Sample selection process and distribution
| Selection steps | Observations |
|---|---|
| Panel A: Sample selection process | |
| Total observations available during the period 2010–2020 | 34,332 |
| Minus | |
| Observations with missing data on corporate litigation | (6,501) |
| Observations with missing data on the existence of RMC | (2,065) |
| Observations with missing data on control variables needed for our analysis | (4,028) |
| Final sample | 21,738 |
| The final sample for non-financial firms | 21,008 |
| Observations with a standalone RMC on the board | 730 |
| Selection steps | Observations |
|---|---|
| Total observations available during the period 2010–2020 | 34,332 |
| Observations with missing data on corporate litigation | (6,501) |
| Observations with missing data on the existence of RMC | (2,065) |
| Observations with missing data on control variables needed for our analysis | (4,028) |
| The final sample for non-financial firms | 21,008 |
| Observations with a standalone RMC on the board | 730 |
| Panel B: Industry distribution | ||||
|---|---|---|---|---|
| N = 21,028 | N = 730 | |||
| Industry | Freq. | Percent | Freq. | Percent |
| A: Agriculture, forestry, animal husbandry and fishery | 238 | 1.1% | 18 | 2.5% |
| B: Mining industry | 449 | 2.1% | 15 | 2.1% |
| C: Manufacturing industry | 14,105 | 64.9% | 271 | 37.1% |
| D: Electricity, thermal, gas and water production and supply industry | 531 | 2.4% | 31 | 4.2% |
| E: Construction business | 555 | 2.6% | 27 | 3.7% |
| F: Wholesale and retail business | 1,155 | 5.3% | 64 | 8.8% |
| G: Transportation, warehousing and postal service | 629 | 2.9% | 56 | 7.7% |
| H: Accommodation and catering | 72 | 0.3% | 1 | 0.1% |
| I: Information transmission, software and information technology services | 1,643 | 7.6% | 151 | 20.7% |
| K: Real estate | 1,017 | 4.7% | 49 | 6.7% |
| L: Leasing and business services | 290 | 1.3% | 8 | 1.1% |
| M: Scientific research and technology services | 175 | 0.8% | 1 | 0.1% |
| N: Water conservancy, environment and public facilities industry | 304 | 1.4% | 18 | 2.5% |
| Q: Health and social work | 87 | 0.4% | 1 | 0.1% |
| R: Culture, sports and entertainment | 296 | 1.4% | 0 | 0.00% |
| S: Comprehensive | 219 | 1.0% | 15 | 2.1% |
| Panel B: Industry distribution | ||||
|---|---|---|---|---|
| Industry | Freq. | Percent | Freq. | Percent |
| A: Agriculture, forestry, animal husbandry and fishery | 238 | 1.1% | 18 | 2.5% |
| B: Mining industry | 449 | 2.1% | 15 | 2.1% |
| C: Manufacturing industry | 14,105 | 64.9% | 271 | 37.1% |
| D: Electricity, thermal, gas and water production and supply industry | 531 | 2.4% | 31 | 4.2% |
| E: Construction business | 555 | 2.6% | 27 | 3.7% |
| F: Wholesale and retail business | 1,155 | 5.3% | 64 | 8.8% |
| G: Transportation, warehousing and postal service | 629 | 2.9% | 56 | 7.7% |
| H: Accommodation and catering | 72 | 0.3% | 1 | 0.1% |
| I: Information transmission, software and information technology services | 1,643 | 7.6% | 151 | 20.7% |
| K: Real estate | 1,017 | 4.7% | 49 | 6.7% |
| L: Leasing and business services | 290 | 1.3% | 8 | 1.1% |
| M: Scientific research and technology services | 175 | 0.8% | 1 | 0.1% |
| N: Water conservancy, environment and public facilities industry | 304 | 1.4% | 18 | 2.5% |
| Q: Health and social work | 87 | 0.4% | 1 | 0.1% |
| R: Culture, sports and entertainment | 296 | 1.4% | 0 | 0.00% |
| S: Comprehensive | 219 | 1.0% | 15 | 2.1% |
Note(s): This table reports the sample selection process (Panel A) and industry distribution (Panel B)
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