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This study examines the influence of environmental performance on financial performance, with a focus on the moderating role of online search attention, using a sample of Indonesian State-Owned Enterprises (SOEs) listed on the Indonesia Stock Exchange in the 2021–2024 period. Data were collected from sustainability reports, financial statements, and Google Trends. A pilot study to accommodate manifest variables and evaluate interaction effects between variables. The results indicated that environmental performance positively contributed to financial performance. Furthermore, online search attention strengthened the relationship between environmental performance and financial performance. The effect of environmental performance on financial performance after moderating variables was highly significant. This indicates that public interest strengthens the financial benefits of environmental practices. These findings highlight the importance of both environmental responsibility and digital visibility in enhancing firm value. This study contributes to the ESG literature by integrating the role of online public attention and offers managerial implications for improving environmental communication and stakeholder engagement in achieving sustainable financial outcomes.

The study concludes that environmental performance positively impacts the financial performance of Indonesian State-Owned Enterprises.Furthermore, Online Search Attention significantly moderates this relationship, indicating that public interest and digital visibility amplify the financial benefits of environmental initiatives.These findings underscore the importance of both environmental responsibility and proactive communication of these efforts to stakeholders.

Future research should investigate the impact of different types of online search attention – such as sentiment analysis of search terms – on the relationship between environmental performance and financial outcomes. Additionally, exploring the role of specific environmental initiatives (e.g., carbon emission reduction, waste management) in driving financial performance, while considering the moderating effect of online search attention, could provide more nuanced insights. Finally, a longitudinal study tracking the long-term effects of environmental performance and online visibility on firm value, incorporating a broader range of financial indicators beyond Return on Assets, would be valuable to understand the sustained impact of these factors on corporate sustainability and financial success. These investigations will contribute to a more comprehensive understanding of how companies can leverage both environmental stewardship and digital engagement to achieve lasting financial benefits and enhance their overall corporate value.

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