Tujuan dari penelitian ini yaitu untuk memberikan bukti empiris mengenai pengaruh good corporate governance, struktur kepemilikan, sustainability report terhadap reaksi pasar. Objek yang digunakan dalam penelitian ini adalah perusahaan sektor makanan dan minuman. Teknik pengambilan sampel menggunakan purposive sampling. Sampel yang digunakan sebanyak 53 perusahaan atau 265 data laporan keuangan selama 5 periode tahun 2019-2023. Metode yang digunakan dalam penelitian ini adalah metode deskriptif dan verifikatif. Teknik pengumpulan data menggunakan teknik observasi tidak berpartisipasi sedangkan teknik analisis data menggunakan analisis regresi data panel dan menggunakan software Eviews 9.0. Hasil penelitian, hasil goodness of fit (uji f) menunjukkan model fit. Serta hasil uji parsial (uji t) menunjukkan bahwa variabel dewan direksi, dewan komisaris, dewan komisaris independen, komite audit, kepemilikan institusional, kepemilikan asing, sustainability report berpengaruh positif signifikan terhadap reaksi pasar, kepemilikan publik berpengaruh positif tidak signifikan terhadap reaksi pasar, sedangkan variabel kepemilikan manajerial berpengaruh negatif tidak signifikan terhadap reaksi pasar.

The objective of this study is to provide empirical evidence regarding the effect of good corporate governance, ownership structure, and sustainability report disclosure on market reaction. The objects of this study are companies in the food and beverage sector. The sampling technique used is purposive sampling. A total of 53 companies, resulting in 265 financial report data points over a five-year period (2019–2023), were selected as the sample. This study employs descriptive and verificative methods. Data were collected through non-participant observation. The data analysis technique used was panel data regression analysis with the help of EViews 9.0 software. The results of the study, based on the goodness of fit test (F-test), indicate that the model is fit. The partial test (t-test) results show that the variables of board of directors, board of commissioners, independent commissioners, audit committee, institutional ownership, foreign ownership, and sustainability report disclosure have a significant positive effect on market reaction, public ownership has a positive but insignificant effect on market reactions, while managerial ownership has a negative and significant effect on market reactions.