<![CDATA[This study aims to examine the effect of Environmental, Social, and Governance (ESG) scores on firm value as measured by Price-to-Book Value (PBV). The population of this study consists of telecommunications companies listed on the Indonesia Stock Exchange (IDX) during the 2022–2024 period. ESG scores are employed as the independent variable, while PBV serves as the dependent variable. The telecommunications sector was selected because of its strategic role in supporting digital transformation and its growing exposure to sustainability-related issues, including energy consumption, electronic waste management, data security, and digital inclusion. This research applies a quantitative approach using panel data obtained from annual and sustainability reports of the sampled companies. The hypotheses were tested using panel data regression analysis with the assistance of EViews software. The analysis was conducted to determine whether ESG disclosure and performance contribute to enhancing firm value from the perspective of investors and the capital market. The results indicate that ESG scores have a negative and statistically insignificant effect on Price-to-Book Value (PBV). These findings suggest that investors in the Indonesian telecommunications sector may not yet consider ESG performance as a primary factor in determining company valuation. Instead, market participants may place greater emphasis on financial performance and other conventional indicators when making investment decisions. The study contributes to the growing literature on ESG and firm value by providing empirical evidence from the telecommunications industry in an emerging market context.]]>
