<![CDATA[The pressure to enhance firm value (PBV) creates a dilemma for Indonesian manufacturing firms following OJK Regulation No. 51/2017, which mandates Environmental, Social, and Governance (ESG) disclosures, often viewed as cost centers. Furthermore, traditional financial metrics are deemed inaccurate, necessitating an Economic Value Added (EVA) approach. Addressing the existing research gap, this quantitative study aims to examine the effects of ESG disclosure and EVA on Firm Value, with Firm Size as a moderating variable. Using purposive sampling, 23 manufacturing companies listed on the IDX for the 2021–2024 period were selected (92 observations). Secondary data from the IDX and Refinitiv LSEG were analyzed using Moderated Regression Analysis (MRA) based on a Fixed Effect Model with robust standard errors. The results indicate a good model fit (Prob > F = 0.0078; ( ) = 4.10%). Partially, ESG disclosure has no effect on Firm Value, whereas EVA shows a significant positive effect. Furthermore, Firm Size fails to moderate the ESG-firm value relationship but significantly attenuates the positive impact of EVA on Firm Value. This implies that investors hold higher return expectations for larger-scale corporations. Management is advised to optimize capital costs and improve ESG disclosure quality. Tuntutan peningkatan nilai perusahaan (PBV) memicu dilema bagi sektor manufaktur di Indonesia setelah regulasi POJK No. 51/2017 mewajibkan pengungkapan Environmental, Social, Governance (ESG), yang sering kali dianggap sebagai cost center. Di sisi lain, metrik keuangan tradisional dinilai kurang akurat sehingga diperlukan pendekatan Economic Value Added (EVA). Mengatasi research gap yang ada, penelitian kuantitatif ini bertujuan menguji pengaruh pengungkapan ESG dan EVA terhadap Nilai Perusahaan dengan Ukuran Perusahaan (Firm Size) sebagai variabel moderasi. Melalui metode purposive sampling, diperoleh 23 perusahaan manufaktur di BEI periode 2021–2024 (92 observasi). Data sekunder diperoleh dari BEI dan Refinitiv LSEG, lalu dianalisis menggunakan Moderated Regression Analysis (MRA) berbasis Fixed Effect Model dengan robust standard error. Hasil penelitian menunjukkan model fit (Prob > F = 0,0078; ( ) = 4,10%). Secara parsial, pengungkapan ESG tidak berpengaruh terhadap Nilai Perusahaan, sedangkan EVA berpengaruh positif dan signifikan. Lebih lanjut, Ukuran Perusahaan tidak mampu memoderasi hubungan ESG terhadap nilai perusahaan, namun terbukti memoderasi dan melemahkan pengaruh positif EVA terhadap Nilai Perusahaan. Temuan ini mengindikasikan bahwa investor menetapkan standar ekspektasi keuntungan yang lebih tinggi pada korporasi skala besar. Manajemen disarankan beralih fokus pada efisiensi biaya modal dan kualitas pengungkapan ESG.]]>
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