Sample selection process
| Panel A: industry distribution | ||
|---|---|---|
| Industry | Number of corporate | (%) |
| Automotive | 25 | 13.51 |
| Mining and metal products | 19 | 10.27 |
| Non-metallic minerals | 12 | 6.48 |
| Cement and plaster | 34 | 18.37 |
| Metals | 18 | 9.72 |
| Rubber and plastic | 31 | 16.75 |
| Machine tools | 10 | 5.40 |
| Oil, gas, and petrochemicals | 8 | 4.32 |
| Food | 10 | 5.40 |
| Pharmaceuticals and Healthcare | 18 | 9.72 |
| Total | 185 | 100 |
| Panel A: industry distribution | ||
|---|---|---|
| Industry | Number of corporate | (%) |
| Automotive | 25 | 13.51 |
| Mining and metal products | 19 | 10.27 |
| Non-metallic minerals | 12 | 6.48 |
| Cement and plaster | 34 | 18.37 |
| Metals | 18 | 9.72 |
| Rubber and plastic | 31 | 16.75 |
| Machine tools | 10 | 5.40 |
| Oil, gas, and petrochemicals | 8 | 4.32 |
| Food | 10 | 5.40 |
| Pharmaceuticals and Healthcare | 18 | 9.72 |
| Total | 185 | 100 |
| Panel B: sample selection procedure | |
|---|---|
| Explanation | Number of corporate |
| Total corporate | 185 |
| Less: firm-years with long periods without transactions | (24) |
| Less: firm-years with insufficient or missing data | (39) |
| Less: financial institutions | (22) |
| Final sample | 100 |
| Panel B: sample selection procedure | |
|---|---|
| Explanation | Number of corporate |
| Total corporate | 185 |
| Less: firm-years with long periods without transactions | (24) |
| Less: firm-years with insufficient or missing data | (39) |
| Less: financial institutions | (22) |
| Final sample | 100 |
Source(s): Author’s own creation/work
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