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Table S1(a) Results of the Hierarchical Regression Analysis with Ownership Concentration as the Proxy of Corporate Governance

Table S1(b) Results of the Hierarchical Regression Analysis with Managerial Compensation as the Proxy of Corporate Governance

Table S1(c) Results of the Hierarchical Regression Analysis with Asset-Debt Ratio as the Proxy of Corporate Governance

Table S2(a) Results of the Hierarchical Regression Analysis with Ownership Concentration as the Proxy of Corporate Governance

Table S2(b) Results of the Hierarchical Regression Analysis with Managerial Compensation as the Proxy of Corporate Governance

Table S2(c) Results of the Hierarchical Regression Analysis with Asset-Debt Ratio as the Proxy of Corporate Governance

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