Firm Value Determinants: Tax Amnesty, Profitability, Capital Intensity, and the Moderating Role of Tax Avoidance

Nurhana Nurhana (Perbanas Institute)
Annathasia P. Erasashanti (Perbanas Institute)

International Journal of Management and Business Applied
Vol. 5 No. 2 (2026)

Purpose – To examine the effect of tax amnesty, profitability, and capital intensity on firm value with tax avoidance as a moderating variable. Methodology/approach – This study used panel data from 15 consumer goods companies listed on the Indonesia Stock Exchange during 2016–2024 and analyzed the data using the Random Effect Model (REM) and Moderated Regression Analysis (MRA) with EViews 12. Findings – Profitability has a positive and significant effect on firm value, while tax amnesty and capital intensity have no significant effect. Tax avoidance significantly weakens the relationship between profitability and firm value but does not moderate the effects of tax amnesty and capital intensity. Novelty/value – This study provides empirical evidence on the moderating role of tax avoidance in the relationship between tax amnesty, profitability, capital intensity, and firm value in Indonesian consumer goods companies.