| The aim of the paper is to evaluate the value created by foreign shareholders in Indonesia finance company industry. We analyzed the value creation related to the shareholders in both market-based view and resources based view. The research used Ua sample of 100 finance companies that published their financial statement over the period 2001-2015. The research analyzed 7 micro key financial ratios (profitability, efficiency, growth, firm size, liquidity, solvency and asset quality). We use non-parametric Mann Whitney Test and parametric panel data dummy regression. The empirical results showed that finance companies owned by market based integrated foreign shareholders are better in efficiency, higher in profitability, bigger in size, higher in growth capability, but lower in liquidity and solvency. |