The ownership structure of a firm usually possesses’ a significant impact on the perceptions of employees, regulations, and organizational processes. As a result, a direct association between ownership structure and corporate governance has been found by several scholars. The chapter begins with an analysis of ownership structure and the mechanics of concentrated ownership, in which one company or a few investors have the most influence on corporate decisions. Increased oversight and alignment of interests can lead to strong governance, but it risks monopolizing and repressing the minority shareholders and their relations. However, it may face weak maintenance and representation issues, leading to inefficiencies and governance issues. Furthermore, in this chapter, a critical analysis of the roles of institutional investors and state ownership has also been conducted along with emphasizing their dual potential to support conservative governance strategies and possibly pursue broader social and political objectives. The chapter also examines other developments in ownership structure, including the effects of venture capital and private equity, and how these developments affect corporate governance models. This chapter has combined theoretical perspectives related to corporate governance with empirical findings to analyze the role of ownership structure as a determinant of good corporate governance practice.