Risiko Perubahan Iklim dan leverage sebagai Moderasi terhadap Financial Performance pada Industri Pertambangan Batu Bara (Studi Kasus di Indonesia)
DOI:
https://doi.org/10.47747/snfmi.v3i1.3166Abstract
This study analyzes the impact of climate change risk on the financial performance of the Indonesian coal mining industry, while accounting for leverage as a moderating factor. Leverage, in this context, refers to the use of debt to finance operations and investments. As the world's largest coal producer, Indonesia faces dual pressures between maintaining financial stability and adapting to physical risks and climate transition policies. This study uses data from 33 coal companies for the 2021-2024 period using a panel data regression approach. The results of the Feasible Generalized Least Squares (FGLS) analysis indicate that climate risk negatively affects ROA and ROE but positively affects ROCE and the price-to-book ratio. These findings indicate that, despite declining short-term profitability, companies can maintain capital efficiency and achieve higher market valuations. Leverage is shown to strengthen the relationship between climate risk and financial performance, suggesting that the use of debt can moderate the impact of climate risk on financial performance. This study provides an original contribution by integrating financial and climate risk perspectives in the context of developing countries. Its practical implications support the formulation of climate risk management strategies and sustainable industrial policies for relevant stakeholders.
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