, dividend yield and valuation of the firms (Daily and Dollinger, 1991; Gallo, 1995). The determination of shareholder wealth is measured by TOBINQ with ROA or ROE (Goopers et. al., 2010; Lee, 2006; Zellweger

studies recommend the relationship between corporate governance characteristic, size, dividend yield and valuation of the firms (Daily and Dollinger, 1991; Gallo, 1995). The determination of shareholder