The Effect of Ownership Structure on Tax Aggressiveness
Abstract
This study aims to analyze the effect of ownership structure on corporate tax
aggressiveness, using the Cash Flow Effective Tax Rate (CFETR) as the main measure.
Ownership structure is measured based on the proportion of institutional and
managerial ownership in a company. This study involved 61 samples of companies in
the energy sector listed on the Indonesia Stock Exchange (IDX) from 2018 to 2023. Data
obtained from company annual reports were processed using the Generalized Least
Square (GLS) technique, while considering control factors such as profitability, auditor
type, company age, and company size. The main findings reveal that institutional
ownership affects CFETR in the opposite direction. Given that CFETR has an inverse
relationship with tax aggressiveness, these findings indicate that an increase in
institutional ownership is associated with an increase in corporate tax aggressiveness.
On the other hand, managerial ownership was not found to have an effect on CFETR.
These results underscore that in the context of Indonesian energy companies,
institutional investors do not yet fully function as a supervisory mechanism capable of
curbing aggressive tax planning practices, while management share ownership is not
yet strong enough to influence corporate tax policy.
References
Abedin, S. H., Haque, H., Shahjahan, T., & Kabir, N. (2022). Institutional Ownership and Firm Performance : Evidence from an Emerging Economy. Journal of Risk and Financial Management, 15(12), 1–17. https://doi.org/https://doi.org/10.3390/jrfm15120567
Afani, M., Atika, B. F., Cahya, R. P. A., Setyaningsih, N. D., & Murdiansyah, I. (2024). Special Relationship Transactions Against Tax Aggressiveness in Property Companies With Institutional Ownership As a Moderating Variable. Jurnal Ilmiah Bisnis Dan Ekonomi Asia, 18(2), 148–159. https://doi.org/10.32815/jibeka.v18i2.1872
Agnia Astika, N., & Gani Asalam, A. (2023). Pengaruh Corporate Governance dan Financial Distress Terhadap Agresivitas Pajak (Studi Empiris pada Perusahaan Manufaktur Sektor Industri Barang Konsumsi yang Terdaftar di Bursa Efek Indonesia Tahun 2016-2020). Jurnal Ekombis Review - Jurnal Ilmiah Ekonomi Dan Bisnis, 11(1), 96–103.
Akintobi, A. O., Okeke, I. C., & Ajani, O. B. (2023). Strategic Tax Planning for Multinational Corporations: Developing Holistic Approaches to Achieve Compliance and Profit Optimization. International Journal of Multidisciplinary Research Updates, 6(1), 025–032. https://doi.org/10.53430/ijmru.2023.6.1.0065
Alghorbany, A., Olarinoye, A. S., Elaigwu, M., & Che-Ahmad, A. (2024). Does Institutional Investor Influence Information Technology Investment Decisions and Corporate Performance ? Cogent Business & Management, 11(1), 1–14. https://doi.org/10.1080/23311975.2024.2316280
Arianti, A. R., Novriyenni, N., & Ambarita, I. (2023). The Grouping of Types of Tax Revenue in Binjai City Uses the K-Means Clustering Method Algorithm. Journal of Artificial Intelligence and Engineering Applications (JAIEA), 3(1), 197–202. https://doi.org/10.59934/jaiea.v3i1.286
Ariningrum, H., Gumanti, M., Kasmi, K., & Afif, M. F. (2025). Pengujian Efektifitas Mekanisme Corporate Governance terhadap Kualitas Pengungkapan: Studi pada Perusahaan Terkonsentrasi di Indonesia. Jurnal Ilmiah Akuntansi Universitas Pamulang, 13(1), 72–93. https://doi.org/10.32493/jiaup.v13i1.46861
Baltagi, B. H. (2005). Econometric Analysis of Panel Data (Third Edit). John Wiley and Sons Ltd.
Bank, W. (2018). Tax Ratio Indonesia 2018-2023. https://databank.worldbank.org/reports.aspx?source=2&series=GC.TAX.TOTL.GD.ZS&country=
Barrios, S., & D’Andria, D. (2020). Profit Shifting and Industrial Heterogeneity. CESifo Economic Studies, 66(2), 134–156. https://doi.org/10.1093/cesifo/ifz006
Bernhard, C. T., & Veny. (2024). Pengaruh Komisaris Independen , Komite Audit dan Rasio Keuangan Perusahaan Terhadap Agresivitas Pajak. Owner: Riset & Jurnal Akuntansi, 8(1), 163–185. https://doi.org/10.33395/owner.v8i1.1813
Blaufus, K., Reineke, J., & Trenn, I. (2023). Perceived Tax Audit Aggressiveness, Tax Control Frameworks and Tax Planning: An Empirical Analysis. In Journal of Business Economics (Vol. 93, Issue 3). Springer Berlin Heidelberg. https://doi.org/10.1007/s11573-022-01116-6
Boussaidi, A., & Hamed-Sidhom, M. (2021). Board’s Characteristics, Ownership’s Nature and Corporate Tax Aggressiveness: New Evidence From the Tunisian Context. EuroMed Journal of Business, 16(4), 487–511. https://doi.org/10.1108/EMJB-04-2020-0030
Brady, G. L., Kakkar, H., & Sivanathan, N. (2023). Perilous and Unaccountable: The Positive Relationship Between Dominance and Moral Hazard Behaviors. Journal of Personality and Social Psychology, 0–86. https://doi.org/10.1037/pspi0000448
Brickman, K., Hiebl, M. R. W., Quinn, M., & Warren, L. (2024). Accountants as SME Advisors: Relevance Lost? Journal of Accounting and Organizational Change, 20(6), 200–222. https://doi.org/10.1108/JAOC-10-2023-0171
Capras, I. L., Achim, M. V., & Mara, E. R. (2024). Is Tax Avoidance One of the Purposes of Financial Data Manipulation? The Case of Romania. Journal of Risk Finance, 25(4), 588–601. https://doi.org/10.1108/JRF-11-2023-0273
Castañer, X., Goranova, M., Hermes, N., Kavadis, N., & Zattoni, A. (2022). Ownership and Corporate Governance Across Institutional Contexts. Corporate Governance: An International Review, 30(6), 638–655. https://doi.org/10.1111/corg.12491
Challoumis, C., & Constantinou, A. (2024). Combating Tax Avoidance: Eu and Greek Measures For Fair Corporate Taxation. Baltic Journal of Legal and Social Sciences, 3, 13–21. https://doi.org/https://doi.org/10.30525/2592-8813-2024-3-2 ComBaTing
Chohan, U. W. (2016). The Panaman Papers and Tax Morality (Issue 1630).
