Pengaruh Carbon Tax dan Profitabilitas terhadap Kinerja Keuangan Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2016–2025

Hestu Nugroho Warasto (Universitas Pamulang)
Janudin Janudin (Universitas Pamulang)
Ibnu Sina (Universitas Pamulang)

Global Leadership Organizational Research in Management
Vol. 4 No. 4 (2026): Global Leadership Organizational Research in Management

This study examines the effect of carbon tax exposure and profitability on the financial performance of manufacturing companies listed on the Indonesia Stock Exchange during 2016–2025. The study uses a quantitative explanatory approach with panel-data regression estimated in EViews 13. Carbon tax is proxied by Estimated Carbon Tax Intensity (ECTI), profitability by Net Profit Margin (NPM), and financial performance by Return on Assets (ROA), with firm size and leverage as controls. In the simulated empirical scenario prepared for this draft, ECTI has a positive but statistically insignificant effect on ROA (coefficient 0.041; p=0.284), while NPM has a positive and significant effect (coefficient 0.563; p<0.001). The model is jointly significant (p<0.001) with an adjusted R-squared of 0.684. The results suggest that carbon-cost exposure does not necessarily reduce financial performance, while profitability remains a strong determinant of manufacturing firms’ asset returns. The empirical figures are illustrative and must be replaced by actual EViews output when the final dataset is available.