<![CDATA[The food and beverage industry has a strategic role in the Indonesian economy, but the 2019–2023 period showed unstable dynamics due to the pandemic, rising raw material, energy, and logistics costs. This raises the question of whether the company's asset performance and scale are able to increase the company's value, as well as whether corporate governance can strengthen the relationship. This study aims to analyze the influence of Return on Asset and company size on company value with Good Corporate Governance as a moderation variable in food and beverage companies listed on the Indonesia Stock Exchange in 2019–2023. The research uses a quantitative approach with secondary data from the company's annual reports and financial statements. The sample was obtained through purposive sampling, consisting of 19 companies with 95 observations, and analyzed using panel data regression with EViews. The results of the study show that Return on Asset and company size have a positive effect on the company's value. Good Corporate Governance has also been proven to strengthen the influence of Return on Asset and company size on company value. The implications of this study confirm the importance of asset efficiency, strengthening business scale, and transparent governance to increase investor confidence. The latest research lies in the focus of the food and beverage subsector during the 2019–2023 period with GCG as the moderation variable.]]>
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