The Effect of Profitability, Leverage, and Institutional Ownership on Tax Avoidance (An Empirical Study: Energy Sector Companies on the Indonesia Stock Exchange, 2021-2025)
DOI:
https://doi.org/10.65310/g2aerf58Keywords:
Energy Sector, Institutional Ownership, Leverage, Profitability, Tax Avoidance.Abstract
This study examines the effect of profitability, leverage, and institutional ownership on tax avoidance in energy sector companies listed on the Indonesia Stock Exchange (IDX) during 2021–2025. Motivated by fluctuating energy-sector revenue and inconsistent empirical findings, the study evaluates financial and ownership determinants of corporate tax behavior. Annual financial statements from 40 companies selected through purposive sampling yielded 184 firm-year observations in an unbalanced panel. Tax avoidance was measured as one minus the Cash Effective Tax Rate (CETR), profitability using Return on Assets, leverage using the Debt to Equity Ratio, and institutional ownership as the proportion of shares held by institutions. Chow, Hausman, and Lagrange Multiplier tests supported Random Effect Model estimation. Profitability showed a positive significant association with tax avoidance (β = 0.2822; p = 0.0080), supporting H1. Leverage exhibited a negative significant association (β = −0.0376; p = 0.0072), contrary to H2. Institutional ownership was not significant (β = 0.0677; p = 0.3553), leaving H3 unsupported. The predictors were jointly significant (F = 6.8712; p = 0.0002), supporting H4, but explained only 8.78% of variation. These findings inform sector-specific tax oversight and investor assessments, while limited explanatory power, non-normal residuals, and the exclusion of loss-making companies warrant cautious interpretation and restrict generalizability.
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