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p-Index From 2021 - 2026
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All Journal The Contrarian: Finance, Accounting, and Business Research Indonesian Journal Economic Review (IJER)
Tatemba, Happy
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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Investor reaction on value added tax incentives during COVID-19 Tatemba, Happy; Morasa, Jenny; Budiarso, Novi Swandari
The Contrarian : Finance, Accounting, and Business Research Vol. 3 No. 2 (2024)
Publisher : Yayasan Widyantara Nawasena Raharja

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58784/cfabr.169

Abstract

The COVID-19 pandemic is one of the causes of the weakening of the world economy. Anticipating these conditions, the Indonesian Government implemented several fiscal policies, one of which was the VAT incentive. The aim of this study is to examine the impact of this policy on the capital market. The sample from this study is listed firms in the property sector with an observation period of 2020 to 2022. The findings show that this policy effectively causes the market to become more efficient except during the second phase of implementation. Other findings also show that the implementation of VAT incentives can increase market risk in the property sector. This study also found that the implementation of the VAT incentive policy only had a small impact so that it did not provide a significant difference in returns except during the second phase of the implementation period.
Capital Structure and Social Signaling: A Dual Mechanism Analysis of Tax Aggressiveness in Emerging Markets Tatemba, Happy; Prayanthi, Ika
Indonesian Journal Economic Review (IJER) Vol. 6 No. 2 (2026): June
Publisher : Divisi Riset, Lembaga Mitra Solusi Teknologi Informasi (L-MSTI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59431/ijer.v6i2.764

Abstract

Purpose This research investigates the influence of capital structure and social signaling on corporate tax behavior, specifically testing the Monitoring Hypothesis and the Substitution Effect within the Indonesia Stock Exchange. Design and Methodology A quantitative explanatory design was employed, analyzing 85 observations from non financial companies. Data were retrieved from the Bloomberg Terminal and annual reports. The Generalized Linear Model (GLM) with a Gaussian distribution and identity link function was utilized to examine the causal relationships between the Debt to Equity Ratio (DER), Social Scores, and the Effective Tax Rate (ETR), while controlling for governance and innovation metrics. Findings Empirical Results demonstrate that DER has a significant positive effect on ETR, confirming that leverage serves as an effective external monitoring mechanism that reduces tax aggressiveness. Conversely, Social Scores exhibit a significant negative impact on ETR, supporting the Substitution Effect. This suggests firms utilize high social performance as a reputational shield to mask tax avoidance, validating the "CSR-Tax Paradox." Internal governance variables showed no significant influence. Originality and Value This study contributes to the literature by highlighting how external market signals such as leverage and social reputation that are more dominant drivers of tax behavior than internal oversight in emerging markets, providing regulators with new indicators for identifying tax risks. 
Co-Authors Ika Prayanthi Jenny Morasa Novi Swandari Budiarso