011	1,181	3.26
2012	3,031	8.38
2013	4,659	12.88
2014	5,965	16.48
2015	1,839	5.08
2016	2,126	5.88
2017	1,765	4.88
2018	289	0.80
Total	36,185	100

Panel C: year-wise distribution
2006	4,601	12.72
2007	4,001	11.06
2008	620	1.71
2009	1,857	5.13
2010	4,251	11.75
2011	1,181	3.26
2012	3,031	8.38
2013	4,659	12.88
2014	5,965	16.48
2015	1,839	5.08
2016	2,126	5.88
2017	1,765	4.88
2018	289	0.80
Total	36,185	100

Panel D: country-wise distribution
Country	N	%	Country	N	%	Country	N	%
Afghanistan	64	0.18	Hungary	25	0.07	Philippines	825	2.28
Angola	124	0.34	Indonesia	1,435	3.97	Papua New Guinea	21	0.06
Albania	46	0.13	India	5,241	14.48	Poland	81	0.22
Argentina	1,086	3.00	Iraq	314	0.87	Paraguay	199	0.55
Armenia	62	0.17	Israel	158	0.44	Palestine	62	0.17
Azerbaijan	36	0.10	Jamaica	29	0.08	Romania	106	0.29
Burundi	126	0.35	Jordan	207	0.57	Russia	553	1.53
Benin	55	0.15	Kazakhstan	69	0.19	Rwanda	43	0.12
Bangladesh	1,677	4.63	Kenya	617	1.71	Sudan	14	0.04
Bulgaria	391	1.08	Kyrgyzstan	48	0.13	Senegal	323	0.89
Bosnia and Herzegovina	85	0.23	Cambodia	79	0.22	Slovenia	13	0.04
Belarus	65	0.18	Lao PDR	79	0.22	Sierra Leone	53	0.15
Bolivia	256	0.71	Lebanon	120	0.33	El Salvador	568	1.57
Brazil	620	1.71	Liberia	59	0.16	Serbia	56	0.15
Bhutan	60	0.17	Sri Lanka	249	0.69	South Sudan	31	0.09
Botswana	76	0.21	Lesotho	45	0.12	Slovakia	39	0.11
Chile	947	2.62	Lithuania	54	0.15	Slovenia	64	0.18
China	1,174	3.24	Latvia	28	0.08	Swaziland	76	0.21
Côte d'Ivoire	48	0.13	Morocco	79	0.22	Chad	55	0.15
Cameroon	51	0.14	Moldova	53	0.15	Togo	33	0.09
Congo	224	0.62	Mexico	1,566	4.33	Thailand	417	1.15
Colombia	1,276	3.53	Macedonia	93	0.26	Tajikistan	37	0.10
Costa Rica	165	0.46	Mali	294	0.81	Timor-Leste	44	0.12
Czech Republic	70	0.19	Myanmar	511	1.41	Trinidad and Tobago	84	0.23
Djibouti	6	0.02	Montenegro	18	0.05	Tunisia	193	0.53
Dominica	107	0.30	Mongolia	77	0.21	Turkey	485	1.34
Ecuador	369	1.02	Mozambique	289	0.8	Tanzania	347	0.96
Egypt	1,759	4.86	Mauritania	76	0.21	Uganda	328	0.91
Estonia	38	0.11	Malawi	81	0.22	Ukraine	37	0.10
Ethiopia	326	0.90	Malaysia	231	0.64	Kosovo	41	0.11
Georgia	63	0.17	Namibia	91	0.25	Uruguay	311	0.86
Ghana	392	1.08	Niger	10	0.03	Uzbekistan	65	0.18
Guinea	108	0.30	Nigeria	380	1.05	Venezuela	33	0.09
Gambia	20	0.06	Nicaragua	397	1.10	Vietnam	660	1.82
Guinea-Bissau	29	0.08	Nepal	319	0.88	Yemen	164	0.45
Guatemala	499	1.38	Pakistan	697	1.93	South Africa	595	1.64
Honduras	270	0.75	Panama	134	0.37	Zambia	441	1.22
Croatia	265	0.73	Peru	1,139	3.15	Zimbabwe	262	0.72
Total							36,185	100

