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All Journal Journal of Accounting and Investment EKUITAS (Jurnal Ekonomi dan Keuangan) Jurnal Akuntansi Trisakti Proceeding National Conference Business, Management, and Accounting (NCBMA)
Sinaga, Nensy Dwi Putri
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Economics, Econometrics & Finance Social Sciences

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THE INFLUENCE OF CORPORATE SUSTAINABILITY ON TAX DISTRIBUTION AND DIVIDEND DISTRIBUTION Siagian, Valentine; Sinaga, Nensy Dwi Putri
Proceeding National Conference Business, Management, and Accounting (NCBMA) 7th National Conference Business, Management, and Accounting
Publisher : Faculty of Economics and Business Universitas Pelita Harapan

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Abstract

This study investigates the impact of corporate sustainability on effective tax rates and dividend payout ratios among companies listed in the LQ45 index over the period from 2018 to 2022. Corporate sustainability is increasingly recognized as a crucial aspect of business strategy, influencing financial structures and shareholder value distribution. Utilizing a panel data analysis taken from Bloomberg, we explore how sustainability growth rate affect their tax strategies and dividend policies. Our findings reveal a nuanced interaction between corporate sustainability and fiscal obligations. Specifically, the study indicates that higher levels of corporate sustainability correlate with a lower effective tax rate; however, this relationship is statistically insignificant. This suggests that while sustainable practices may influence tax-related decisions, other factors such as changes in tax legislation, profitability, and tax planning strategies might play more pivotal roles in determining the effective tax rate. Conversely, the impact of corporate sustainability on dividend payout ratios is both negative and statistically significant. Companies with robust sustainability practices tend to reinvest a greater portion of their earnings back into the business to support sustainable growth and long-term value creation, leading to lower dividend distributions. This finding highlights the prioritization of capital retention over immediate shareholder returns among sustainably focused firms in the LQ45 index. This research contributes to the understanding of how sustainability initiatives intersect with financial policies within Indonesian listed companies. The insights provided could help investors and policymakers better understand the financial implications of sustainability growth rate, particularly in emerging markets where such practices are gaining momentum. The results also suggest areas for further research, particularly in exploring the indirect pathways through which sustainability might influence corporate financial policies.
THE INFLUENCE OF CORPORATE SUSTAINABILITY ON TAX DISTRIBUTION AND DIVIDEND DISTRIBUTION Siagian, Valentine; Sinaga, Nensy Dwi Putri
Jurnal Akuntansi Trisakti Vol. 11 No. 2 (2024): September
Publisher : Lembaga Penerbit Fakultas Ekonomi dan Bisnis Universitas Trisakti

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25105/v11i2.21312

Abstract

This study investigates the impact of corporate sustainability on effective tax rates and dividend payout ratios among companies listed in the LQ45 index over the period from 2018 to 2022. Corporate sustainability is increasingly recognized as a crucial aspect of business strategy, influencing financial structures and shareholder value distribution. Utilizing a panel data analysis taken from Bloomberg, we explore how sustainability growth rate affect their tax strategies and dividend policies. Our findings reveal a nuanced interaction between corporate sustainability and fiscal obligations. Specifically, the study indicates that higher levels of corporate sustainability correlate with a lower effective tax rate; however, this relationship is statistically insignificant. This suggests that while sustainable practices may influence tax-related decisions, other factors such as changes in tax legislation, profitability, and tax planning strategies might play more pivotal roles in determining the effective tax rate. Conversely, the impact of corporate sustainability on dividend payout ratios is both negative and statistically significant. Companies with robust sustainability practices tend to reinvest a greater portion of their earnings back into the business to support sustainable growth and long-term value creation, leading to lower dividend distributions. This finding highlights the prioritization of capital retention over immediate shareholder returns among sustainably focused firms in the LQ45 index. This research contributes to the understanding of how sustainability initiatives intersect with financial policies within Indonesian listed companies. The insights provided could help investors and policymakers better understand the financial implications of sustainability growth rate, particularly in emerging markets where such practices are gaining momentum. The results also suggest areas for further research, particularly in exploring the indirect pathways through which sustainability might influence corporate financial policies.
THE INFLUENCE OF CORPORATE SUSTAINABILITY ON TAX DISTRIBUTION AND DIVIDEND DISTRIBUTION Siagian, Valentine; Sinaga, Nensy Dwi Putri
Proceeding National Conference Business, Management, and Accounting (NCBMA) 7th National Conference Business, Management, and Accounting
Publisher : Faculty of Economics and Business Universitas Pelita Harapan

