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— he paper aims to indicate the impact of ownership structure traced by domestic and foreign shareholders numbers on the value relevance of earnings and book value individually and in aggregate for Jordanian industrial sector within the period from 1992 to 2002. Using price model, domestic and total shareholders numbers significantly declined the value relevance of both individual and aggregate book value but not that of earnings. Foreign shareholders number shows no impact on the value relevance of both accounting variables. Domestic and total shareholders numbers affected more the value relevance of book value than that of earnings. In their combination, share price responds more to book value than earnings when the impact of ownership structure is included. Our findings might provide financial reporting users with a good comprehension regarding the valuation practices and set prime fundamentals for future research that is interested in testing our hypotheses in more details. I. INTRODUCTION A wide research on whether a company's market value of equity reflects the usefulness of accounting information has been conducted by examining the association between them. A firm market value could be impacted by the relevant accounting information disclosed by that firm. The indirect role of financial instruments productive capacity (such as stocks) is in separating firm management away from its owners which could increase public confidence and attract more investments. Additionally, it is a fact that many factors in a country might affect equity market value. While share index could reflect the trend and level of economic developments in a certain extent [14], one important economic factor that might affect share value is attracting more investments to a company. Since increasing such investments in a company influences its ownership structure, our paper tries to indicate whether ownership structure matters to firm value. The impact of ownership structure proxied by different measures such as institutional, concentration, governmental, percentage and others on firm value has been well examined in prior studies and a mixed of significant results has been concluded [9], [21], [10[, [8] and [6]. Whereas accounting information has been considered as a meaningful resource for firm valuation, it is important to indicate whether ownership structure in other proxies such as domestic and foreign shareholders numbers could significantly impact the relationship between accounting information and market equity value (as value relevance) and whether those proxies have the ability to guide market participants in evaluating their investments in stock exchanges. Recently, valuation model has been expanded to include different accounting and non-accounting information as other information according to Ohlson model (1995). Our paper is stimulated by the valuation research that has investigated the impact of ownership structure as a non-accounting information on the accounting information relevance [5], [4], [18]. Consequently, the current study tries to test whether non-accounting information could be an indicator to firm value. Using price model, the impact of percentage foreign ownership in the local firm on the value relevance of its earnings and book value has been tested by [5] and [6] in Korea and Russia respectively. In Jordan, while the impact of percentage share of foreign companies in local economy on the value relevance of earnings has been examined by [4], the impact of foreign and local shareholders number on the value relevance of earnings and book value has been tested by [18]. Both studies used return model. The current study extends the previous ones by investigating the impact of domestic and foreign shareholders number on the value relevance of earning and book value in Jordan employing price model. Accordingly, while relevant accounting information might reflect firm value and to be more close to our topic, we are interested in testing how could non-accounting information traced by domestic and foreign shareholders number (as ownership structure proxies) impact the accounting information relevance. Therefore, our study tries to investigate whether extending the number of those proxies impacts the value relevance of earnings and book value individually and in aggregate for Jordanian industrial companies within the period from 1992 to 2002. Our paper addresses the following questions: (1) does extending domestic or/and foreign investments in a company have a significant impact on its accounting information relevance? And (2), which ownership proxy among domestic, foreign shareholders or their total number more impacts the accounting information relevance?