Table A1. Distribution of observations...

Table A1.

Distribution of observations

Part A. Number of observations by country
Country	Market classification	Number of firms	Percentage of Total firms (%)	Number of Firm-Year observations	Percentage of Total Firm-Year observations (%)	Average Firm-Year observations
Argentina	Emerging	53	0.52	266	0.34	5.02
Australia	Developed	479	4.69	3,689	4.69	7.70
Austria	Developed	38	0.37	349	0.44	9.18
Belgium	Developed	53	0.52	558	0.71	10.53
Brazil	Emerging	134	1.31	1,099	1.40	8.20
Canada	Developed	499	4.89	3,960	5.03	7.94
Chile	Emerging	43	0.42	392	0.50	9.12
China	Emerging	763	7.47	3,281	4.17	4.30
Colombia	Emerging	24	0.24	182	0.23	7.58
Czech Republic	Emerging	5	0.05	57	0.07	11.40
Denmark	Developed	62	0.61	530	0.67	8.55
Egypt	Emerging	18	0.18	137	0.17	7.61
Finland	Developed	86	0.84	598	0.76	6.95
France	Developed	197	1.93	1,972	2.50	10.01
Germany	Developed	294	2.88	1,943	2.47	6.61
Greece	Emerging	33	0.32	348	0.44	10.55
Hong Kong	Developed	263	2.58	2,283	2.90	8.68
Hungary	Emerging	6	0.06	57	0.07	9.50
India	Emerging	165	1.62	1,269	1.61	7.69
Indonesia	Emerging	49	0.48	434	0.55	8.86
Ireland	Developed	27	0.26	273	0.35	10.11
Italy	Developed	145	1.42	1,004	1.28	6.92
Japan	Developed	501	4.91	6,511	8.27	13.00
Malaysia	Emerging	72	0.71	626	0.80	8.69
Mexico	Emerging	54	0.53	408	0.52	7.56
Netherlands	Developed	68	0.67	651	0.83	9.57
New Zealand	Developed	55	0.54	388	0.49	7.05
Norway	Developed	100	0.98	611	0.78	6.11
Pakistan	Emerging	6	0.06	27	0.03	4.50
Peru	Emerging	29	0.28	173	0.22	5.97
Philippines	Emerging	30	0.29	269	0.34	8.97
Poland	Emerging	46	0.45	415	0.53	9.02
Portugal	Developed	18	0.18	205	0.26	11.39
Qatar	Emerging	41	0.40	179	0.23	4.37
Saudi Arabia	Emerging	45	0.44	240	0.30	5.33
Singapore	Developed	77	0.75	734	0.93	9.53
South Africa	Emerging	146	1.43	1,366	1.73	9.36
South Korea	Emerging	162	1.59	1,362	1.73	8.41
Spain	Developed	92	0.90	899	1.14	9.77
Sweden	Developed	298	2.92	1,556	1.98	5.22
Switzerland	Developed	179	1.75	1,341	1.70	7.49
Taiwan	Emerging	171	1.67	1,543	1.96	9.02
Thailand	Emerging	126	1.23	597	0.76	4.74
Turkey	Emerging	84	0.82	500	0.64	5.95
United Arab Emirates	Emerging	32	0.31	159	0.20	4.97
United Kingdom	Developed	718	7.03	6,264	7.96	8.72
United States	Developed	3,626	35.51	27,033	34.33	7.46
Total		10,212	100.00	78,738	100.00	7.71

