The Mediating Impact of Value Chain in The Link Between Corporate Governance and SOE’s Performance

State-owned enterprises (SOEs) continue to improve their performance. One of the efforts taken by Ministry SOEs is restructure into holding companies based on clusters. The formation each company cluster carried out in stages. This study examines effect corporate governance, performance with mediating role value chain. Corporate governance refers results self-assessment, which uniqueness CG assessment for SOEs. Value chain analyzes all activities Performance measured comprehensively combining financial and non-financial perspectives. Participants were general managers accounting business process division state-owned enterprise. There are 138 participants.