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The Effect of Green Accounting and Tax Avoidance on Firm Value Moderated by the Board of Directors in Manufacturing Companies Khalvin Aul Salcedo; Herlina Lusmeida
Proceedings of the International Conference on Entrepreneurship (IConEnt) Vol. 5 (2025): Proceedings of the 5th International Conference on Entrepreneurship (IConEnt)
Publisher : Universitas Pelita Harapan

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This study aims to examine the effect of green accounting and tax avoidance on firm value, with the board of directors as a moderating variable. The research uses a quantitative approach with panel data regression analysis based on 86 manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2019 to 2023, totalling 430 firm-year observations. The results show that green accounting has a significant negative effect on firm value, indicating that environmental cost disclosures are not yet perceived positively by the market. Meanwhile, tax avoidance has a significant positive effect, reflecting its perception as an efficiency strategy by investors. Although the board of directors does not directly affect firm value, it significantly moderates the relationships between the independent variables and firm value: weakening the negative impact of green accounting and strengthening the positive impact of tax avoidance. These findings highlight the importance of corporate governance in managing environmental and fiscal strategies to optimize firm value.

The Effect of Green Accounting and Tax Avoidance on Firm Value Moderated by the Board of Directors in Manufacturing Companies Khalvin Aul Salcedo; Herlina Lusmeida
Proceedings of the International Conference on Entrepreneurship (IConEnt) Vol. 5 (2025): Proceedings of the 5th International Conference on Entrepreneurship (IConEnt)
Publisher : Universitas Pelita Harapan

Show Abstract | Download Original | Original Source | Check in Google Scholar

This study aims to examine the effect of green accounting and tax avoidance on firm value, with the board of directors as a moderating variable. The research uses a quantitative approach with panel data regression analysis based on 86 manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2019 to 2023, totalling 430 firm-year observations. The results show that green accounting has a significant negative effect on firm value, indicating that environmental cost disclosures are not yet perceived positively by the market. Meanwhile, tax avoidance has a significant positive effect, reflecting its perception as an efficiency strategy by investors. Although the board of directors does not directly affect firm value, it significantly moderates the relationships between the independent variables and firm value: weakening the negative impact of green accounting and strengthening the positive impact of tax avoidance. These findings highlight the importance of corporate governance in managing environmental and fiscal strategies to optimize firm value.

Nilai Perusahaan Memediasi Financial Distress dan Firm Size terhadap Return Saham : [Company Value Mediates Financial Distress and Firm Size on Stock Returns] Herlina Lusmeida; Tiara Syahda Khalisah
Milestone: Journal of Strategic Management Vol 5. No. 2 September 2025
Publisher : Universitas Pelita Harapan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19166/ms.v5i2.10296

This study aims to provide empirical evidence regarding the effect of financial distress and firm size on stock returns through firm value. This study examines the variables of financial distress, firm size, stock returns and firm value in the property sector in 2021-2023 in the ASEAN Region 5. The method of sampling is purposive sampling. The type of data selected is panel data. This secondary data is taken from annual reports and financial statements available through S&P Capital IQ. The results of the study stated that financial distress does not affect the firm’s value. Firm size has a negative effect on the firm’s value. Financial distress has a negative effect on stock returns. Firm size has a negative effect on stock returns. Firm value has a positive effect on stock returns. Firm value does not significantly mediate the relationship between financial distress and stock returns. Firm value does not significantly mediate the relationship between firm size and stock returns. Academic implication for this research is enriching literature studies about firm value, financial distress and stock return. Practical implication is Companies do not only need to maintain financial stability but also build reputation and credibility among investors as a strategic effort to improve their stock market performance. Abstrak Bahasa Indonesia: Penelitian ini bertujuan untuk memberikan bukti empiris mengenai pengaruh kesulitan keuangan dan ukuran perusahaan terhadap pengembalian saham melalui nilai perusahaan. Penelitian ini mengkaji variabel kesulitan keuangan, ukuran perusahaan, pengembalian saham, dan nilai perusahaan pada sektor properti tahun 2021–2023 di Kawasan ASEAN 5. Metode pengambilan sampel yang digunakan adalah purposive sampling. Jenis data yang dipilih adalah data panel. Data sekunder ini diambil dari laporan tahunan dan laporan keuangan yang tersedia melalui S&P Capital IQ. Hasil penelitian menyatakan bahwa kesulitan keuangan tidak memengaruhi nilai perusahaan. Ukuran perusahaan berpengaruh negatif terhadap nilai perusahaan. Kesulitan keuangan berpengaruh negatif terhadap pengembalian saham. Ukuran perusahaan berpengaruh negatif terhadap pengembalian saham. Nilai perusahaan berpengaruh positif terhadap pengembalian saham. Nilai perusahaan tidak memediasi hubungan antara kesulitan keuangan dan pengembalian saham secara signifikan. Nilai perusahaan tidak memediasi hubungan antara ukuran perusahaan dan pengembalian saham secara signifikan. Implikasi akademis dari penelitian ini adalah memperkaya studi literatur tentang nilai perusahaan, kesulitan keuangan, dan pengembalian saham. Implikasi praktisnya adalah perusahaan tidak hanya perlu menjaga stabilitas keuangan, tetapi juga membangun reputasi dan kredibilitas di kalangan investor sebagai upaya strategis untuk meningkatkan kinerja pasar sahamnya.

