Note(s): Tobin's Q is a measurement for firm value; ROA and ROE are alternate measurements for firm value; DER is total derivatives (notional value/total asset); MO is managerial ownership (total shareholding (direct) owned by managers over the total common shares outstanding), ACCESS is access to financial market (firm that pays dividend in the present year equals to “1” and “0” otherwise); RISK is firm risk (average standard deviation of daily stock returns on the previous year and then annualized to yearly return); SIZE is firm size (natural logarithm of total assets); GROWTH is investment growth (ratio of capital expenditure to sales) and LEV is leverage (long-term debt divided by total shareholder's equity)