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This study aims to examine how the implementation of Environmental, Social, and Governance (ESG) practices affects the firm value of banking companies in Indonesia. A quantitative method was employed, utilizing secondary data from the companies' 2022–2024 annual reports to calculate Tobin’s Q. The sample consisted of 18 Indonesian banks with ESG scores recorded on the Refinitiv LSEG Workspace platform, yielding 54 data points for analysis. Data analysis techniques included descriptive statistics, classical assumption testing, and multiple linear regression using SPSS version 26. The results indicate that all three ESG aspects have a positive and significant impact on firm value; however, the governance aspect exerts the greatest influence. Furthermore, the impact on firm value is amplified when these three aspects are implemented simultaneously. These findings align with established theories such as Stakeholder Theory, Signaling Theory, and Legitimacy Theory. Thus, ESG implementation can enhance market valuation by strengthening social legitimacy and reducing information asymmetry.