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All Journal Harmoni Economics: International Journal of Economics and Accounting
Narumondang Bulan Siregar
Universitas Sumatera Utara

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An Analysis of the Factors Influencing Tax Avoidance With Corporate Governance as A Moderating Variable Gamal Ali Akbar Hasibuan; Iskandar Muda; Narumondang Bulan Siregar
Harmoni Economics: International Journal of Economics and Accounting Vol. 2 No. 4 (2025): November: Harmoni Economics: International Journal of Economics and Accounting
Publisher : International Forum of Researchers and Lecturers

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70062/harmonieconomics.v2i4.341

Abstract

This research explores the key factors influencing tax avoidance, with a particular focus on the influence of corporate governance as a moderating factor among manufacturing firms registered on the Indonesia Stock Exchange between 2020 and 2024. Data for the analysis were sourced directly from the official publications of the exchange, and the strategy for drawing the research sample applied was purposive sampling. Out of a total population of 228 listed manufacturing firms during the study period, 65 companies were selected as the final sample. The study utilized secondary data and employed panel data regression analysis combined with Moderated Regression Analysis (MRA), processed using EViews 12 software.The results demonstrate that profitability, leverage, inventory intensity, and sales growth each have a positive and statistically significant relationship with tax avoidance. On the contrary, firm size does not exhibit a significant effect. Additionally, corporate governance—represented by the proportion of independent commissioners—significantly moderates the effect of profitability, leverage, inventory intensity, and sales growth on tax avoidance by amplifying these relationships. In contrast, its moderating influence on firm size tends to weaken the relationship with tax avoidance.
Effect Of Governance, Capital Structure, And CSR On Firm Value With Family Ownership As A Moderator In IDX Manufacturing Companies Namira Mudrikah Rahmadhina; Abdillah Arif Nasution; Narumondang Bulan Siregar
Harmoni Economics: International Journal of Economics and Accounting Vol. 2 No. 4 (2025): November: Harmoni Economics: International Journal of Economics and Accounting
Publisher : International Forum of Researchers and Lecturers

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70062/harmonieconomics.v2i4.445

Abstract

This study aims to analyze the influence of corporate governance, capital structure, and Corporate Social Responsibility (CSR) on firm value, with family ownership as a moderating variable in manufacturing companies listed on the Indonesia Stock Exchange for the 2021–2024 period. Firm value is measured using Price to Book Value (PBV), while the independent variables consist of GCG, Debt to Equity Ratio (DER), and the 2021 GRI-based CSR disclosure index. Family ownership is used as a moderating variable to determine the extent to which family control can strengthen or weaken the relationship between the independent variables and firm value. The research method uses a quantitative approach with panel data. The sample was obtained through a purposive sampling technique, with a total of 50 family manufacturing companies, resulting in 290 observations over the four years 2021–2024. Data analysis was performed using panel data regression. The research model was declared feasible based on the F-test results with a probability value of 0.000000. The adjusted R-squared value of 0.847644 indicates that the independent and moderating variables are able to explain 84.76% of the variation in firm value. The results indicate that corporate governance, capital structure, and CSR partially have a positive and significant effect on firm value. Family ownership also proved to have a positive and significant effect on firm value. Furthermore, family ownership moderates and strengthens the relationship between corporate governance and firm value, indicating that dominant family ownership encourages more effective implementation of GCG principles. These findings imply that manufacturing companies, particularly family-owned companies, need to strengthen governance, optimally manage their capital structure, and consistently increase CSR disclosure to enhance firm value.
Co-Authors Gamal Ali Akbar Hasibuan Iskandar Muda Namira Mudrikah Rahmadhina Nasution, Abdillah Arif