This study also manipulates corporate governance mechanisms, encompassing two dimensions: the board dimension and the dimension of the CEO & the management. There are three items related to the board dimension. Sample item is “there is more percentage of outside directors in the board”. Two items are used to manipulate the dimension of the CEO & the management. Sample item is “the CEO has the power to make major firm decisions and has equal or more than a 5 percent holding”. Duncan’s range test shows that corporate governance mechanisms are manipulated successfully and all the items have significantly differences (p