<![CDATA[This study aims to analyze the effects of ESG disclosure and green innovation on firm value, with financial flexibility as a moderating variable in energy sector companies listed on the Indonesia Stock Exchange during the 2022–2024. The study employed a quantitative approach using panel data regression analysis on 180 observations from 60 companies. The results indicate that ESG disclosure and green innovation have no significant effect on firm value. Financial flexibility is also not proven to strengthen the relationship between ESG disclosure and firm value, but weakens the effect of green innovation on firm value. These findings indicate that sustainability strategies have not been fully considered by the market as a primary determinant of firm value, and their effectiveness is influenced by the company’s financial condition. This study contributes to expanding the Natural Resource-Based View literature regarding the relationship between sustainability strategies and firm value in the energy sector in Indonesia.]]>
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