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This research discusses the influence of cash flow right, control right and cash flow right leverage on firm value. This research also discusses the influence of corporate governance as moderating variables of cash flow right leverage on firm value. The research has 83 public corporations as research sample. All of the firms kept on the list during observation period that is from 2007-2010. The result of statistical test indicates that cash flow right is the dominant variable influencing firm value. The result shows that cash flow right has a positive effect on firm value, indicating that firm value increases as cash flow right of the controlling shareholder increases. Other variables are inconsistent when tested by using moderating variable or by adding control variables.