The purpose of this study is to examine the effect of external, internal and managerial risks on firm value. External risk is proxied by carbon emissions disclosure and environmental performance, internal risk is proxied by enterprise risk management disclosure, while managerial risk is proxied by leverage. The study was conducted on non-service industry companies listed on the Indonesia Stock Exchange. The sampling technique used was purposive sampling, with criteria for companies that had a PROPER rating for the 2017 and 2018 periods of 64 companies. The results showed that the PROPER rating and leverage affect on firm value, while the carbon emissions disclosure and enterprise risk management disclosure do not affect on firm value. The inability to prove the effect of both disclosures can be caused by the element of subjectivity in its measurement. This result proves that investors take into account external risks in the form of environmental performance based on PROPER ratings and leverage as manifestations of managerial risk. Thus, the results of this study prove that investors recognize the accountability and independence of PROPER assessments.