Table 2.

Sample selection process and distribution by industry

Panel A: Sample selection process and sample distribution by industry
Sample selection processNo. of firmsFirm-year observations
Initial Sample of Global Fortune 500 firms2491494
Missing firm-year observations (346)
Final sample2491,148
Panel B: Distribution for industry classification
Industry classificationFrequency%
Consumer non-durables453.92
Consumer durables968.36
Manufacturing625.40
Oil, gas, and coal extraction and production1038.97
Chemicals and allied products181.57
Business equipment988.54
Telephone and television transmission504.36
Utilities635.49
Wholesale, retail and some services17815.51
Healthcare, medical equipment and drug332.87
Finance28624.91
Other11610.10
 1148100.00

Note(s): Table 2 presents the sample selection procedure and industry classification for the sample of the study. Industry classification was done using the Fama-French 12 (12) industry classification

Source(s): Authors’ own creation
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