Previous studies that dealt with corporate governance have witnessed gradually significant growth that created some new trends. This paper aims to be involved in such trends through examining the link between ownership structure as one of the important corporate governance mechanisms and firm performance in Jordan as one of emerging economies. The current study used the multiple regression method to analyze available data for a sample of 109 non-financial firms listed in the Amman Stock Exchange (ASE) for the fiscal year 2012. The findings revealed that managerial ownership has a positive impact on performance. On the other hand the findings surprisingly showed no evidence to support the impact of foreign ownership on performance. Moreover, there is a significant evidence to support the fact that firm size has no impact on firm performance. The findings also revealed that industry type has no impact on firm performance. The practical implications of the current study demonstrated that good corporate governance is imperative to all organizations and must be encouraged for the interest of all stakeholders. Unlike the majority of the previous studies, the current study unexpectedly found that foreign ownership is not significantly contributing to the firm performance. Thus, Jordanian government and other related/responsible parties should formulate policies for the foreign investors. Interestingly, from developed and developing countries perspective, the study is the first of its kind that exclusively chose the mechanisms of ownership structure in its relationship with firm performance represented by market share, where no previous study has tested foreign ownership in such relationship. In that, this study is the first study in emerging economies to investigate such a link. Such new insights on this relationship by current study provide helpful information that is of great value to the government, academics, policy makers, and other stakeholders