<![CDATA[This study aims to analyze the effects of firm size, financial performance, and Environmental, Social, and Governance (ESG) on firm value and to examine the moderating roles of firm size and financial performance in the relationship between ESG and firm value among banking companies in Indonesia. This study employs a quantitative approach using secondary data obtained from annual reports and sustainability reports of banking companies during the research period. Firm value is measured using Price to Book Value (PBV), firm size is measured by the natural logarithm of total assets, financial performance is proxied by Return on Assets (ROA), while ESG is measured based on the disclosure of environmental, social, and governance aspects. The data were analyzed using panel data regression with moderating variables. The results indicate that firm size has no significant effect on firm value. Financial performance has a significant negative effect on firm value. ESG has no significant effect on firm value. Furthermore, the interaction between ESG and firm size and the interaction between ESG and financial performance do not have significant effects on firm value. These findings indicate that ESG disclosure has not yet become a direct determinant of firm value in the Indonesian banking sector, while investors continue to consider corporate performance, risk, and future prospects in assessing market value. This study contributes to the literature by providing additional empirical evidence regarding the relationship between ESG and firm value in the Indonesian banking sector and offers practical implications for banking management to improve the quality and relevance of ESG disclosure.]]>
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