[extract] The purpose of this study is to examine the effectiveness of adoption of the OECD Principles of Corporate Governance by public listed companies in Indonesia. The author argues that the success of implementation of good corporate governance in Indonesia cannot be measured only by adoption of the principles in the code of corporate governance in each listed companies in Indonesia. Some thing was missing when a foreign legal system was adopted in Indonesia. This matter is called “legal culture”. It is an important variable for the success of adoption of a foreign legal system as well as a foreign code such as the Principles of Corporate Governance.