This study examines the effect of government ownership to firm valuation during global financial crisis. By comparing the impact for firm with government ownership dan non-government ownership. We use Tobin’s Q as the proxy of firm value. Components that can affect firm value are market-to-book ratio, leverage, dan assets. This study finds that government ownership has positive impact after global  financial crisis. While other variable such as industry dummy, market-to-book ratio, debt to equity, total assets dan return assets have different impacts on each period.