<![CDATA[Companies in the oil, gas, and coal sectors have capital-intensive business characteristics and relatively large social and environmental impacts, so the disclosure of Corporate Social Responsibility (CSR) and solvency conditions is important information in investors' assessment of the company. This study aims to analyze the effect of CSR disclosure on stock prices and analyze the role of solvency in moderating the effect of CSR disclosure on stock prices in oil, gas, and coal sector companies listed on the Indonesia Stock Exchange for the 2022–2025 period. The research uses a quantitative approach with secondary data obtained from annual reports, sustainability reports, financial statements, and historical stock price data. The sample was determined using the purposive sampling technique and obtained 25 companies with 100 observations. Data analysis was carried out using panel data regression with Moderated Regression Analysis and Fixed Effect Model through EViews 13. The results of the study show that CSR disclosure has a positive and significant effect on stock prices. Solvency proxied with the Debt to Equity Ratio has also been proven to positively moderate the influence of CSR disclosure on stock prices. The research model has an explanatory ability of 87.03%. These findings indicate that the quality of CSR disclosure and the management of funding structures need to be considered simultaneously as they relate to market responses to companies in the oil, gas, and coal sectors.]]>
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