Cui, Z. (2024). Heterogeneous Institutional Investor Attention and Corporate Tax Avoidance Behavior. Frontiers in Management Science, 3(2), 77–91. https://doi.org/10.56397/fms.2024.04.09
Dakhli, A. (2022). The Impact of Ownership Structure on Corporate Tax avoidance with Corporate Social Responsibility as Mediating Variable. Journal of Financial Crime, 29(3), 836–852. https://doi.org/10.1108/JFC-07-2021-0152
Dewi, L. C. (2017). Pengaruh Struktur Modal, Profitabilitas, dan Dewan Komisaris Independen Terhadap Nilai Perusahaan. Kinerja: Journal of Business and Economics, 1(18), 64–80. https://doi.org/10.61132/aeppg.v1i3.348
Dewi, N., & Hidayati, W. N. (2024). Pengaruh Manajemen Laba, Sales Growth, Transfer Pricing, dan Umur Perusahaan terhadap Praktik Penghindaran Pajak. AKUA: Jurnal Akuntansi Dan Keuangan, 3(4), 205–216. https://doi.org/10.54259/akua.v3i4.3030
Ding, Y. (2023). Tax Accounting: Minimizing Tax Burden within Legal and Tax Framework. Financial Management and Economic Transition (FMET), 3, 289–295. https://doi.org/10.2991/978-94-6463-272-9
Dyreng, S. D., Hanlon, M., & Maydew, E. L. (2010). The effects of executives on corporate tax avoidance. The Accounting Review, 85(4), 1163–1189. https://doi.org/10.2308/accr.2010.85.4.1163
Ernawati, W., Aziz, A., & Mualimin, J. (2022). Analysis of Factors Affecting State Revenue Receipts from the Taxation Sector. Journal of Finance and Business Digital, 1(3), 157–170. https://doi.org/10.55927/jfbd.v1i3.1316
Fernando, G. A., & Antoine, M. (2021). The Network Structure of Global Tax Evasion Evidence from the Panama Papers. Journal of Economic Behavior & Organization, 197, 660–684.
Feudjo, J. R., Kakti, G., & Zogning, F. (2021). Strategic Decision-Making Processes in Family Businesses : The Founding Shareholder ’ S Power Play. Corporate Ownership and Control, 18(3), 149–160. https://doi.org/10.22495/cocv18i3art12
Friana, H. (2019). DJP Dalami Dugaan Penghindaran Pajak PT Adaro Energy. Tirto.Id. https://tirto.id/djp-dalami-dugaan-penghindaran-pajak-pt-adaro-energy-edKk#google_vignette
Froot, K. A. (1998). Consistent Covariance Matrix Estimation with Cross-Sectional Dependence and Heteroskedasticity in Financial Data Author. The Journal of Financial and Quantitative Analysis, 24(3), 333–355. https://doi.org/https://doi.org/https://doi.org/10.2307/2330815
Fujita, K., & Yamada, A. (2022). Conflicts Between Parent Company and Non- Controlling Shareholders in Stakeholder-Oriented Corporate Governance : Evidence from Japan. Journal of Business Economics and Management, 23(2), 263–283. https://doi.org/https://doi.org/10.3846/jbem.2022.16060 CONFLICTS
Gaspar, V., Jaramillo, L., & Wingender, P. (2016). Tax Capacity and Growth: Is There a Tipping Point? In IMF Working Papers. https://doi.org/10.2139/ssrn.2902728
Global Witness. (2019). Adaro Moves Hundreds of Millions of Dollars Into Growing Offshore Network. Globalwitness.Org. https://www.globalwitness.org/en/press-releases/adaro-moves-hundreds-millions-dollars-growing-offshore-network/
Hanlon, M., & Heitzman, S. (2010). A review of tax research. Journal of Accounting and Economics, 50(2–3), 127–178. https://doi.org/10.1016/j.jacceco.2010.09.002
Harnovinsah, H., Amyulianthy, R., & Permana, E. (2025). Detecting Tax Aggressiveness through Profitability, Leverage, Inventory Intensity and Company Size. AKRUAL: Jurnal Akuntansi, 16(2), 233–243. https://doi.org/10.26740/jaj.v16n2.p233-243
Hong, H. A., Kalcheva, I., & Srivastava, A. (2017). A Reexamination of the Theory of Agency Costs of Tax Avoidance. In Working Paper, University of California-Riverside. https://doi.org/https://doi.org/10.1007/s40685-017-0054-y
Huslyanti, E., Khadafi, M., & Iswadi, I. (2023). Transfer Pricing at Multinational Corporate: A Literature Review Approach. Jurnal Manajemen Indonesia (J-MIND), 8(2), 151–156.
Huyghebaert, N., Kang, S., Wang, L., & Wu, W. (2024). Multiple Large Shareholders, Identity, and Corporate Tax Avoidance. Management and Organization Review, 20(2), 235–264. https://doi.org/10.1017/mor.2024.11
Indy, L. A., Uzliawati, L., & Yulianto, A. S. (2023). Enrichment : Journal of Management Managerial Ownership Profitability and Firm Value Agency Theory Perspective. Enrichment: Journal of Management Journal, 13(1), 619–626. https://doi.org/https://doi.org/10.35335/enrichment.v13i1.1224
Jenifer, & Alfia, Y. D. (2023). Pengaruh Corporate Social Responsibility (CSR), Managerial Ownership dan Institusional Ownership Terhadap Tax Avoidance (Studi Empiris pada Perusahaan Subsektor Foods and Beverages di Bursa Efek Indonesia Periode 2019-2022). Akuntansi Dan Ekonomi Bisnis, 12(02), 8–20.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics 3 (1976), 3(4), 305–360. https://doi.org/10.1057/9781137341280.0038
Kałdoński, M., & Jewartowski, T. (2024). Tax Aggressiveness Under Concentrated Ownership: The Importance of Long-term Institutional Investors. Finance Research Letters, 65. https://doi.org/10.1016/j.frl.2024.105541
Kartadjumena, E., & Nuryaman, N. (2024). Ownership Structures, Executive Compensation and Tax Aggressiveness in Indonesia Mining and Plantation Companies: The Moderating Effect of Audit Quality. International Journal of Economics and Financial Issues, 14(3), 23–32. https://doi.org/10.32479/ijefi.15862
Kiefer, M., Jones, E., & Adams, A. T. (2017). Shareholders and Managers as Principal-Agent Hierarchies and Cooperative Teams. Qualitative Reasearch in Financial Market, 9(1), 131–151. https://doi.org/https://doi.org/10.1108/QRFM-04-2016-0014
Kirnanda, M. D., Suryarini, T., & Anita, N. (2024). Tax Avoidance of Mining Sector Companies Registered on The Indonesia Stock Exchange. Jurnal Akuntansi, 14(3), 265–275.
