<![CDATA[This study investigates whether environmental performance and environmental cost affect firm value among energy-sector firms listed on the Indonesia Stock Exchange, and examines managerial ownership as a moderating variable, controlling for profitability and firm size. Using panel data regression combined with moderated regression analysis (MRA) in EViews 13 on a purposive sample of 22 firms over 2020–2024 (110 firm-year observations), the baseline model explains 63.95% of the variation in firm value (adjusted R² = 0.639), rising to 72.67% (adjusted R² = 0.727) once managerial ownership and its interaction terms are added, with both models jointly significant at the 1% level (p = 0.000). Neither environmental performance (β = -0.891, p = 0.344) nor environmental cost (β = 0.009, p = 0.423) significantly affects firm value. Managerial ownership significantly moderates the relationship between environmental performance and firm value (β = -10.719, p = 0.000), albeit negatively, contradicting the hypothesized reinforcing effect, whereas its moderating effect on the relationship between environmental cost and firm value remains insignificant (β = 1.034, p = 0.101). These findings suggest the Indonesian capital market has yet to fully price sustainability disclosures, and that concentrated managerial ownership can weaken, rather than strengthen, the value relevance of environmental performance. Theoretically, this study extends environmental accounting literature by evidencing a governance-contingent market response to sustainability information within an integrated moderation framework rarely tested jointly in the energy sector. Practically, it offers corporate managers and investors an empirically grounded basis for evaluating environmental management and ownership structure in strategic and investment decision-making.]]>
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