Sample construction
| Panel A. Sample selection | ||
| Selection criteria | ||
| Start: Worldscope data for OECD firms (2013–2022) | 74,190 | |
| Company-year observations after: | ||
| EU | Non-EU OECD | |
| Applying the EU directive criteria | 485 | 1,166 |
| Removing missing data | 440 | 1,071 |
| Final sample, company-year observations for ten years | 4,400 | 10,710 |
| Selection criteria | ||
| Start: Worldscope data for | 74,190 | |
| Company-year observations after: | ||
| Applying the | 485 | 1,166 |
| Removing missing data | 440 | 1,071 |
| Final sample, company-year observations for ten years | 4,400 | 10,710 |
| Panel B. Sample distribution per year | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | |
| EU | 440 | 440 | 440 | 440 | 440 | 440 | 440 | 440 | 440 | 440 |
| Non-EU OECD | 1,071 | 1,071 | 1,071 | 1,071 | 1,071 | 1,071 | 1,071 | 1,071 | 1,071 | 1,071 |
| Total | 1,511 | 1,511 | 1,511 | 1,511 | 1,511 | 1,511 | 1,511 | 1,511 | 1,511 | 1,511 |
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 440 | 440 | 440 | 440 | 440 | 440 | 440 | 440 | 440 | 440 | |
| Non-EU | 1,071 | 1,071 | 1,071 | 1,071 | 1,071 | 1,071 | 1,071 | 1,071 | 1,071 | 1,071 |
| Total | 1,511 | 1,511 | 1,511 | 1,511 | 1,511 | 1,511 | 1,511 | 1,511 | 1,511 | 1,511 |
| Panel C. Sample distribution per industry | ||||
|---|---|---|---|---|
| EU | Non-EU OECD | |||
| company-years | Percentage (%) | company-years | Percentage (%) | |
| Energy | 200 | 4.5 | 640 | 6.0 |
| Materials | 560 | 12.7 | 1,340 | 12.5 |
| Industrials | 1,310 | 29.8 | 2,600 | 24.3 |
| Consumers | 1,020 | 23.2 | 2,600 | 24.3 |
| Health care | 270 | 6.1 | 890 | 8.3 |
| Technology | 660 | 15 | 1,780 | 16.6 |
| Utilities | 330 | 7.5 | 520 | 4.9 |
| Real estate | 50 | 1.1 | 340 | 3.2 |
| Total | 4,400 | 100 | 10,710 | 100 |
| Non-EU | ||||
|---|---|---|---|---|
| company-years | Percentage (%) | company-years | Percentage (%) | |
| Energy | 200 | 4.5 | 640 | 6.0 |
| Materials | 560 | 12.7 | 1,340 | 12.5 |
| Industrials | 1,310 | 29.8 | 2,600 | 24.3 |
| Consumers | 1,020 | 23.2 | 2,600 | 24.3 |
| Health care | 270 | 6.1 | 890 | 8.3 |
| Technology | 660 | 15 | 1,780 | 16.6 |
| Utilities | 330 | 7.5 | 520 | 4.9 |
| Real estate | 50 | 1.1 | 340 | 3.2 |
| Total | 4,400 | 100 | 10,710 | 100 |
| Panel D. Sample distribution per country | |
| EU | |
| Austria | 8 |
| Belgium | 11 |
| Czechia | 1 |
| Denmark | 14 |
| Finland | 19 |
| France | 63 |
| Germany | 56 |
| Greece | 5 |
| Hungary | 3 |
| Ireland | 5 |
| Italy | 19 |
| The Netherlands | 18 |
| Poland | 10 |
| Portugal | 6 |
| Spain | 22 |
| Sweden | 30 |
| UK | 150 |
| Total | 440 |
| Non-EU OECD | |
| Australia | 39 |
| Canada | 86 |
| Chile | 13 |
| Israel | 5 |
| Japan | 310 |
| Korea | 1 |
| Mexico | 15 |
| New Zealand | 3 |
| Switzerland | 36 |
| Turkey | 14 |
| USA | 549 |
| Total | 1,071 |
| Austria | 8 |
| Belgium | 11 |
| Czechia | 1 |
| Denmark | 14 |
| Finland | 19 |
| France | 63 |
| Germany | 56 |
| Greece | 5 |
| Hungary | 3 |
| Ireland | 5 |
| Italy | 19 |
| The Netherlands | 18 |
| Poland | 10 |
| Portugal | 6 |
| Spain | 22 |
| Sweden | 30 |
| 150 | |
| Total | 440 |
| Non-EU | |
| Australia | 39 |
| Canada | 86 |
| Chile | 13 |
| Israel | 5 |
| Japan | 310 |
| Korea | 1 |
| Mexico | 15 |
| New Zealand | 3 |
| Switzerland | 36 |
| Turkey | 14 |
| 549 | |
| Total | 1,071 |
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