Note(s): ET denotes external blockholder exit threat; Performance denotes operating performance pressure; MarketPerform denotes stock market pressure; RPT denotes the degree of related party transactions; InsiTread denotes the degree of insider trading; AbTone represents abnormal positive tone. Standard errors are clustered by firm. t-statistics are reported in parentheses. All regressions include control variables as well as year- and industry-fixed effects. ***, ** and * indicate significance at the 1%, 5% and 10% levels, respectively. Variable definitions are provided in Table 1