This study examines the relation between blockholdings and firm value and how this relation changes across investor protection regimes for 20883 observations in 37 countries from 2006 to 2009. This study finds the U shaped relation between firm value and the control rights of blockholdings. The U shaped relation provides evidence supported for the entrenchment effect when control rights of blockholdings are not high enough. This study also finds that firms in high investor protection countries are associated with higher value than in low investor protection countries for firms with very large blockholdings. Meanwhile for firms with lower blocholdings, firms in high investor protection countries are associated with lower value than in low investor protection countries.