This study used Tobin's Q, the sum of market value equity and the book value of debt divided by the book value of total assets, as a measure of firm value. Tobin's Q is a widely used measurement of firm value in the studied of ownership structure and corporate governance(see, for example Demsetz & Villalonga, 2001: Chen, Guo, & Mande, 2003; Minguez-Vera & Martin-Ugedo, 2007, and Connelly et al., 2012).