<![CDATA[Purpose – Previous research has often overlooked variations in cash flow throughout a company’s life cycle when evaluating ESG disclosure and firm value. This study addresses this gap by examining the moderating effect of the life cycle on industrial firms in Indonesia.Methods – Quantitative research was conducted using 154 unbalanced panel data from 56 industrial sector companies listed on the IDX during 2021–2024. The data were selected using purposive sampling and analyzed using random-effects panel regression with White's robust standard errors in EViews.Findings – Environmental, social, and governance disclosure have a positive and significant effect on firm value. However, the life cycle moderating effect shows dynamic results. The introduction phase weakens environmental disclosure's effect but strengthens social and governance influences. In the growth phase, it weakens environmental, strengthens social, and has no effect on governance. The maturity phase reinforces environmental aspects but weakens both social and governance dimensions.Research implications – The effectiveness of environmental, social and governance disclosures as signals depends heavily on a firm’s life cycle; therefore, companies are advised to adapt their strategies to maximise corporate value. Future researchers are advised to use ESG scores from independent rating agencies to minimise data subjectivity and to employ mixed-methods analysis to strengthen the causality of their findings.Originality – The moderating effect at each stage of a firm’s life cycle was tested using three separate Moderated Regression Analysis (MRA) models based on cash flow metrics]]>
