Figure 1.
The figure contains two density plots. The top plot represents the full sample, comparing N S C firms (dashed line) and S C firms (solid line) in terms of the log of total assets in constant 2022 U S D million. Both distributions peak between approximately 6 and 7 on the horizontal axis, with S C firms showing a slightly higher peak density around 0.22, while N S C firms peak near 0.16. The bottom plot represents the industry size matching sample, showing similar peaks for both firm types between 6 and 7, with nearly identical density curves peaking at about 0.23. In both plots, the distributions decline symmetrically on either side of the peak, extending from around 2 to 14 on the log scale, with S C and N S C firms displaying closely aligned shapes.Matching quality: asset size distribution of SC firms vs NSC firms
Source: Authors’ own work