Kevin Chanry's master's thesis investigates the relationship between good corporate governance (GCG), measured by the ASEAN Corporate Governance Scorecard (ACGS), and firm value in Indonesian public listed companies from 2017-2020. The study surprisingly reveals a significant negative impact of ACGS scores on firm value, suggesting the checkbox-based nature of the ACGS might be perceived as mere compliance rather than genuine governance effectiveness. However, this negative impact diminishes and becomes insignificant when control variables, particularly financial performance indicators, are considered, implying that financial performance outweighs corporate governance in influencing firm value. The research concludes that while ACGS scores offer some insight, a comprehensive assessment considering various factors is crucial for accurately evaluating firm value. The author proposes a progress-based measure for company performance may be a more effective approach to corporate governance.