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All Journal Eksis: Jurnal Riset Ekonomi dan Bisnis Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Etik Ipda Riyani
Universitas Terbuka, Indonesia
Agriculture, Biological Sciences & Forestry Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Industrial & Manufacturing Engineering Social Sciences

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FINANCIAL PERFORMANCE AND ESG SCORES IN MINING-INDUSTRIAL FIRMS DURING COVID-19 Diky Paramitha; Etik Ipda Riyani; Kan Wen Huey
Eksis: Jurnal Riset Ekonomi dan Bisnis Vol. 21 No. 1 (2026): April (2026) - September (2026)
Publisher : INSTITUT TEKNOLOGI DAN BISNIS PGRI DEWANTARA JOMBANG

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26533/eksis.v21i1.1641

Abstract

Introduction: Environmental, Social, and Governance (ESG) performance gained prominence during COVID-19, yet whether internal financial fundamentals shape sustainability commitments remains debated. This study examines ESG scores as a function of profitability (ROA), solvency (DER), and liquidity (CR) in crisis conditions. Methods: Using panel data from 10 mining and industrial firms listed on the Indonesia Stock Exchange during 2020–2021, this study applies Random Effect Model regression with dummy and interaction terms to capture sectoral differences. Results:ROA, DER, and CR have no significant simultaneous or partial effect on ESG scores (Adj. R² = 13.48%). Liquidity shows the strongest positive association. Profitability exhibits a weak positive tendency in mining but weak negative in industrial firms, though differences are statistically insignificant. Discussion: ESG commitments during the pandemic were not driven by financial performance, suggesting stronger influence from external pressures and non-financial factors. Sector-specific contexts should inform future ESG strategies.
Corporate Tax Avoidance Under Financial Distress: The Role of Profitability and Altman–Springate Models Diky Paramitha; Etik Ipda Riyani
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 10 (2026): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v8i10.13332

Abstract

This study aims to examine the effect of financial distress on tax avoidance with profitability as a moderation variable in industrial sector companies in Indonesia for the period 2015–2021. Financial distress is measured using two bankruptcy prediction models, namely the Altman Z-Score Model and the Springate S-Score Model, while profitability is proxied by Return on Assets (ROA). The research population is industrial sector companies listed on the Indonesia Stock Exchange (IDX), with samples selected using the purposive sampling method so that 53 companies were obtained with 371 observations of unbalanced panel data during seven years of observation. The data was analyzed using panel data regression and Moderated Regression Analysis (MRA) with the help of the Eviews program. The results of the model selection test show that the Common Effect Model (CEM) is the most appropriate estimation model based on the Chow test, the Hausman test, and the Lagrange Multiplier test. The results of the hypothesis test show that neither the financial distress of the Altman Model nor the Springate Model have a significant effect on tax avoidance. Profitability also did not have a significant effect on tax avoidance and was not proven to moderate the relationship between financial distress and tax avoidance in both models. These findings indicate that the financial pressures experienced by companies do not necessarily encourage companies to adopt more aggressive tax avoidance practices. This study suggests that the next study consider other variables, such as leverage, company size, corporate governance, and capital intensity, to obtain a more comprehensive picture of the determinants of tax avoidance
Co-Authors Diky Paramitha Kan Wen Huey