Table 1. Sample distribution Panel A:...

Table 1.

Sample distribution


Panel A: Sample selection
All listed firms in A-share market from 2003 to 2020				45,406
Observations in the financial industry				1,111
ST, ST* and PT observations				3,217
Observations with missing value in control variables				4,823
Missing value in computing the principal component of corporate governance index				2,209
Final observations				34,046
Panel B: Sample distribution by year
Year	Number of companies	Number of companies using a Big10 auditor		%
2003	941	173		0.184
2004	987	195		0.198
2005	998	218		0.218
2006	929	138		0.149
2007	951	164		0.172
2008	884	298		0.337
2009	914	319		0.349
2010	1,567	583		0.372
2011	1,846	790		0.428
2012	1,961	1,082		0.552
2013	2,130	1,311		0.615
2014	2,169	1,340		0.618
2015	2,349	1,404		0.598
2016	2,653	1,609		0.606
2017	2,973	1,821		0.613
2018	3,020	1,758		0.582
2019	3,194	1,927		0.603
2020	3,580	2,209		0.617
Total	34,046	17,339		0.509
Panel C: Sample distribution by industry
Industry		Number of companies	Number using a Big 10 auditor	%
Agriculture, forestry and fishing		470	157	0.334
Mining		709	391	0.551
Manufacturing		22,268	11,455	0.514
Utility		1,129	567	0.502
Construction		842	401	0.476
Wholesale and retail		1,809	773	0.427
Transportation and warehousing		1,064	615	0.578
Hospitality		121	62	0.512
Information technology		2,038	1,118	0.549
Real estate		1,491	763	0.512
Leasing and business services		435	243	0.559
Scientific research and technology services		293	170	0.580
Water, environment, and public facilities		383	207	0.540
Residential services, repairs and other services		61	10	0.164
Education		21	16	0.762
Health and social work		59	38	0.644
Culture, sports and entertainment		339	184	0.543
Public administration and social work		514	169	0.329
Total		34,046	17,339	0.509


Panel A: Sample selection
All listed firms in A-share market from 2003 to 2020				45,406
Observations in the financial industry				1,111
ST, ST* and PT observations				3,217
Observations with missing value in control variables				4,823
Missing value in computing the principal component of corporate governance index				2,209
Final observations				34,046
Panel B: Sample distribution by year
Year	Number of companies	Number of companies using a Big10 auditor		%
2003	941	173		0.184
2004	987	195		0.198
2005	998	218		0.218
2006	929	138		0.149
2007	951	164		0.172
2008	884	298		0.337
2009	914	319		0.349
2010	1,567	583		0.372
2011	1,846	790		0.428
2012	1,961	1,082		0.552
2013	2,130	1,311		0.615
2014	2,169	1,340		0.618
2015	2,349	1,404		0.598
2016	2,653	1,609		0.606
2017	2,973	1,821		0.613
2018	3,020	1,758		0.582
2019	3,194	1,927		0.603
2020	3,580	2,209		0.617
Total	34,046	17,339		0.509
Panel C: Sample distribution by industry
Industry		Number of companies	Number using a Big 10 auditor	%
Agriculture, forestry and fishing		470	157	0.334
Mining		709	391	0.551
Manufacturing		22,268	11,455	0.514
Utility		1,129	567	0.502
Construction		842	401	0.476
Wholesale and retail		1,809	773	0.427
Transportation and warehousing		1,064	615	0.578
Hospitality		121	62	0.512
Information technology		2,038	1,118	0.549
Real estate		1,491	763	0.512
Leasing and business services		435	243	0.559
Scientific research and technology services		293	170	0.580
Water, environment, and public facilities		383	207	0.540
Residential services, repairs and other services		61	10	0.164
Education		21	16	0.762
Health and social work		59	38	0.644
Culture, sports and entertainment		339	184	0.543
Public administration and social work		514	169	0.329
Total		34,046	17,339	0.509

Source(s): Authors’ own work

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