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Table. 1 Sample selection and distribution

From: Multiple large shareholders and corporate fraud: evidence from China

Panel A: Sample selection process Observations
Initial firm–year sample from 2010 to 2018 30,240
Observations without large shareholders (395)
Observations with missing values or unmatched values (5141)
Final sample for testing 24,704
Panel B: Distribution by fiscal year
  2010 2011 2012 2013 2014 2015 2016 2017 2018
# of firm–years 2003 2294 2462 2464 2588 2809 3036 3472 3576
# of fraud firms 322 470 560 525 483 588 480 400 279
% of fraud firms 16.08 20.49 22.75 21.31 18.66 20.93 15.81 11.52 7.80