<![CDATA[This study aims to examine the effects of ESG disclosure, profitability, and leverage on firm value among infrastructure and property and real estate companies listed on the Indonesia Stock E change during the 2021–2024 period. Using a quantitative approach, this study analyzes 38 companies, resulting in 152 firm-year observations. ESG disclosure is measured using a disclosure index, profitaility is proxied by Return on Assets (ROA), leverage is measured by the Debt-to-Asset Ratio (DAR), and firm value is represented by Tobin’s Q. The data are analyzed using multiple linear regression to examine both the partial and simultaneous effects of the independent variables on firm value. The results indicate that ESG disclosure does not have a significant effect on firm value (p = 0.2530), and profitability also has no significant effect on firm value (p = 0.0916). In contrast, leverage has a positive and significant effect on firm value (p = 0.0007; β = 0.602271). The simultaneous test indicates that ESG disclosure, profitability, and leverage jointly have a significant effect on firm value (p = 0.000053). However, the model explains only 12.28% of the variation in firm value, suggesting that other factors outside the model play a substantial role in determining market valuation. These findings indicate that leverage represents a more prominent determinant of firm value than ESG disclosure and profitability within the observed sectors and period.]]>
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