equities ratio Firm size ln_TA Natural logarithm of total assets Growth Rate Growth (Revenuest-Revenuest-1)/Revenuest-1 Industry INDUSF Industry fixed effect Country COUNF Country fixed effect Year YF Year

𝑎𝑎ℎ𝑀𝑀𝑇𝑇𝑇𝑇ℎ𝑇𝑇𝑙𝑙𝑢𝑢𝑇𝑇𝑇𝑇 𝑥𝑥 100 𝑇𝑇𝑇𝑇𝑀𝑀𝑀𝑀𝑙𝑙 𝑎𝑎ℎ𝑀𝑀𝑇𝑇𝑇𝑇𝑎𝑎 • Size is the natural logarithm of total tangible asset. • Corporate governance (CG) is the score of corporate governance evaluation conducted by

Weekly Market Capitalization Free Float (FF) = Total paid - up capital - Total stocks under strategic shareholder x 100 Total shares • Size is the natural logarithm of total tangible asset. • Corporate

the natural logarithm of total assets at the end of fiscal year. • LEV, firm leverage, is measured as the ratio of total liabilities to total assets. • ROA, performance, is calculated by the ratio of

capitalization is used. Second, we conjecture that the effect of firm size on corporate culture may not be linear. To explore this possibility, we include the quadratic term for the logarithm of total assets. The

are rather skewed. In the following analysis, the natural logarithm is thus applied to each variable before estimating equations. The logarithmic transformation somewhat moderates the skewness problems