References

Ali, A., T.Y. Chen and S. Radhakrishnan, 2007. Corporate disclosures by family firms. J. Account. Econ., 44: 238-286.
CrossRef  |  Direct Link  |  

Anderson, R.C. and D.M. Reeb, 2003. Founding‐family ownership and firm performance: Evidence from the S&P 500. J. Finance, 58: 1301-1327.
CrossRef  |  Direct Link  |  

Anderson, R.C., S.A. Mansi and D.M. Reeb, 2003. Founding family ownership and the agency cost of debt. J. Finance Econ., 68: 263-285.
CrossRef  |  Direct Link  |  

Bae, K.H., J.K. Kang and J.M. Kim, 2002. Tunneling or value added? Evidence from mergers by Korean business groups. J. Finance, 62: 2695-2740.
CrossRef  |  Direct Link  |  

Baek, J.S., J.K. Kang and K.S. Park, 2004. Corporate governance and firm value: Evidence from the Korean financial crisis. J. Financial Econ., 71: 265-313.
CrossRef  |  Direct Link  |  

Bagnoli, M., H.T. Liu and S.G. Watts, 2011. Family firms, debtholder-shareholder agency costs and the use of covenants in private debt. Ann. Finance, 14: 477-509.
CrossRef  |  Direct Link  |  

Ball, R., A. Robin and J.S. Wu, 2003. Incentives versus standards: Properties of accounting income in four East Asian countries. J. Account. Econ., 36: 235-270.
CrossRef  |  Direct Link  |  

Bebchunk, L., R. Kraakman and G. Triantis, 2000. Stock Pyramids, Cross-Ownership and Dual Class Equity: The Creation and Agency Costs of Separating Control from Cash Flow Rights. In: Concentrated Corporate Ownership, Morck, R.K. (Ed.). University of Chicago Press, Chicago, IL., USA.

Berle, A.A. and G.C. Means, 1932. The Modern Corporation and Private Property. Macmillan, New York.

Chau, G.K. and S.J. Gray, 2002. Ownership structure and corporate voluntary disclosure in Hong Kong and Singapore. Int. J. Account., 37: 247-265.
CrossRef  |  

Cho, M.H., 1998. Ownership structure, investment and the corporate value: An empirical analysis. J. Financial Econ., 47: 103-121.
CrossRef  |  

Choi, J.J., S.W. Park and S.S. Yoo, 2007. The value of outside directors: Evidence from corporate governance reform in Korea. J. Fin. Quant. Anal., 42: 941-962.
CrossRef  |  Direct Link  |  

Chung, K.H. and S.W. Pruitt, 1994. A simple approximation of Tobin's q. Financial Manage., 23: 70-74.
Direct Link  |  

Claessens, S., S. Djankov and L.H.P. Lang, 2000. The separation of ownership and control in East Asian corporations. J. Financial Econ., 58: 81-112.
CrossRef  |  

Claessens, S., S. Djankov, J.P.H. Fan and L.H.P. Lang, 2002. Disentangling the incentive and entrenchment effects of large shareholdings. J. Finance, 57: 2741-2771.
CrossRef  |  

DeFond, M.L. and J. Jiambalvo, 1994. Debt covenant violation and manipulation of accruals. J. Account. Econ., 17: 145-176.
CrossRef  |  Direct Link  |  

Dechow, P.M. and I.D. Dichev, 2002. The quality of accruals and earnings: The role of accrual estimation errors. Account. Rev., 77: 35-59.
CrossRef  |  Direct Link  |  

Dhaliwal, D.S., K.J. Lee and N.L. Fargher, 1991. The association between unexpected earnings and abnormal security returns in the presence of financial leverage. Contemp. Account. Res., 8: 20-41.
CrossRef  |  Direct Link  |  

Fan, J.P.H. and T.J. Wong, 2002. Corporate ownership structure and the informativeness of accounting earnings in East Asia. J. Account. Econ., 33: 401-425.
CrossRef  |  Direct Link  |  

Francis, J., R. LaFond, P. Olsson and K. Schipper, 2005. The market pricing of accruals quality. J. Account. Econ., 39: 295-327.
CrossRef  |  Direct Link  |  

Gomez-Mejia, L.R., M. Nunez-Nickel and I. Gutierrez, 2001. The role of family ties in agency contracts. Acad. Manage. J., 44: 81-95.
Direct Link  |  

Grossman, S.J. and O.D. Hart, 1980. Takeover bids, the free-rider problem and the theory of the corporation. Bell J. Econ., 11: 42-64.
Direct Link  |  

Himmelberg, C.P., R.G. Hubbard and D. Palia, 1999. Understanding the determinants of managerial ownership and the link between ownership and performance. J. Financial Econ., 53: 353-384.
CrossRef  |  

James, H.S., 1999. Owner as manager, extended horizons and the family firm. Int. J. Econ. Bus., 6: 41-55.
CrossRef  |  Direct Link  |  

Jang, J., W. Kim and K. Kim, 2002. Valuation effect of accounting opacity of Korean companies. Korea Economic Research Institute, Seminar of Accounting Opacity and Firm Value, Korean, Territory.

