Table 1 Sample selection and industry...

Table 1

Sample selection and industry distribution

Panel A: Sample selection	Observations
Number of observations for the 2001–2021 period (after removing duplicates)	52,877
Less: Insufficient dependent variables observations	2,867
Total observation data available 2001–2021	50,010
Less: Missing observations for control variables	15,989
Final data 2001–2021	34,021

Panel A: Sample selection	Observations
Number of observations for the 2001–2021 period (after removing duplicates)	52,877
Less: Insufficient dependent variables observations	2,867
Total observation data available 2001–2021	50,010
Less: Missing observations for control variables	15,989
Final data 2001–2021	34,021

Panel B: Industry distribution	Obs	%
Information Technology (IT)	7,844	23.06
Industrials	6,072	17.85
Health Care	6,055	17.80
Consumer Discretionary	5,869	17.25
Energy	2,871	8.44
Materials	2,144	6.30
Consumer Staples	1,604	4.71
Communication Services	958	2.82
Utilities	480	1.41
Real Estate	63	0.19
Financials	61	0.18
Total	34,021	100

Panel B: Industry distribution	Obs	%
Information Technology (IT)	7,844	23.06
Industrials	6,072	17.85
Health Care	6,055	17.80
Consumer Discretionary	5,869	17.25
Energy	2,871	8.44
Materials	2,144	6.30
Consumer Staples	1,604	4.71
Communication Services	958	2.82
Utilities	480	1.41
Real Estate	63	0.19
Financials	61	0.18
Total	34,021	100

Panel C: Summary statistics
Variables	Mean	Std. dev	p25	Median	p75
zCULTURE	0.0352	1.0004	−0.6957	−0.1417	0.5862
DAQ	0.0274	0.0323	0.0085	0.0184	0.0333
RDCA	0.0513	0.0370	0.0319	0.0474	0.0614
M_Ability	−0.0045	0.1422	−0.0877	−0.0329	0.0377
Ln_TA	6.7867	1.9452	5.4906	6.7792	8.0514
Leverage	0.2589	0.2428	0.0460	0.2193	0.3881
ROA	0.0693	0.1848	0.0454	0.1059	0.1587
MTB	6.6458	10.480	1.5369	2.6340	5.2217
TANG	0.1068	0.1790	0.0080	0.0311	0.1066
Sales_Growth	0.7203	2.4443	−0.1347	0.0927	0.4391
Capex	0.0467	0.0547	0.0147	0.0288	0.0552
B_Size	12.664	2.3713	12.000	14.000	14.000
B_Gender_Div	28.522	9.2218	28.571	33.333	33.333
CEO_Dual	0.6221	0.2754	0.5547	0.6324	0.7480
CG	79.433	23.241	73.859	92.324	92.324
Audit_Com	0.9924	0.0869	1.0000	1.0000	1.0000
Audit_Tenure	11.3068	5.9902	7.0000	11.000	15.000
Int_Intensity	0.3725	0.2351	0.0887	0.5538	0.5538

Panel C: Summary statistics
Variables	Mean	Std. dev	p25	Median	p75
zCULTURE	0.0352	1.0004	−0.6957	−0.1417	0.5862
DAQ	0.0274	0.0323	0.0085	0.0184	0.0333
RDCA	0.0513	0.0370	0.0319	0.0474	0.0614
M_Ability	−0.0045	0.1422	−0.0877	−0.0329	0.0377
Ln_TA	6.7867	1.9452	5.4906	6.7792	8.0514
Leverage	0.2589	0.2428	0.0460	0.2193	0.3881
ROA	0.0693	0.1848	0.0454	0.1059	0.1587
MTB	6.6458	10.480	1.5369	2.6340	5.2217
TANG	0.1068	0.1790	0.0080	0.0311	0.1066
Sales_Growth	0.7203	2.4443	−0.1347	0.0927	0.4391
Capex	0.0467	0.0547	0.0147	0.0288	0.0552
B_Size	12.664	2.3713	12.000	14.000	14.000
B_Gender_Div	28.522	9.2218	28.571	33.333	33.333
CEO_Dual	0.6221	0.2754	0.5547	0.6324	0.7480
CG	79.433	23.241	73.859	92.324	92.324
Audit_Com	0.9924	0.0869	1.0000	1.0000	1.0000
Audit_Tenure	11.3068	5.9902	7.0000	11.000	15.000
Int_Intensity	0.3725	0.2351	0.0887	0.5538	0.5538

Note(s): This table presents (A) the sample selection process, (B) the distribution of firm-year observations across industries, and (C) summary statistics (means, standard deviations, and 25th, 50th, and 75th percentiles) for all variables used in the analysis

Source(s): The authors

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