Kolisnyk, O., & Hurina, N. (2024). Mechanism of Tax Consulting in the Management of the Tax Component of Enterprise Economic Security. Economics of Systems Development, 6(2), 23–28. https://doi.org/10.32782/2707-8019/2024-2-4
Kordsachia, O., Focke, M., & Velte, P. (2022). Do Sustainable Institutional Investors Contribute to Firms’ Environmental Performance? Empirical Evidence from Europe. Review of Managerial Science, 16(5), 1409–1436. https://doi.org/10.1007/s11846-021-00484-7
Kovermann, J., & Velte, P. (2019). The Impact of Corporate Governance on Corporate Tax Avoidance - A Literature Review. Journal of International Accounting, Auditing and Taxation, 36, 1–67. https://doi.org/10.1016/j.intaccaudtax.2019.100270
Krisna, I. G. P. A. P., & Supadmi, N. L. (2023). Ukuran Perusahaan, Leverage, Profitabilitas, dan Agresivitas Pajak. E-Jurnal Akuntansi, 33(7), 1847–1860. https://doi.org/10.24843/eja.2023.v33.i07.p12
Lanis, R., & Richardson, G. (2011). The Effect of Board of Director Composition on Corporate Tax Aggressiveness. Journal of Accounting and Public Policy, 30(1), 50–70. https://doi.org/10.1016/j.jaccpubpol.2010.09.003
Lanis, R., & Richardson, G. (2012). Corporate Social Responsibility and Tax Aggressiveness : A Test of Legitimacy Theory. Accounting, Auditing & Accountability Journal, 26(1), 75–100. https://doi.org/10.1108/09513571311285621
Lawrence, A., Minutti-Meza, M., & Zhang, P. (2011). Can Big 4 Versus Non-Big 4 Differences in Audit-Quality Proxies be Attributed to Client Characteristics? The Accounting Review, 86(1), 259–286. https://doi.org/10.2308/accr.00000009
Li, J. (2024). Do Managers Respond to Tax Avoidance Incentives by Investing in the Tax Function? Evidence from Tax Departments. Journal of Contemporary Accounting and Economics, 20(1), 100401. https://doi.org/10.1016/j.jcae.2024.100401
Li, N., Shevlin, T. J., & Zhang, W. (2018). Managerial Career Concerns and Corporate Tax Avoidance: Evidence from the Inevitable Disclosure Doctrine. SSRN Electronic Journal, 2, 1–45. https://doi.org/10.2139/ssrn.3273200
Liko, E., & Shahini, L. (2023). The Role of Tax Policies in Sustainable Economic Growth. Evidence From Dynamic Panel Data Analysis. European Journal of Sustainable Development, 12(4), 497–512. https://doi.org/10.14207/ejsd.2023.v12n4p497
Marjit, S., Thum, M., & Seidel, A. (2017). Tax Evasion, Corruption and Tax Loopholes. German Economic Review, 18(3), 283–301. https://doi.org/10.1111/GEER.12107
Martinez, A. L., Júnior, J. L. de S., & Sena, T. R. (2022). Tax Aggressiveness as A Determining Factor of Conditional Conservatism in Brazil. Revista Contabilidade e Financas, 33(90), 1–16. https://doi.org/10.1590/1808-057x20221484.en
Martinez, A. L., & Ramalho, G. C. (2014). Family Firms and Tax Aggressiveness in Brazil. International Business Research, 7(3), 129–136. https://doi.org/10.5539/ibr.v7n3p129
McNulty, T., & Nordberg, D. (2016). Ownership, Activism and Engagement: Institutional Investors as Active Owners. Corporate Governance: An International Review, 24(3), 346–358. https://doi.org/10.1111/corg.12143
Medina, A., De La Cruz, A., & Tang, Y. (2022). Corporate Ownership and Concentration. Corporate Governance Working Paper, 27(27), 1–50. https://www.oecd.org/en/publications/corporate-ownership-and-concentration_bc3adca3-en.html
Mgammal, M. H., & Ismail, K. N. I. K. (2015). Corporate Tax Planning Activities : Overview of Concepts, Theories, Restrictions, Motivations and Approaches. Mediterranean Journal of Social Sciences, 6(6), 350–358. https://doi.org/10.5901/mjss.2015.v6n6s4p350
Minnick, K., & Noga, T. (2010). Do Corporate Governance Characteristics Influence Tax Management? Journal of Corporate Finance, 16(5), 703–718. https://doi.org/10.1016/j.jcorpfin.2010.08.005
Misheleiloen, M. (2024). Enhancing Company Value: The Impact of Managerial Ownership and CSR Disclosure. Journal of Accounting, Management, and Economics Research (JAMER), 3(1), 41–50. https://doi.org/10.33476/jamer.v3i1.208
Mulya, A. S., Sandy, R. M., & Janti, K. M. (2024). The Role of Indonesian Business Owners in Aggressive Tax Planning. Revista de Gestão Social e Ambienta, 18(6), 1–17. https://doi.org/https://doi.org/10.24857/rgsa.v18n6-087
OCBC. (2023). Mengenal Sumber Pendapatan Negara Beserta Jenisnya. Ocbc.Id. https://www.ocbc.id/id/article/2023/02/02/sumber-pendapatan-negara
OECD. (2023). Revenue Statistics in Asia and the Pacific 2023: Strengthening Property Taxation in Asia. In OECD Publishing (Issue 28). OECD Publishing. https://doi.org/https://doi.org/10.1787/e7ea496f-en.
Olanisebe, M. B., Abdullahi, S. R., & Dandago, K. I. (2023). Managerial Ownership and Tax Avoidance of Listed Companies in Nigeria with Profitability as Mediating Variable. FUDMA Journal of Accounting and Finance Research [FUJAFR], 1(1), 1–26. https://doi.org/10.33003/fujafr-2023.v1i1.2.1-26
Orbawan, Y., & April, S. T. A. (2023). The Influence of the Independent Board of Commissioners, Institutional Ownership and Managerial Ownership on Profit Management. Jurnal Ilmiah Akuntansi Kesatuan, 11(3), 587–596. https://doi.org/10.37641/jiakes.v11i3.2224
Patel, M. A., Shamsi, A. F., & Asim, M. (2018). Chief Executive Compensation – Part and Parcel of The Agency Problem : Empirical Evidence from Pakistan. Asia-Pacific Management Accounting Journal, 13(1), 153–165. https://doi.org/http://arionline.uitm.edu.my/ojs/index.php/APMAJ/article/download/749/432
Puji, A. T., Rahmawati, Aryani, Y. A., & Setiawan, D. (2019). The Effect of Family Ownership on Aggressive Tax Avoidance in Indonesia. EJournal of Tax Research, 17(1), 105–117.
