<![CDATA[This study examined the influence of global uncertainty and Enterprise Risk Management (ERM) on financial performance and company value, with ESG as a moderating variable, in energy sector companies in Indonesia. The motivation for this research was the increasing level of global uncertainty driven by economic crises, the COVID-19 pandemic, geopolitical conflicts, and the acceleration of the energy transition, which have challenged the long-term sustainability of energy sector businesses. This study employed a quantitative approach using a panel data design involving 36 energy companies listed on the Indonesia Stock Exchange during the 2019–2024 period, resulting in 216 firm-year observations. Data were collected from annual reports, financial statements, the World Uncertainty Index (WUI), and Refinitiv ESG scores. ERM was measured using a content analysis approach based on the AdvERM instrument, which consists of seven risk management disclosure components. Data analysis was conducted using a fixed-effects panel regression model with robust standard errors. The results showed that global uncertainty had a negative and significant effect on financial performance, as measured by Return on Assets (ROA), but did not significantly affect company value, as measured by Tobin’s Q. Furthermore, ERM demonstrated a positive effect on financial performance and company value, although the level of statistical significance was limited. Meanwhile, ESG was not proven to moderate the relationship between global uncertainty and ERM on company performance. These findings indicate that strengthening risk management capabilities and developing more substantive ESG practices are essential for Indonesian energy companies to manage macroeconomic risks and address challenges associated with the energy transition.]]>
