T This study aims to examine the effect of esg performance, board size, audit committee effectiveness, and firm value on real earnings management, as well as to investigate the moderating role of ownership concentration in energy sector companies listed on the indonesia stock exchange during the period of 2022–2024. this study employs a quantitative approach with a causal associative research design. the data used are secondary data obtained from companies\' annual reports and sustainability reports. the sampling technique applied in this study is purposive sampling based on predetermined criteria. data analysis is conducted using panel data regression with the assistance of eviews software, while the moderating effect is tested using moderated regression analysis (mra). the dependent variable in this study is manajemen laba riil. the independent variables include esg performance, board size, audit committee effectiveness, and firm value. ownership concentration is employed as a moderating variable that is expected to strengthen the relationship between the independent variables and real earnings management.this study is expected to contribute to the literature on real earnings management practices and provide valuable insights for investors, corporate management, and regulators in improving corporate governance quality and financial reporting transparency.