65 p.This project investigates the relationship between the equity ownership structure and market valuation of the firm. Using data from firms listed on the Stock Exchange of Singapore for a period of six years (1985-1990), we find that there is an insignificant curvilinear relationship between management ownership and firm value. We also find that blockholder ownership has little impact on firm value. These findings hold even after controlling for the firm's leverage ratio and book value of assets.BUSINES