Investor Reaction on the Implementation of Good Corporate Governance in Banking Companies in Asean

This study aimed to examine The effect of Good Corporate Governance on Investor Reactionin 5 ASEAN Countries. The populations in this research were financial sector companies in ASEAN (Indonesia, Singapura, Malaysia, Thailand, Phillipine) as the members of ASEAN CG Scorecard members assesment 2014 in the period 2015-2016. By using purpose sampling method obtained 146 sample with size, growth, leverage and county as the variable control.The result shows that Good Corporate Governance has positive effect on Market Reaction. Size, Growth and Leverage has no effect on Market Reaction. On the other hand Country variable has no effect on Market Reaction.