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

Abstract

This study investigates the impact of corporate sustainability on effective tax rates and dividend payout ratios among companies listed in the LQ45 index over the period from 2018 to 2022. Corporate sustainability is increasingly recognized as a crucial aspect of business strategy, influencing financial structures and shareholder value distribution. Utilizing a panel data analysis taken from Bloomberg, we explore how sustainability growth rate affect their tax strategies and dividend policies. Our findings reveal a nuanced interaction between corporate sustainability and fiscal obligations. Specifically, the study indicates that higher levels of corporate sustainability correlate with a lower effective tax rate; however, this relationship is statistically insignificant. This suggests that while sustainable practices may influence tax-related decisions, other factors such as changes in tax legislation, profitability, and tax planning strategies might play more pivotal roles in determining the effective tax rate. Conversely, the impact of corporate sustainability on dividend payout ratios is both negative and statistically significant. Companies with robust sustainability practices tend to reinvest a greater portion of their earnings back into the business to support sustainable growth and long-term value creation, leading to lower dividend distributions. This finding highlights the prioritization of capital retention over immediate shareholder returns among sustainably focused firms in the LQ45 index. This research contributes to the understanding of how sustainability initiatives intersect with financial policies within Indonesian listed companies. The insights provided could help investors and policymakers better understand the financial implications of sustainability growth rate, particularly in emerging markets where such practices are gaining momentum. The results also suggest areas for further research, particularly in exploring the indirect pathways through which sustainability might influence corporate financial policies.
SUSTAINABILITY AND TAX INCENTIVES Siagian, Valentine; Sinaga, Nensy Dwi Putri
EKUITAS (Jurnal Ekonomi dan Keuangan) Vol 8 No 4 (2024): December
Publisher : Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya(STIESIA) Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24034/j25485024.y2024.v8.i4.6844

Abstract

This study examines the link between sustainability practices and tax incentives for Indonesian firms by analyzing Bloomberg data from 2013 to 2022. It assesses sustainability through the Sustainability Growth Rate (SGR) and disclosures in the Environmental, Social, and Governance (ESG) domains, while tax incentives are measured by the Effective Tax Rate (ETR). A fixed-effects regression model controls firm-specific factors, revealing that a higher SGR significantly correlates with reduced tax liabilities. This study also suggests that firms with substantial sustainability growth are able to gain tax benefits. However, ESG disclosures alone do not significantly impact the ETR. Its robust sustainability practices have led to tax advantages rather than mere disclosure in Indonesia. Furthermore, this research contributes to the existing literature by highlighting the distinct impacts of various sustainability measures on financial outcomes, particularly in developing countries. They overview the importance of comprehensive sustainability strategies incorporating real growth in initiatives for achieving ethical and financial outcomes. This research also addresses critical insights for policymakers and business leaders in response to the emerging markets around developing countries.
ESG Score and Cost of Debt: Evidence from Indonesia Siagian, Valentine; Sinaga, Judith Tagal Gallena; Sinaga, Nensy Dwi Putri
Journal of Accounting and Investment Vol. 27 No. 1 (2026): January 2026
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

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Abstract

Research aims: This study explores the influence of Environmental, Social, and Governance (ESG) practices on the cost of debt within corporations. The primary objective is to determine whether comprehensive ESG adherence can function as a mechanism to reduce financial liabilities by lowering borrowing costs. Design/Methodology/Approach: The research adopts a quantitative methodology using a dataset of ESG scores. The analytical approach involves comparing corporate debt costs with overall ESG scores and with the disaggregated components—Environmental, Social, and Governance scores—independently. Research findings: The findings indicate that overall ESG scores are associated with a reduction in the cost of debt. However, when the components are analyzed separately, only the Governance score shows a statistically significant negative correlation with debt costs. Environmental and Social scores do not demonstrate a meaningful standalone effect. This suggests creditors place greater emphasis on governance-related factors in credit risk evaluation. Theoretical contribution/ Originality:. This study contributes to the literature on sustainable finance by providing empirical evidence of the differential impact of ESG components on corporate financing costs. It advances understanding of how ESG factors—particularly governance—play a role in shaping firms’ financial outcomes. Practitioner/Policy implication: The results highlight the strategic importance of governance-focused ESG initiatives for firms seeking to lower financing costs. Policymakers and corporate strategists should recognize the value creditors place on governance practices and incorporate this insight into ESG frameworks and disclosure standards. Research limitation/Implication: While the study reveals important insights into ESG’s impact on debt costs, it is limited by its reliance on available ESG score datasets and may not capture qualitative factors or long-term effects. Future research should explore longitudinal impacts, cross-country variations, and sector-specific dynamics to deepen understanding of ESG-financing linkages.
Co-Authors Judith Tagal Gallena Sinaga Valentine Siagian