Variable definition: Contypes = corporate control types, which equal to 1 if corporate control types are owner-controlled firms and equal to 0 if they are management-controlled types. Finimportant = the importance of financial information for investment decisions. It ranges from 1 equals to the least important of financial information for investment decisions to 7 equals to the most important of financial information for investment decisions; Age = the age of investors, which equals to 1 if it is above 40 years old and it equals to 0 if the age is between 20 and 39 years old. Education = the educational level of investors, which equals to 1 if it is a master’s or a doctor’s degree and it equals to 0 if it is a bachelor’s degree.