The Moderating Role of ESG Performance in the Relationship Between Corporate Tax Avoidance and Firm Value: Evidence From East and Southeast Asia

Naswa Aleyta Noerhudha, Choirunnisa Arifa, S.E., M.Sc., Ph.D., Ak., CA.

2025 | Skripsi | AKUNTANSI

Penelitian ini mengkaji hubungan antara penghindaran pajak perusahaan dan nilai perusahaan di Asia Timur dan Asia Tenggara. Penelitian ini juga mempertimbangkan bagaimana kinerja Environmental, Social, and Governance (ESG) atau kinerja ESG dan kualitas institusional memengaruhi hubungan tersebut. Berdasarkan teori agensi, teori sinyal, dan teori pemangku kepentingan, hipotesis pertama mengajukan adanya hubungan negatif antara penghindaran pajak dan nilai perusahaan, sedangkan hipotesis kedua menyatakan bahwa kinerja ESG memoderasi hubungan tersebut. Dengan menggunakan data panel dari 10.652 observasi firm-year (2014-2023), analisis dilakukan melalui regresi efek tetap. Hasil penelitian menunjukkan bahwa penghindaran pajak, khususnya ketika diukur dengan GAAP effective tax rate (GAAP ETR) dan cash effective tax rate (cash ETR), berhubungan negatif dengan nilai perusahaan. Kinerja ESG memperkuat hubungan negatif ini, terutama di negara-negara dengan kualitas institusional yang kuat. Namun, book-tax differences (BTD) menunjukkan pengaruh yang lebih lemah dan tidak konsisten di beberapa model. Temuan ini menunjukkan bahwa respons pasar terhadap penghindaran pajak bergantung pada konteks. Penelitian ini memberikan bukti lintas negara mengenai bagaimana kinerja ESG dan kualitas institusional memengaruhi penilaian strategi pajak perusahaan.

This study examines the relationship between corporate tax avoidance and firm value in East and Southeast Asia. It also considers how ESG performance and institutional quality affect this connection. Based on agency theory, signaling theory, and stakeholder theory, the first hypothesis expects a negative relationship between tax avoidance and firm value, while the second hypothesis suggests that ESG performance moderates this relationship. Using panel data from 10,652 firm-year observations (2014-2023), the analysis applies fixed-effects regression. The results show that tax avoidance, particularly when measured using GAAP effective tax rate (GAAP ETR) and cash effective tax rate (cash ETR), is negatively associated with firm value. ESG performance strengthens this negative relationship, especially in countries with strong institutional quality. However, book-tax differences (BTD) show weaker and inconsistent effects across models. The findings show that how the market responds to tax avoidance is context-dependent. This study contributes multi-country evidence on how ESG performance and institutional quality influence the valuation of corporate tax strategies.

Kata Kunci : tax avoidance, firm value, institutional quality, ESG performance, agency theory