This article aims to prove where the proxy (Price Book Value-PBV- or Tobins Q) better measure firm value. Measurement of Corporate Governance (CG) is performed on the sub-sectors of agriculture and mining company listed on the Indonesia Stock Exchange. This research tested the 41 companies in the sector of Agriculture and Mining sector with purposive sampling technique (the analysis period 2010-2014) using OLS. The results showed no influence on the CG PBV although controlled by the firm's financial variable characteristic. Meanwhile, the Committee has a positive influence on Tobins Q and the size of the company has the opposite effect on the Tobins Q. In general, this research recommends the use of Tobins Q as a proxy measurement of firm value. Keywords: Firm Value, Price Book Value, Tobins Q, Corporate Governance, and Firm's Financial Charactristic.
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