The study has chosen the top 100 companies by market capitalization from the manufacturing sector on the Shanghai Stock Exchange for a period of 10 years (2012–2021). The reason for choosing this unique blend of manufacturing companies is that, every year, the authorities of the Shanghai stock market issue a list of top companies in terms of higher market capitalization.
The sample is clearly defined as the top 100 manufacturing firms over a decade, which is substantial in size and length. However, because the sample is restricted to large manufacturing firms in one country and one stock exchange, the “population” of firms is quite narrow