Sample distribution
| Panel A: Sample selection process | ||
|---|---|---|
| Description | Firm | Firm years |
| IDX listed firms/observations from 2010 to 2019 | 413 | 4,130 |
| Less | ||
| financial firms/observations* | (68) | (680) |
| utility firms/observations | (2) | (20) |
| firms/observations with missing/incomplete data | (66) | (660) |
| firms/observations with negative equities** | (17) | (170) |
| firms/observations with missing data for control variable(s) | (144) | |
| Final sample firms/observations | 260 | 2,456 |
| Note(s): *Firms with JASICA code 8, which include Banks (81), Multi-finance (82), Securities (83), Insurance (84) and others (89) **Either in a single period or multiple periods between 2010 and 2019 | ||
| Description | Firm | Firm years |
|---|---|---|
| IDX listed firms/observations from 2010 to 2019 | 413 | 4,130 |
| financial firms/observations* | (68) | (680) |
| utility firms/observations | (2) | (20) |
| firms/observations with missing/incomplete data | (66) | (660) |
| firms/observations with negative equities** | (17) | (170) |
| firms/observations with missing data for control variable(s) | (144) | |
| Final sample firms/observations | 260 | 2,456 |
| Panel B: Industry distribution | ||
|---|---|---|
| Industry sector | Number of firms | % |
| Agriculture | 13 | 5.00 |
| Mining | 25 | 9.62 |
| Metal | 11 | 4.23 |
| Forestry and livestock | 13 | 5.00 |
| Other basic industry | 21 | 8.08 |
| Miscellaneous manufacturing industry | 24 | 9.23 |
| Consumer good manufacturers | 29 | 11.15 |
| Property | 46 | 17.69 |
| Telecommunication and Transportation | 18 | 6.92 |
| Hospitality (services) | 14 | 5.38 |
| Trading | 21 | 8.08 |
| Other services industry | 25 | 9.62 |
| Total | 260 | 100% |
| Industry sector | Number of firms | % |
|---|---|---|
| Agriculture | 13 | 5.00 |
| Mining | 25 | 9.62 |
| Metal | 11 | 4.23 |
| Forestry and livestock | 13 | 5.00 |
| Other basic industry | 21 | 8.08 |
| Miscellaneous manufacturing industry | 24 | 9.23 |
| Consumer good manufacturers | 29 | 11.15 |
| Property | 46 | 17.69 |
| Telecommunication and Transportation | 18 | 6.92 |
| Hospitality (services) | 14 | 5.38 |
| Trading | 21 | 8.08 |
| Other services industry | 25 | 9.62 |
| Total | ||
Note(s): Industry distribution is based on Indonesia Stock Exchange (IDX)’s industry classification which is derived from Indonesia Business Classification (IBS) published by Central of Agency on Statistics Indonesia/Badan Pusat Statistik (BPS). IBS is constructed by BPS using International Standard Industrial Classification (ISIC)
Source(s): Table 1 by authors