Pujiningsih, S., & Salsabyla, N. A. (2022). Relationship of Foreign Institutional Ownership and Management Incentives To Tax Avoidance. Jurnal Akuntansi Dan Keuangan Indonesia, 19(2), 244–262. https://doi.org/10.21002/jaki.2022.12
Rahayu, N., & Wahyudi, A. (2024). Analisis Pengaruh Kepemilikan Institusional Terhadap Kinerja Keuangan Perusahaan. Jurnal Rimba : Riset Ilmu Manajemen Bisnis Dan Akuntansi, 2(3), 94–108. https://doi.org/10.61132/rimba.v2i3.1078
Richardson, G., Lanis, R., & Leung, S. C. M. (2014). Corporate Tax Aggressiveness, Outside Directors, and Debt Policy: An Empirical Analysis. Journal of Corporate Finance, 25, 107–121. https://doi.org/10.1016/j.jcorpfin.2013.11.010
Richardson, G., Taylor, G., & Lanis, R. (2013). The Impact of Board of Director Oversight Characteristics on Corporate Tax Aggressiveness: An Empirical Analysis. Journal of Accounting and Public Policy, 32(3), 68–88. https://doi.org/10.1016/j.jaccpubpol.2013.02.004
Rosid, A., Evans, C., & Tran-Nam, B. (2018). Tax Non-Compliance and Perceptions of Corruption: Policy Implications for Developing Countries. Bulletin of Indonesian Economic Studies, 54(1), 25–60. https://doi.org/10.1080/00074918.2017.1364349
Rünger, S. (2019). The Effect of Cross-Border Group Taxation on Ownership Chains The Effect of Cross-Border Group Taxation. European Accounting Review, 28(5), 929–946. https://doi.org/10.1080/09638180.2018.1564689
Salsabila, N. R., & Mahanani, S. (2025). Pengaruh Tax Holiday, Tax Allowance, dan Tarif Pajak Terhadap Investasi Asing di Sektor Manufaktur Analisis Data Panel Periode 2019 – 2024. El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam, 6(9), 3607–3617. https://doi.org/10.47467/elmal.v6i9.8983
Santika, A., & Siarwi, S. (2025). Pengaruh Kebijakan Dividen, Intensitas Modal, Kepemilikan Manajerial, dan Kepemilikan Institusional terhadap Agresivitas Pajak (Studi Empiris pada Perusahaan Property dan Real Estate yang Terdaftar di Bursa Efek Indonesia Periode 2019-2023). Jurnal Nusa Akuntansi, 2(2), 671–695.
Saputra, E. A. H., & Mujiyati, M. (2024). The Influence of Profitability, Leverage, Company Size, Capital Intensity, and Sales Growth on Tax Avoidance. COSTING:Journal of Economic, Business and Accounting, 7(4), 7233–7246. https://shorturl.at/myCI8
Scarfone, J., & Kerr, M. (2018). Liberated Arts : Paved Paradise : Analysis of the Common Reporting Standard to Combat Tax Avoidance. Liberated Arts: A Journal for Undergraduate Research, 4(1), 1–12.
Silaban, A. C. (2020). The Effect of Profitability and Leverage on Tax Avoidance with Company Size as a Moderating Variable (Empirical Study on Property, Real Estate, and Building Construction Companies Listed on the Indonesia Stock Exchange 2013-2018). EPRA International Journal of Research & Development (IJRD), 5(9), 489–499. https://doi.org/https://doi.org/10.36713/epra5222 ABSTRACT
Siniakova, J., Gudeliūnienė, G., & Knyvienė, I. (2022). Comparative Analysis of Profitability Indicators of Tourism Companies : The Case of Lithuanian Companies. In Indivīds. Sabiedrība. Valsts (Rezekne Academy of Technologies). https://doi.org/https://doi.org/10.17770/iss2024.8350
Sukmana, A. H., & Suzan, L. (2025). Influence of Green Investment, Institutional Ownership and Environmental Performance on Company Value with Profitability As A Mediation Variable: A Study on Energy Sector Listed on Indonesia Stock Exchange 2019 –2023. Edelweiss Applied Science and Technology, 9(7), 648–664. https://doi.org/10.55214/25768484.v9i7.8687
Susanto, H., Suryadnyana, N. A., Rusmin, R., & Astami, E. (2024). The Impact of Family Firms and Supervisory Boards on Corporate Environmental Quality. Journal of Risk and Financial Management, 17(7), 2–24. https://doi.org/10.3390/jrfm17070263
Syahfitri, D. I., & Putri, N. H. (2024). The Impact of Earnings Management, Leverage, and Profitability on Tax Avoidance in Mining Sector Companies. ECo-Fin, 6(2), 236–248. https://doi.org/10.32877/ef.v6i2.1337
Taufiq, A. F. (2022). Pemberian Insentif Pajak Kepada Investor Di Industri Minyak Dan Gas Bumi Dalam Sektor Eksplorasi. Jurnal Nasional Pengelolaan Energi MigasZoom, 4(1). https://doi.org/10.37525/mz/2022-1/332
Teixeira, C., Magro, C. B. D., Soschinski, C. K., & Macedo, M. A. da S. (2025). Effect of ESG Aspects in Tax Aggressiveness in B3 Listed Companies. Contabilidade Vista & Revista, 36(1), 105–127. https://doi.org/10.22561/cvr.v36i1.8555
Umanto, U., Hartatiningsih, I. S., & Ikasari, N. (2022). Board Structure in State-Owned Enterprises (SOEs): Two-tier Model Analysis on the Implementation of Corporate Governance in Indonesia. BISNIS & BIROKRASI: Jurnal Ilmu Administrasi Dan Organisasi, 29(3), 176–183. https://doi.org/10.20476/jbb.v29i3.1324
Velte, P. (2023). Sustainable Institutional Investors, Corporate Sustainability Performance, and Corporate Tax Avoidance: Empirical Evidence For the European Capital Market. Corporate Social Responsibility and Environmental Management, 30(5), 2406–2418. https://doi.org/10.1002/csr.2492
Vivian, Y., Nelysia, N., & Prawati, L. (2023). Does Indonesia Have the Readiness to Implement Artificial Intelligence in Tax Technology Development?. Proceedings of the 2023 14th International Conference on E-Business, Management and Economics., 177–182. https://doi.org/https://doi.org/10.1145/3616712.3616750.
Wang, G. (2024). Impact of Tax Incentive Policies on Corporate Financial Performance: Based on Data from Listed Companies from 2012-2016. Frontiers in Business, Economics and Management, 15(3), 197–201. https://doi.org/10.54097/pankah05
Ward, C., Yin, C., & Zeng, Y. (2020). Motivated Monitoring by Institutional Investors and Firm Investment Efficiency. European Financial Management, 26(2), 348–385. https://doi.org/10.1111/eufm.12232
Wicaksono, S., Audi, N. A., Rachmaddi, A., & Imaduddin, R. (2021). Tax Evasion and Fraud Scandal in Panama Paper Case. International Journal of Economics, Business, and Accounting Research (IJEBAR), 2021(1), 377–382. https://doi.org/https://doi.org/10.29040/IJEBAR.V5I1.1741
Wongsinhirun, N., Chatjuthamard, P., Chintrakarn, P., & Jiraporn, P. (2018). Tax Avoidance, Managerial Ownership, and Agency Conflicts. Finance Research Letters, 61(2), 1–45.
