<p><strong>Research Aims: </strong>Analyze whether firms that have a high internationalization rate and make significant investments will achieve good firm performance as measured by the return on assets. This study also identified the effect of board size, ownership concentration, and dividend on the performance of manufacturing firms in the ASEAN (Association of Southeast Asian Nations)-5 countries during the period 2012-2016.</p><p>    </p><p><strong>Design/methodology/approach:</strong> Internationalization is measured by foreign sales to total sales, and capital investment is measured by capital expenditure to total assets. Board size is measured by the number of members on the board of directors. Ownership concentration is measured by a block holder variable, which is defined as the percentage of shareholding by 5% or more. Dividend is measured by dividend per share. Firm Performance is measured by return on equity (ROE). This study collected a sample of 50 manufacturing firms with the largest market capitalization of each country in the ASEAN-5 within period 2012-2016 and uses the panel data analysis method.</p><p>    </p><p><strong>Research Findings: </strong>The results show that board size positively affects firm performance, ownership concentration negatively affects firm performance, dividend per share negatively affects firm performance, internationalization has a negative relationship with firm performance, and capital investment has a positive relationship with firm performance.</p><p>    </p><p><strong>Theoretical Contribution/Originality: </strong>The paper investigates the impact of Internationalization, Capital Investment, board size, ownership concentration and dividend on performance of manufacturing Firms in ASEAN-5 Countries in 2012-2016.</p><p>    </p><p><strong>Managerial Implication in the South East Asian context: </strong>The result of the study will be valuable for determining the strategic position that will enhance the performance of manufacturing firms in ASEAN countries.</p><p>    </p><p><strong>Research limitation &amp; implications:</strong>  The research is limited by its sample which does not include all  manufacturing companies in the ASEAN-5 countries.</p><p><em> </em></p><strong>Keywords</strong>: export, capital investment, firm performance, board size, ownership concentration, dividend, ASEAN-5