Ina Pramitha Rachmalia, . (2026) PENGARUH CORPORATE TAX BURDEN DAN ESG PERFORMANCE TERHADAP NILAI PERUSAHAAN DENGAN GREEN INVESTOR SEBAGAI VARIABEL MODERASI. Tesis thesis, Universitas Pembangunan Nasional Veteran Jakarta.
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Abstract
This study examines the influence of Corporate Tax Burden (CTB) and ESG Performance on Firm Value, and the moderating role of Green Investor in non-financial companies in ASEAN-5 over 2020–2024. Using 3,396 observations from 898 companies analyzed through a fixed-effects model with Clustered Robust Standard Errors, Firm Value is proxied by Tobin's Q, CTB by Cash Effective Tax Rate, ESG Performance by Refinitiv ESG scores, and Green Investor by a dummy variable based on UN PRI signatory status or Refinitiv ESG score among the ten largest shareholders. Results show that CTB has a negative and significant effect on Firm Value (coefficient = −0,0915; p = 0,036), supporting H₁ consistent with Free Cash Flow Theory. ESG Performance also has a negative and significant effect (coefficient = −0,0061; p = 0,002), rejecting H₂ as its direction contradicts Signaling Theory predictions. Green Investor does not strengthen the ESG–Firm Value relationship, with the ESG×GI interaction coefficient of −0,0038 (p = 0,016) being statistically significant but negative, thus rejecting H₃. These findings reflect the suboptimal operation of Signaling Theory mechanisms in ASEAN-5, attributable to an immature ESG regulatory ecosystem and low investor ESG literacy.
| Item Type: | Thesis (Tesis) |
|---|---|
| Additional Information: | [No.Panggil: 2410124008] [Pembimbing 1: Ni Putu Eka Widiastuti] [Pembimbing 2: Anda Dwiharyadi] [Penguji 1: Dianwicaksih Arieftiara] [Penguji 2: Ferry Irawan] |
| Uncontrolled Keywords: | Corporate Tax Burden, ESG Performance, Firm Value, Green Investor, Tobin's Q |
| Subjects: | H Social Sciences > HB Economic Theory H Social Sciences > HC Economic History and Conditions H Social Sciences > HF Commerce > HF5601 Accounting H Social Sciences > HG Finance |
| Divisions: | Fakultas Ekonomi dan Bisnis > Program Studi Akuntansi (S2) |
| Depositing User: | INA PRAMITHA RACHMALIA |
| Date Deposited: | 28 Aug 2026 07:51 |
| Last Modified: | 28 Aug 2026 07:51 |
| URI: | http://repository.upnvj.ac.id/id/eprint/51095 |
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