<![CDATA[This research investigates the relationship between Environmental, Social, and Governance (ESG) disclosure and Return on Equity (ROE), while considering liquidity as a moderating factor among banking firms listed on the Indonesia Stock Exchange (IDX) over the 2020–2025 period. A quantitative research design with an associative and explanatory framework was adopted, utilizing secondary information obtained from corporate annual reports, financial statements, and sustainability reports. Through purposive sampling, 12 banks were chosen, yielding a total of 72 observations across the study period. ESG disclosure was assessed through content analysis using a quality-based scoring method aligned with the GRI Standards. Liquidity was represented by the Loan to Deposit Ratio (LDR), whereas ROE served as the outcome variable. The collected data were processed using EViews, applying panel data regression and Moderated Regression Analysis (MRA). The empirical findings indicate that neither Environmental nor Social Disclosure demonstrates a statistically significant association with ROE. In contrast, Governance Disclosure exhibits a significant negative relationship with ROE. Furthermore, liquidity fails to strengthen or weaken the relationships between Environmental Disclosure and ROE, as well as Social Disclosure and ROE. However, liquidity significantly influences the relationship between Governance Disclosure and ROE.]]>
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