From this perspective, PP conflicts are confronted as an expropriation problem. The
controlling shareholders are allegedly siphoning the company’s resources to benefit
their personal interests (Johnson, et al. 2000). Typically, it is the minority
shareholders who suffer financially (Bae, et al. 2002) even if they do still receive
some amount of dividend returns. In the meantime, the company retains its high
cash flow while its growth is being compromised, (Ibrahim &Mazlan 2006;Kassim, et
al. 1993;Rozeff 1982) suggesting the possibility of expropriation.