“…Though effective governance as a control measure is supported by numerous archival research (e.g., Mueller, 2006, David-Friday et al, 2006, Gul & Tsui, 2001, La Porta et al, 1998, these studies mainly focus on the organisational structure, ex-ante monitoring (e.g., investors" protection law, board and audit committee independence, board size, CEO duality), and managerial interest alignment (e.g., managerial ownership, ownership concentration). In more recent development, managerial opportunistic incentives are getting more attention due to their association with the corporate financial scandals in recent years.…”