ESG Disclosure, Profitability, Current Ratio, and Company Value in Indonesian Energy Companies

Background: The growing importance of sustainable finance has widened the information set used in corporate valuation. This is particularly relevant for Indonesian energy firms, whose market performance is shaped by a combination of environmental exposure, capital intensity, and near-term financial capacity. Objective: This study assesses whether ESG disclosure, profitability, and liquidity are statistically associated with firm value among energy-sector issuers on the Indonesia Stock Exchange during 2023–2025. Methods: A panel-data design was applied to 90 firm-year observations from 30 energy companies selected purposively from 91 listed firms. The analysis used annual financial statements and sustainability reports. ESG disclosure was scored against the GRI Standards 2021, profitability was measured by Return on Assets (ROA), liquidity by the Current Ratio (CR), and firm value by Price to Book Value (PBV). Panel estimation was performed in EViews 12, with specification testing indicating the use of company fixed effects. Results: In the fixed-effects regression, ESG disclosure was positively associated with PBV (coefficient = 3.379502; p = 0.0158). ROA also showed a positive association (coefficient = 0.019785; p = 0.0049), as did CR (coefficient = 0.265845; p < 0.001). The model was significant overall and produced an adjusted R² of 0.804446. Conclusion: The evidence from the observed firms indicates that sustainability disclosure and financial fundamentals are jointly relevant to market valuation. Higher ESG disclosure, profitability, and liquidity were each accompanied by higher PBV, although the non-experimental panel design permits association-based rather than causal interpretation.