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All Journal Advances in Economics & Financial Studies Advances in Taxation Research
Emillia Sastrasasmita
Program Doktor Ilmu Akuntansi, Universitas Hasanuddin, Makassar, Indonesia
Economics, Econometrics & Finance

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The Role of Institutional Ownership Moderation in the Relationship Between Financial Ratios and Financial Distress Emillia Sastrasasmita; Chelsya Chelsya; Kartini Kartini; Sri Sundari
Advances in Economics & Financial Studies Vol. 4 No. 2 (2026): February - May
Publisher : Yayasan Pendidikan Bukhari Dwi Muslim

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60079/aefs.v4i2.846

Abstract

Purpose: This study aims to examine the effect of multidimensional financial ratios on corporate financial health, proxied by the Altman Z-Score, and to analyze the moderating role of institutional ownership in non-cyclical consumer-sector companies listed on the Indonesia Stock Exchange during 2022–2024. Research Method: This study employs a quantitative research design using panel data regression and Moderated Regression Analysis (MRA). The sample was selected through purposive sampling based on the availability of annual financial reports. The independent variables include liquidity, profitability, solvency, leverage, operational efficiency, and firm size, while corporate financial health is measured using the Altman Z-Score. Institutional ownership is used as a moderating variable. Results and Discussion: The findings reveal that profitability, measured by return on assets, and operational efficiency, measured by total asset turnover, have a significant positive effect on the Altman Z-Score. Meanwhile, liquidity, solvency, leverage, and firm size do not significantly affect financial health. Institutional ownership weakens the relationship between profitability and the Altman Z-Score. Implications: The findings suggest that institutional ownership may function as a substitute monitoring mechanism rather than always strengthening financial signals. Originality: This study contributes by integrating multidimensional financial ratios, the Altman Z-Score, and institutional ownership to assess financial health in Indonesia’s non-cyclical consumer sector.
Conceptual Ambiguities in Coretax: A Philosophical Examination of Legitimacy, Efficiency, and Justice in Digital Tax Administration Chelsya Chelsya; Emillia Sastrasasmita; Abdul Hamid Habbe; Gagaring Pagalung
Advances in Taxation Research Vol. 4 No. 2 (2026): February - May
Publisher : Yayasan Pendidikan Bukhari Dwi Muslim

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60079/atr.v4i2.845

Abstract

Purpose: This study aims to clarify conceptual ambiguities in the discourse on digital taxation by distinguishing between Coretax-T, as a digital tax administration system, and Coretax-N, as a normative concept of digital tax legitimacy. Research Method: The study employs a conceptual analysis approach using conceptual mapping, conceptual decomposition, internal consistency testing, and case application to tax policy documents, political philosophy literature, and studies on digital governance. Results and Discussion: The findings indicate that using the term “Coretax” in two senses leads to inconsistencies in arguments surrounding the evaluation of digital taxation. The Lockean tradition offers the most consistent analytical framework, whereas the Rawlsian and utilitarian approaches still face conflicts of principle and methodological issues. Implications: An evaluation of digital taxation should not be based solely on administrative efficiency, but must also take into account procedural legitimacy, distributive justice, and access to digital justice. Originality: The novelty of this research lies in the conceptual distinction between Coretax-T and Coretax-N as the foundation for a philosophical evaluation of digital taxation.
Co-Authors Abdul Hamid Habbe Chelsya Chelsya Gagaring Pagalung Kartini Kartini Sri Sundari