Students are strongly urged to read reviewed journal articles and provide at least two academic journal articles in the reference. Critically examine the following quote: "…the agency costs of [controlling minority shareholders] CMSs are increasing the larger the potential for private benefits extraction. This suggests that, in many countries around the world, the main agency problem is between CMSs and non-controlling shareholders rather than between managers and small, dispersed shareholders." Source: Cronqvist, M. and Nilsson, M. (2003). Agency costs of controlling Minority Shareholders. The Journal of Financial and Quantitative Analysis, Vol. 38, No. 4, pp.696.