Part A. Number of observations by country
Country	Market classification	Number of firms	Percentage of Total firms (%)	Number of Firm-Year observations	Percentage of Total Firm-Year observations (%)	Average Firm-Year observations
Argentina	Emerging	53	0.52	266	0.34	5.02
Australia	Developed	479	4.69	3,689	4.69	7.70
Austria	Developed	38	0.37	349	0.44	9.18
Belgium	Developed	53	0.52	558	0.71	10.53
Brazil	Emerging	134	1.31	1,099	1.40	8.20
Canada	Developed	499	4.89	3,960	5.03	7.94
Chile	Emerging	43	0.42	392	0.50	9.12
China	Emerging	763	7.47	3,281	4.17	4.30
Colombia	Emerging	24	0.24	182	0.23	7.58
Czech Republic	Emerging	5	0.05	57	0.07	11.40
Denmark	Developed	62	0.61	530	0.67	8.55
Egypt	Emerging	18	0.18	137	0.17	7.61
Finland	Developed	86	0.84	598	0.76	6.95
France	Developed	197	1.93	1,972	2.50	10.01
Germany	Developed	294	2.88	1,943	2.47	6.61
Greece	Emerging	33	0.32	348	0.44	10.55
Hong Kong	Developed	263	2.58	2,283	2.90	8.68
Hungary	Emerging	6	0.06	57	0.07	9.50
India	Emerging	165	1.62	1,269	1.61	7.69
Indonesia	Emerging	49	0.48	434	0.55	8.86
Ireland	Developed	27	0.26	273	0.35	10.11
Italy	Developed	145	1.42	1,004	1.28	6.92
Japan	Developed	501	4.91	6,511	8.27	13.00
Malaysia	Emerging	72	0.71	626	0.80	8.69
Mexico	Emerging	54	0.53	408	0.52	7.56
Netherlands	Developed	68	0.67	651	0.83	9.57
New Zealand	Developed	55	0.54	388	0.49	7.05
Norway	Developed	100	0.98	611	0.78	6.11
Pakistan	Emerging	6	0.06	27	0.03	4.50
Peru	Emerging	29	0.28	173	0.22	5.97
Philippines	Emerging	30	0.29	269	0.34	8.97
Poland	Emerging	46	0.45	415	0.53	9.02
Portugal	Developed	18	0.18	205	0.26	11.39
Qatar	Emerging	41	0.40	179	0.23	4.37
Saudi Arabia	Emerging	45	0.44	240	0.30	5.33
Singapore	Developed	77	0.75	734	0.93	9.53
South Africa	Emerging	146	1.43	1,366	1.73	9.36
South Korea	Emerging	162	1.59	1,362	1.73	8.41
Spain	Developed	92	0.90	899	1.14	9.77
Sweden	Developed	298	2.92	1,556	1.98	5.22
Switzerland	Developed	179	1.75	1,341	1.70	7.49
Taiwan	Emerging	171	1.67	1,543	1.96	9.02
Thailand	Emerging	126	1.23	597	0.76	4.74
Turkey	Emerging	84	0.82	500	0.64	5.95
United Arab Emirates	Emerging	32	0.31	159	0.20	4.97
United Kingdom	Developed	718	7.03	6,264	7.96	8.72
United States	Developed	3,626	35.51	27,033	34.33	7.46
Total		10,212	100.00	78,738	100.00	7.71

Part B. Number of observations by geographical region
Geographical region	Number of firms	Percentage of Total firms (%)	Number of Firm-Year observations	Percentage of Total Firm-Year observations (%)	Average Firm-Year observations
North America	4,124	40.38	30,981	39.35	7.51
Asia-Pacific	2,920	28.59	23,025	29.24	7.89
Europe	2,465	24.14	19,631	24.93	7.96
Central/South America	337	3.30	2,520	3.20	7.48
Middle East	204	2.00	1,091	1.39	5.35
Africa	162	1.59	1,490	1.89	9.20

Developed markets	7,908	77.44%	63,700	80.90%	8.06
Emerging markets	2,304	22.56%	15,038	19.10%	6.53
Total	10,212	100.00	78,738	100.00	7.71