Wu, Z., Pownall, R., Shih, Y. C., & Wang, Y. (2024). Industry Effects of Corporate Environmental and Social Scandals: Evidence from China. International Review of Financial Analysis, 95, 1–15. https://doi.org/10.1016/j.irfa.2024.103504
Zhen, D. (2025). The Tax Planning for Corporate Income Tax Under the Background of Tax Reduction and Fee Reduction. Critical Humanistic Social Theory, 2(1), 1–6. https://doi.org/10.62177/chst.v2i1.203
Afani, M., Atika, B. F., Cahya, R. P. A., Setyaningsih, N. D., & Murdiansyah, I. (2024). Special Relationship Transactions Against Tax Aggressiveness in Property Companies With Institutional Ownership As a Moderating Variable. Jurnal Ilmiah Bisnis Dan Ekonomi Asia, 18(2), 148–159. https://doi.org/10.32815/jibeka.v18i2.1872
Agnia Astika, N., & Gani Asalam, A. (2023). Pengaruh Corporate Governance dan Financial Distress Terhadap Agresivitas Pajak (Studi Empiris pada Perusahaan Manufaktur Sektor Industri Barang Konsumsi yang Terdaftar di Bursa Efek Indonesia Tahun 2016-2020). Jurnal Ekombis Review - Jurnal Ilmiah Ekonomi Dan Bisnis, 11(1), 96–103.
Akintobi, A. O., Okeke, I. C., & Ajani, O. B. (2023). Strategic Tax Planning for Multinational Corporations: Developing Holistic Approaches to Achieve Compliance and Profit Optimization. International Journal of Multidisciplinary Research Updates, 6(1), 025–032. https://doi.org/10.53430/ijmru.2023.6.1.0065
Alghorbany, A., Olarinoye, A. S., Elaigwu, M., & Che-Ahmad, A. (2024). Does Institutional Investor Influence Information Technology Investment Decisions and Corporate Performance ? Cogent Business & Management, 11(1), 1–14. https://doi.org/10.1080/23311975.2024.2316280
Arianti, A. R., Novriyenni, N., & Ambarita, I. (2023). The Grouping of Types of Tax Revenue in Binjai City Uses the K-Means Clustering Method Algorithm. Journal of Artificial Intelligence and Engineering Applications (JAIEA), 3(1), 197–202. https://doi.org/10.59934/jaiea.v3i1.286
Ariningrum, H., Gumanti, M., Kasmi, K., & Afif, M. F. (2025). Pengujian Efektifitas Mekanisme Corporate Governance terhadap Kualitas Pengungkapan: Studi pada Perusahaan Terkonsentrasi di Indonesia. Jurnal Ilmiah Akuntansi Universitas Pamulang, 13(1), 72–93. https://doi.org/10.32493/jiaup.v13i1.46861
Baltagi, B. H. (2005). Econometric Analysis of Panel Data (Third Edit). John Wiley and Sons Ltd.
Bank, W. (2018). Tax Ratio Indonesia 2018-2023. https://databank.worldbank.org/reports.aspx?source=2&series=GC.TAX.TOTL.GD.ZS&country=
Barrios, S., & D’Andria, D. (2020). Profit Shifting and Industrial Heterogeneity. CESifo Economic Studies, 66(2), 134–156. https://doi.org/10.1093/cesifo/ifz006
Bernhard, C. T., & Veny. (2024). Pengaruh Komisaris Independen , Komite Audit dan Rasio Keuangan Perusahaan Terhadap Agresivitas Pajak. Owner: Riset & Jurnal Akuntansi, 8(1), 163–185. https://doi.org/10.33395/owner.v8i1.1813
Blaufus, K., Reineke, J., & Trenn, I. (2023). Perceived Tax Audit Aggressiveness, Tax Control Frameworks and Tax Planning: An Empirical Analysis. In Journal of Business Economics (Vol. 93, Issue 3). Springer Berlin Heidelberg. https://doi.org/10.1007/s11573-022-01116-6
Boussaidi, A., & Hamed-Sidhom, M. (2021). Board’s Characteristics, Ownership’s Nature and Corporate Tax Aggressiveness: New Evidence From the Tunisian Context. EuroMed Journal of Business, 16(4), 487–511. https://doi.org/10.1108/EMJB-04-2020-0030
Brady, G. L., Kakkar, H., & Sivanathan, N. (2023). Perilous and Unaccountable: The Positive Relationship Between Dominance and Moral Hazard Behaviors. Journal of Personality and Social Psychology, 0–86. https://doi.org/10.1037/pspi0000448
Brickman, K., Hiebl, M. R. W., Quinn, M., & Warren, L. (2024). Accountants as SME Advisors: Relevance Lost? Journal of Accounting and Organizational Change, 20(6), 200–222. https://doi.org/10.1108/JAOC-10-2023-0171
Capras, I. L., Achim, M. V., & Mara, E. R. (2024). Is Tax Avoidance One of the Purposes of Financial Data Manipulation? The Case of Romania. Journal of Risk Finance, 25(4), 588–601. https://doi.org/10.1108/JRF-11-2023-0273
Castañer, X., Goranova, M., Hermes, N., Kavadis, N., & Zattoni, A. (2022). Ownership and Corporate Governance Across Institutional Contexts. Corporate Governance: An International Review, 30(6), 638–655. https://doi.org/10.1111/corg.12491
Challoumis, C., & Constantinou, A. (2024). Combating Tax Avoidance: Eu and Greek Measures For Fair Corporate Taxation. Baltic Journal of Legal and Social Sciences, 3, 13–21. https://doi.org/https://doi.org/10.30525/2592-8813-2024-3-2 ComBaTing
Chohan, U. W. (2016). The Panaman Papers and Tax Morality (Issue 1630).
Cui, Z. (2024). Heterogeneous Institutional Investor Attention and Corporate Tax Avoidance Behavior. Frontiers in Management Science, 3(2), 77–91. https://doi.org/10.56397/fms.2024.04.09
Dakhli, A. (2022). The Impact of Ownership Structure on Corporate Tax avoidance with Corporate Social Responsibility as Mediating Variable. Journal of Financial Crime, 29(3), 836–852. https://doi.org/10.1108/JFC-07-2021-0152
Dewi, L. C. (2017). Pengaruh Struktur Modal, Profitabilitas, dan Dewan Komisaris Independen Terhadap Nilai Perusahaan. Kinerja: Journal of Business and Economics, 1(18), 64–80. https://doi.org/10.61132/aeppg.v1i3.348
Dewi, N., & Hidayati, W. N. (2024). Pengaruh Manajemen Laba, Sales Growth, Transfer Pricing, dan Umur Perusahaan terhadap Praktik Penghindaran Pajak. AKUA: Jurnal Akuntansi Dan Keuangan, 3(4), 205–216. https://doi.org/10.54259/akua.v3i4.3030
Ding, Y. (2023). Tax Accounting: Minimizing Tax Burden within Legal and Tax Framework. Financial Management and Economic Transition (FMET), 3, 289–295. https://doi.org/10.2991/978-94-6463-272-9
Dyreng, S. D., Hanlon, M., & Maydew, E. L. (2010). The effects of executives on corporate tax avoidance. The Accounting Review, 85(4), 1163–1189. https://doi.org/10.2308/accr.2010.85.4.1163
Ernawati, W., Aziz, A., & Mualimin, J. (2022). Analysis of Factors Affecting State Revenue Receipts from the Taxation Sector. Journal of Finance and Business Digital, 1(3), 157–170. https://doi.org/10.55927/jfbd.v1i3.1316
Fernando, G. A., & Antoine, M. (2021). The Network Structure of Global Tax Evasion Evidence from the Panama Papers. Journal of Economic Behavior & Organization, 197, 660–684.
