<![CDATA[Environmentail, sosiail, aind Governaince (ESG) suistaiinaibillity issuie haive gaiined increaising globail aittentionn ais investor become more aiwaire of the importaince of responsible buisiness praictices, incluiding in Indonesiai throuigh the reguilaitions of the Finainciail Services AIuithority (Otoritais jaisai Keuiaingain/OJK). Firm Veluie, ais ai reflections of mairket preception, is influience by vairiouis faictor, incluiding ESG Disclosuire aind Likuiidity. This stuidy aiims to ainailyze the effect of ESG Disclosuire aind Likuiidity on Firm Veluie, both pairtiailly aind simuiltaineouisly, in mainuifaictuiring compainies listed on the indonesiai stock Exichainge (IDXI) duiring the 2020-2025 peroid. This stuidy employed ai quiaintitaiive methode with ai caiuisail aissociaitive aipproaich. The saimpel wais selected uisingg ai puirposive saimpling techniquie. The reseairch uitilized secondairy daitai obtaiinded from compainies’ finainciail staitements aind suistaiinaibility reports puiblished on the Indonesiai stock Exichainge (IDXI) website. The resuilt indicaite thait the Raindom Effect Model (REM) is the most aippropriaite model, ainailyzed uising Eviews 14 softwaire. Pairtiailly, ESG Disclosuire hais ai positive aind significaint effect on firm veluie, while liquiidity hais no significaint effect on firm veluie. Simuiltaineouisly, ESG Disclosuire aind Likuiidity haive ai significaint effect on firm veluie with ain AIdjuisted R-squiaired veluie of 36.25%. these findings suiggest thait ESG Disclosuire is ain importaint faictor in enhaincing firm veluie, whereais ai high level of liquiidity is nor ailwaiys positively perceived by the mairket. This stuidy is exipected to serve ais ai reference for compainies inimproving ESG trainspairaincy.]]>
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