This study examined the relationship between firm characteristics such as board of directors' ownership (BODOWN), institutional ownership (INSOWN), concentrated ownership (CONOWN), debt ratio and levels of diversification which had been identified in the literature as the determinants of corporate restructuring and corporate performance before and after restructuring. Ninety six asset restructuring (AR) firms listed on the Bursa Malaysia (formerly known as Kuala Lumpur Stock Exchanges) between 1990 and 2002 were selected as the final samples. Prior to AR, BODOWN had significant negative relationship while INSOWN had significant positive relationship with performance. The findings also revealed that the ownership structure had significant relationship with performance following AR. However, only BODOWN had significant positive relationship with performance in post restructuring period. In conclusion, in Malaysia, the firm's ownership structure played a role in determining performance following AR.