Note(s): **, *** represent the significance at level p < 0.1, p < 0.05, p < 0.01; t-statistic is in bracket; Tobin's Q is measurement for firm value; DER is total derivatives (notional amount/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 the 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 it has been annualized to yearly return); SIZE is firm size (natural logarithm of total assets); GROWTH is investment growth (ratio of capital expenditure to sales); LEV is leverage (long-term debt divided by total shareholder's equity); DER × MO is the interaction between total derivatives and managerial ownership; DER × LEV is the interaction between total derivatives and leverage; DER × GROWTH is the interaction between total derivatives and investment growth