This research investigates the impact of state ownership on Indonesian firm's investment. The research uses a sample of 156 companies that are listed on the Indonesian Stock Exchange. The sample is taken from a period of 2008 to 2016. The research is undertaken in the form of panel data. The investment in the matter at hand is measured in ending fixed asset minus beginning fixed asset divided by the beginning fixed asset. The research uses 5 independent variable with one of which is a dummy. The empirical result suggests that the 5 independent variables have significant effect on the dependent variables. Consistent with studies by another researcher, the result indicates that state ownership does have an effect on firms investments.