This study examines the effect of financial performance on stock returns and the moderating role of Corporate Social Responsibility Disclosure (CSRD) in energy sector companies listed on the Indonesia Stock Exchange during 2022–2024. This study is motivated by inconsistent findings regarding the relationship between financial performance and stock returns, as well as the increasing importance of sustainability disclosure and ESG issues in investment decisions.

This study uses a quantitative approach with purposive sampling techniques. The final sample consisted of 73 firm-year observations after excluding outlier data. Secondary data were obtained from annual reports, financial statements, sustainability reports, and stock price data. Financial performance was measured using Return on Equity (ROE), while CSRD was measured using the Global Reporting Initiative (GRI) Standards 2021 disclosure index. The hypotheses were tested using Moderated Regression Analysis (MRA).