Panel D: country-wise distribution
Country	N	%	Country	N	%	Country	N	%
Afghanistan	64	0.18	Hungary	25	0.07	Philippines	825	2.28
Angola	124	0.34	Indonesia	1,435	3.97	Papua New Guinea	21	0.06
Albania	46	0.13	India	5,241	14.48	Poland	81	0.22
Argentina	1,086	3.00	Iraq	314	0.87	Paraguay	199	0.55
Armenia	62	0.17	Israel	158	0.44	Palestine	62	0.17
Azerbaijan	36	0.10	Jamaica	29	0.08	Romania	106	0.29
Burundi	126	0.35	Jordan	207	0.57	Russia	553	1.53
Benin	55	0.15	Kazakhstan	69	0.19	Rwanda	43	0.12
Bangladesh	1,677	4.63	Kenya	617	1.71	Sudan	14	0.04
Bulgaria	391	1.08	Kyrgyzstan	48	0.13	Senegal	323	0.89
Bosnia and Herzegovina	85	0.23	Cambodia	79	0.22	Slovenia	13	0.04
Belarus	65	0.18	Lao PDR	79	0.22	Sierra Leone	53	0.15
Bolivia	256	0.71	Lebanon	120	0.33	El Salvador	568	1.57
Brazil	620	1.71	Liberia	59	0.16	Serbia	56	0.15
Bhutan	60	0.17	Sri Lanka	249	0.69	South Sudan	31	0.09
Botswana	76	0.21	Lesotho	45	0.12	Slovakia	39	0.11
Chile	947	2.62	Lithuania	54	0.15	Slovenia	64	0.18
China	1,174	3.24	Latvia	28	0.08	Swaziland	76	0.21
Côte d'Ivoire	48	0.13	Morocco	79	0.22	Chad	55	0.15
Cameroon	51	0.14	Moldova	53	0.15	Togo	33	0.09
Congo	224	0.62	Mexico	1,566	4.33	Thailand	417	1.15
Colombia	1,276	3.53	Macedonia	93	0.26	Tajikistan	37	0.10
Costa Rica	165	0.46	Mali	294	0.81	Timor-Leste	44	0.12
Czech Republic	70	0.19	Myanmar	511	1.41	Trinidad and Tobago	84	0.23
Djibouti	6	0.02	Montenegro	18	0.05	Tunisia	193	0.53
Dominica	107	0.30	Mongolia	77	0.21	Turkey	485	1.34
Ecuador	369	1.02	Mozambique	289	0.8	Tanzania	347	0.96
Egypt	1,759	4.86	Mauritania	76	0.21	Uganda	328	0.91
Estonia	38	0.11	Malawi	81	0.22	Ukraine	37	0.10
Ethiopia	326	0.90	Malaysia	231	0.64	Kosovo	41	0.11
Georgia	63	0.17	Namibia	91	0.25	Uruguay	311	0.86
Ghana	392	1.08	Niger	10	0.03	Uzbekistan	65	0.18
Guinea	108	0.30	Nigeria	380	1.05	Venezuela	33	0.09
Gambia	20	0.06	Nicaragua	397	1.10	Vietnam	660	1.82
Guinea-Bissau	29	0.08	Nepal	319	0.88	Yemen	164	0.45
Guatemala	499	1.38	Pakistan	697	1.93	South Africa	595	1.64
Honduras	270	0.75	Panama	134	0.37	Zambia	441	1.22
Croatia	265	0.73	Peru	1,139	3.15	Zimbabwe	262	0.72
Total							36,185	100

Source(s): Authors’ own work

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