Where MV computes as the sum of the market value of equity and the book value of short-term and long-term debt divided by total assets. RD refers to research and development expenses. Cash refers to cash plus short-term investment. TA is the total asset. E is defined as net income plus all noncash charges or credits, extraordinary items, and interest. DY is the dividend yield. NA is net assets, computed as the book value of assets minus cash and marketable securities. We separate the panel regression into four parts: Level 3, Level 2, Level 1, and no-ADR (the compare sample). ***, **, and * indicate significance at 1%, 5%, and 10% levels, respectively.