“…The following control variables are applied, following prior literature (Li et al, 2021;McGuinness et al, 2017;Shahab et al, 2021;Yu, 2008;M. Zhang et al, 2015): firm size (SIZE), return on total assets (ROA), financial leverage (LEV), firm growth (GROWTH), independent directors' percentage among the board (INDEP), years of listing (AGE), CEO duality (DUAL), institutional ownership (INST), and corporate ownership type (SOE), as well as year fixed effects (YEAR) and industry dummies (INDUSTRY).…”