<![CDATA[The objectives of this study are to: (1) examine the ESG trends of companies listed and remaining in the ESGQ45 index between 2020 and 2023; (2) determine the impact of environmental disclosure on the firm value of companies listed in the ESGQ45 KEHATI index; (3) determine the impact of social disclosure on the firm value of companies listed in the ESGQ45 KEHATI index; (4) determine the impact of governance disclosure on the firm value of companies listed in the ESGQ45 KEHATI index; and (5) determine whether firm size and leverage act as moderating variables influencing the firm value of companies implementing ESG principles. The research sample consists of 21 companies selected via purposive sampling from a total population of 45 companies. The data analysis method employed is Panel Data Regression using Eviews 13, based on secondary data. Descriptive statistical results indicate that the average firm value, proxied by Price to Book Value (PBV) for companies in the ESGQ45 KEHATI index from 2020 to 2023 was 2.30. The average values for environmental, social, and governance disclosures were 0.48, 0.49, and 0.59, respectively. Companies included in the KEHATI ESGQ45 index from 2020 to 2023 were predominantly medium-to-large in size, with an average value of 32.13. Corporate leverage levels ranged from low to moderate, indicating a relatively low-to-moderate reliance on debt, with an average value of 3.06. The research results indicate that environmental and social disclosures do not have a significant effect on firm value (PBV), whereas governance disclosure has a significant effect on firm value. Firm size moderates the effect of governance disclosure on firm value but does not moderate the effects of environmental and social disclosures on firm value. Leverage does not moderate the effects of environmental, social, and governance disclosures on firm value.]]>
