<![CDATA[This study was motivated by the growing global demand for sustainable business practices. The purpose of this research is to examine the effect of green investment and eco-efficiency on firm value among industrials and basic materials companies listed on the Indonesia Stock Exchange during 2021–2024. This study uses a quantitative approach with a causal method and panel data regression analysis through the Random Effect Model. Secondary data were collected from annual and sustainability reports of companies that met the research criteria. The novelty of this study lies in integrating both sustainability variables into one empirical model within high-emission sectors that have rarely been studied before. The results show that both green investment and eco-efficiency have no significant or simultaneous effect on firm value, although the direction of the relationship tends to be positive. This indicates that the Indonesian capital market has not fully recognized sustainability performance as a key factor in enhancing firm value. The study concludes that the implementation of green practices has not been optimally reflected in investor perceptions. Future research is recommended to include other variables such as profitability, environmental reputation, or corporate governance to explain the relationship more comprehensively.]]>
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