This research is aimed to examine effect of firms’ rank in ASEAN corporate governance scorecard on firm value. Research sample consists of 491 manufacture firms listed in stock market of Thailand, Singapore, Philippines, Indonesia, and Malaysia from 2012-2013. By performing country fixed-effect regression, this research finds that big 50 of highest ASEAN corporate governance scorecard have positive effect on firm value. In addition, analysis of each country and alternative tests show similar result with main analysis. High ASEAN corporate governance scorecard; as improvement of rights of shareholders, equitable treatment of shareholders, role of stakeholders, disclosure and transparency, responsibilities of the board; mitigates conflict of interest and increases firm value. Novelty of this research is the use of corporate governance standard in ASEAN as one region, because ASEAN is on progress in development of one integrated open market business. It leads to involvement of business participants across countries in ASEAN in evaluation of good corporate governance in same standard of ASEAN region.            Management could make firm policy about optimal corporate governance, so management could maximizes shareholders’ wealth. Investors, who have interest send their investment in ASEAN, have to see condition of corporate governance, so investors’ wealth could be maximized.