“…Xu, Xuan, and Zheng (2021) demonstrated that internet searching facilitates investors' information processing, thus reducing firms' SPCR by using the event of Google unexpectedly withdrew its searching business from China. In addition, there are also some literatures explored the influencing factors of SPCR from the perspectives of excess perk consumption (Xu, Li, Yuan, & Chan, 2014), excessive relationship expenditure, board social capital (Jebran, Chen, & Zhang, 2022), local gambling preference (Ji, Quan, Yin, & Yuan, 2021), tournament incentive (Sun, Habib, & Huang, 2019), ultimate ownership (Liang, Li, Gao, & Mathur, 2020), internal coalition (Xu, Rao, Cheng, & Wang, 2020) and information interaction among large shareholders (Li, Wang, Zhou, & Zhang, 2021), and so on.…”