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The company has a goal to obtain high profits and increase the value of the company. If the Good Corporate Governance (GCG) of a company is good, the Sustainability Report will affect the market value. The problem in this research is how GCG affects market value and is the Sustainability Report able to moderate the effect of GCG on market value. The purpose of this study was to examine the direct effect of GCG proxied by independent commissioners, audit committees and board size on market value and sustainability reports as a moderating variable that moderates the effect of GCG on market value. This research is a causality study with the object of research being consumer non-cyclical sector companies listed on the Indonesia Stock Exchange for 2018-2020. The analysis used path analysis with SmartPLS 3 software. The results showed that board size has a positive effect on market value. The audit committee has a negative effect on market value. Independent commissioners have a positive effect on market value. Sustainability reports are able to moderate the effect of the board of commissioners and audit committee size on market value, while sustainability reports are not able to moderate the effect of independent commissioners on market value.
A 2024 study studied this question.