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All Journal Al-Muamalat : Jurnal Ekonomi Syariah Best Journal of Administration and Management
Lulus Kurniasih
Sebelas Maret University
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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Managerial Ownership, Firm Size, Liquidity, and Capital Intensity as Determinants of Tax Avoidance: Evidence from Manufacturing Firms in Indonesia Riedwan Adhie Saputra; Lulus Kurniasih
Best Journal of Administration and Management Vol 4 No 1 (2025): Best Journal of Administration and Management
Publisher : International Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56403/bejam.v4i1.341

Abstract

Tax avoidance is a critical issue in corporate governance, especially in emerging economies where tax revenues are vital for state financing. This study investigates the influence of managerial ownership, firm size, liquidity, and capital intensity on tax avoidance among manufacturing firms listed on the Indonesia Stock Exchange (IDX) during 2019–2023. Using purposive sampling and secondary data from 595 firm-year observations, tax avoidance is measured by the Effective Tax Rate (ETR) and analyzed with panel regression under the Random Effect Model, supported by robust tests. The results show that capital intensity has a significant effect on tax avoidance, while managerial ownership, cash ratio, and firm size are not significant. These findings highlight the role of asset structure in shaping corporate tax strategies and contribute to the literature within agency, political cost, pecking order, and tax shield frameworks, while offering practical insights for policymakers and managers.
Sharia Supervisory Board, Maqāṣid al-Sharīʿah, and Financial Performance: Evidence from Islamic Banks Marheni; Doddy Setiawan; Falikhatun; Lulus Kurniasih
Al-Muamalat Vol. 13 No. 2 (2026): July
Publisher : Department of Sharia Economic Law, Faculty Sharia and Law, UIN Sunan Gunung Djati Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/am.v13i2.54632

Abstract

Islamic banking performance is increasingly evaluated not only through conventional financial indicators but also by the achievement of Maqāṣid al-Sharīʿah. However, evidence remains limited on how Sharia Supervisory Board (SSB) characteristics influence financial performance through Maqāṣid achievement, as well as how governance and disclosure mechanisms condition the relationship. Therefore, this study aimed to examine the direct, mediating, and moderating roles of Sharia governance mechanisms using panel data from 45 listed Islamic commercial bank across multiple countries during 2023–2025 (135 observations). The analysis was conducted using Panel Least Squares fixed-effects estimation. The SSB Index was measured across seven dimensions, while financial performance was proxied by the profit-and-loss-sharing (PLS) ratio. Mediation was tested through the Sobel test with bootstrapping (5,000 resamples), and moderation was assessed through interaction terms for Sharia Governance and Islamic Social Reporting (ISR). The results showed that SSB expertise, institutional affiliation, and board size significantly enhanced Maqāṣid achievement. Meanwhile, the Maqāṣid al-Sharīʿah Index strongly and positively affected financial performance and mediated the relationship between key SSB characteristics and outcomes. Sharia Governance and ISR further strengthened this relationship. In conclusion, Islamic banking performance is driven by substantive Sharia supervision and effective internalization of Maqāṣid objectives rather than symbolic governance. This study offers novel evidence that Maqāṣid achievement functions as a strategic, measurable driver of financial performance with implications for SSB competency and disclosure standards.
Co-Authors Doddy Setiawan Falikhatun Marheni Riedwan Adhie Saputra