This study examines the effect of corporate governance index on firm value which is moderated by capital structure. I want to examine if companies that use corporate governance have concerns about corporate interests and reduce conflicts within company. This study uses a corporate governance index developed by the Forum for Corporate Governance in Indonesia (FCGI) and Price Waterhouse Coopers (PwC) where the measurement was first applied as a research proxy. Capital structure becomes moderating variable in this research. The results show that the corporate governance index has a positive effect on firm value and proves that the capital structure becomes moderated in the relationship between corporate governance index and firm value. It means that company have concern to its shareholders, they want to reduce the conflict (agency and asymmetry information) in the company. In the other hand, when company disclose their corporate governance accompanied by capital structure (debt), it makes shareholders feel insecure to invest in the company.