This paper aims to investigate the value relevance of ESG (environmental, social and
governance) and earnings quality of companies listed on the Indonesia Stock Exchange
during the period from 2012 to 2022. Furthermore, this study also investigates the value
relevance of earnings and book value in the presence of ESG and earnings quality. The value
relevance was operationalized using Ohlson's price model (1995), and data was extracted
from the Refinitiv database. Based on 353 firm-years, the panel data analysis indicates that
ESG and earnings quality have value relevance; this proves that information about ESG and
earnings quality are used by investors and stakeholders as a basis for decision-making.
Moreover, the presence of ESG has a negative impact on the value relevance of earnings but
has a positive impact on the value relevance of book value. By contrast, with ESG, the
presence of earnings quality has a positive impact on the value relevance of earnings but has
a negative impact on the value relevance of book value, implying that when the quality of
accounting information increases, users rely more on earnings information rather than book
value. A robustness test testing was also carried out by conducting sub-sample tests based on
the period during which the COVID-19 pandemic occurred during the research. Results show
that before the pandemic, users tended to be more interested in ESG information, while
during the pandemic, users tended to focus more on earnings quality information as a basis
for decision-making.