This study aims to analyze the effect of Good Corporate Governance (Institutional Ownership, Managerial Ownership, Independent Board of Commissioners Proportion) on Earnings Management and Financial Performance. The population of this research is manufacturing companies listed on the Indonesia Stock Exchange for the period 2013-2017. The sampling method used in this study was purposive sampling. The number of samples in this study were 180 samples of manufacturing companies listed on the Indonesia Stock Exchange. The analysis technique in this study is multiple linear regression with the help of SPSS. The results of this study indicate that the first equation of Institutional Ownership and Managerial Ownership does not have a significant effect on Profit Management while the proportion of Independent Board of Commissioners has a significant effect on Earnings Management. The second equation shows that Institutional Ownership, Managerial Ownership, Proportion of the Independent Board of Commissioners have a significant effect on Financial Performance.