In addition to maintaining a long-term corporate status and reputation, the controlling shareholders of a company understand that surplus manipulation yields only short-term benefits, and it even damage long-term corporate performance; therefore, when the shareholding of the controlling family of a company is high, the speculative psychology of manipulating surplus is reduced (Anderson & Reeb, 2004). Yeh (2005) discovered that when the cash-flow rights (ownership rights) of the controlling shareholders of a company in Taiwan increased 10%, the corporate value increased 8.8%.