The definitions of the variables in

The definitions of the variables in Model 3 can be found in Table 11. It should be noted that because the
SSE Corporate Governance Sector was launched in 2007, the data used in the choice equation is for 2006. We
obtain 725 sample observations17 and the regression results are presented in Table 12.
The second step is to include the inverse Mills ratios (Lambda) in Model 1 and construct Model 4. The
regression results are reported in Table 13.