Selection of the final sample for regression analysis
| Number of observations | |
|---|---|
| Observations in the initial sample in Table 1 | 17,364 |
| less | |
| Observations with total liability greater than total asset | 388 |
| Observations with extreme values | 2,319 |
| Observations with missing values of any variable in the regression analysis | 3,547 |
| Final sample | 11,110 |
| Number of observations | |
|---|---|
| Observations in the initial sample in | 17,364 |
| less | |
| Observations with total liability greater than total asset | 388 |
| Observations with extreme values | 2,319 |
| Observations with missing values of any variable in the regression analysis | 3,547 |
| Final sample | 11,110 |
Note(s): This table presents the process of selecting the final sample for regression analysis. The initial sample described in Table 1 includes Chinese A-share firms listed in the Shanghai and Shenzhen Stock Exchanges in the non-financial industries and excludes the firm years that do not report positive total R&D expenditures in the annual financial reports. We obtain the final sample by removing the observations with the total liabilities being greater than total assets, with extreme values and/or missing values
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