<![CDATA[This study analyzes the effect of corporate governance on a firm value on the Indonesian stock exchange and Islamic stocks in Indonesia. We conducted this study because it is still very rare to research by adding Islamic stock variables as a moderating variable. Many studies on the influence of corporate governance on firm value have been carried out, but there are inconsistencies in the results. Corporate governance, in this case, the ownership structure is assessed by the ownership structure. This study uses 150 manufacturing companies listed on the Jakarta Stock Exchange during 2002 - 2005 as a sample with 600 observations. The hypothesis is tested using regression analysis. Firm value is measured using Tobin's Q. The results show that institutional ownership has no significant effect on firm value. significant effect on firm value due to the development of the Indonesia Stock Exchange in terms of the development of the LQ45 stock index performance increasing, not proven. However, managerial ownership has a significant and positive effect on firm value. What is known from the analysis of this research is (1) the development of the Indonesia Stock Exchange as seen from the growth in the performance of the LQ45 stock index, (2) the growth of sharia shares, (3) the comparison of the LQ45 stock index performance scheme with the JII stock index performance is known to have a slight difference in the growth of the Stock Exchange. Indonesia is seen from the growth in the performance of the LQ45 stock index. And in terms of the development of the JII stock index performance. Keywords: corporate governance, institutional ownership, managerial ownership, LQ45, sharia shares]]>
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