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All Journal EkoBis ( Ekonomi & Bisnis ) Jurnal Ilmiah Universitas Batanghari Jambi Ekonis : Jurnal Ekonomi dan Bisnis EKONOMI, KEUANGAN, INVESTASI DAN SYARIAH (EKUITAS) JOURNAL OF BUSINESS AND ECONOMICS RESEARCH (JBE) ARBITRASE: JOURNAL OF ECONOMICS AND ACCOUNTING AJAR (Asian Journal of Accounting Research) (e-Journal) Jurnal Pengabdian Kepada Masyarakat RENATA Jurnal Pengabdian Masyarakat Kita Semua
Thomas Averio
Universitas Widya Dharma Pontianak
Agriculture, Biological Sciences & Forestry Arts Humanities Chemistry Civil Engineering, Building, Construction & Architecture Computer Science & IT Control & Systems Engineering Decision Sciences, Operations Research & Management Earth & Planetary Sciences Economics, Econometrics & Finance Education Electrical & Electronics Engineering Energy Environmental Science Health Professions Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Mathematics Nursing Public Health Social Sciences Veterinary Other

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Thin Capitalization, Komisaris Independen, dan Capital Intensity Terhadap Tax Avoidance: Peran Moderasi Kepemilikan Institusional Panesa, Inggrid; Averio, Thomas
ARBITRASE: Journal of Economics and Accounting Vol. 6 No. 2 (2025): November 2025
Publisher : Forum Kerjasama Pendidikan Tinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/arbitrase.v6i2.2640

Abstract

This study aims to comprehensively examine the impact of thin capitalization, independent commissioners, and capital intensity on tax avoidance practices, with institutional ownership as a moderating factor. The data were obtained from the annual financial statements of companies listed in the LQ45 index during the 2020–2024 period. The analysis was conducted using multiple linear regression and moderation regression analysis (MRA) with IBM SPSS version 26, to thoroughly test the relationships between variables. The research population consisted of 45 companies, with samples selected using purposive sampling according to predetermined inclusion criteria. The results indicate that thin capitalization, independent commissioners, and capital intensity does have an effect on tax avoidance but not significant. Meanwhile, institutional ownership has the potential to moderate the relationship between these three variables and tax avoidance. These findings provide both conceptual and practical implications for the development of literature on tax avoidance and can serve as a reference for company management and policymakers in formulating more effective tax management strategies.
Analisis Determinan Firm Value dengan Model Rasio Tobin's Q: Studi Empiris di Indonesia Gama, Veronicha Maria Jona Chin Shiet Fa; Thomas Averio
ARBITRASE: Journal of Economics and Accounting Vol. 6 No. 2 (2025): November 2025
Publisher : Forum Kerjasama Pendidikan Tinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/arbitrase.v6i2.2843

Abstract

The basic materials sector has unique characteristics because it requires large amounts of capital, depends heavily on natural resources, and faces strong exposure to environmental issues. These conditions make the factors that influence firm value in this sector more varied and sensitive to both financial and non-financial changes. This study examines the “effect of tax avoidance, green accounting, institutional ownership, leverage, and profitability on firm value in basic materials companies listed on the Indonesia Stock Exchange during 2020–2024”. This research uses a quantitative approach with multiple linear regression, processed using IBM SPSS Statistics version 26. The t-test results show that green accounting, leverage, and profitability have a positive effect on firm value, while tax avoidance and institutional ownership have a negative effect. The Adjusted R Square value of 0.891 indicates that the model explains 89.1% of the variation in firm value. In addition, the F-test shows a significance value of 0.00 < 0.05, meaning the model is appropriate to use. Overall, the findings show that firm value in the basic materials sector is strongly influenced by sustainability practices, ownership structure, and financial performance.
Green Accounting, Debt Default, and Market Capitalization: Multiple Linear Regression on Stock Prices Thomas Averio
Journal of Business and Economics Research (JBE) Vol 7 No 2 (2026): June 2026
Publisher : Forum Kerjasama Pendidikan Tinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/jbe.v7i2.9612

Abstract

This study purports to examine whether green accounting, debt default, and market capitalization affect stock prices in emerging markets, with a particular focus on Indonesia. The research uses consumer non-cyclicals sector companies in Indonesia as the sample. The observation period covers 2020 to 2024. The study implements multiple linear regression to analyze the data. The findings indicate that green accounting, debt default, and market capitalization each exert a significant and positive influence on stock prices, with a significance level of 0.000 for all independent variables. Furthermore, the coefficient of determination indicates that green accounting, debt default, and market capitalization explain 15.4% of the variation in stock prices. These results reinforce previous empirical studies and further confirm that investors strongly consider green accounting practices, debt levels, and market capitalization when making investment decisions.
THE RELEVANCE OF FRAUD THEORY AND FRAUDULENT FINANCIAL REPORTING Thomas Averio
Jurnal Ekonomi dan Bisnis Vol 26, No 2 (2025): JURNAL EKONOMI DAN BISNIS
Publisher : Department of Management, Faculty of Economics, Universitas Islam Sutan Agung, Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30659/ekobis.26.2.115-127

