Figure 2.
The chart plots years from 2002 to 2021 on the horizontal axis. The left vertical axis shows number of firms, and the right vertical axis shows average political risk. The number of firms increases overall from about 150 in 2002 to about 1180 in 2021, with a decline around 2013 to 2014 before rising sharply after 2015. Average political risk fluctuates across the period, starting around 0.8 in 2002, peaking near 1.0 in 2012, declining to about 0.8 in 2015, rising to about 1.25 in 2020, and decreasing to around 0.8 in 2021.Sample composition and the average firm-level political risk
Note(s):Figure 2 demonstrates the yearly distribution (frequency) of the firm-year observations and the distribution of average firm-level political risk over the sample period
Source: Authors’ own work