Table 1. Sample selection, description...

Table 1.

Sample selection, description and distribution

Descriptions			N
Panel A: Sample selection by country
Worldwide countries in Nationsline			195
Less: countries not in WorldScope and Compustat Global databases			(33)
Less: countries without information on net zero emission target commitment in Energy & Climate Intelligence Unit			(35)
Less: USA			(1)
Total countries with information on net zero			126
Total number of countries in the main sample			71
Panel B: Sample selection by firm for real earnings management model
Firms covered in WorldScope and Compustat Global database from 2011 to 2021			650,748
Less: firms with missing observations on data for real earnings management measures and related control variables			368,575
Less: firms in the financial sector			32,462
Final sample for real earnings management model			249,711

Descriptions			N
Panel A: Sample selection by country
Worldwide countries in Nationsline			195
Less: countries not in WorldScope and Compustat Global databases			(33)
Less: countries without information on net zero emission target commitment in Energy & Climate Intelligence Unit			(35)
Less: USA			(1)
Total countries with information on net zero			126
Total number of countries in the main sample			71
Panel B: Sample selection by firm for real earnings management model
Firms covered in WorldScope and Compustat Global database from 2011 to 2021			650,748
Less: firms with missing observations on data for real earnings management measures and related control variables			368,575
Less: firms in the financial sector			32,462
Final sample for real earnings management model			249,711

Panel C: Sample distribution by industry, country and year
	Industry distribution
No.	Industry name	Industry sample	Industry % of total
1	Business services	27,925	11.18
2	Machinery	12,558	5.03
3	Chemicals	12,456	4.99
4	Food products	11,821	4.73
5	Wholesale	11,353	4.55
6	Electronic equipment	10,646	4.26
7	Pharmaceutical products	10,584	4.24
8	Construction materials	9,924	3.97
9	Steel works	9,372	3.75
10	Retail	9,179	3.68
	All others	123,893	49.61
Total		249,711	100

	Country distribution
No.	Country name	Country sample	Country %
1	China	41,168	16.49
2	India	35,065	14.04
3	Japan	33,113	13.26
4	Australia	13,936	5.58
5	South Korea	13,882	5.56
6	UK	11,878	4.76
7	Malaysia	9,431	3.78
8	Sweden	6,345	2.54
9	Thailand	6,313	2.53
10	Singapore	6,101	2.44
	All others	72,479	29.03
Total		249,711	100

	Country distribution
No.	Country name	Country sample	Country %
1	China	41,168	16.49
2	India	35,065	14.04
3	Japan	33,113	13.26
4	Australia	13,936	5.58
5	South Korea	13,882	5.56
6	UK	11,878	4.76
7	Malaysia	9,431	3.78
8	Sweden	6,345	2.54
9	Thailand	6,313	2.53
10	Singapore	6,101	2.44
	All others	72,479	29.03
Total		249,711	100

	Year distribution
No.	Year	Year sample	Year % of total
1	2011	19,940	7.99
2	2012	20,319	8.14
3	2013	21,760	8.71
4	2014	22,184	8.88
5	2015	22,594	9.05
6	2016	23,021	9.22
7	2017	22,914	9.18
8	2018	23,823	9.54
9	2019	24,391	9.77
10	2020	24,506	9.81
11	2021	24,259	9.71
Total		249,711	100

	Year distribution
No.	Year	Year sample	Year % of total
1	2011	19,940	7.99
2	2012	20,319	8.14
3	2013	21,760	8.71
4	2014	22,184	8.88
5	2015	22,594	9.05
6	2016	23,021	9.22
7	2017	22,914	9.18
8	2018	23,823	9.54
9	2019	24,391	9.77
10	2020	24,506	9.81
11	2021	24,259	9.71
Total		249,711	100

Note(s):

The table presents the sample selection by country and firm, and firm-year observations by industry, country and year. Panel A and Panel B report the sample selection of country level and firm level. Panel C reports the SIC 4-digit industry distribution, country distribution and yearly distribution of observations. The table presents the sample selection by country and firm, and firm-year observations by industry, country and year. Panel A and Panel B report the sample selection of country level and firm level. Panel C reports the SIC 4-digit industry distribution, country distribution and yearly distribution of observations

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Panel C: Sample distribution by industry, country and year
	Industry distribution
No.	Industry name	Industry sample	Industry % of total
1	Business services	27,925	11.18
2	Machinery	12,558	5.03
3	Chemicals	12,456	4.99
4	Food products	11,821	4.73
5	Wholesale	11,353	4.55
6	Electronic equipment	10,646	4.26
7	Pharmaceutical products	10,584	4.24
8	Construction materials	9,924	3.97
9	Steel works	9,372	3.75
10	Retail	9,179	3.68
	All others	123,893	49.61
Total		249,711	100

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