Sample selection
| Description | N |
|---|---|
| Observed companies | 29,990,166 |
| Deleted: firms with US SIC codes equals to 6, firms not profitable and without foreign subsidiaries. | −29,972,217 |
| Parents | 17,949 |
| Non-banks and non-insurance controlled firms for the 17,949 parents | 103,612 |
| Deleted: subsidiaries with missing accounting data | −70,600 |
| Subsidiaries | 33,012 |
| Subsidiaries-years from 2009 to 2015 (unbalanced sample) | 199,863 |
| Deleted: Subsidiaries-years with missing accounting data and without foreign subsidiaries | −193,303 |
| Sample for H1 | 6,560 |
| Subsidiaries -years from 2009 to 2015 (unbalanced sample) | 199,863 |
| Deleted: Subsidiaries-years with missing accounting data and with parent and subsidiary in the same country | −197,312 |
| Sample for H2 | 2,551 |
| Description | |
|---|---|
| Observed companies | 29,990,166 |
| Deleted: firms with US SIC codes equals to 6, firms not profitable and without foreign subsidiaries. | −29,972,217 |
| Parents | 17,949 |
| Non-banks and non-insurance controlled firms for the 17,949 parents | 103,612 |
| Deleted: subsidiaries with missing accounting data | −70,600 |
| Subsidiaries | 33,012 |
| Subsidiaries-years from 2009 to 2015 (unbalanced sample) | 199,863 |
| Deleted: Subsidiaries-years with missing accounting data and without foreign subsidiaries | −193,303 |
| Sample for | 6,560 |
| Subsidiaries -years from 2009 to 2015 (unbalanced sample) | 199,863 |
| Deleted: Subsidiaries-years with missing accounting data and with parent and subsidiary in the same country | −197,312 |
| Sample for | 2,551 |
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