<![CDATA[This study aims to examines how environmental, social, and governance (ESG) disclosures affect stock returns in energy sector companies listed on the Indonesia Stock Exchange from 2022 to 2025, using capital intensity as a control variable. The quantitative methods employed in this study include panel data regression. A total of 74 observations were collected using purposive sampling. Data analysis was conducted using EViews 13 with the Common Effect Model (CEM) as the appropriate model. The results demonstrate that environmental, social, and governance disclosures have no effect on stock returns. Meanwhile, capital intensity positively and significantly influences stock returns. The findings suggest that investors in energy companies have not sufficiently considered ESG disclosures when making investment decisions.]]>
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