Jensen, M.C. and W.H. Meckling, 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. J. Financial Econ., 3: 305-360.
CrossRef  |  Direct Link  |  

Joh, S.W., 2003. Corporate governance and firm profitability: Evidence from Korea before the economic crisis. J. Financial Econ., 68: 287-322.
CrossRef  |  Direct Link  |  

Johnson, S., P. Boone, A. Breach and E. Friedman, 2000. Corporate governance in the Asian financial crisis. J. Financial Econ., 58: 141-186.
CrossRef  |  Direct Link  |  

Johnson, S., R. La Porta, F. Lopez-de-Silanes and A. Shleifer, 2000. Tunneling. Am. Econ. Rev., 90: 22-27.
Direct Link  |  

Jung, K. and S.Y. Kwon, 2002. Ownership structure and earnings informativeness: Evidence from Korea. Int. J. Account., 37: 301-325.
CrossRef  |  Direct Link  |  

Kang, J.K. and R.M. Stulz, 1997. Why is there a home bias? An analysis of foreign portfolio equity ownership in Japan. J. Financial Econ., 46: 3-28.
CrossRef  |  Direct Link  |  

Kim, J.B. and C.H. Yi, 2006. Ownership structure, business group affiliation, listing status and earnings management: Evidence from Korea. Contemp. Account. Res., 23: 427-464.
CrossRef  |  Direct Link  |  

La Porta, R., F. Lopez‐De‐Silanes and A. Shleifer, 1999. Corporate ownership around the world. J. Finance, 54: 471-517.
CrossRef  |  Direct Link  |  

La Porta, R., F. Lopez-De-Silanes, A. Shleifer and R. Vishny, 2002. Investor protection and corporate valuation. J. Finance, 57: 1147-1170.
CrossRef  |  Direct Link  |  

Lim, U. and C.S. Kim, 2005. Determinants of ownership structure: an empirical study of the Korean conglomerates. Pacific-Basin Finance J., 13: 1-28.
CrossRef  |  Direct Link  |  

McNichols, M.F., 2002. Discussion of the quality of accruals and earnings: The role of accrual estimation errors. Account. Rev., 77: 61-69.
CrossRef  |  

Morck, R., A. Shleifer and R.W. Vishny, 1988. Management ownership and market valuation: An empirical analysis. J. Financial Econ., 20: 293-315.
CrossRef  |  

Nah, C., 2004. [Informativeness of discretionary accruals depending on accruals quality and auditor types]. Korean Account. Rev., 29: 117-142, (In Korean).

Ng, C.Y.M., 2005. An empirical study on the relationship between ownership and performance in a family-based corporate environment. J. Account. Audit. Finance, 20: 121-146.
Direct Link  |  

Schulze, W.G., M.H. Lubatkin, R.N. Dino and A.K. Buchholtz, 2001. Agency relationships in family firms: Theory and evidence. Organiz. Sci., 12: 99-116.
Direct Link  |  

Shleifer, A. and R.W. Vishny, 1986. Large shareholders and corporate control. J. Political Econ., 94: 461-488.
Direct Link  |  

Shleifer, A. and R.W. Vishny, 1997. A survey of corporate governance. J. Finance, 52: 737-783.
CrossRef  |  Direct Link  |  

Srinidhi, B.N. and F.A. Gul, 2007. The differential effects of auditors' nonaudit and audit fees on accrual quality. Contemp. Account. Res., 24: 595-629.
CrossRef  |  Direct Link  |  

Tam, O.K. and M.G.S. Tan, 2007. Ownership, governance and firm performance in Malaysia. Corporate Governance, 15: 208-222.
CrossRef  |  Direct Link  |  

Wang, D., 2006. Founding family ownership and earnings quality. J. Account. Res., 44: 619-656.
CrossRef  |  Direct Link  |  

Zhou, X., 2001. Understanding the determinants of managerial ownership and the link between ownership and performance: Comment. J. Financial Econ., 62: 559-571.
CrossRef  |  Direct Link  |