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インドネシアのエネルギー・鉱業セクターにおける租税回避と企業価値：ESG開示の調整効果

TAX AVOIDANCE AND FIRM VALUE IN INDONESIA’S ENERGY AND MINING SECTORS: THE MODERATING ROLE OF ESG DISCLOSURE (原題)

Inet Maryana Luhmaningtias, Basuki Basuki

Jurnal Aplikasi Akuntansi📚 査読済 / ジャーナル2026-10-23#ESG対象セクター: power
DOI: 10.29303/jaa.v11i1.885
原典: https://doi.org/10.29303/jaa.v11i1.885

🤖 gxceed AI 要約

日本語

インドネシア証券取引所上場のエネルギー・鉱業33社（2021〜2024年、127社・年）を対象に、租税回避（CETR）と企業価値（Tobin's Q）の関係、およびESG開示の調整効果を固定効果モデルで検証した。結果、CETR・ESG開示・両者の交互作用はいずれも企業価値と有意に関連しなかった。著者らはESG開示の質・信頼性・一貫性の向上と、税務慣行との関連づけの必要性を指摘している。

English

Using 127 firm-year observations from 33 Indonesian energy and mining firms (2021–2024), this study tests whether tax avoidance (CETR) relates to firm value (Tobin's Q) and whether ESG disclosure moderates that link, via a fixed-effects model. None of CETR, ESG disclosure, or their interaction is significantly associated with firm value. The authors call for higher-quality, more credible and consistent ESG disclosure tied to corporate tax practices.

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

日本ではSSBJ基準・有報でのサステナビリティ開示が進み、ESG評価と税務・企業価値の関係は投資家の関心領域。新興国での非有意な結果は、開示の質が評価に反映されにくい現状を示す比較材料となる。

In the global GX context

As ISSB/CSRD push mandatory sustainability disclosure, this null result from an emerging market underscores that ESG disclosure quality and credibility—not mere existence—determine whether markets price it, relevant to global debates on ESG ratings and tax transparency.

👥 読者別の含意

🔬研究者:ESG開示の調整効果が非有意となる測定・モデル設計上の要因を検討する実証事例として有用。

🏢実務担当者:新興国でのESG開示が企業価値に直結しにくい現実を示し、開示の質向上の重要性を裏づける。

🏛政策担当者:ESG開示の質・一貫性を高める制度設計と、税務透明性との連携の必要性を示唆する。

📄 Abstract（原文）

This study examines the relationship between tax avoidance and firm value and whether environmental, social, and governance (ESG) disclosure moderates this relationship. The study focuses on energy and mining companies listed on the Indonesia Stock Exchange during the 2021–2024 period. The final firm sample consists of 33 companies, producing 132 potential firm-year observations. After excluding five firm-year observations with negative earnings before tax, the final regression sample consists of 127 firm-year observations. Firm value is measured using Tobin’s Q, tax avoidance is proxied by the Cash Effective Tax Rate (CETR), and ESG disclosure is measured through a manually constructed disclosure index based on annual reports and sustainability reports. The hypotheses are tested using the Fixed Effects Model with firm-level cluster-robust standard errors. The results show that CETR is not significantly associated with Tobin’s Q. ESG disclosure is also not significantly associated with Tobin’s Q, and the interaction between CETR and ESG disclosure is statistically insignificant. These findings indicate that this study does not find statistically significant associations among tax avoidance, ESG disclosure, their interaction, and firm value within the specified sample, period, measurement approach, and model specification. The study highlights the need to improve the quality, credibility, and consistency of ESG disclosure in relation to corporate tax practices.

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