Tsihe Effect of Tax Planning, Company Ze, and Environmental, Social, and Governance (ESG) Disclosure on Company Ze With Profitability as A Moderating Variable for Energy Sector Listed Companies on the Indonesian Stock Exchange
DOI:
https://doi.org/10.65310/bpn3bw52Keywords:
ESG Disclosure, Firm Size, Firm Value, Profitability, Tax Planning.Abstract
This study examines the effects of tax planning, firm size, and Environmental, Social, and Governance (ESG) disclosure on firm value and evaluates the moderating role of profitability in energy-sector companies listed on the Indonesia Stock Exchange during 2020–2024. A quantitative explanatory approach was employed using secondary data from annual and sustainability reports. Purposive sampling resulted in 26 companies and 130 firm-year observations. Tax planning was measured using the Effective Tax Rate (ETR), firm size using the natural logarithm of total assets, ESG disclosure using the GRI Disclosure Index, firm value using Tobin’s Q, and profitability using Return on Assets (ROA). Panel data regression was estimated using the Fixed Effects Model with Driscoll–Kraay robust standard errors to address heteroscedasticity, autocorrelation, and cross-sectional dependence. The results indicate that tax planning has no significant effect on firm value, whereas firm size has a negative and significant effect. ESG disclosure has a positive but insignificant effect on firm value. Profitability does not moderate the relationship between tax planning and firm value, but significantly weakens the effect of firm size and strengthens the effect of ESG disclosure on firm value. Simultaneously, the variables and their interactions significantly explain firm value, with a within R-squared of 24.15%.
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