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; Asep Risman

doi:10.55927/fjmr.v5i2.12

Authors

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

DOI:

https://doi.org/10.55927/fjmr.v5i2.12

Keywords:

Capital Structure, Firm Growth, Profibility, Firm Value, Good Corporate Governance

Abstract

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.

References

Abdi, Y., Li, X., & Càmara-Turull, X. (2020). Impact Of Sustainability on Firm Value And Financial Performance In The Air Transport Industry. Sustainability, 12(23), 9957. Https://Doi.Org/10.3390/Su12239957

Badan Pusat Statistik. (2024). Laporan Perekonomian Indonesia 2024: Tinjauan Kinerja Sektor Manufaktur dan Konsumsi Rumah Tangga. Jakarta: Badan Pusat Statistik.

Cheng, M. C., & Tzeng, Z. C. (2011). The Effect Of Leverage On Firm Value And How The Firm Financial Quality Influence On This Effect. World Journal of Management, 3(2), 30-53.

Dewi, N. N. S., & Rustiarini, N. W. (2024). Sustainability Reporting and Firm Value: Systematic Literature Review. Analisis: Jurnal Ilmiah Ekonomi Dan Bisnis, 14(2), 1008–1014.

Evianti, D., Hasanudin, A., Mulyasari, W., & Soleha, N. (2025). Exploring The Impact Of Profitability, Debt Covenant, And Financial Flexibility On Firm Value: Does Company Growth Moderate The Relationship?. Edelweiss Applied Science And Technology. Https://Doi.Org/10.55214/25768484.V9i5.6805.

Ghozali, I. (2016). Aplikasi Analisis Multivariate dengan Program IBM SPSS 23. Semarang: Badan Penerbit Universitas Diponegoro

Hussain, M., Alsayegh, M., & Boshnak, H. (2025). The Role Of ESG Disclosure In Enhancing Profitability And Market Value: Insights From Saudi Arabia’s Corporate Landscape. The Economics And Finance Letters. Https://Doi.Org/10.18488/29.V12i2.4171.

Institute for Development of Economics and Finance (INDEF). (2024). Proyeksi Ekonomi Indonesia 2025: Tantangan Deindustrialisasi Dini dan Pelemahan Permintaan Domestik. Jakarta: INDEF Publishing.

Juliana, C., & Valentino, V. (2025). How Sustainability Reporting Strengthens The Profitability – Firm Value Link In Coal Mining Companies. Jurnal Akuntansi. Https://Doi.Org/10.24912/Ja.V29i1.2590.

Khan, I., Fujimoto, Y., Uddin, M. J., & Afridi, M. A. (2023). Evaluating Sustainability Reporting on GRI Standards in Developing Countries: A Case of Pakistan. International Journal of Law And Management, 65(3), 189–208. Https://Doi.Org/10.1108/IJLMA-01-2022-0016

Lzoubi, E. S. S. (2019). Capital Structure and Financial Performance: Evidence from Jordanian Listed Companies. International Journal Of Business And Management, 14(5), 105–113. Https://Doi.Org/10.5539/Ijbm.V14n5p105

Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. The American Economic Review, 48(3), 261–297. https://doi.org/10.2307/1809766

Narayani, P. R., & Dewi, L. G. K. (2025). Financial Distress Dan Leverage Pada

Rahmadanti, N. N., & Suwaidi, R. A. (2023). Analisis Nilai Perusahaan: Studi Empiris Pada Perusahaan Manufaktur Subsektor Makanan Dan Minuman Di Bursa Efek Indonesia. Seiko: Journal of Management & Business, 6(2), 233–246.

Susetyo, A. B., Sujianto, A. E., Faizin, M. A., Anjarsari, K. Y., & Nafisah, C. D. R. (2020). The Indirect Impact of Profitability on Firm Value: Evidence Dividend Policy as Moderators and Capital Structure as Mediator. Technium Social Sciences Journal, 10(1), 299–311. Https://Techniumscience.Com/Index.Php/Socialsciences/Article/View/3322

Uddin, M., Khan, M., Hosen, M., & Chowdhury, M. (2022). Leverage Structure Dynamics and Firm Value: Evidence from Bangladesh. Int. J. Asian Bus. Inf. Manag., 13, 1-18. Https://Doi.Org/10.4018/Ijabim.305115.

Wahyudin, A., & Solikhah, B. (2017). Corporate Governance Implementation Rating in Indonesia and Its Effects on Financial Performance. Corporate Governance, 17(2), 250–265. Https://Doi.Org/10.1108/CG-02-2016-0034

Yusuf, A., Ahmad, R., & Rahman, M. (2023). Impact Of Firm Growth on Sustainability Reporting Quality: Evidence from Developing Countries. Journal Of Business Ethics, 178(1), 109–125. Https://Doi.Org/10.1007/S10551-021-04895-4