Government Linked-Companies (GLCs) and their performance are an important phenomenon in the corporate world. This study is specially designed to examine the impact of gearing and boardsize on shareholder value of GLCs. A sample of 30 GLCs is selected across the 40 GLCs listed on Bursa Malaysia using judgmental sampling method. Financial data of 10 years of the selected companies are gathered from EXODOS. This study incorporates descriptive statistics and hierarchical regression analysis. The results indicate that gearing has a negative impact on shareholder value, whereas, boardsize positively impacts shareholder value. © 2017, Institute of Advanced Scientific Research, Inc. All rights reserved.