Table 1. Descriptive statistics for...

Table 1.

Descriptive statistics for sample firms

Country distribution	Industry distribution1
Country distribution	Manufacturing	Transportation Communication and Utilities	Trade	Services	Finance	Construction, Mining and Agriculture	No. of firm-year observations	%
Belgium	28	11	7	7	42	7	102	2.77
Denmark	91	21	0	25	21	0	158	4.29
Finland	55	14	14	7	17	0	107	2.91
France	181	46	42	112	108	21	510	13.85
Germany	211	73	21	73	77	7	462	12.54
Ireland	33	7	14	7	7	0	68	1.85
Italy	35	45	7	0	44	14	145	3.94
Netherlands	116	19	8	20	38	7	208	5.65
Norway	35	14	0	14	28	14	105	2.85
Poland	7	7	7	0	0	0	21	0.57
Spain	28	62	7	7	53	21	178	4.83
Sweden	189	14	21	29	90	14	357	9.69
Switzerland	167	28	5	23	96	0	319	8.66
United Kingdom	255	98	124	117	249	100	943	25.60
Total no. of firm-year observations	1,431	459	277	441	870	205	3,683	100.00
%	38.85	12.46	7.52	11.97	23.62	5.57

Country distribution	Industry distribution1
Country distribution	Manufacturing	Transportation Communication and Utilities	Trade	Services	Finance	Construction, Mining and Agriculture	No. of firm-year observations	%
Belgium	28	11	7	7	42	7	102	2.77
Denmark	91	21	0	25	21	0	158	4.29
Finland	55	14	14	7	17	0	107	2.91
France	181	46	42	112	108	21	510	13.85
Germany	211	73	21	73	77	7	462	12.54
Ireland	33	7	14	7	7	0	68	1.85
Italy	35	45	7	0	44	14	145	3.94
Netherlands	116	19	8	20	38	7	208	5.65
Norway	35	14	0	14	28	14	105	2.85
Poland	7	7	7	0	0	0	21	0.57
Spain	28	62	7	7	53	21	178	4.83
Sweden	189	14	21	29	90	14	357	9.69
Switzerland	167	28	5	23	96	0	319	8.66
United Kingdom	255	98	124	117	249	100	943	25.60
Total no. of firm-year observations	1,431	459	277	441	870	205	3,683	100.00
%	38.85	12.46	7.52	11.97	23.62	5.57

Note(s): Our sample is composed of 3,683 firm-year observations in 590 unique firms in 45 industries based on the two-digit Standard Industrial Classification (SIC) codes, which we reclassified into six main industry groups for presentation purposes

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