Abstract
This study investigates the simultaneous effects of Environmental, Social, and Governance (ESG) disclosure, along with each of its pillars, on the Return on Investment (ROI) of Indonesian public companies from 2019 to 2024. This study aims to analyze how ESG disclosure and its individual components influence ROI, as well as to examine the moderating roles of market capitalization and leverage. Utilizing a quantitative, explanatory research design with panel data, the research analyzes 30 non-financial firms listed on the Indonesia Stock Exchange (IDX), employing Moderated Regression Analysis (MRA) to examine the moderating roles of market capitalization and leverage. The findings reveal a consistent increase in ESG Disclosure scores, from 40.12 in 2019 to 55.32 in 2024, accompanied by a positive trend in ROI, peaking in 2022. The results demonstrate that ESG, Environmental, Governance, and Social Disclosure each have significant positive impacts on ROI. Market capitalization strengthens the ESG-ROI relationship, while leverage weakens it, highlighting the importance of financial structure and firm scale in optimizing ESG benefits. The study contributes theoretically by integrating all three ESG pillars and two moderators in a comprehensive model, filling a research gap in emerging markets. Practically, it offers insights for management to enhance ESG strategy, for regulators to improve policy, and for investors to make informed decisions. Limitations include sample size, sector focus, and reliance on secondary ESG ratings, suggesting future research across sectors, countries, and with broader variables. Overall, ESG disclosure, supported by robust market capitalization and prudent leverage, is key to sustainable financial performance in emerging markets.