Feudjo, J. R., Kakti, G., & Zogning, F. (2021). Strategic Decision-Making Processes in Family Businesses : The Founding Shareholder ’ S Power Play. Corporate Ownership and Control, 18(3), 149–160. https://doi.org/10.22495/cocv18i3art12
Friana, H. (2019). DJP Dalami Dugaan Penghindaran Pajak PT Adaro Energy. Tirto.Id. https://tirto.id/djp-dalami-dugaan-penghindaran-pajak-pt-adaro-energy-edKk#google_vignette
Froot, K. A. (1998). Consistent Covariance Matrix Estimation with Cross-Sectional Dependence and Heteroskedasticity in Financial Data Author. The Journal of Financial and Quantitative Analysis, 24(3), 333–355. https://doi.org/https://doi.org/https://doi.org/10.2307/2330815
Fujita, K., & Yamada, A. (2022). Conflicts Between Parent Company and Non- Controlling Shareholders in Stakeholder-Oriented Corporate Governance : Evidence from Japan. Journal of Business Economics and Management, 23(2), 263–283. https://doi.org/https://doi.org/10.3846/jbem.2022.16060 CONFLICTS
Gaspar, V., Jaramillo, L., & Wingender, P. (2016). Tax Capacity and Growth: Is There a Tipping Point? In IMF Working Papers. https://doi.org/10.2139/ssrn.2902728
Global Witness. (2019). Adaro Moves Hundreds of Millions of Dollars Into Growing Offshore Network. Globalwitness.Org. https://www.globalwitness.org/en/press-releases/adaro-moves-hundreds-millions-dollars-growing-offshore-network/
Hanlon, M., & Heitzman, S. (2010). A review of tax research. Journal of Accounting and Economics, 50(2–3), 127–178. https://doi.org/10.1016/j.jacceco.2010.09.002
Harnovinsah, H., Amyulianthy, R., & Permana, E. (2025). Detecting Tax Aggressiveness through Profitability, Leverage, Inventory Intensity and Company Size. AKRUAL: Jurnal Akuntansi, 16(2), 233–243. https://doi.org/10.26740/jaj.v16n2.p233-243
Hong, H. A., Kalcheva, I., & Srivastava, A. (2017). A Reexamination of the Theory of Agency Costs of Tax Avoidance. In Working Paper, University of California-Riverside. https://doi.org/https://doi.org/10.1007/s40685-017-0054-y
Huslyanti, E., Khadafi, M., & Iswadi, I. (2023). Transfer Pricing at Multinational Corporate: A Literature Review Approach. Jurnal Manajemen Indonesia (J-MIND), 8(2), 151–156.
Huyghebaert, N., Kang, S., Wang, L., & Wu, W. (2024). Multiple Large Shareholders, Identity, and Corporate Tax Avoidance. Management and Organization Review, 20(2), 235–264. https://doi.org/10.1017/mor.2024.11
Indy, L. A., Uzliawati, L., & Yulianto, A. S. (2023). Enrichment : Journal of Management Managerial Ownership Profitability and Firm Value Agency Theory Perspective. Enrichment: Journal of Management Journal, 13(1), 619–626. https://doi.org/https://doi.org/10.35335/enrichment.v13i1.1224
Jenifer, & Alfia, Y. D. (2023). Pengaruh Corporate Social Responsibility (CSR), Managerial Ownership dan Institusional Ownership Terhadap Tax Avoidance (Studi Empiris pada Perusahaan Subsektor Foods and Beverages di Bursa Efek Indonesia Periode 2019-2022). Akuntansi Dan Ekonomi Bisnis, 12(02), 8–20.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics 3 (1976), 3(4), 305–360. https://doi.org/10.1057/9781137341280.0038
Kałdoński, M., & Jewartowski, T. (2024). Tax Aggressiveness Under Concentrated Ownership: The Importance of Long-term Institutional Investors. Finance Research Letters, 65. https://doi.org/10.1016/j.frl.2024.105541
Kartadjumena, E., & Nuryaman, N. (2024). Ownership Structures, Executive Compensation and Tax Aggressiveness in Indonesia Mining and Plantation Companies: The Moderating Effect of Audit Quality. International Journal of Economics and Financial Issues, 14(3), 23–32. https://doi.org/10.32479/ijefi.15862
Kiefer, M., Jones, E., & Adams, A. T. (2017). Shareholders and Managers as Principal-Agent Hierarchies and Cooperative Teams. Qualitative Reasearch in Financial Market, 9(1), 131–151. https://doi.org/https://doi.org/10.1108/QRFM-04-2016-0014
Kirnanda, M. D., Suryarini, T., & Anita, N. (2024). Tax Avoidance of Mining Sector Companies Registered on The Indonesia Stock Exchange. Jurnal Akuntansi, 14(3), 265–275.
