Measurement of GCG implementation has several approaches, each of which has a different perspective. Using several indicators of GCG in the study to investigate the effect of GCG on corporate value will be able to provide a complete understanding. On the other side, dividend policy has been proven in many studies to be a determining factor in the value of a company. This study aims to determine the effect of Good Corporate Governance on a corporate value in Indonesian financial sector companies with dividend policy as a mediating factor. The research method used is verification by obtaining 75 research samples. The data source is financial reports published on the Indonesia Stock Exchange website. Hypothesis testing conducted is Path Analysis. The result obtained that GCG with an independent commissioner proxy does not affect dividend policy, but it does by using an audit committee proxy. In investigating the impact of GCG with an independent commissioner proxy on company value, it has proved no effect significantly. It showed a similar result when the audit committee proxy used. GCG, measuring with an independent commissioner or audit committee, does not affect corporate value through dividend policy. This study clearly shows differences in results between different GCG indicators. Research findings showed the importance of exploring measurement techniques before concluding. The development of this research in future studies by exploring other indicators will certainly complement the relationship between GCG implementation and corporate value.