Table 1 Features constructed according to the category: features related to characteristics of the director, of the addresses, of the companies, of the owners, or of combinations. A full description of each variable can be found in Appendix A.4

Characteristics of directors

Characteristics of the companies

Is the director an individual or a corporate entity?

Any company in a CSP-related sector?

Director’s name contains a corporate keyword

Log number of companies

Corporate director in a CSP-related sector

String similarity between company names

Director appears in offshore leaks

% of companies in finance

% of holding companies (NACE 6420)

Characteristics of both directors and companies

% of real estate companies

Corporate director: shared directors with companies

% of top holdings

Name similarity between companes and director

% of administrative companies

% of companies with the title “director”

% of companies with unknown sector

% of companies with the most frequent title

% of companies in retail/wholesale

Number of shared directors between the companies

% of companies in construction

Average number of previous directors per company

% of companies of top sector

% of companies with a previous licensed CSP

% of BVs

% of Foundations

Characteristics of the addresses

% of VOFs

Log # of companies in the top office address

% of Cooperatives

Log # of companies in the top poastal address

% of CVs

% of companies in the top office address

% of companies with the top legal form

% of companies in the top postal address

Number of companies in offshore leaks

% of companies previously in an address of CSP (augmented)

% of companies previously in an address of CSP

Number of office addresses in offshore leaks

Characteristics of the owners

Number of postal addresses in offshore leaks

Number of directors that are also owners

Average number of previous address

% of directors that are also owners

% of companies with unknown owner

Characteristics of both owners and companies

% of companies with domestic owner

Log number of independent companies

% of companies with foreign owner

Number of directors per independent company

% of companies with owner in an OFC

Number of companies per independent company