<![CDATA[Purpose – This study examines the associations of profitability, liquidity, and leverage with positive book-tax differences (BTD) and tests whether environmental, social, and governance (ESG) disclosure moderates those associations among selected listed firms in developing ASEAN countries. Design/methodology/approach – The balanced panel includes 101 firms and 404 firm-year observations for 2021–2024. Random-effects regressions with firm-clustered standard errors were estimated using ROE, CUR, DER, the Bloomberg ESG Disclosure Score, their interaction terms, and controls for size and tangibility. Findings – ROE was positively associated with BTD (β = 0.3298, p < 0.001), and DER was negatively associated with BTD (β = -0.0209, p < 0.001); CUR was not significant. ESG disclosure did not significantly moderate the profitability or liquidity associations, but it attenuated the negative leverage association (DER × ESGD: β = 0.0006, p = 0.016). Originality/value – The study examines ESG disclosure as a condition on separate financial associations rather than only as a direct correlate of tax behavior. Interpretation is limited by the positive-BTD sample, the accounting components of the variables, and the observational design.]]>
Copyrights © 2026
