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All Journal JAT (Journal of Accounting and Tax)
Enceng Sutisna
Universitas Widyatama
Economics, Econometrics & Finance

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PROFITABILITY, LIQUIDITY, LEVERAGE, AND TAX AVOIDANCE IN INDONESIAN INFRASTRUCTURE COMPANIES Enceng Sutisna; Dyah Purnamasari
JAT : Journal Of Accounting and Tax Vol. 5 No. 2 (2026): Special Issue
Publisher : Faculty of Economics, Universitas Tulungagung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36563/pvye0648

Abstract

This study examines the relationship between profitability, liquidity, leverage, and the effective tax rate (ETR) of infrastructure companies listed on the Indonesia Stock Exchange from 2021 to 2024. ETR is used as an inverse indicator of tax avoidance rather than as direct evidence of unlawful behavior. The study applies a quantitative explanatory design to annual financial-statement data for nine purposively selected companies, yielding a balanced panel of 36 firm-year observations. Return on assets, current ratio, and debt-to-equity ratio capture profitability, liquidity, and leverage, respectively. Panel-model selection through the Chow, Hausman, and Lagrange multiplier tests supports a random-effects specification estimated in EViews 13. Liquidity is positively related to ETR (coefficient = 0.030029; p = 0.0168), implying a negative association with the indication of tax avoidance. Profitability (p = 0.7831) and leverage (p = 0.7324) do not exhibit statistically detectable partial relationships. The adjusted R-squared is 0.104047, and the joint F-test does not reach the five-percent significance threshold (p = 0.090449). These findings suggest that short-term financial capacity deserves attention when interpreting cross-company differences in effective taxation, while the small selected sample and the limitations of ETR warrant cautious generalization.
Co-Authors Dyah Purnamasari