This paper empirically examines the determinants of the value of voting rights by using a sample of corporations listed on Taiwan Stock Exchange that have held reelect ions for their boards of directors between 1994 and 1998. The method of Dodd and Warner (1983) is used to calculate the value of voting rights. The cross-sectional analysis indicates that the value of corporate votes is increase with the private benefits from corporate control and the intensity of control contests. In addition, the managerial efficiency of corporate assets is negatively related to the value of voting rights. The result is robust to numerous controls for the expected return model and the liquidity effect. Our fin ding s are consistent with agency theory explanation of the value of corporate votes.