Ab stract:EVA is a use ful tool for as sess ing com pany per for mance. It com bines fac tors, such as econ omy, ac count ing and mar ket in for ma tion in its as sess ment. This study em ployed EVA in an at tempt to com pare the com pa nies' per for mances of GLCs (gov ern ment-linked com pa nies) and non-GLCs. Based on a 4-year pooled panel data of 37 GLCs and 208 non-GLCs, the re sults show that com pa nies with gov ern ment as their stake holders tend to ex hibit lower EVA scores than the com pa nies with out gov ern ment stake holders in Ma lay sia. Larger size com pa nies were found to have lower EVA val ues. Com pa nies which have both the char ac ter is tics -which are si mul ta neously large in size and gov ern ment-owned, tend to be most ad versely af fected. Thus, any in cre ment in the size of com pany for GLCs would de crease or de stroy the value of the com pany, and to a greater degree, than companies without government holding.