Financial Performance of Indonesian Coal Energy Companies: The Role of Green Intellectual Capital Disclosure, Leverage, and Firm Size

Coal mining is one of the main drivers of economic growth in Indonesia; therefore, assessing its financial performance is the first step in identifying potential risks. This study aims to investigate Green Intellectual Capital, leverage, and firm size as determinants of corporate financial performance. The data used are coal energy company data from Indonesia for the period 2020–2024, with a total of 15 companies selected through purposive sampling. Data were analyzed using multiple linear regression and moderated regression analysis (MRA) to examine the interaction effects. The results indicate that Green Intellectual Capital exhibits a positive but statistically non-significant relationship with financial performance, whereas leverage has a significant negative impact on financial performance. Firm size shows a significant positive effect on financial performance yet does not significantly moderate the relationship between either Green Intellectual Capital or leverage and financial performance. These findings underscore the importance of an integrated management strategy that combines green intellectual capital development, financial discipline, and optimal firm size to enhance financial performance in the coal energy sector.