3.2 Data, Sample Selection and Descriptive Statistics
The primary source of financial data is the January 2003 version of the Amadeus Top
200,000 database supplied by Bureau van Dijk. Amadeus provides standardized financial
statement data for a vast set of European private and public companies and is compiled
from several well-established national information collectors. Since its coverage is less
detailed in initial years, we focus on the five-year period from 1997 to 2001. Amadeus
provides consolidated financial statements when they are available and parent-only
accounts otherwise. Thus, our analysis is based on a firm’s primary set of financial
statements from an informational perspective.