This paper proposes a research framework to examine the role of ownerships in influencing corporate financial policies implemented by public listed companies in Malaysia. The proposed framework is an important area of research as it will highlight the significance of ownership in the form of multiple shareholders structure (MSS) as a major element in determining the corporate financial policies of a firm which in turn will affect the firms’ performance. The proposed study is very interesting as it highlights the sharing control among large shareholders as a corporate governance mechanism. The framework relies on agency theory as the underpinning theory for this study.