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This study investigates the impact of Environmental, Social, and Governance (ESG) and Environmental Management Accounting (EMA) on firm value, with Green Innovation (GI) as a moderating variable. The research is based on secondary data from manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2021 to 2023, analyzed using path analysis with a moderated regression approach in SPSS. The findings reveal that ESG has a significant but negative impact on firm value, suggesting that ESG investments may be perceived as cost burdens in the short term. Meanwhile, EMA does not have a significant effect on firm value, indicating that its role in firm valuation remains unclear. The moderating role of GI does not significantly strengthen the relationship between ESG and firm value, while the interaction between EMA and GI negatively affects firm value,implying that green innovation strategies may introduce additional financial burdens. These findings highlight the complexity of sustainability investments and emphasize the need for a balanced approach to ESG and EMA implementation to optimize long-term firm value. The study contributes to legitimacy and stakeholder theories by demonstrating how sustainability strategies can influence financial outcomes. It provides practical insights for businesses to develop more effective ESG disclosure and EMA implementation strategies that align with investor expectations and long-term firm sustainability

This study aims to examine the effect of water usage, energy consumption, carbon emissions produced, waste generated, independent Assurance, and environmental expenditures on Return On Equity. (ROE). This study provides information about entities that are socially responsible and whether their financial performance will improve or not after the implementation of corporate social and environmental activities. The independent variables in this study are water usage, energy consumption, carbon emissions produced, waste generated, independent Assurance, and environmental expenditures. ROE in this study is the dependent variable. The secondary data required for the study comes from the sustainability reports of 35 companies in 2023, and then the relationship between the independent and dependent variables is tested using EViews. The results of data management in the study indicate that there is an effect between water usage, waste generated, and environmental expenditures on ROE, thus supporting H1, H4, and H6. This condition is reversed with energy consumption, carbon emissions produced, and independent Assurance, where these three variables do not have an effect on ROE, proving that H2, H3, and H5 are not supported. The implication of this study is that management can achieve sustainable profits by disclosing activities that support environmental sustainability and using independent parties to guarantee the sustainability reports that have been created, thereby gaining more trust from stakeholders, which affects ROE.