“…features could play important roles. Many studies identify that size (Hong, Torous, & Valkanov, 2007;Yeyati et al, 2009), sales growth (Roosenboom & van Dijk, 2009;Bekaert et al, 2007;Chan & Lakonishok, 2004;Lakonishok, Shleifer, & Vishny, 1992), volume turnover (Grammig, Melvin, & Schlag, 2005;Koumkwa & Susmel, 2008;Yeyati et al, 2009), firm performance (Jegadeesh & Livant, 2006;Lee, Shleifer, & Thaler, 1991;Lee & Zumwalt, 1981), and corporate leverage (Lucey & Zhang, 2011;Smith & Watts, 1992) are the crucial firm characteristics that are most likely to affect international financial integration.…”