<![CDATA[Financial resilience has become increasingly important for energy companies facing economic uncertainty, transition risks, and growing sustainability pressures. Although green innovation is widely recognized as a strategic capability for improving environmental and business outcomes, its direct contribution to financial resilience remains unclear, particularly in emerging-market energy sectors. This study examines the effect of green innovation on financial resilience and investigates the mediating role of operational efficiency in energy companies listed on the Indonesia Stock Exchange during the 2021–2025 period. Using a quantitative explanatory design, this study analyzes balanced panel data from 20 energy companies, resulting in 100 firm-year observations. Financial resilience is proxied by cash holding, green innovation is measured using the Green Innovation Disclosure Index, and operational efficiency is proxied by asset turnover. Panel data regression is employed to test the direct effects, while the Sobel test is used to examine the mediation effect. The results show that green innovation does not directly affect financial resilience. However, green innovation has a positive and significant effect on operational efficiency, and operational efficiency positively affects financial resilience. The mediation test confirms that operational efficiency fully mediates the relationship between green innovation and financial resilience. These findings indicate that green innovation cannot be treated merely as environmental disclosure; it becomes financially meaningful only when transformed into an operational capability that improves asset utilization and efficiency. This study extends the Resource-Based View by showing that sustainability-oriented capabilities require an internal conversion mechanism before generating resilience outcomes. Practically, the findings suggest that energy companies should align green innovation initiatives with operational efficiency improvements to strengthen financial stability and long-term sustainability.]]>
