Taxation and Public Finance

Exploring the Impact of Corporate Risk, Sales Growth, Liquidity, and Profitability on Tax Evasion Strategies

2026-06-03T20:43:00+07:00

The purpose of this study is to examine how tax avoidance is impacted by sales growth, firm risk, profitability, and liquidity. A sample of ten businesses was chosen via purposive sampling, and the population is made up of manufacturing businesses in the health and pharmaceutical subsectors. Secondary data from business financial accounts is used in this quantitative analysis. Multiple linear regression was used to analyze the data, along with descriptive statistics, traditional assumption testing, and hypothesis testing. The findings show that while firm risk and current ratio have no discernible effect on tax evasion, sales growth and return on assets (profitability) do. The results imply that businesses need to closely monitor financial metrics in order to achieve equilibrium between tax efficiency and compliance. Managers should enhance profitability through operational efficiency, manage risks effectively, and maintain liquidity to minimize the incentive for tax avoidance. This study adds to the body of literature by providing empirical data from a little-studied Indonesian industry, educating policymakers, tax authorities, and business managers about the financial aspects that affect tax behavior, assisting in the creation of efficient tax laws, and corporate governance strategies.

Strategic ESG Legitimacy Model: Integrating SWOT Analysis and GRI Indicators to Assess Corporate Sustainability Performance

2025-11-27T12:06:53+07:00

As one of the largest coal mining companies in Indonesia, PT ABC Tbk faces demands not only to maintain business performance but also to ensure sustainability practices align with international standards. Its 2024 sustainability report serves as the basis for evaluating the company's ability to manage environmental, social, and governance (ESG) issues. Using qualitative methods based on case studies and a literature review, the analysis employed a SWOT framework informed by material topics from the Global Reporting Initiative (GRI). The study results indicate that the company's sustainability performance remains average, reflected in scores of 2.16 for internal factors and 2.24 for external factors. These findings highlight weaknesses that need to be addressed and also provide opportunities for the company to strengthen its sustainability strategy, optimize existing potential, and anticipate future threats.

Market Valuation of Indonesian Listed Firms: The Impact of Economic Growth, Profitability, Political Connections, and Firm Size

2026-06-03T20:39:39+07:00

This study examines the influence of economic, financial, and political factors on firm value among non-financial companies listed in the LQ45 Index of the Indonesia Stock Exchange during 2019–2023. The research addresses inconsistent findings regarding the effects of macroeconomic conditions, profitability, political connections, and firm characteristics on firm value in emerging markets. It also incorporates an Islamic perspective by evaluating whether these determinants align with the principles of transparency, accountability, and value creation emphasized in Islamic business ethics. Using a quantitative approach and panel data regression analysis, this study analyzes secondary data from non-financial LQ45 companies. Firm value is assessed in relation to Gross Domestic Product (GDP), Return on Equity (ROE), political connections, and firm size. The results show that GDP and political connections do not significantly affect firm value. Conversely, ROE has a positive and significant effect, indicating that greater profitability enhances market valuation. Firm size has a significant negative effect on firm value, suggesting that larger firms may encounter efficiency challenges. These findings imply that managers should focus on improving profitability and operational efficiency. From an Islamic perspective, the results highlight the importance of accountability and performance-based value creation.

Examining the Differential Effects of Operating and Investing Cash Flows on Stock Returns: Evidence from an Indonesian Consumer Goods Company

2026-06-03T20:34:27+07:00

This study investigates the influence of operating and investing cash flows on stock returns at PT Mayora Indah Tbk during the 2014–2022 period. The study is motivated by inconsistent findings regarding the ability of cash flow components to explain stock returns in the Indonesian capital market. While previous studies have reported mixed results, limited evidence exists from an in-depth analysis of a single publicly listed company over an extended observation period. Using a quantitative approach, this research analyzes secondary data obtained from the company’s annual financial statements and stock price information published by the Indonesia Stock Exchange. The sample consists of PT Mayora Indah Tbk observed over nine years, enabling an assessment of the relationship between cash flow information and stock performance. The findings indicate that operating cash flow plays an important role in influencing stock returns because it reflects the company’s ability to generate cash from core business activities and signals financial strength. In contrast, investing cash flow has a more limited effect on stock returns, as investor responses depend on the perceived effectiveness of investment decisions. This study contributes to signaling theory by demonstrating the relevance of operating cash flow in evaluating stock return prospects.

Corporate Governance, Ownership Structure, CSR, and Firm Performance: Empirical Evidence from Indonesian Mining Firms

2026-06-03T20:37:27+07:00

This study examines the influence of the independent board of commissioners, managerial ownership structure, firm size, and corporate social responsibility (CSR) on the performance of mining firms listed on the Indonesia Stock Exchange during 2017–2021. The study is grounded in agency theory, which explains the relationship between principals and agents in achieving effective corporate governance and organizational performance. Previous studies have reported inconsistent findings regarding the effects of governance mechanisms, ownership structure, firm size, and CSR on firm performance, particularly in the mining sector, creating a research gap that motivates this study. Using a quantitative approach, this study employs secondary data obtained from annual reports and financial statements of 14 mining firms selected through purposive sampling. Multiple linear regression analysis was used to examine the relationships among variables. The findings indicate that firm size significantly influences firm performance, whereas the independent board of commissioners, managerial ownership structure, and CSR do not have significant effects. This study contributes to the corporate governance and performance literature by providing empirical evidence from the Indonesian mining sector. The results offer practical implications for management in enhancing asset efficiency, governance quality, and long-term business sustainability.