This study aims to analyze the effect of accrual-based earnings management practices on firm value with the moderating role of corporate governance. The sample in this study is a basic materials sector company listed on the Indonesia Stock Exchange for the 2019-2023 period. This study employs a quantitative approach and uses Moderated Regression Analysis (MRA) to test the hypotheses. This study results in a negative effect of earnings management practices on firm value, this shows that earnings manipulation by companies can reduce investor confidence and reduce firm value. In addition, this study also shows that good corporate governance is able to moderate this negative relationship by minimizing earnings management practices through strict supervision and transparency. This study shows that managerial ownership and institutional ownership are significantly able to reduce management actions in engineering earnings which have a negative impact on firm value. This study provides empirical evidence to fill the literature gap on the relationship between earnings management, corporate governance, and firm value in emerging markets, which typically have different regulatory standards and ownership structures than developed markets. This study suggests that regulators tighten accounting and governance standards, and investors review the quality of governance in assessing firm performance.