Table 1 Sample reconciliation, sample...

Table 1

Sample reconciliation, sample distribution and descriptive statistics

Panel A: sample reconciliation
Description	Firm-years	Unique firms
Initial sample	3,125	444
Firms not listed for the full year, suspended or results announcement not available^a	(393)	(40)
No information about the percentage strategic shareholding on the database	(108)	(3)
Incomplete coverage of strategic shareholding on the database^b	(228)	(5)
Steinhoff International Holdings NV^c	(6)	(1)
Sample before trimming	2,390	395
Impact of trimming outliers at the 1% and 99% levels	(364)	(34)
Final sample for analyses	2026	361

Panel A: sample reconciliation
Description	Firm-years	Unique firms
Initial sample	3,125	444
Firms not listed for the full year, suspended or results announcement not available^a	(393)	(40)
No information about the percentage strategic shareholding on the database	(108)	(3)
Incomplete coverage of strategic shareholding on the database^b	(228)	(5)
Steinhoff International Holdings NV^c	(6)	(1)
Sample before trimming	2,390	395
Impact of trimming outliers at the 1% and 99% levels	(364)	(34)
Final sample for analyses	2026	361

Panel B: sample distribution by industry
Industry	Number of firm-years	% of firm-years
Alternative energy	2	0.1
Automobiles and parts	12	0.6
Banks	38	1.9
Beverages	8	0.4
Chemicals	40	2.0
Construction and materials	170	8.4
Education	15	0.7
Electricity	1	0.1
Electronic and electrical equipment	24	1.2
Financial services	162	8.0
Fixed line telecommunications	58	2.9
Food producers	118	5.8
Food and drug retailers	45	2.2
Forestry and paper	22	1.1
General industrials	103	5.1
General retailers	132	6.5
Health care equipment and services	39	1.9
Household goods and home construction	2	0.1
Industrial engineering	27	1.3
Industrial metals and mining	45	2.2
Industrial transportation	66	3.3
Leisure goods	12	0.6
Life insurance	48	2.4
Media	37	1.8
Mining	173	8.5
Nonlife insurance	22	1.1
Oil and gas producers	8	0.4
Personal goods	8	0.4
Pharmaceuticals and biotechnology	32	1.6
Real estate investment trusts	179	8.8
Real estate investment and services	59	2.9
Software and computer services	120	5.9
Support services	101	5.0
Technology hardware and equipment	11	0.5
Travel and leisure	87	4.3
Total	2026	100.0

Panel B: sample distribution by industry
Industry	Number of firm-years	% of firm-years
Alternative energy	2	0.1
Automobiles and parts	12	0.6
Banks	38	1.9
Beverages	8	0.4
Chemicals	40	2.0
Construction and materials	170	8.4
Education	15	0.7
Electricity	1	0.1
Electronic and electrical equipment	24	1.2
Financial services	162	8.0
Fixed line telecommunications	58	2.9
Food producers	118	5.8
Food and drug retailers	45	2.2
Forestry and paper	22	1.1
General industrials	103	5.1
General retailers	132	6.5
Health care equipment and services	39	1.9
Household goods and home construction	2	0.1
Industrial engineering	27	1.3
Industrial metals and mining	45	2.2
Industrial transportation	66	3.3
Leisure goods	12	0.6
Life insurance	48	2.4
Media	37	1.8
Mining	173	8.5
Nonlife insurance	22	1.1
Oil and gas producers	8	0.4
Personal goods	8	0.4
Pharmaceuticals and biotechnology	32	1.6
Real estate investment trusts	179	8.8
Real estate investment and services	59	2.9
Software and computer services	120	5.9
Support services	101	5.0
Technology hardware and equipment	11	0.5
Travel and leisure	87	4.3
Total	2026	100.0

Panel C: sample distribution by year
Sample year	Number of firm-years	% of firm-years
2010	198	9.8
2011	209	10.3
2012	210	10.4
2013	208	10.3
2014	204	10.0
2015	190	9.4
2016	198	9.8
2017	212	10.4
2018	203	10.0
2019	194	9.6
Total	2026	100.0

Panel C: sample distribution by year
Sample year	Number of firm-years	% of firm-years
2010	198	9.8
2011	209	10.3
2012	210	10.4
2013	208	10.3
2014	204	10.0
2015	190	9.4
2016	198	9.8
2017	212	10.4
2018	203	10.0
2019	194	9.6
Total	2026	100.0

Panel D: descriptive statistic for scaled variables
Variable^d	Mean	Median	Standard deviation	Minimum	Maximum
P	43.675	13.990	68.215	0.030	473.649
BPS	21.711	9.459	31.603	0.004	226.938
EPS	2.767	0.902	4.867	−7.274	38.297
HEPS	2.817	0.926	4.675	−3.621	37.312
APS	−0.050	0.000	1.524	−16.062	24.276
NEG	0.148	0.000	0.355	0.000	1.000
NOSHST	48.638	48.000	22.255	0.000	99.000
N	2026

Panel D: descriptive statistic for scaled variables
Variable^d	Mean	Median	Standard deviation	Minimum	Maximum
P	43.675	13.990	68.215	0.030	473.649
BPS	21.711	9.459	31.603	0.004	226.938
EPS	2.767	0.902	4.867	−7.274	38.297
HEPS	2.817	0.926	4.675	−3.621	37.312
APS	−0.050	0.000	1.524	−16.062	24.276
NEG	0.148	0.000	0.355	0.000	1.000
NOSHST	48.638	48.000	22.255	0.000	99.000
N	2026

Note(s):

Suspended shares are excluded from the sample, as market values are no longer updated to reflect investors’ perceptions of current accounting information. Firms that were not listed for a full year are excluded from the sample, as the calculation of some of the firm characteristic variables requires at least 12 months of trading data.

Three data items relating to strategic shareholding exist on the database (NOSHST, NOSHSP and NOSHSA). As a quality filter for the level and continuity of coverage, only firm-years with information for at least two of the three data items are included in the sample.

Historical accounting information for Steinhoff International Holdings NV has been amended on the database to reflect restated accounting information after corporate fraud. As such, the historical market value data no longer reflects investors’ perceptions of the accounting information available on the database.

Variables are defined in the Appendix

Source(s): Authors’ own work

[ViewLarge]

Sharing Unavailable