Chapter 4 investigates the complex interplay between Malaysia’s New Economic Policy objectives and corporate sector development, tracing how successive governments adapted the balance among foreign investors, government-linked companies, and domestic private capital in response to recessions, financial crises, and bubble economies. The analysis demonstrates how initial attempts to increase Bumiputera ownership through joint ventures and acquisitions gave way to strategic privatization in the 1980s, only to be reversed through renationalization following the Asian Financial Crisis, as owner-managers of privatized firms proved incapable of weathering economic turbulence. Leadership succession from Mahathir to Abdullah catalyzed fundamental reforms that replaced politically connected entrepreneurs with professional Bumiputera managers, introducing performance-based governance mechanisms in the GLC Transformation Program while maintaining state ownership to preserve the ethnic equity gains achieved over three decades of affirmative action policies.