<![CDATA[This study addresses the inconsistent evidence regarding the relationship between Environmental, Social, and Governance (ESG) disclosure and firm value, particularly when the credibility of sustainability information is strengthened through external assurance. The research aims to examine the individual effects of environmental, social, and governance disclosures on firm value and to investigate whether external assurance moderates these relationships. The study focuses on basic materials companies listed on the Indonesia Stock Exchange during the 2022-2024 period. A purposive sampling technique resulted in 60 firm-year observations. Data were analyzed using panel data regression with the Fixed Effect Model and Moderated Regression Analysis (MRA) in EViews 13. The findings indicate that environmental, social, and governance disclosures do not individually have a significant effect on firm value. In addition, external assurance does not strengthen the relationship between ESG disclosure and firm value. These results suggest that investors have not yet considered ESG disclosure and external assurance as important determinants of firm value in the Indonesian basic materials sector. This study contributes to the ESG literature by providing empirical evidence that the credibility of sustainability reporting through external assurance has not yet generated a stronger market response in an emerging market context.]]>
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