Table A3. Yearly sample distribution and...

Table A3.

Yearly sample distribution and state-ownership proportion

Year	Number of firms (firm-year obs.)	SOE proportion
2008	27	0.667
2009	30	0.700
2010	36	0.667
2011	40	0.725
2012	42	0.667
2013	43	0.651
2014	45	0.667
2015	50	0.660
2016	68	0.529
2017	79	0.519
2018	96	0.500
2019	108	0.509
2020	119	0.479
2021	121	0.488
2022	124	0.516
2023	124	0.524
Total	1,152	0.552

Year	Number of firms (firm-year obs.)	SOE proportion
2008	27	0.667
2009	30	0.700
2010	36	0.667
2011	40	0.725
2012	42	0.667
2013	43	0.651
2014	45	0.667
2015	50	0.660
2016	68	0.529
2017	79	0.519
2018	96	0.500
2019	108	0.509
2020	119	0.479
2021	121	0.488
2022	124	0.516
2023	124	0.524
Total	1,152	0.552

Note(s):

The “number of firms” column reports the count of firm-year observations meeting the CAPCO financial-industry classification in each year (after dropping ST/*ST and missing-key-variable observations). The SOE proportion is the share of these firm-years for which the ultimate controller is the state. The total SOE proportion of 0.552 is the unweighted average across all 1,152 firm-year observations and matches the figure reported in Table 1

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