<![CDATA[This study aims to examine the effect of environmental performance, environmental costs, and firm size on financial performance and to analyze the role of independent commissioners as a moderating variable in energy sector companies listed on the Indonesia Stock Exchange (IDX) during 2020–2024. This study is motivated by inconsistent findings in previous studies regarding the effects of environmental performance, environmental costs, and firm size on financial performance, including differences in findings concerning the role of independent commissioners in strengthening these relationships. This study employs a quantitative approach using secondary data obtained from annual reports, sustainability reports, and PROPER data published by the Ministry of Environment and Forestry (KLHK). The sample was selected using purposive sampling, resulting in 15 companies with 75 observations. The data were analyzed using panel data regression through the Fixed Effect Model (FEM) and Moderated Regression Analysis (MRA). The results show that environmental performance, environmental costs, and firm size simultaneously have a significant effect on financial performance. Partially, firm size has a positive and significant effect, while environmental performance and environmental costs do not have a significant effect. Independent commissioners do not moderate the effects of environmental performance, environmental costs, and firm size on financial performance. These findings indicate that firm size plays a greater role in explaining the financial performance of energy sector companies, while independent commissioners have not demonstrated a significant moderating role in the relationships among these variables]]>
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