<![CDATA[Despite growing interest in ESG disclosure and corporate governance, limited evidence explains how they are associated with firm value through tax-related behavior, particularly in emerging markets. This study examines the associations of ESG disclosure and corporate governance with firm value and explores tax avoidance as a potential intervening mechanism. Using 324 firm-year observations from Indonesian manufacturing firms during 2023–2025, the study employs panel-data regression using the Common Effect Model. ESG disclosure is measured through content analysis, while corporate governance is represented by board independence, board meeting frequency, and audit committee size. The findings show that board independence is positively associated with firm value, whereas ESG disclosure, board meetings, and audit committee size show no significant direct associations. ESG disclosure is positively associated with tax avoidance, while the governance attributes are not. Predicted tax avoidance is positively associated with firm value. These findings indicate distinct pathways to firm value: a direct governance-monitoring channel through board independence and a possible disclosure–tax behavior pathway involving ESG disclosure. The study highlights the importance of considering the consistency between sustainability disclosure and firms’ substantive financial behavior.]]>
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