<![CDATA[This study examines the relationship between good corporate governance (GCG) mechanisms and company value, with profitability as a mediating variable, in manufacturing companies in the industrial and consumer goods sectors listed on the Indonesia Stock Exchange in 2023. GCG mechanisms are proxied by managerial ownership, institutional ownership, and the proportion of independent commissioners. The study uses an explanatory quantitative approach with secondary data from companies' annual reports and financial statements. The sample was selected purposively and analyzed using regression-based path analysis to test direct and indirect effects, as well as Sobel's test to confirm the mediating role. Descriptive statistics show a heterogeneous ownership structure, with institutional ownership dominating and managerial ownership tending to be uneven across companies, while the proportion of independent commissioners is relatively more uniform. Model testing shows that managerial ownership and institutional ownership are positively related to profitability, and profitability is positively related to company value. The mediation test indicates that profitability mediates the relationship between managerial ownership and institutional ownership on company value. Conversely, independent commissioners do not show a significant effect on profitability or company value, so the mediation path is not supported. These findings confirm that ownership mechanisms play a more consistent role in driving value creation through the performance channel, while the effectiveness of independent commissioners is not sufficiently reflected when measured solely based on composition. This study suggests strengthening the implementation of substantive GCG and using governance indicators that capture the quality of supervision in future research, so that the explanation of variations in company value becomes more comprehensive.]]>
