Construction of the sample
| Firms listed on KOSPI and KOSDAQ between 2011 and 2022 | 22,983 | |
|---|---|---|
| Excluding financial industry firms | (855) | |
| Excluding firms with non-December fiscal year-end | (476) | |
| Excluding firms without DB pension plans | (5,004) | |
| Excluding firms without analyst forecast data (April–June) | (11,729) | |
| Excluding firms under capital impairment | (61) | |
| Excluding firms with missing control variables in Dataguide | (1,875) | |
| Final sample | 2,983 |
| Firms listed on KOSPI and KOSDAQ between 2011 and 2022 | 22,983 | |
|---|---|---|
| Excluding financial industry firms | (855) | |
| Excluding firms with non-December fiscal year-end | (476) | |
| Excluding firms without DB pension plans | (5,004) | |
| Excluding firms without analyst forecast data (April–June) | (11,729) | |
| Excluding firms under capital impairment | (61) | |
| Excluding firms with missing control variables in Dataguide | (1,875) | |
| Final sample | 2,983 |
Note(s): The sample is constructed based on firm-year observations. Forecast data is collected between April and June of year t+1 to reflect expectations based on financial statement disclosures of year t
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