<![CDATA[This study aims to analyze the effect of ESG Risk Rating and profitability on Firm Value with Sharia Compliance as a moderation variable in Food and Beverage (F&B) companies listed in the Indonesian Sharia stock index (ISSI) for the period 2021-2024. The phenomenon behind this study is the increasing interest of investors in sustainability factors that include environmental, social, and governance in measuring company performance. However, the implementation of ESG in Indonesia has not been spread evenly. This is particularly evident in the Sharia food and beverage sector, which has low levels of ESG reporting as well as differences between Sharia labels and sustainability practices. The research method used is a quantitative approach with the technique of Moderated Regression Analysis (MRA). Secondary Data were obtained from annual reports, sustainability reports, and ESG Risk Rating data published by Sustainalytics. The research sample consisted of 12 F&B companies registered with ISSI during the period 2021-2024, which were selected using the purposive sampling method. The results showed that ESG Risk Rating has a significant negative impact on Firm Value. On the other hand, profitability turns out to have a significant positive impact on Firm Value. In addition, Sharia compliance is proven to improve the relationship between ESG Risk Rating and profitability to Firm Value. This shows that companies with high levels of Sharia compliance tend to have better market value as well as gain more trust from investors. The conclusion of this study confirms that the integration between sustainability performance, profitability, and compliance with Sharia principles is an important factor in increasing the value and legitimacy of Sharia companies. Thus, the implementation of ESG principles that are aligned with Islamic values can be an effective strategy in building investor confidence and strengthening the company's competitiveness in the Indonesian Sharia capital market.]]>
