P Purposes – This research aims to examine and analyze the empirical evidence of the influence of financial reporting quality, debt maturity, and of ESGP disclosure on investment efficiency which is moderated by information asymmetry.Methodology – This research uses balanced panel data and the sample selection method uses the purposive sampling. From the total population of non-financial companies (listed on IDX-IC) with data taken from the 2019-2021 period, the selected sample was 84 companies or 252 companies\\\' annual observation data. Data is processed with eviews.Results - 1) The financial reporting quality has a significant positive effect on investment efficiency; 2) debt maturity does not affect investment efficiency; 3) ESGP disclosure has no effect on investment efficiency; 4) information asymmetry has a significant negative effect on investment efficiency; 5) information asymmetry can moderate (weaken) the influence of financial reporting quality on investment efficiency; 6) information asymmetry does not moderate the effect of debt maturity on investment efficiency; 7) information asymmetry does not weaken the influence of ESGP disclosure on investment efficiency. Next, the test results of the main model were compared with the sensitivity model, it was found that the main model (new measure) was better in terms of adjusted R2 and correlation. Expansion test 1 and expansion test 2 did not show significant differences. In fact, both the influence on current assets and non-current assets are still important and must be a concern because they can hurt achieving investment efficiency.Theoretical Implications - The theoretical implication of this research is to contribute to a new measurement for the information asymmetry variable. This research uses information asymmetry which refers to moral hazard, which is measured using a categorical scale (1-3) on financial statement restatements. Previous research used information asymmetry to refer to adverse selection.Practical Implications – This research provides input for regulators to strengthen and perfect financial reporting regulations and standards and create sustainability reporting standards. Establishing financial reporting standards that include sustainability aspects is necessary to provide a more comprehensive picture of company performance and its impact on the environment and society. Apart from that, there must be guidelines that can strengthen stricter ethics regarding reporting and provide specific guidance that can prevent moral hazard practices, especially those originating from the restatement of financial reports.