201 /304
201
臺大管理論叢
第
28
卷第
1
期
Appendix
Appendix A Sample Selection Process and Definitions and Sources of the Variables
Panel A Sample Selection Process
Sample Selection Process
No. of Firm-Year
Obs. Removed
No. of Firm-Year
Obs. Remaining
Initial sample of financial data from 1987 to 2000 that was
available from the
WorldScope
database for the nine East
Asian and thirteen European countries
77,893
After the deletion of observations with missing Sedol numbers
(1,835)
76,058
After the deletion of observations with missing ownership data (24,182)
51,876
After the deletion of observations with missing dividends
(1,274)
50,602
After the deletion of observations with missing, negative, or
zero sales data
(296)
50,306
After the deletion of observations with missing, negative, or
zero operating cash flow data
(9,157)
41,149
After the deletion of observations with missing, negative, or
zero net income data
(3,819)
37,330
After the deletion of observations with missing, negative, or
zero market value data
(1,609)
35,721
After the deletion of observations with greater dividends than
sales
(120)
35,601
After the deletion of observations with missing values for the
control variables
(1,533)
34,068
After the deletion of observations with insufficient data to
calculate the average dividend payout ratios over 3 years
(25,571)
8,497
After the deletion of banks and financial institutions
(1,931)
6,566
After the deletion of the top 1% and bottom 1% for each
industry-adjusted dividend payout ratio
(473)
6,093
Note: The sample countries consist of nine East Asian countries or regions (Hong Kong, Indonesia,
Japan, South Korea, Malaysia, the Philippines, Singapore, Taiwan, and Thailand) and thirteen
West European countries (Austria, Belgium, Finland, Germany, Ireland, Italy, Portugal, Spain,
Sweden, Switzerland, and the United Kingdom) for which there are the necessary data on the
ownership and control structures of the ultimate owners.