We extend corporate ownership study by examining the relationship between the types of large shareholders on organizational outcome in Indonesia. The conceptual framework borrows from agency theory predicting that the different type of large shareholders might demand different governance that potentially results in different firm performance. Using a dataset consisting of 190 non-financial companies listed in the Jakarta Stock Exchange, the findings confirm the different impact of different shareholders type on firm performance. Family shareholder is more likely to exacerbate agency problems when the family is the largest shareholder. Foreign investor is related to superior firm performance when they either hold the largest or the second largest corporate shares. The contestability between family and foreign shareholders is negatively related to firm performance suggesting that the presence of second largest shareholder is beneficial. This finding implies that contestability might help preventing the largest shareholders from extracting private-benefit of control.