“…Second, we confirm that firms with a low pledge ratio, a small board size, a low debt ratio, a high asset turnover ratio, and large firm scales would have high OB-ratios. These findings are consistent with the relevant literature (Barton & Simko, 2002;Cai & Zhang, 2011;Chiang, Chung, & Huang, 2015;Claessens, Djankov, Fan, & Lang, 2002;Eisenberg, Sundgren, & Wells, 1998;Lee & Yeh, 2004;Linsmeier, 2016;Ni & Huang, 2015;O'Connell & Cramer, 2010;Unda, 2015).…”