Empirical Study: Path Analysis of Tobin’s Q Firm Value on Indonesian’s State Owned Banks

This study examines the firm value of Indonesian state owned banks, using a panel data set, which is consist of 4 banks and all are public listed; during the period of 2010 to 2015. The aim is to exploring the causality relationship of internal and external factors on firm value by path analysis . The firm value is measured by stock market value based on Tobin's Q formula. Consecutively, the internal and external factors proxy by intellectual capital; Return on Assets; Good Corporate Governance; Gross Domestic Product and intervened by Nonperforming loan. Result of this research shown specific character of Indonesian state owned bank, which the firm's value is negatively impacted by all independent variables.