Abstract

Fraud dalam sebuah usaha dapat berdampak buruk bagi going concern usaha tersebut. Riset kali ini memiliki tujuan utama yaitu untuk menganalisis relevansi antara fraud theory dengan fraudulent financial reporting. Fraud theory yang menjadi dasar dalam penelitian ini adalah fraud diamond theory. Riset dilakukan pada perusahaan sektor energi di Indonesia dengan rentang waktu penelitian 5 tahun dari tahun 2018 sampai dengan tahun 2022. Metode analisis dalam penelitian ini yaitu analisis regresi logistik. Dalam riset ini ditemukan bahwa salah satu elemen dari fraud diamond theory yaitu opportunity berpengaruh positif signifikan terhadap fraudulent financial reporting. Elemen lainnya yaitu pressure, rasionalization, dan capability berpengaruh tidak signifikan terhadap fraudulent financial reporting.
Determinasi Manajemen Laba: Kajian Empiris Pada Perusahaan Real Estate Periode 2020-2024 Jessie Jessie; Thomas Averio
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS) Vol 7 No 3 (2026): February 2026
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/ekuitas.v7i3.9000

Abstract

This study aims to examine the influence of political connections, gender diversity, financial distress, and operating cash flow on earnings management in the real estate sector. The population consists of companies listed on the Indonesia Stock Exchange from 2020 to 2024. Samples were obtained through purposive sampling, involving 39 companies over 5 years, resulting in 195 total observations. The study employs quantitative methods with panel data regression analysis, using SPSS 26 software. The results indicate that financial distress and operating cash flow have a positive influence on earnings management, while political connections and gender diversity have a negative influence. In this studs, the coefficient of determination is 52.5%.The main contribution of this study is to provide a foundation for real estate company management to strengthen internal oversight to reduce earnings management during high financial distress, through independent audits or funding diversification. Investors and creditors can utilize these findings as risk indicators, where companies with low political connections, high gender diversity, or high operating cash flow are more transparent, thereby reducing investment risk in sectors vulnerable to economic fluctuations.
Determinan Tax Avoidance: Peran Moderasi Komite Audit atas Thin Capitalization dan Capital Intensity Graciella Angelya; Thomas Averio
Journal of Business and Economics Research (JBE) Vol 7 No 3 (2026): October 2026
Publisher : Forum Kerjasama Pendidikan Tinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/jbe.v7i3.11068

Abstract

The effects of thin capitalization and capital intensity on tax avoidance, with the audit committee as a moderating variable, were tested and analyzed in this study. The role of the audit committee as a supervisory mechanism has not been studied in depth in the non-cyclical consumer sector, and the findings of previous studies on this relationship remain conflicting. This quantitative study utilizes secondary data from the annual reports of non-cyclical consumer sector companies listed on the Indonesia Stock Exchange for the 2020–2024. The sample was determined using purposive sampling, resulting in 43 companies with a total of 213 observations after adjustments. The data were analyzed using panel data regression and Moderated Regression Analysis (MRA) via EViews 13 software. Based on the test results, tax avoidance is not significantly influenced by thin capitalization, whereas capital intensity has a significant negative effect, with significance values of 0.1772 and 0.0775, respectively, and regression coefficients of -0.0286 and -0.1153. Audit committee moderates both of these relationships, thereby strengthening the effect of thin capitalization and weakening the effect of capital intensity on tax avoidance, with significance values of 0.0044 and 0.0002, respectively, and regression coefficients of 0.0872 and -0.4311. These findings contribute conceptually to the development of agency theory and can serve as a reference for management and regulators in formulating more effective oversight policies regarding tax avoidance practices, as well as offering an original contribution by providing empirical evidence on the moderating role of audit committee in the relationship between thin capitalization and capital intensity on tax avoidance, particularly in the non-cyclical consumer sector, which has rarely been examined.
Integrating Environmental Performance and Environmental Cost into Firm Value: Managerial Ownership Role Lidya Lidya; Thomas Averio
Journal of Business and Economics Research (JBE) Vol 7 No 3 (2026): October 2026
Publisher : Forum Kerjasama Pendidikan Tinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/jbe.v7i3.11184

Abstract

This study investigates whether environmental performance and environmental cost affect firm value among energy-sector firms listed on the Indonesia Stock Exchange, and examines managerial ownership as a moderating variable, controlling for profitability and firm size. Using panel data regression combined with moderated regression analysis (MRA) in EViews 13 on a purposive sample of 22 firms over 2020–2024 (110 firm-year observations), the baseline model explains 63.95% of the variation in firm value (adjusted R² = 0.639), rising to 72.67% (adjusted R² = 0.727) once managerial ownership and its interaction terms are added, with both models jointly significant at the 1% level (p = 0.000). Neither environmental performance (β = -0.891, p = 0.344) nor environmental cost (β = 0.009, p = 0.423) significantly affects firm value. Managerial ownership significantly moderates the relationship between environmental performance and firm value (β = -10.719, p = 0.000), albeit negatively, contradicting the hypothesized reinforcing effect, whereas its moderating effect on the relationship between environmental cost and firm value remains insignificant (β = 1.034, p = 0.101). These findings suggest the Indonesian capital market has yet to fully price sustainability disclosures, and that concentrated managerial ownership can weaken, rather than strengthen, the value relevance of environmental performance. Theoretically, this study extends environmental accounting literature by evidencing a governance-contingent market response to sustainability information within an integrated moderation framework rarely tested jointly in the energy sector. Practically, it offers corporate managers and investors an empirically grounded basis for evaluating environmental management and ownership structure in strategic and investment decision-making.
Co-Authors Arif Budi Satrio Gama, Veronicha Maria Jona Chin Shiet Fa Graciella Angelya Jessie Jessie Lidya Lidya Maria Kontesa Panesa, Inggrid Ricky Ricky Rumintar J.H. Marpaung Sisca Contesa Theresia Contesa