<![CDATA[Financial performance is an important indicator of corporate sustainability, particularly in environmentally sensitive industries such as the energy sector. However, previous studies have produced inconsistent findings regarding the effects of Environmental Cost and Human Resource Accounting (HRA) on financial performance, while evidence on the moderating role of Environmental Performance in Indonesian energy companies remains limited. This study examines the effects of Environmental Cost and HRA on financial performance and investigates whether Environmental Performance moderates these relationships. Using a quantitative approach, this study analyzes secondary data from 18 energy companies listed on the Indonesia Stock Exchange during 2020–2024, resulting in 90 balanced firm-year observations. Financial performance is measured by Return on Assets (ROA), Environmental Cost by the ratio of CSR Cost to Net Profit After Tax (NPAT), HRA by the Historical Cost Model, and Environmental Performance by PROPER ratings. Data are analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4. The results show that Environmental Cost has no significant effect on financial performance (β = −0.075; p = 0.686), whereas HRA has a significant negative effect (β = −0.408; p = 0.021). Environmental Performance does not significantly moderate either relationship. The model explains 10.4% of the variance in financial performance (R² = 0.104), indicating limited explanatory power and the relevance of other organizational and financial factors.]]>
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