The phrase "firm observations" is grammatically correct and can be used in written English.
It refers to statements or remarks that are made with confidence and conviction. Example: The scientist's firm observations about the effects of climate change were backed up by extensive research and data analysis.
This estimation procedure controls for data dependencies between firm observations from the same country and the same decade.
In total, the study sample comprises 73,387 firm observations with 52.50% hedging and 47.50% non-hedging firms.
Names of the proxy variables are listed in the first column, and the second column shows the specific hypothesized sign; the third column shows the number of firm observations summed up from the primary studies testing the respective proxy variable.
We estimate the likelihood of acquisitions for the universe of IRRC firms (8,951 firm-year observations).
The corresponding references are listed in Online Appendix C. If a study observes more than one year and does not provide the number of firms, we divide the total firm year observations by the years of observation.
Table 5 shows results for two subsamples distinguishing the 11.927 firm-year observations below the median firm size ("small firms") from the 11.785 observations above the median ("big firms").
The final sample consists of 100 firms and 543 firm-year observations.
This ratio is computed by using firm-year observations corresponding to firms that never hired a sanctioned auditor during the sample period.
As a result of this entry and exit process, the data set is an unbalanced panel comprising 3,759 firms and 22,292 firm-year observations.
The industrial sector bias is captured by IndOrdLoss and IndExtraLoss, which, in both cases, are computed by using firm-year observations corresponding to firms that never hired a sanctioned auditor during the sample period.
Based on a sample of 2022 firms and 10,755 firm-year observations for the period 1993 2010, Gao and Zang (2015) recently found a negative correlation between CSR and earnings smoothness, suggesting that socially responsible firms reduce or avoid EM through discretionary smoothing.