Kolisnyk, O., & Hurina, N. (2024). Mechanism of Tax Consulting in the Management of the Tax Component of Enterprise Economic Security. Economics of Systems Development, 6(2), 23–28. https://doi.org/10.32782/2707-8019/2024-2-4
Kordsachia, O., Focke, M., & Velte, P. (2022). Do Sustainable Institutional Investors Contribute to Firms’ Environmental Performance? Empirical Evidence from Europe. Review of Managerial Science, 16(5), 1409–1436. https://doi.org/10.1007/s11846-021-00484-7
Kovermann, J., & Velte, P. (2019). The Impact of Corporate Governance on Corporate Tax Avoidance - A Literature Review. Journal of International Accounting, Auditing and Taxation, 36, 1–67. https://doi.org/10.1016/j.intaccaudtax.2019.100270
Krisna, I. G. P. A. P., & Supadmi, N. L. (2023). Ukuran Perusahaan, Leverage, Profitabilitas, dan Agresivitas Pajak. E-Jurnal Akuntansi, 33(7), 1847–1860. https://doi.org/10.24843/eja.2023.v33.i07.p12
Lanis, R., & Richardson, G. (2011). The Effect of Board of Director Composition on Corporate Tax Aggressiveness. Journal of Accounting and Public Policy, 30(1), 50–70. https://doi.org/10.1016/j.jaccpubpol.2010.09.003
Lanis, R., & Richardson, G. (2012). Corporate Social Responsibility and Tax Aggressiveness : A Test of Legitimacy Theory. Accounting, Auditing & Accountability Journal, 26(1), 75–100. https://doi.org/10.1108/09513571311285621
Lawrence, A., Minutti-Meza, M., & Zhang, P. (2011). Can Big 4 Versus Non-Big 4 Differences in Audit-Quality Proxies be Attributed to Client Characteristics? The Accounting Review, 86(1), 259–286. https://doi.org/10.2308/accr.00000009
Li, J. (2024). Do Managers Respond to Tax Avoidance Incentives by Investing in the Tax Function? Evidence from Tax Departments. Journal of Contemporary Accounting and Economics, 20(1), 100401. https://doi.org/10.1016/j.jcae.2024.100401
Li, N., Shevlin, T. J., & Zhang, W. (2018). Managerial Career Concerns and Corporate Tax Avoidance: Evidence from the Inevitable Disclosure Doctrine. SSRN Electronic Journal, 2, 1–45. https://doi.org/10.2139/ssrn.3273200
Liko, E., & Shahini, L. (2023). The Role of Tax Policies in Sustainable Economic Growth. Evidence From Dynamic Panel Data Analysis. European Journal of Sustainable Development, 12(4), 497–512. https://doi.org/10.14207/ejsd.2023.v12n4p497
Marjit, S., Thum, M., & Seidel, A. (2017). Tax Evasion, Corruption and Tax Loopholes. German Economic Review, 18(3), 283–301. https://doi.org/10.1111/GEER.12107
Martinez, A. L., Júnior, J. L. de S., & Sena, T. R. (2022). Tax Aggressiveness as A Determining Factor of Conditional Conservatism in Brazil. Revista Contabilidade e Financas, 33(90), 1–16. https://doi.org/10.1590/1808-057x20221484.en
Martinez, A. L., & Ramalho, G. C. (2014). Family Firms and Tax Aggressiveness in Brazil. International Business Research, 7(3), 129–136. https://doi.org/10.5539/ibr.v7n3p129
McNulty, T., & Nordberg, D. (2016). Ownership, Activism and Engagement: Institutional Investors as Active Owners. Corporate Governance: An International Review, 24(3), 346–358. https://doi.org/10.1111/corg.12143
Medina, A., De La Cruz, A., & Tang, Y. (2022). Corporate Ownership and Concentration. Corporate Governance Working Paper, 27(27), 1–50. https://www.oecd.org/en/publications/corporate-ownership-and-concentration_bc3adca3-en.html
Mgammal, M. H., & Ismail, K. N. I. K. (2015). Corporate Tax Planning Activities : Overview of Concepts, Theories, Restrictions, Motivations and Approaches. Mediterranean Journal of Social Sciences, 6(6), 350–358. https://doi.org/10.5901/mjss.2015.v6n6s4p350
Minnick, K., & Noga, T. (2010). Do Corporate Governance Characteristics Influence Tax Management? Journal of Corporate Finance, 16(5), 703–718. https://doi.org/10.1016/j.jcorpfin.2010.08.005
Misheleiloen, M. (2024). Enhancing Company Value: The Impact of Managerial Ownership and CSR Disclosure. Journal of Accounting, Management, and Economics Research (JAMER), 3(1), 41–50. https://doi.org/10.33476/jamer.v3i1.208
Mulya, A. S., Sandy, R. M., & Janti, K. M. (2024). The Role of Indonesian Business Owners in Aggressive Tax Planning. Revista de Gestão Social e Ambienta, 18(6), 1–17. https://doi.org/https://doi.org/10.24857/rgsa.v18n6-087
OCBC. (2023). Mengenal Sumber Pendapatan Negara Beserta Jenisnya. Ocbc.Id. https://www.ocbc.id/id/article/2023/02/02/sumber-pendapatan-negara
OECD. (2023). Revenue Statistics in Asia and the Pacific 2023: Strengthening Property Taxation in Asia. In OECD Publishing (Issue 28). OECD Publishing. https://doi.org/https://doi.org/10.1787/e7ea496f-en.
Olanisebe, M. B., Abdullahi, S. R., & Dandago, K. I. (2023). Managerial Ownership and Tax Avoidance of Listed Companies in Nigeria with Profitability as Mediating Variable. FUDMA Journal of Accounting and Finance Research [FUJAFR], 1(1), 1–26. https://doi.org/10.33003/fujafr-2023.v1i1.2.1-26
Orbawan, Y., & April, S. T. A. (2023). The Influence of the Independent Board of Commissioners, Institutional Ownership and Managerial Ownership on Profit Management. Jurnal Ilmiah Akuntansi Kesatuan, 11(3), 587–596. https://doi.org/10.37641/jiakes.v11i3.2224
Patel, M. A., Shamsi, A. F., & Asim, M. (2018). Chief Executive Compensation – Part and Parcel of The Agency Problem : Empirical Evidence from Pakistan. Asia-Pacific Management Accounting Journal, 13(1), 153–165. https://doi.org/http://arionline.uitm.edu.my/ojs/index.php/APMAJ/article/download/749/432
Puji, A. T., Rahmawati, Aryani, Y. A., & Setiawan, D. (2019). The Effect of Family Ownership on Aggressive Tax Avoidance in Indonesia. EJournal of Tax Research, 17(1), 105–117.
Pujiningsih, S., & Salsabyla, N. A. (2022). Relationship of Foreign Institutional Ownership and Management Incentives To Tax Avoidance. Jurnal Akuntansi Dan Keuangan Indonesia, 19(2), 244–262. https://doi.org/10.21002/jaki.2022.12
Rahayu, N., & Wahyudi, A. (2024). Analisis Pengaruh Kepemilikan Institusional Terhadap Kinerja Keuangan Perusahaan. Jurnal Rimba : Riset Ilmu Manajemen Bisnis Dan Akuntansi, 2(3), 94–108. https://doi.org/10.61132/rimba.v2i3.1078
Richardson, G., Lanis, R., & Leung, S. C. M. (2014). Corporate Tax Aggressiveness, Outside Directors, and Debt Policy: An Empirical Analysis. Journal of Corporate Finance, 25, 107–121. https://doi.org/10.1016/j.jcorpfin.2013.11.010
Richardson, G., Taylor, G., & Lanis, R. (2013). The Impact of Board of Director Oversight Characteristics on Corporate Tax Aggressiveness: An Empirical Analysis. Journal of Accounting and Public Policy, 32(3), 68–88. https://doi.org/10.1016/j.jaccpubpol.2013.02.004
Rosid, A., Evans, C., & Tran-Nam, B. (2018). Tax Non-Compliance and Perceptions of Corruption: Policy Implications for Developing Countries. Bulletin of Indonesian Economic Studies, 54(1), 25–60. https://doi.org/10.1080/00074918.2017.1364349
Rünger, S. (2019). The Effect of Cross-Border Group Taxation on Ownership Chains The Effect of Cross-Border Group Taxation. European Accounting Review, 28(5), 929–946. https://doi.org/10.1080/09638180.2018.1564689
Salsabila, N. R., & Mahanani, S. (2025). Pengaruh Tax Holiday, Tax Allowance, dan Tarif Pajak Terhadap Investasi Asing di Sektor Manufaktur Analisis Data Panel Periode 2019 – 2024. El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam, 6(9), 3607–3617. https://doi.org/10.47467/elmal.v6i9.8983
Santika, A., & Siarwi, S. (2025). Pengaruh Kebijakan Dividen, Intensitas Modal, Kepemilikan Manajerial, dan Kepemilikan Institusional terhadap Agresivitas Pajak (Studi Empiris pada Perusahaan Property dan Real Estate yang Terdaftar di Bursa Efek Indonesia Periode 2019-2023). Jurnal Nusa Akuntansi, 2(2), 671–695.
