... conflicts of interest between outside shareholders and managers who own an insignificant amount of equity in the firm (Berle and Means, 1932; Jensen and Meckling, 1976; Roe, 1994). On the other hand, ... quarter of the East Asian companies, more than 40% of the voting rights are in the hands of the 11 The two extreme percentiles of firm-year observations of annual stock returns and net earnings ... effect of V on earnings informativeness is negative and significant in Hong Kong, Malaysia, and Taiwan. The effect of CV is positive and significant in Hong Kong, Malaysia, Taiwan and Thailand....