Purpose This study aims to analyse the effect of corporate governance on investment efficiency and the moderating impact of industry competition on the relationship between corporate governance and investment efficiency. Design/methodology/approach The research sample includes a total of 36 publicly listed companies assessed by the Indonesian Institute for Corporate Directorship from 2012 to 2018. Testing is performed on full sample and overinvestment and underinvestment subsamples. Additional testing is further carried out using the generalized method of moments to address endogeneity problems and a robustness test is performed to assess the estimated investment efficiency. Findings Corporate governance can increase investment efficiency and the effectiveness of corporate governance is found to drop when the level of industry competition is higher. Practical implications The results of the present study corroborate the suggestion that companies need to implement corporate governance mechanisms. Furthermore, designing a corporate governance mechanism requires the scrutiny of the external environment, including industry competition. Originality/value The present study adds the profitability factor in the calculation of investment efficiency levels. This study also considers external factors that can influence the effectiveness of corporate governance in determining investment efficiency.

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This study aims to find out the factors affecting firm value in manufacturing sector of listed companies for the period of 2016 – 2020. The sample of this research is 113 data with sample selection using purposive sampling method. Sources of data come from financial reports and annual reports. Methods of data analysis using multiple linear regression analysis. Data is processed using a program through the Statistical Package for the Social Sciences (SPSS) version 26. The results of the study are profitability and the proportion of independent commissioners have a significant positive effect on firm value, managerial ownership has a significant negative effect on firm value, while gender diversity has no effect on firm value.