This study examined the impact of ownership structure on the value of listed brewery companies in Nigeria. Specifically, it aimed to examine the impact of managerial ownership and institutional ownership on firm performance, measured by Tobin’s Q. The study used Firm Value (FV), proxied by Tobin’s Q, as the dependent variable and Managerial Ownership (MO) and Institutional Ownership (IO) as the independent variables. Firm Size (SIZE) is used as the control variable. The study adopted an ex-post facto research design, utilising quantitative panel data from secondary sources of two selected brewery companies in Nigeria for the period 2020-2024. The study employed multiple regression techniques, including Pooled Ordinary Least Squares (POLS), Fixed Effects (FE), and Random Effects (RE) models. The study found a positive relationship between managerial Ownership and firm performance (coefficient = 0.264, t-value = 2.287). An increase in managerial ownership leads to improved performance among brewery firms. A negative relationship between Institutional Ownership and firm performance was observed (coefficient = -12.779, t-value = 8.036). An increase in institutional ownership leads to a fall in the performance of the firms. The study concluded that managerial ownership positively affects Tobin’s Q, supporting agency theory, because managers who are also owners are motivated to maximize firm value. Conversely, institutional ownership has a significant negative effect on the value of listed brewery companies in Nigeria. To enhance firm value, the study recommended that listed brewery companies in Nigeria should increase managerial ownership to motivate efficiency and wealth creation. Institutions should not be granted majority shareholding in listed brewery companies, as a one-sided ownership structure could lead to a reduction in firm value and discourage other investors.

Keywords: Institutional Ownership, Managerial Ownership, Tobin’s Q, Firm’s Size.