Table 1 Sample selection process and...

Table 1

Sample selection process and sample distribution

Panel A: Sample selection process
	Firm-years	Firms
Compustat merged with CRSP and Refinitiv I/B/E/S (2001–2022)	163,796	17,750
Less: Industries in Finance (SIC 6,000–6,799) and Utilities (SIC 4,900–4,999)	39,882	3,685
Less: Observations not meeting selection criteria and Missing values	62,558	6,765
Final sample	61,356	7,300

Panel A: Sample selection process
	Firm-years	Firms
Compustat merged with CRSP and Refinitiv I/B/E/S (2001–2022)	163,796	17,750
Less: Industries in Finance (SIC 6,000–6,799) and Utilities (SIC 4,900–4,999)	39,882	3,685
Less: Observations not meeting selection criteria and Missing values	62,558	6,765
Final sample	61,356	7,300

Panel B: Sample distribution by year
	Frequency	Percent
2001	3,282	5.35
2002	3,485	5.68
2003	3,364	5.48
2004	3,342	5.45
2005	3,268	5.33
2006	3,184	5.19
2007	3,120	5.09
2008	2,945	4.80
2009	2,887	4.71
2010	2,792	4.55
2011	2,661	4.34
2012	2,590	4.22
2013	2,580	4.20
2014	2,630	4.29
2015	2,546	4.15
2016	2,465	4.02
2017	2,386	3.89
2018	2,336	3.81
2019	2,324	3.79
2020	2,352	3.83
2021	2,484	4.05
2022	2,333	3.80
Total	61,356	100.00

Panel B: Sample distribution by year
	Frequency	Percent
2001	3,282	5.35
2002	3,485	5.68
2003	3,364	5.48
2004	3,342	5.45
2005	3,268	5.33
2006	3,184	5.19
2007	3,120	5.09
2008	2,945	4.80
2009	2,887	4.71
2010	2,792	4.55
2011	2,661	4.34
2012	2,590	4.22
2013	2,580	4.20
2014	2,630	4.29
2015	2,546	4.15
2016	2,465	4.02
2017	2,386	3.89
2018	2,336	3.81
2019	2,324	3.79
2020	2,352	3.83
2021	2,484	4.05
2022	2,333	3.80
Total	61,356	100.00

Panel C: Sample distribution by industry
Industry category	Frequency	Percent
Agriculture, Forestry, and Fishing	254	0.41
Mining	3,577	5.83
Construction	10,947	17.84
Manufacturing	22,606	36.84
Transportation, Communications, Electric, Gas, and Sanitary Services	3,517	5.73
Wholesale Trade	6,626	10.80
Retail Trade	10,903	17.77
Services	2,850	4.65
Public Administration	76	0.12
Total	61,356	100.00

Panel C: Sample distribution by industry
Industry category	Frequency	Percent
Agriculture, Forestry, and Fishing	254	0.41
Mining	3,577	5.83
Construction	10,947	17.84
Manufacturing	22,606	36.84
Transportation, Communications, Electric, Gas, and Sanitary Services	3,517	5.73
Wholesale Trade	6,626	10.80
Retail Trade	10,903	17.77
Services	2,850	4.65
Public Administration	76	0.12
Total	61,356	100.00

Note(s): This table outlines the process of sample selection and distribution based on year and SIC-1 industry code. Panel A details the methodology for sample selection, covering total 61,356 firm-years and 7,300 firms from the years 2001–2022 in the final dataset. Panel B illustrates the distribution of samples across different years while Panel C demonstrates the distribution of samples within the SIC-1 industry classifications

Source(s): Authors’ own work

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