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All Journal International Journal of Economics (IJEC)
Menik Indrati
Esa Unggul University Jakarta, Indonesia
Economics, Econometrics & Finance

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The Effect of Equity Market Timing, Growth Opportunity, Asset Tangibility and Profitability on Capital Structure Christiana Ndari; Menik Indrati
International Journal of Economics (IJEC) Vol. 5 No. 2 (2026): July-December
Publisher : PT Inovasi Pratama Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55299/ijec.v5i2.2127

Abstract

Capital structure is a crucial financial decision for companies because it relates to business sustainability and financial risk, particularly in the oil and gas sector, which is characterized by capital intensity and high volatility. This study aims to analyze the effect of Equity Market Timing (EMT), Growth Opportunity (GO), Asset Tangibility (AT), and Profitability (ROA) on capital structure, as proxied by the Debt to Equity Ratio (DER), in oil and gas companies listed on the Indonesia Stock Exchange for the 2021–2024 period. The study used secondary data with a purposive sampling method, resulting in a sample of 19 companies with a total of 76 observations. The analysis was conducted using panel data regression with the assistance of EViews software. The selection of the best model through the Chow Test and the Hausman Test indicated that the Fixed Effect Model (FEM) was the most appropriate model. The partial test results showed that EMT had a significant positive effect on capital structure, while AT and ROA had a significant negative effect. Meanwhile, GO had no significant effect on capital structure. Simultaneously, all independent variables had a significant effect on capital structure. This finding confirms that the funding policies of oil and gas companies are influenced by strategic equity, asset characteristics, and the company's level of profitability.
The Effects of Financial Distress, Audit Committee, and Independent Commissioners on Tax Avoidance Astuty Handayani; Menik Indrati
International Journal of Economics (IJEC) Vol. 5 No. 2 (2026): July-December
Publisher : PT Inovasi Pratama Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55299/ijec.v5i2.2129

Abstract

Tax Avoidance is a company's effort to minimize its tax burden by utilizing tax regulations within the legal framework. This practice is a concern because it can affect state revenues and reflect financial policies and corporate governance. This study aims to analyze the influence of Financial Distress, Audit Committees, and Independent Commissioners on Tax Avoidance, proxied by CETR, in transportation and logistics companies listed on the Indonesia Stock Exchange for the 2022–2025 period, with Firm Size and Leverage as control variables. The study used secondary data with a purposive sampling method, resulting in a sample of 23 companies with a total of 92 observations. Data analysis was performed using panel data regression with E-Views 13 software. The selection of the best model through the Chow Test, Hausman Test, and Lagrange Multiplier Test indicated that the Random Effect Model (REM) was the most appropriate model. The partial test results showed that Financial Distress had a significant effect on Tax Avoidance, while the Audit Committee and Independent Commissioners did not have a significant effect on Tax Avoidance. The findings of this study indicate that tax avoidance practices in transportation and logistics companies are more influenced by the company's financial condition than by Good Corporate Governance mechanisms, as proxied by the Audit Committee and Independent Commissioners. The results of this study are expected to serve as a reference for company management, investors, and regulators in understanding the factors influencing tax avoidance practices and supporting more effective decision making regarding tax policy and corporate governance.
Co-Authors Astuty Handayani Christiana Ndari