Sample screening process
| Number of obs. | |
|---|---|
| Unique observations in CSMAR annual database over fiscal years 2009–2021 | 39,517 |
| Exclude observations of financial and insurance industry | 1,476 |
| Exclude specially treated (ST) companies | 2,124 |
| Drop observations with missing data on SG&A costs and sales revenue for the current year and the previous year and observations for which sales revenue is smaller than SG&A costs | 8,431 |
| Trim top and bottom 0.5% of the observations with extreme values in the change of SG&A costs and the change of sales | 1,239 |
| Drop observations with missing data | 916 |
| 25,331 |
| Number of obs. | |
|---|---|
| Unique observations in CSMAR annual database over fiscal years 2009–2021 | 39,517 |
| Exclude observations of financial and insurance industry | 1,476 |
| Exclude specially treated (ST) companies | 2,124 |
| Drop observations with missing data on SG&A costs and sales revenue for the current year and the previous year and observations for which sales revenue is smaller than SG&A costs | 8,431 |
| Trim top and bottom 0.5% of the observations with extreme values in the change of SG&A costs and the change of sales | 1,239 |
| Drop observations with missing data | 916 |
| 25,331 |
Note(s): This table details the sample selection process, yielding a final sample of 25,331 firm-year observations for the sample period from 2009 to 2021