The Influence of Corporate Governance, Leverage, and Institutional Ownership on Tax Avoidance with Board Gender Diversity as Moderating Variable
Abstract
This study investigates the influence of corporate governance, leverage, and institutional ownership on tax avoidance, with board gender diversity serving as a moderating variable, in property and real estate companies listed on the Indonesia Stock Exchange from 2015 to 2024. Based on 144 observations from 18 purposively selected firms, tax avoidance was measured using the Effective Tax Rate (ETR), corporate governance, leverage, institutional ownership and gender diversity by the percentage of female directors. Data were analyzed using multiple linear regression and Moderated Regression Analysis (MRA) in SPSS 26. The findings indicate that corporate governance and leverage does not have a significant effect on tax avoidance, while institutional ownership and board gender diversity has significantly on tax avoidance. Board gender diversity moderates the relationship between institutional ownership and corporate governance on tax avoidance but does not moderate the effects of leverage.
References
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Eva Budiana, & Kusuma, H. (2022). The relationship between gender diversity and tax avoidance practices. International Journal of Research in Business and Social Science (2147- 4478), 11(8), 241–250. https://doi.org/10.20525/ijrbs.v11i8.2176
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Hossain, M. S., Islam, M. Z., Ali, M. S., Safiuddin, M., Ling, C. C., & Fung, C. Y. (2025). The Nexus of Tax Avoidance and Firms Characteristics – Does Board Gender Diversity Have a Role? Evidence From an Emerging Economy. Asia-Pacific Journal of Business Administration, 17(2), 401–427. https://doi.org/10.1108/APJBA-10-2023-0521
Itan, I., Ahmad, Z., Setiana, J., & Karjantoro, H. (2024). Corporate Governance, Tax Avoidance and Earnings Management: Family CEO vs Non-Family CEO Managed Companies in Indonesia. Cogent Business and Management, 11(1). https://doi.org/10.1080/23311975.2024.2312972
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360.
Karlina, A., & Wirajaya, I. G. A. (2024). Profitabilitas, Leverage, Ukuran Perusahaan, dan Tax Avoidance Pada Perusahaan Sektor Pertambangan. E-Jurnal Akuntansi, 34(6), 1594–1605. https://doi.org/10.24843/eja.2024.v34.i06.p19
Khan, M. A., & Nuryanah, S. (2023). Combating tax aggressiveness: Evidence from Indonesia’s tax amnesty program. Cogent Economics and Finance, 11(2). https://doi.org/10.1080/23322039.2023.2229177
Kwon, G. J. (2025). The impact of debt on tax avoidance: Evidence from companies listed on the Korean stock market. Edelweiss Applied Science and Technology, 9(2), 2159–2174. https://doi.org/10.55214/25768484.v9i2.5052
Laurensia, C., Haryono, H., & Mustika, I. G. (2024). Pengaruh Good Corporate Governance Terhadap Tax Avoidance Dengan Moderasi Gender Diversity. JCA (Jurnal Cendekia Akuntansi), 5(2), 16. https://doi.org/10.32503/akuntansi.v5i2.6225
Leorinita, G., & Dosinta, N. F. (2023). Corporate Characteristics and Tax Avoidance: Study on Properties and Real Estate Corporations. IRJEMS: International Research Journal of Economics and Management Studies, 2(4), 300–308. https://doi.org/10.56472/25835238/IRJEMS-V2I4P134
Linda, Umdiana, N., & Hapsari, D. P. (2023). Pengaruh Beban Pajak, Non Debt Tax Shield, Profitabilitas, Kepemilikan Manajerial Terhadap Struktur Modal. “LAWSUIT” Jurnal Perpajakan, 2(1), 29–45. https://doi.org/10.30656/lawsuit.v2i1.5546
Listianti, D., & Rudi. (2024). Pengaruh Kepemilikan Institusional dan Leverage Terhadap Tax Avoidance. 3(2), 1075–1086.
Liyundira, F. S., Fidiyyah, A. A. N., & Juliasari, D. (2023). The Influence of Corporate Governance, Corporate Risk, and Profitability on Tax Avoidance (Empirical Study of Companies Listed in the CGPI Index 2018-2020). International Journal of Accounting and Management Research, 4(1), 33–40. https://doi.org/10.30741/ijamr.v4i1.995
Lv, W., Meng, Q., Cao, Y., & Liu, J. (2025). Impact and Moderating Mechanism of Corporate Tax Avoidance on Firm Value From The Perspective of Corporate Governance. International Review of Financial Analysis, 99, 103926. https://doi.org/10.1016/j.irfa.2025.103926
Ma’sum, M. A., Jaeni, J., & Badjuri, A. (2023). Tax Avoidance Dalam Perspektif Agency Theory. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 7(2), 1873–1884. https://doi.org/10.31955/mea.v7i2.3349
Manurung, J. T. P. (2020). Praktik Penghindaran Pajak di Indonesia. Direktorat Jenderal Pajak. https://pajak.go.id/id/artikel/praktik-penghindaran-pajak-di-indonesia
Ningrum, E. M., Samrotun, Y. C., & Fajri, R. N. (2020). Tax Avoidance Ditinjau Dari Corporate Governance Pada Perusahaan Property Dan Real Estate. Jurnal Ekonomi Pembangunan STIE Muhammadiyah Palopo, 5(2), 100–115. https://doi.org/10.35906/jep01.v5i2.417
Nurcahyani, N., & Rahmawati, R. (2024). Laju Penghindaran Pajak Pada Sektor Property Dan Real Estate. Jurnal Financia, 5(1), 45–51. https://doi.org/10.51977/financia.v5i1.1557
OECD. (2023). G20/OECD Principles of Corporate Governance. In A. Esson & B. A. Ltd. (Eds.), OECD Publishing: Vol. N/A. OECD Publishing, Paris. https://doi.org/https://doi.org/10.1787/ed750b30-en.
Oktivina, A., Masri, I., Susilawati, S., & Erlangga, A. P. (2020). Profitability, Leverage, Company Size and Institutional Ownership with The Gender Diversification Moderation of The Board of Directors on Tax Avoidance. The International Journal of Business Review (The Jobs Review), 3(2), 97–108. https://doi.org/10.17509/tjr.v3i2.30075
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Published
2025-12-31
How to Cite
MAHARANI, Khadidjah Dinda et al.
The Influence of Corporate Governance, Leverage, and Institutional Ownership on Tax Avoidance with Board Gender Diversity as Moderating Variable.
SAR (Soedirman Accounting Review) : Journal of Accounting and Business, [S.l.], v. 10, n. 2, p. 125 - 142, dec. 2025.
ISSN 2598-0718.
Available at: <https://jos.unsoed.ac.id/index.php/sar/article/view/18586>. Date accessed: 16 jan. 2026.
doi: https://doi.org/10.32424/1.sar.2025.10.2.18586.
Section
Articles
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