“…In this research, ownership seen by significant intervention (above 5 percent ownership) (Hudaib & Cooke, 2005), measured by percentage of foreign/managerial/institutional ownership. Even though ownership in ASEAN is dominated by family, family shareholders maximize their wealth by focusing more on "tunneling" it out from other investments than by monitoring of company performance (Juliarto, Tower, Zhan, & Rusmin, 2013;Manurung & Kusumah, 2016). On the other hand, managerial ownership is an effective mechanism to align shareholders and managers interests in ASEAN (Juliarto, Tower, Zhan, & Rusmin, 2013), including in increasing financial reporting.…”