The Effect of ESG Ratings on Firm Performance with ESG Rating Disagreement as The Moderating Variable

This study examines the effect of Environmental, Social, and Governance (ESG) ratings on firm performance and the moderating role of ESG rating disagreement within the Indonesian capital market. Using a panel dataset of 63 companies listed on the Indonesia Stock Exchange from 2021 to 2023 and employing a fixed-effects regression model, the analysis measures firm performance with Tobin’s Q, ESG ratings from Refinitiv Eikon, and ESG rating disagreement as the standard deviation between Refinitiv a