ERC Imperial

Nick WilsonCredit Management Research Centre

Leeds University Business SchoolTel: +44 (0) 113 343 4472

Email: [email protected]

Ownership, Governance and Performance:UK Corporate Sector Data-base (1998-2013)

Leeds University Business School

Overview of Data Sets

Corporate Data


Corporate Data: Overview of Data Set

• Data Filed at Companies House- Annual and Interim Accounts

- Financial Statements (abridged, medium, full, GAAP, IFRS, legal type)- Auditors; Audit Qualifications- Banks

- Annual Return - Industry Sector/Technology (NACE)- Location (grid ref - region)- Shareholders- Directors

- Filing History- Change in Directors- Change in Shareholdings- Charges on Assets- Name Changes

- Exits- Insolvency- Voluntary- Dissolution

- Valued Added Data (other sources)- Sub-samples: Buyouts, Spin-Outs, VC/PE-backed, Growth, High Tech

switching

Matching/location

Cross-check: TSO, Insolvency service


Corporate Data: Panel (Company-Years)

Around 60% are abridged accounts 40% Full P&L

Since 2007 - Detailed Accounts GAAP IFRS

Includes all entry, exits and dissolutionand dormants

Incorporation date - age - regnum unique

Group structure - subsid etc


Corporate Data: Panel (Company-Years)

PerformanceProfitabilityProductivity (value added)Growth (assets, turnover)

- 3 years- 5 years

SurvivalLongevity

Subsamples and Added DataBuyouts and PE backed firmsFamily FirmsSpin-outsHigh Tech FirmsHigh growth Firms


Corporate Data: Exits and distress

InsolvencyAdministration - date and exit dateLiquidation - dateReceivership - dateVoluntary arrangements – date and end

Voluntary Closures

Dissolutions

DistressCharges on AssetsCounty Court Judgments (to 2010)Late FilingIndustry Risk Index


Corporate Data: Industry and Location

LocationRegistered AddressTrading AddressPost code matched to grid referenceNUTS regions

IndustrySic codes (2003, 2007)Matched to Technology (NACE)Competition Index


Corporate Data: Auditors and Bankers

AuditAudited or notAuditor (coded as Big 5/4; Top Tier; Other)Auditor switching (in and out; up and down)Audit Qualifications (coded 1-5 scale of severity)

BankPrimary bankerBank switching


Analysis of Ownership and Variable Construction

Shareholder Data



Shareholders- Individuals- Companies- LLPs- Trusts

Individuals- Gender- Ethnicity- Title

Share Types- Ordinary- Preference- Employee- Other

Share Value- Total- Percentage

Gender (22%)

Surnames:Common Surnames

Title:Professor, Dr etc

N= 6,324,215Firms= 3,257,565



Shareholders- Individuals- Companies- LLPs- Trusts

Individuals- Gender- Ethnicity- Title

Share Types- Ordinary- Preference- Employee- Other

Share Value- Total- Percentage

N= 6,324,215Firms= 3,257,565


Shareholders- Trusts (obvious)- Long Strings

- Family Trust- Settlement Trust- Trustees (long

string)- Employee Trusts- Share Schemes- Employee Owned- Family Owned

(surname)- Pension Funds


Trustees

Trusts







Trustees of fund

Employees& Other






Analysis of Ownership and Variable Construction Trustees of fund

Family Trusts







Employee Benefit Trusts


Shareholders- Companies- Investment

- Private Equity- Venture Capital- Banks- Investment Co’s


Shareholders- Companies- LLPs

- Ltd Companies- PLC’s- Holding Companies- Nominees

PE & VC etc


Analysis of Directors and Boards: Variable Construction

Director Data (Current Directors)- Age- Gender- Qualifications- Location- Co-location

- Current Directorships- Resignations

Director Data (Associated Directorships)- First Appointment- Companies- Company Industry Sectors- Company Exits- Resignations

Variables- Board Size- Composition

- Age (average, variation)- Gender- Experience (months)- Sector experience (months)- Resignations (tenure length)- Co-location (with directors/company)- Previous failures/exits- Previous growth- Previous investments- Family members- Insider Ownership etc


Comments and Suggestions

Corporate Data