Saputra, E. A. H., & Mujiyati, M. (2024). The Influence of Profitability, Leverage, Company Size, Capital Intensity, and Sales Growth on Tax Avoidance. COSTING:Journal of Economic, Business and Accounting, 7(4), 7233–7246. https://shorturl.at/myCI8
Scarfone, J., & Kerr, M. (2018). Liberated Arts : Paved Paradise : Analysis of the Common Reporting Standard to Combat Tax Avoidance. Liberated Arts: A Journal for Undergraduate Research, 4(1), 1–12.
Silaban, A. C. (2020). The Effect of Profitability and Leverage on Tax Avoidance with Company Size as a Moderating Variable (Empirical Study on Property, Real Estate, and Building Construction Companies Listed on the Indonesia Stock Exchange 2013-2018). EPRA International Journal of Research & Development (IJRD), 5(9), 489–499. https://doi.org/https://doi.org/10.36713/epra5222 ABSTRACT
Siniakova, J., Gudeliūnienė, G., & Knyvienė, I. (2022). Comparative Analysis of Profitability Indicators of Tourism Companies : The Case of Lithuanian Companies. In Indivīds. Sabiedrība. Valsts (Rezekne Academy of Technologies). https://doi.org/https://doi.org/10.17770/iss2024.8350
Sukmana, A. H., & Suzan, L. (2025). Influence of Green Investment, Institutional Ownership and Environmental Performance on Company Value with Profitability As A Mediation Variable: A Study on Energy Sector Listed on Indonesia Stock Exchange 2019 –2023. Edelweiss Applied Science and Technology, 9(7), 648–664. https://doi.org/10.55214/25768484.v9i7.8687
Susanto, H., Suryadnyana, N. A., Rusmin, R., & Astami, E. (2024). The Impact of Family Firms and Supervisory Boards on Corporate Environmental Quality. Journal of Risk and Financial Management, 17(7), 2–24. https://doi.org/10.3390/jrfm17070263
Syahfitri, D. I., & Putri, N. H. (2024). The Impact of Earnings Management, Leverage, and Profitability on Tax Avoidance in Mining Sector Companies. ECo-Fin, 6(2), 236–248. https://doi.org/10.32877/ef.v6i2.1337
Taufiq, A. F. (2022). Pemberian Insentif Pajak Kepada Investor Di Industri Minyak Dan Gas Bumi Dalam Sektor Eksplorasi. Jurnal Nasional Pengelolaan Energi MigasZoom, 4(1). https://doi.org/10.37525/mz/2022-1/332
Teixeira, C., Magro, C. B. D., Soschinski, C. K., & Macedo, M. A. da S. (2025). Effect of ESG Aspects in Tax Aggressiveness in B3 Listed Companies. Contabilidade Vista & Revista, 36(1), 105–127. https://doi.org/10.22561/cvr.v36i1.8555
Umanto, U., Hartatiningsih, I. S., & Ikasari, N. (2022). Board Structure in State-Owned Enterprises (SOEs): Two-tier Model Analysis on the Implementation of Corporate Governance in Indonesia. BISNIS & BIROKRASI: Jurnal Ilmu Administrasi Dan Organisasi, 29(3), 176–183. https://doi.org/10.20476/jbb.v29i3.1324
Velte, P. (2023). Sustainable Institutional Investors, Corporate Sustainability Performance, and Corporate Tax Avoidance: Empirical Evidence For the European Capital Market. Corporate Social Responsibility and Environmental Management, 30(5), 2406–2418. https://doi.org/10.1002/csr.2492
Vivian, Y., Nelysia, N., & Prawati, L. (2023). Does Indonesia Have the Readiness to Implement Artificial Intelligence in Tax Technology Development?. Proceedings of the 2023 14th International Conference on E-Business, Management and Economics., 177–182. https://doi.org/https://doi.org/10.1145/3616712.3616750.
Wang, G. (2024). Impact of Tax Incentive Policies on Corporate Financial Performance: Based on Data from Listed Companies from 2012-2016. Frontiers in Business, Economics and Management, 15(3), 197–201. https://doi.org/10.54097/pankah05
Ward, C., Yin, C., & Zeng, Y. (2020). Motivated Monitoring by Institutional Investors and Firm Investment Efficiency. European Financial Management, 26(2), 348–385. https://doi.org/10.1111/eufm.12232
Wicaksono, S., Audi, N. A., Rachmaddi, A., & Imaduddin, R. (2021). Tax Evasion and Fraud Scandal in Panama Paper Case. International Journal of Economics, Business, and Accounting Research (IJEBAR), 2021(1), 377–382. https://doi.org/https://doi.org/10.29040/IJEBAR.V5I1.1741
Wongsinhirun, N., Chatjuthamard, P., Chintrakarn, P., & Jiraporn, P. (2018). Tax Avoidance, Managerial Ownership, and Agency Conflicts. Finance Research Letters, 61(2), 1–45.
Wu, Z., Pownall, R., Shih, Y. C., & Wang, Y. (2024). Industry Effects of Corporate Environmental and Social Scandals: Evidence from China. International Review of Financial Analysis, 95, 1–15. https://doi.org/10.1016/j.irfa.2024.103504
Zhen, D. (2025). The Tax Planning for Corporate Income Tax Under the Background of Tax Reduction and Fee Reduction. Critical Humanistic Social Theory, 2(1), 1–6. https://doi.org/10.62177/chst.v2i1.203
Published
2026-04-11
How to Cite
KAMELIYA, Shinta; SURYANI, Ani Wilujeng.
The Effect of Ownership Structure on Tax Aggressiveness.
SAR (Soedirman Accounting Review) : Journal of Accounting and Business, [S.l.], v. 11, n. 1, p. 19 - 36, apr. 2026.
ISSN 2598-0718.
Available at: <https://jos.unsoed.ac.id/index.php/sar/article/view/19462>. Date accessed: 30 apr. 2026.
doi: https://doi.org/10.32424/1.sar.2026.11.1.19462.
Section
Articles
1.png)
.png)
.jpg)
