<![CDATA[This study aims to examine the effect of Good Corporate Governance (GCG), profitability, and leverage on firm value, with firm size as a moderating variable in manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2023–2025 period. This research employs a quantitative approach with a causal associative design. The data were obtained from annual reports and financial statements of manufacturing companies listed on the IDX and analyzed using multiple linear regression and Moderated Regression Analysis (MRA). The results show that Good Corporate Governance, proxied by institutional ownership, profitability (Return on Assets/ROA), and leverage (Debt to Equity Ratio/DER), have no significant effect on firm value. In addition, firm size is also unable to moderate the relationship between Good Corporate Governance, profitability, and leverage and firm value. These findings indicate that variations in firm value in the manufacturing sector during the study period are more strongly influenced by other factors outside the research model. From a theoretical perspective, these results suggest that Agency Theory, Signaling Theory, and Trade-Off Theory have not been fully able to explain the dynamics of firm value in this research context. From a practical perspective, the findings emphasize that investment decision-making should not rely solely on key financial indicators, but also consider external factors such as industry conditions and market expectations.]]>
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