<![CDATA[Environmental, social, and governance (ESG) disclosure has become a near-universal feature of corporate reporting, yet the empirical literature remains divided on whether that disclosure translates into higher firm value or whether its value-relevance depends on the governance infrastructure surrounding it. This article systematically reviews cross-country evidence on the direct relationship between ESG disclosure and firm value and on the moderating role corporate governance plays in that relationship. Using a thematic synthesis of studies published between 2017 and 2026 spanning developed markets, the Middle East, and Southeast Asia, the analysis finds that while a majority of studies report a positive direct association between ESG disclosure and firm value, a substantial minority report null or even negative direct effects, particularly in Indonesian samples. Corporate governance mechanisms, most consistently board independence, audit committee activity, and audit quality, moderate this relationship far more consistently than the direct effect holds on its own, in some studies producing a positive governance-conditioned effect even where the unconditional direct effect is negative. Ownership structure introduces a further layer of contingency, with promoter and concentrated ownership strengthening the ESG-value link while diffuse institutional ownership can weaken it. The synthesis concludes that governance quality, rather than ESG disclosure volume alone, is the more reliable predictor of whether ESG reporting is rewarded by capital markets, with direct implications for how firms should sequence ESG and governance investment.]]>
