Penelitian ini menginvestigasi pengaruh kinerja Environmental, Social, and Governance (ESG) serta krisis keuangan terhadap volatilitas harga saham di pasar modal Indonesia. Penelitian ini berfokus pada empat poin utama. Pertama, pasar modal menyediakan potensi pertumbuhan modal melalui dividen dan capital gain, dengan capital gain memberikan pendapatan yang lebih besar namun juga membawa risiko kerugian jika harga saham turun. Kedua, volatilitas harga saham dapat tinggi selama krisis ekonomi, seperti yang terjadi pada pandemi COVID-19, yang berpotensi memicu penurunan signifikan (market crash). Ketiga, faktor internal perusahaan seperti ukuran, profitabilitas, dan strategi mempengaruhi stabilitas volatilitas harga saham, terutama selama krisis. Keempat, pengungkapan ESG semakin penting bagi investor yang mencari praktik berkelanjutan dan manajemen risiko yang baik. Perusahaan dengan skor ESG tinggi cenderung mengirimkan sinyal positif kepada investor, mengurangi ketidakpastian, dan meningkatkan kepercayaan. Hasil penelitian menunjukkan bahwa kinerja ESG berpotensi mengurangi volatilitas harga saham, terutama dalam kondisi non-krisis. Penelitian ini memberikan wawasan penting bagi regulator, investor, dan perusahaan untuk memahami bagaimana ESG dan krisis keuangan mempengaruhi dinamika pasar modal Indonesia. / This study investigates the influence of Environmental, Social, and Governance (ESG) performance and financial crises on stock price volatility in the Indonesian stock market. The research focuses on four main points. First, the stock market provides potential capital growth through dividends and capital gains, with capital gains offering higher returns but also carrying the risk of losses if stock prices decline. Second, stock price volatility can be high during economic crises, such as the COVID-19 pandemic, which has the potential to trigger significant downturns (market crashes). Third, internal factors of companies such as size, profitability, and strategy influence the stability of stock price volatility, especially during crises. Fourth, ESG disclosure is increasingly important for investors seeking sustainable practices and effective risk management. Companies with high ESG scores tend to send positive signals to investors, reducing uncertainty and increasing confidence. The study's findings suggest that ESG performance has the potential to reduce stock price volatility, especially in non-crisis conditions. This research provides valuable insights for regulators, investors, and companies to understand how ESG and financial crises affect the dynamics of the Indonesian stock market.