<![CDATA[Introduction: Using institutional ownership as a stand-in for Good Corporate Governance (GCG) as a moderating factor in textile and apparel companies listed on the Indonesia Stock Exchange (IDX) between 2021 and 2025, this study aims to investigate the impact of operating costs and sales on financial performance. The study was spurred by the textile and apparel industry's erratic financial performance in the face of growing international competition and operational difficulties. Methods: The annual financial statements of Clothing and textile enterprises that are listed on the Indonesia Stock Exchange provided additional data for this study, which used a quantitative research technique. Selective sampling was used to choose 14 firms for the sample, yielding 70 observations. 55 observations were examined after outliers were eliminated. The data was analyzed using descriptive statistics, conventional assumption tests, multivariate linear regression using IBM SPSS Statistics, and Moderated Regression Analysis (MRA).Results: The findings show that operational expenses have little bearing on both financial performance and financial success. Additionally, while the relationship between operational expenses and financial success is weakened by good corporate governance, the relationship between financial performance and sales is not much lessened.Conclusion and suggestion: These findings suggest that institutional ownership has not improved financial performance in the textile and apparel sector by strengthening corporate governance procedures. To get thorough results, it is suggested that future studies extend the observation period, include more explanatory factors, and use other proxies for good corporate governance. Keywords: Financial Performance, Good Corporate Governance, Moderated Regression Analysis, Operating Costs, Sales]]>
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