Table 1 Sample selection and... | Emerald Publishing

Table 1

Sample selection and distribution

Panel A: Sample selection procedure
Selection process	Number of observations
Total observations produced from 2000 to 2023	127,524
Drop: observations produced from the data outside the A-shares stock market, before 2010, CEO duality (the CEO also serves as Chair), SIC codes between S91 (Conglomerates), SIC codes between J66 to J69 (Financial institutes)	(66,246)
Drop: observations with missing data on Variables (TONE/GAPS/TENURE1/TENURE2/FIRMAGE/STDRET/SALEGR/CCS 50%/INSINVS 50%/INTANG_median/SALARY/BMEET/FCF/AQ)	(34,402)
Total Sample (2010 to 2023)	26,876
Note(s): The initial sample selection period is from 2000 to 2023. The final datasets cover the period from 2010 to 2023

Panel A: Sample selection procedure
Selection process	Number of observations
Total observations produced from 2000 to 2023	127,524
Drop: observations produced from the data outside the A-shares stock market, before 2010, CEO duality (the CEO also serves as Chair), SIC codes between S91 (Conglomerates), SIC codes between J66 to J69 (Financial institutes)	(66,246)
Drop: observations with missing data on Variables (TONE/GAPS/TENURE1/TENURE2/FIRMAGE/STDRET/SALEGR/CCS 50%/INSINVS 50%/INTANG_median/SALARY/BMEET/FCF/AQ)	(34,402)
Total Sample (2010 to 2023)	26,876
Note(s): The initial sample selection period is from 2000 to 2023. The final datasets cover the period from 2010 to 2023

Panel B: Industry distribution
Group	SIC code	Industry	N	% of N
1	A01 to A05	Agriculture	335	1.25
2	B06 to B11	Mining	455	1.69
3	C14 to C15	Food manufacturing	1,061	3.94
4	C17 to C24	Machine manufacturing	1,183	4.40
5	C25 to C28	Chemical manufacturing	3,910	14.55
6	C29 to C43	Metal and non-metal	11,690	43.50
7	D44 to D46	Utility	848	3.16
8	E47 to E50	Construction	643	2.39
9	F51 to F52	Retailing	1,140	4.24
10	G53 to G60	Transport	573	2.13
11	I63 to I65	IT	2,327	8.66
12	K70; L71	Real estate	804	2.99
13	L72; M73 to M75	Business and research service	909	3.38
14	N76 to N79; O81; P82; R88 to R89	Other service	596	2.22
15	Q84	Health service	158	0.58
16	R86 to R87	Press	246	0.92
Total			26,876	100

Panel B: Industry distribution
Group	SIC code	Industry	N	% of N
1	A01 to A05	Agriculture	335	1.25
2	B06 to B11	Mining	455	1.69
3	C14 to C15	Food manufacturing	1,061	3.94
4	C17 to C24	Machine manufacturing	1,183	4.40
5	C25 to C28	Chemical manufacturing	3,910	14.55
6	C29 to C43	Metal and non-metal	11,690	43.50
7	D44 to D46	Utility	848	3.16
8	E47 to E50	Construction	643	2.39
9	F51 to F52	Retailing	1,140	4.24
10	G53 to G60	Transport	573	2.13
11	I63 to I65	IT	2,327	8.66
12	K70; L71	Real estate	804	2.99
13	L72; M73 to M75	Business and research service	909	3.38
14	N76 to N79; O81; P82; R88 to R89	Other service	596	2.22
15	Q84	Health service	158	0.58
16	R86 to R87	Press	246	0.92
Total			26,876	100

Note(s): Following Hu et al. (2026), the industry classification method adopted by this study for Chinese-listed firms (Including industry code from CSMAR: A01-A05, B06-B11, C13-C15, C17-43, D44-D46, E47 -E50, F51-F52, G53-G60, I63-I65, J66-J69, K70, L71-L72, M73-M75, N76-N79, O81, P83, Q84, R86-R89, S91)

Source(s): Authors' calculations

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