DOES THE INDEPENDENT BOARD OF COMMISSIONERS MODERATE THE DETERMINANTS INFLUENCING ACCOUNTING CONSERVATISM? Sulina, Ketrine; Lusmeida, Herlina
JRAK Vol 18 No 1 (2026): April Edition
Publisher : Faculty of Economics and Business, Universitas Pasundan, Bandung, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23969/jrak.v18i1.29544

Conflicting findings about what drives accounting conservatism raise doubts about the reliability of financial reports. This study examines how financial distress, capital intensity, and profitability affect accounting conservatism, with independent commissioners as a moderating variable. Using purposive sampling, it analyzes 104 manufacturing firms in the industrials and consumer staples sectors listed on the Indonesia Stock Exchange from 2019 to 2023. Panel data estimation is applied. The results show that financial distress has no significant effect on accounting conservatism, while capital intensity and profitability have significant positive effects. Independent commissioners do not moderate the effects of financial distress and profitability on accounting conservatism. Although they significantly moderate the relationship between capital intensity and accounting conservatism, they do not strengthen its positive impact. These findings offer useful insights for investors and regulators in evaluating earnings quality and improving transparency in financial reporting.

THE INFLUENCE OF DIVIDEND POLICY, SALES GROWTH, AND AUDIT QUALITY ON TAX AGGRESSIVENESS WITH THE AUDIT COMMITTEE AS A MODERATION Herlina Lusmeida; Patricia Charelyne Wibowo
EKUITAS (Jurnal Ekonomi dan Keuangan) Vol 9 No 2 (2025): June
Publisher : Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya(STIESIA) Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24034/j25485024.y2025.v9.i2.7163

The objective of this study is to empirically examine whether dividend policy, sales growth, and audit quality influence tax aggressiveness, with the contribution of the audit committee as a moderator. The sample comprises 219 observations from companies in the wholesale sub-sector within ASEAN countries during 2019–2023, selected using purposive sampling. This research employs Multiple Linear Regression Analysis and Moderated Regression Analysis. The results reveal that dividend policy, sales growth, and audit quality positively influence tax aggressiveness, while the audit committee does not directly affect tax aggressiveness. Furthermore, as a moderating factor, the audit committee does not weaken the positive relationship between dividend policy and sales growth on tax aggressiveness and does not strengthen the negative relationship between audit quality and tax aggressiveness. This study is expected to provide implications for academics as a foundation for further research by exploring other factors, for practitioners to pay more attention to handling clients and hiring accountants, and for companies as a guideline in developing corporate strategies.

PENGARUH eWOM DAN e-REFERRAL TERHADAP NIAT PEMBELIAN: PERAN CITRA MEREK SEBAGAI VARIABEL MODERASI Ridwan Abdul Aziz; Herlina Lusmeida
Proceeding National Conference Business, Management, and Accounting (NCBMA) 9th National Conference Business, Management, and Accounting
Publisher : Faculty of Economics and Business Universitas Pelita Harapan

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This research was conducted to provide empirical evidence on the effect of the quality of Sustainable Development Goals (SDGs) disclosure and green accounting on financial performance. This study uses SDGs disclosure and environmental costs as independent variables, and Return on Assets and Return on Equity as dependent variables. The study employs secondary data from the sustainability reports of 180 non-financial companies from 2020 to 2024. This quantitative research is based on a positive paradigm, with samples selected using purposive sampling and analyzed using multiple linear regression with SPSS version 29. The results of this study indicate that (1) the quality of SDGs disclosure has no effect on financial performance, and (2) green accounting has no effect on financial performance. The implication of this research is that the quality of SDGs disclosure does not influence the financial performance of companies

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