Many companies invest heavily in building competitive advantage to improve their financial performance and corporate value. This study aims to examine and explain the effect of competitive advantage on financial performance and firm value of manufacturing firms in Indonesia. The study was conducted on 30 manufacturing firms in Indonesia by analyzing the data on the company's financial statements of the period from 2010 to 2016. Data were analyzed using Generalized Structured Component Analysis (GSCA). The results conclude that competitive advantage has a positive and significant effect on financial performance and firm value. Financial performance also shows a significant and positive effect to firm value. This study provides empirical evidence of the effect of competitive advantage on firm value which is rarely studied before. This study also strengthens the evidence of the effect of competitive advantage on financial performance and the effect of financial performance on firm value. KEY WORDSCompetitive advantage, accounting ratios, signaling theory, generalized structured component analysis, firm value.

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Purpose — The purpose of this research is to analyze and prove the influence of independent variables that are proxied by profitability, liquidity, firm size on voluntary disclosure, and moderated by corporate governance variables. Design/methodology/approach — The object of the research is the companies listed on the IDX from 2012 through 2016. This research uses a purposive sampling method involving 45 annual company reports and uses multiple regression and MRA (Moderated Regression Analysis) as a data analysis tool. Findings — The results of this research indicate that there is a significant positive effect between liquidity, firm size on voluntary disclosure, there is a significant negative effect between profitability and voluntary disclosure, and corporate governance moderates the relationship between profitability, liquidity, firm size, and voluntary disclosure. Practical Implications — Companies with high liquidity supported by good corporate governance will reduce voluntary disclosures due to the existence of independent commissioners whose positions are still less influential with the board of commissioners and board of directors, in the other hand, companies with low profitability supported by good corporate governance encourage managers to disclose company information more broadly to convince all stakeholders concerned. Originality/value —