regulations. Whereas the laws or regulations that are no longer necessary or outdated, or become obstacles to public livelihood or occupation will be repealed or revised to eliminate burden on people and

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

% 13% 11% Undergraduated Degree 327 928 138 1393 74% 59% 58% 62% Master Degree or Higher 77 461 70 608 17% 29% 29% 27% Total 444 1573 238 2255 100% 100% 100% 100% Investor Types TotalEducation Occupation

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

gather information on name, last name, nationality, occupation, residential address, contacting address, name of ultimate beneficial owner, name of ultimate controlling person, name of the entity

name, nationality, occupation, residential address, contacting address, name of ultimate beneficial owner, name of ultimate controlling person, name of the entity, shareholding structure of the entity

), the securities company must gather information on name, last name, nationality, occupation, residential address, contacting address, name of ultimate beneficial owner, name of ultimate controlling

) National Saving Fund Public pension Occupation pension Tax deductions for RMF/SSF/TESG/Life insurance Voluntary saving 1 2 3 Notes: 1) Provident funds, being voluntary, differ in availability among employers

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