Table 1. Sample selection Sample...

Table 1.

Sample selection

Sample selection	firm-years
COMPUSTAT Sample (1993–2022)	298,666
Removes observations that are not covered by Execucomp	(194,104)
Removes observations with missing key financial data	(58,119)
Removes financial and utility firms	(12,086)
Final sample	34,357

Sample selection	firm-years
COMPUSTAT Sample (1993–2022)	298,666
Removes observations that are not covered by Execucomp	(194,104)
Removes observations with missing key financial data	(58,119)
Removes financial and utility firms	(12,086)
Final sample	34,357

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