“…After referring to the previous literature [ 2 , 8 , 9 , 33 , 34 ] and synthesizing the practices of these literatures, we selected a series of control variables, including the percentage of shares held by the largest shareholder, the percentage of shares held by institutional investors, the gearing ratio, company size, the inverse of the share price, cmpany age, the percentage of independent directors, and the stock return volatility. Also, industry-level fixed effects, and industry fixed effects are controlled for.…”