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インドネシア証券取引所の非金融企業におけるESG開示と収益性が租税回避に与える影響：コーポレートガバナンスによる調整効果

Pengaruh ESG Disclosure dan Profitabilitas terhadap Tax Avoidance dengan Moderasi Corporate governance pada Perusahaan Non-Keuangan di Bursa Efek Indonesia (原題)

Odisiana Manek, Baldric Siregar, Miswanto Miswanto, Frasto Biyanto

Jurnal Ekonomi Bisnis dan Manajemen📚 査読済 / ジャーナル2026-10-24#ESG対象セクター: cross_sector
DOI: 10.58192/ebismen.v5i4.4992
原典: https://doi.org/10.58192/ebismen.v5i4.4992

🤖 gxceed AI 要約

日本語

インドネシア証券取引所の非金融企業26社（2021-2025年、130観測）を対象に、ESG開示と収益性が租税回避に与える影響を検証。ESG開示は租税回避に有意な影響を与えず、収益性は有意に正の影響を持つ。コーポレートガバナンスはどちらの関係も有意に調整しなかった。ESG開示が実質的な税務コンプライアンスへのコミットメントをまだ反映しておらず、象徴的な段階にとどまっていることを示唆する。

English

Using 26 non-financial Indonesian listed firms (130 panel observations, 2021-2025), this study tests whether ESG disclosure and profitability affect tax avoidance, with corporate governance as moderator. ESG disclosure shows no significant effect, while profitability significantly increases tax avoidance; governance does not moderate either relationship. The authors conclude ESG disclosure in this market remains largely symbolic rather than reflecting substantive fiscal compliance.

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

📝 gxceed 編集解説 — Why this matters

日本のGX文脈において

新興国におけるESG開示の実質性を問う研究で、日本企業のSSBJ・有報開示が税務ガバナンスとどう結びつくかを考える際の比較材料になる。統合報告書での租税透明性開示の重要性を投資家がどう評価すべきかという論点にも示唆を与える。

In the global GX context

Adds emerging-market evidence to the global debate on whether ESG disclosure translates into substantive behavior, relevant to ISSB/CSRD-era scrutiny of tax transparency as a governance signal. Useful for scholars testing the 'symbolic vs. substantive' disclosure hypothesis outside advanced economies.

👥 読者別の含意

🔬研究者:Provides emerging-market panel evidence on the ESG–tax avoidance link and a testable framework for symbolic disclosure hypotheses.

🏢実務担当者:Suggests that ESG disclosure alone may not signal fiscal compliance; tax governance deserves explicit treatment in sustainability reporting.

🏛政策担当者:Highlights the gap between ESG disclosure frameworks and actual tax behavior, relevant to regulators designing tax transparency requirements.

📄 Abstract（原文）

This study examines the influence of ESG disclosure and profitability on Tax Avoidance with corporate governance as a moderating variable in non-financial companies listed on the Indonesia Stock Exchange (IDX) during 2021-2025. Using purposive sampling, 26 companies were selected yielding 130 balanced panel observations. ESG disclosure was measured using a 24-item GRI Standards 2021-based index, profitability was proxied by Return on Assets (ROA), and Tax Avoidance was measured by the natural log-transformed Effective Tax Rate (LN_ETR). Corporate governance was proxied by the proportion of independent commissioners (CG1) and institutional ownership (CG2). Hypotheses were tested using Moderated Regression Analysis (MRA) with Fixed Effect Model (FEM) estimation and Cross-Section SUR (PCSE) approach in EViews 12. Results show that ESG disclosure does not significantly affect Tax Avoidance, while profitability has a significant positive effect on Tax Avoidance across all models. Corporate governance does not significantly moderate either the ESG disclosure or profitability relationships with Tax Avoidance. These findings contribute to corporate tax literature in emerging markets by demonstrating that ESG disclosure remains largely symbolic and has not yet reflected substantive fiscal compliance commitment.

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