<![CDATA[This study aims to analyze the effect of Blockchain technology adoption and corporate transparency on firm value, with audit quality as a moderating variable, in State-Owned Enterprises (SOEs) listed on the Indonesia Stock Exchange for the 2021–2025 period. The study used a quantitative approach with secondary data obtained from annual reports and company financial statements. The sample was determined using a purposive sampling technique, resulting in 13 SOEs with a total of 65 observations. Data analysis was performed using the Structural Equation Modeling–Partial Least Squares (SEM-PLS) method through SmartPLS. The results showed that Blockchain technology adoption had a positive and significant effect on firm value (β = 0.287; t = 2.806; p = 0.006), while corporate transparency had no significant effect on firm value (β = 0.020; t = 0.180; p = 0.857). Audit quality also has a positive and significant effect on firm value (β = 0.490; t = 8.187; p < 0.001). As a moderating variable, audit quality is proven to strengthen the influence of Blockchain technology adoption on firm value (β = 0.195; t = 2.744; p = 0.007), but is unable to moderate the relationship between corporate transparency and firm value (β = -0.068; t = 0.955; p = 0.341). These findings indicate that Blockchain implementation supported by high audit quality can increase investor confidence and firm value, while corporate transparency has not been a major factor in increasing firm value in SOEs.]]>
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