Research on Consumer Goods Companies Listed on IDX 2020–2024: The Impact of Capital Structure, Growth Company, and Profitability on Value Company Moderated Good Corporate Governance (GCG) and Sustainability Reporting

Irvindha Sella Novelyna Handayani (Universitas Mercu Buana)
Asep Risman (Universitas Mercu Buana)

Formosa Journal of Multidisciplinary Research (FJMR)
Vol. 5 No. 2 (2026): February 2026

This research attempts to investigate the effects of funds structure, firm growth, and profitability on business value, using sustainability reporting and good corporate governance (GCG) as moderating factors. Using secondary data from the financial statements and sustainability reports of consumer products businesses listed on the Indonesia Stock Exchange (IDX) between 2020 and 2024, the study takes a quantitative method. Purposive sampling was used to choose the sample, yielding 15 firms with 75 firm-year observations overall. Regression analysis of panel data was used with EViews software. According to the empirical findings, firm value is positively and significantly impacted by capital structure and business expansion, but profitability has no discernible impact. Additionally, the relationship between capital structure and company growth on firm value is found to be moderated by good corporate governance (GCG), although the association between profitability and firm value is not moderated by GCG. Sustainability reporting, on the other hand, does not mitigate the impact of profitability on firm value; rather, it moderates the relationship between capital structure and firm growth on firm value.