<![CDATA[This study investigates the effect of ESG (Environmental, Social, and Governance) Disclosure on Firm Value with Investment Decision as a moderating variable in mining companies listed on the Indonesia Stock Exchange (IDX) during 2020–2024. The study addresses the issue of whether ESG transparency contributes to market valuation and whether firms’ capital allocation decisions strengthen this relationship. ESG Disclosure is measured using the Bloomberg ESG Disclosure Score, Firm Value is measured by Price to Book Value (PBV), and Investment Decision is represented by Capital Expenditure to Book Value of Assets (CAPBVA). Using purposive sampling, 12 mining companies with complete data were selected, resulting in 60 firm-year observations. Data were analyzed using panel data regression with a Moderated Regression Analysis (MRA) approach through EViews 12. The results indicate that ESG Disclosure has no significant effect on Firm Value (p = 0.408), and Investment Decision does not significantly moderate the relationship (p = 0.839). These findings suggest that the Indonesian capital market has not fully recognized ESG Disclosure as a relevant valuation signal, as investors may still emphasize short-term financial performance and commodity price fluctuations over sustainability reporting.]]>
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