DATA.xlsx

We use data from 2010 to 2023 in China to predict our companies' financial distress. We select the sampling period from 2010 to prevent the adverse impacts of the financial crisis in 2008 on the findings. We collect data from the Taiwan Economic Journal database (TEJ), a reliable data provider in Taiwan. The sampling procedure followed previous studies. First, our sample includes the A-shares of listed firms in the Shanghai and Shenzhen stock exchanges. Second, we exclude companies with missing accounting and financial data. We also trim all variables at the 1% and 99% levels to minimize extreme values bias. The final sample is an unbalanced panel consisting of 26,020 firm-year observations.