Corporate Social Responsibility (CSR) disclosure is considered a useful tool for concealing managers’ opportunistic behavior, which may ultimately enhance firm value. This has attracted considerable attention from researchers and regulatory bodies, leading to the development of relevant regulations and legislative frameworks. Accordingly, this study seeks to enrich the academic literature by providing recent empirical evidence on the moderating effect of government ownership and corporate social responsibility disclosure on the relationship between earnings management and the market value of firms listed on the Egyptian Stock Exchange. To achieve this objective, the study adopted a descriptive-analytical approach in the theoretical section through content analysis. For the empirical investigation, a quantitative methodology was employed using panel data, which comprise observations for a group of firms over a specified period. The data were obtained from the records of the Egyptian Stock Exchange and analyzed using EViews 10. The final sample consisted of 223 firms listed on the Egyptian Stock Exchange that satisfied the study requirements and for which complete financial data were available to estimate the study variables during the period from January 1, 2017, to December 31, 2023. The findings revealed several important results. First, a significant negative relationship was found between earnings management and firm value, indicating that earnings management may reduce stakeholder support and damage corporate reputation. Second, a significant positive relationship was identified between CSR disclosure and firm value in the Egyptian context, suggesting that engagement in CSR activities enhances firm valuation through improved transparency, a stronger corporate image, and better stakeholder relationships. Furthermore, CSR disclosure was found to positively moderate the relationship between earnings management and firm value. The results also indicated that when managers use CSR disclosure to enhance corporate image and conceal opportunistic behavior, the negative effect of earnings management on market value becomes weaker. In addition, government ownership exhibited a U-shaped relationship with firm value, implying that as the proportion of state ownership increases, firm value initially declines and subsequently increases. Finally, the findings demonstrated that government ownership weakens the positive moderating effect of CSR disclosure on the relationship between earnings management and the market value of firms listed on the Egyptian Stock Exchange.