<![CDATA[The growing urgency of climate change risk in corporate sustainability practices has encouraged this study to analyze the role of climate change risk in moderating the relationship between ESG disclosure and firm value. The research sample consisted of 15 basic materials sector companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period, selected using purposive sampling. Secondary data were obtained from annual reports, sustainability reports, and World Bank Open Data. The analytical methods used were Multiple Linear Regression and Moderated Regression Analysis (MRA). The results show that ESG disclosure has a significant negative effect on firm value. In addition, climate change risk has been proven to weaken the relationship between ESG disclosure and firm value. The originality of this study lies in the use of micro-level control variables, namely leverage and firm size, as well as a macro-level control variable, namely Gross Domestic Product (GDP), with climate change risk as a moderating variable. These findings indicate that the effectiveness of ESG disclosure in enhancing firm value is contextual and influenced by the level of climate risk. Practically, companies need to complement ESG disclosure with concrete actions and integrate climate risk management into corporate governance.]]>
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