With intention to identify the important components that applied in the reforms of the Malaysia corporate governance, a study is needed as a tool to proof whether the ownership structures and corporate governance practices are truly influenced firm performance. The purpose of the study is to investigate the relationship between firms’ ownership structures, corporate governance pratices and firm performance. Specifically, this study narrows the ownership structures categories into; institutional, government, family, foreign, managerial and concentrated. Besides, this study focuses on ten corporate governance components which include board structure, CEO duality, board size, independent board of directors, directors’ professionalism/qualification, board meeting, board committee, directors’ remuneration, transparency and disclose, merger and acquisition. Firm performance will be measured in the aspect of accounting profitability- return on asset and return on equity; and market performanceTobin-Q, price to earnings and price to book value.