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This Author published in this journals
All Journal IIJSE Greenation International Journal of Economics and Accounting
Cynthia Afriani Utama
Universitas Indonesia, Depok, Indonesia
Economics, Econometrics & Finance

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The Effect of ESG Practices on Corporate Tax Avoidance: Evidence from Non-Financial Firms in Indonesia Maretta Yoehana; Cynthia Afriani Utama
Greenation International Journal of Economics and Accounting Vol. 4 No. 2 (2026): Greenation International Journal of Economics and Accounting (May - June 2026)
Publisher : Greenation Research & Yayasan Global Resarch National

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/gijea.v4i2.868

Abstract

This study analyzes the effect of Environmental, Social, and Governance (ESG) performance on corporate tax avoidance among non-financial firms listed on the Indonesian Stock Exchange during 2015–2024. Based on stakeholder theory, companies with stronger ESG practices are expected to engage in lower tax avoidance due to higher commitments to transparency, accountability, and stakeholder interests. Using a quantitative approach, this research applies panel data regression to 463 firm-year observations. Tax avoidance is measured by the Cash Effective Tax Rate (CETR), reflecting actual cash tax payments relative to pre-tax income, while ESG data are sourced from Refinitiv’s LSEG database. The analysis employs the Fixed Effects Model (FEM) and the First Difference Generalized Method of Moments (FD-GMM) to address potential endogeneity. The FEM results show no significant relationship between ESG and CETR. However, FD-GMM findings indicate a positive and significant effect, suggesting that better ESG performance leads to higher cash tax payments and lower tax avoidance. Overall, the results emphasize that ESG plays an important role in shaping corporate tax behavior, although the relationship is sensitive to the estimation method used.
The Effect of ESG Score on Default Risk With Ownership Concentration as Moderating Variables Arellano Belva Radhiyya Putera; Cynthia Afriani Utama
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 2 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i2.10340

Abstract

This study aims to examine the effect of Environmental, Social, and Governance (ESG) score on corporate default risk by incorporating ownership concentration—measured through cash flow rights, control rights, and family ownership—as moderating variables. Grounded in agency theory, the study hypothesizes that ownership structure may strengthen or weaken the effectiveness of ESG implementation in mitigating financial risk. The research sample comprises 304 observations of publicly listed companies in Indonesia that had an ESG score between 2020 and 2023. Data analysis is conducted using fixed effect panel regression with clustered robust standard errors. The findings reveal that ESG score has a positive and significant effect on Z-score, indicating that companies with higher ESG performance tend to exhibit lower default risk. The moderating effect of cash flow rights weakens the ESG impact on default risk, while control rights significantly enhance it. Meanwhile, family ownership is found to be insignificant both as a main variable and as a moderator in the ESG–default risk relationship. These results emphasize the critical role of ownership structure in determining the effectiveness of ESG as a risk mitigation tool and highlight the need for adaptive governance and regulatory frameworks to support sustainability practices in corporations. This study contributes to the growing literature on ESG, ownership structure, and risk management in emerging markets.
Co-Authors Arellano Belva Radhiyya Putera Maretta Yoehana