Sample selection procedure
| Selection process | Number of observations |
|---|---|
| Total observations produced from 1998 to 2022 | 56,478 |
| Drop: observations produced from 1998 to 2000 | (3,134) |
| 53,344 | |
| Drop: observations with missing data on Chair and CEO age; gender; tenure; change | (11,735) |
| Drop: observations with missing data on Z-score | (1,603) |
| Drop: observations with missing data on sales for the current period and previous period | (413) |
| Drop: observations with missing data on state-owned share percentage | (11,210) |
| Drop: observations with missing data on the standard deviation of sales | (3,187) |
| Drop: observations with missing data on management fee | (715) |
| Drop: observations with missing data on K-structure | (744) |
| 23,737 | |
| Drop: missing industry code | (63) |
| Drop: observations for SIC codes between J66 to J69 (financial institutes) | (882) |
| Total sample (2001–2022) | 22,792 |
| Selection process | Number of observations |
|---|---|
| Total observations produced from 1998 to 2022 | 56,478 |
| Drop: observations produced from 1998 to 2000 | (3,134) |
| 53,344 | |
| Drop: observations with missing data on Chair and | (11,735) |
| Drop: observations with missing data on | (1,603) |
| Drop: observations with missing data on sales for the current period and previous period | (413) |
| Drop: observations with missing data on state-owned share percentage | (11,210) |
| Drop: observations with missing data on the standard deviation of sales | (3,187) |
| Drop: observations with missing data on management fee | (715) |
| Drop: observations with missing data on K-structure | (744) |
| 23,737 | |
| Drop: missing industry code | (63) |
| Drop: observations for | (882) |
| Total sample (2001–2022) | 22,792 |
The initial sample selection period is from 1998 to 2022. Because the research period of this study is from 2001 to 2022, some t − 1 year change data need to be collected data samples one to three years before the starting year for calculation. For example, the two-year lag value of sales is required to calculate sales growth, and the three-year lag value of sales is required to calculate the standard deviation of sales
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