<![CDATA[Environmental issues addressed through ESG (Environmental, Social, Governance) disclosure have become an urgent concern for firms. Sustainability aspects are considered essential in securing stakeholder legitimacy, which in turn determines firm value. This study aims to examine the effect of ESG disclosure on firm value, with profitability as a moderating variable, in the consumer non-cyclical sector listed on the Indonesia Stock Exchange (IDX). This study employs a quantitative approach with a sample of 26 companies in the consumer non-cyclical sector listed on the Indonesia Stock Exchange (IDX), yielding 78 observations over the study period. The data used are secondary data sourced from corporate annual reports and sustainability reports for the 2023–2025 period. The sample was determined using a purposive sampling method. Data were analyzed using panel data regression via Eviews 14 with the Random Effect Model approach. The results indicate that ESG disclosure has a negative but statistically insignificant effect on firm value. Furthermore, profitability does not moderate the relationship between ESG disclosure and firm value. In conclusion, investors in Indonesia have yet to give due consideration to non-financial aspects in their investment decision-making.]]>
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