Part B. Number of observations by geographical region
Geographical region	Number of firms	Percentage of Total firms (%)	Number of Firm-Year observations	Percentage of Total Firm-Year observations (%)	Average Firm-Year observations
North America	4,124	40.38	30,981	39.35	7.51
Asia-Pacific	2,920	28.59	23,025	29.24	7.89
Europe	2,465	24.14	19,631	24.93	7.96
Central/South America	337	3.30	2,520	3.20	7.48
Middle East	204	2.00	1,091	1.39	5.35
Africa	162	1.59	1,490	1.89	9.20

Developed markets	7,908	77.44%	63,700	80.90%	8.06
Emerging markets	2,304	22.56%	15,038	19.10%	6.53
Total	10,212	100.00	78,738	100.00	7.71

Part C. Number of observations by industry classification
TRBC economic sector classification	Number of firms	Percentage of Total firms (%)	Number of Firm-Year observations	Percentage of Total Firm-Year observations (%)	Average Firm-Year observations
Industrials	1,499	14.68	12,116	15.39	8.08
Technology	1,444	14.14	10,193	12.95	7.06
Consumer cyclicals	1,377	13.48	11,302	14.35	8.21
Financials	1,373	13.44	10,934	13.89	7.96
Healthcare	1,136	11.12	6,823	8.67	6.01
Basic materials	988	9.67	8,067	10.25	8.16
Consumer Non-Cyclicals	689	6.75	5,873	7.46	8.52
Energy	592	5.80	4,789	6.08	8.09
Real estate	592	5.80	4,515	5.73	7.63
Utilities	358	3.51	3,363	4.27	9.39
Other	164	1.61	763	0.97	4.65
Total	10,212	100.00	78,738	100.00	7.71

Part C. Number of observations by industry classification
TRBC economic sector classification	Number of firms	Percentage of Total firms (%)	Number of Firm-Year observations	Percentage of Total Firm-Year observations (%)	Average Firm-Year observations
Industrials	1,499	14.68	12,116	15.39	8.08
Technology	1,444	14.14	10,193	12.95	7.06
Consumer cyclicals	1,377	13.48	11,302	14.35	8.21
Financials	1,373	13.44	10,934	13.89	7.96
Healthcare	1,136	11.12	6,823	8.67	6.01
Basic materials	988	9.67	8,067	10.25	8.16
Consumer Non-Cyclicals	689	6.75	5,873	7.46	8.52
Energy	592	5.80	4,789	6.08	8.09
Real estate	592	5.80	4,515	5.73	7.63
Utilities	358	3.51	3,363	4.27	9.39
Other	164	1.61	763	0.97	4.65
Total	10,212	100.00	78,738	100.00	7.71

Part D. Number of observations by year
Sample year	Number of Firm-Year observations	Percentage of Total Firm-Year observations
2002	777	0.99
2003	806	1.02
2004	1437	1.83
2005	1766	2.24
2006	1824	2.32
2007	1980	2.51
2008	2422	3.08
2009	2771	3.52
2010	3252	4.13
2011	3383	4.30
2012	3522	4.47
2013	3631	4.61
2014	3742	4.75
2015	4404	5.59
2016	5233	6.65
2017	6088	7.73
2018	6814	8.65
2019	7726	9.81
2020	8729	11.09
2021	8431	10.71
Total	78,738	100.00

Part D. Number of observations by year
Sample year	Number of Firm-Year observations	Percentage of Total Firm-Year observations
2002	777	0.99
2003	806	1.02
2004	1437	1.83
2005	1766	2.24
2006	1824	2.32
2007	1980	2.51
2008	2422	3.08
2009	2771	3.52
2010	3252	4.13
2011	3383	4.30
2012	3522	4.47
2013	3631	4.61
2014	3742	4.75
2015	4404	5.59
2016	5233	6.65
2017	6088	7.73
2018	6814	8.65
2019	7726	9.81
2020	8729	11.09
2021	8431	10.71
Total	78,738	100.00

Source(s): Authors’ own work based on Refinitiv Business Classification (TRBC)

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