The Effect of Capital Intensity and Leverage on Corporate Tax Aggressiveness in Companies Listed on the Indonesia Stock Exchange with Corporate Governance as a Moderating Variable
DOI:
https://doi.org/10.24256/kharaj.v8i2.10773Keywords:
Capital Intensity, Leverage, Tax Aggressiveness, Corporate GovernanceAbstract
This research investigates the influence of capital intensity and leverage on corporate tax aggressiveness, while also examining the moderating role of corporate governance in manufacturing firms within the consumer non-cyclical sector listed on the Indonesia Stock Exchange from 2021 to 2024. The study proposes that capital intensity and leverage contribute to tax aggressiveness and assumes that corporate governance may strengthen or weaken these relationships. A quantitative method with an associative research design was applied in this study. The sample consisted of 150 firm-year observations selected through purposive sampling techniques. Secondary data were collected from the annual financial statements published by the companies. The variables were measured using several financial indicators, including capital intensity represented by the ratio of fixed assets to total assets, leverage measured using the Debt to Asset Ratio (DAR), tax aggressiveness measured through the Effective Tax Rate (ETR), corporate governance assessed by the proportion of independent commissioners, and profitability represented by Return on Assets (ROA) as a control variable. Data processing employed panel data regression and Moderated Regression Analysis (MRA) using Python software. The selection of the most appropriate regression model was conducted through the Hausman and Lagrange Multiplier (LM) tests, while descriptive statistical analysis and classical assumption tests were performed using SPSS. The findings reveal that, individually, capital intensity and leverage positively and significantly affect tax aggressiveness. Profitability as a control variable also demonstrates a positive and significant relationship with tax aggressiveness. Simultaneous testing further confirms that both capital intensity and leverage jointly influence tax aggressiveness. Furthermore, the MRA findings indicate that corporate governance does not significantly moderate the relationship between capital intensity and leverage toward tax aggressiveness. These results imply that tax aggressiveness is shaped by multiple internal organizational factors, and the proposed model provides considerable explanatory capability regarding the phenomenon. The findings also suggest that strengthening corporate governance structures alone may not be sufficient to reduce aggressive tax practices unless accompanied by effective implementation. Therefore, companies should improve transparency and accountability in managing tax-related activities, while policymakers are encouraged to reinforce regulations associated with corporate taxation practices. Future studies are recommended to incorporate additional variables, such as company size, liquidity, and audit quality, as well as expand research coverage across different sectors and longer periods of observation to achieve broader and more comprehensive findings.
References
Adhi Widyakto, SE, M., Ayu Nurafni Octavia, S.M., M. ., Oktavie Fresiliasari, S.E., M. A., Ahmad Sahri Romadon, SE., M. A., & Rifka Indi, S.E., M. S. M. (2025). Laporan Penelitian Dosen Pemula Universitas Semarang: Dampak Financial Performance dan Good Corporate governance terhadap Volatilitas Return on Asset serta Implikasinya pada Firm Value. In Laporan (Issue 061). Universitas Semarang.
Agustin, P. S., & Rahayu, Y. (2022). Pengaruh Likuiditas, Profitabilitas, Ukuran Perusahaan, dan Good Corporate governance terhadap Kualitas Laba. Jurnal Ilmu Dan Riset Akuntansi, 11(1), 1–19.
Angraini, R., & Ferdiansyah. (2025). Pengaruh Transfer Pricing, Ukuran Perusahaan dan Intensitas Persediaan terhadap Agresivitas Pajak. QISTINA: Jurnal Multidisiplin Indonesia, 4(2), 413–430.
Apriani, M., & Martini, M. (2024). Pengaruh Perencanaan Pajak, Penghindaran Pajak, dan Profitabilitas terhadap Nilai Perusahaan (Studi Empiris pada Perusahaan Sektor Pertambangan yang Terdaftar di Bursa Efek Indonesia Periode 2019–2023). Anggaran: Jurnal Publikasi Ekonomi Dan Akuntansi, 2(3), 374–398. https://doi.org/10.61132/anggaran.v2i3.818
Arieftiara, D., Utama, S., Wardhani, R., & Rahayu, N. (2015). Analisis Pengaruh Strategi Bisnis Terhadap Penghindaran Pajak, Bukti Empiris di Indonesia. Conference: Simposium Nasional Akuntansi (SNA) XVIII IAI KAPd At Medan, 1–27.
Asfrianto, F. R., Saleh, S., Syaifuddin, D. T., Sujono, & Hamid, W. (2023). Pengaruh Leverage, Likuiditas, Growth Opportunity, Firm Size dan Profitabilitas terhadap Keputusan Hedging (Studi pada Sektor Consumer Non-Cyclicals yang Tercatat di Bursa Efek Indonesia Tahun 2017–2021). Jurnal Manajemen, Bisnis Dan Organisasi (JUMBO), 7(3), 586–599.
Chelomitha, I., Tozali, A. A., & Seventeen, W. L. (2026). Analisis Faktor-Faktor yang Mempengaruhi Agresivitas Pajak (Tax Aggressiveness) Perusahaan yang Terdaftar di Bursa Efek Indonesia. Jurnal Ekonomi Bisnis Dan Akuntansi, 6(1), 588–596. https://doi.org/10.55606/jebaku.v6i1.6703
Dewi, R. S., & Idayati, F. (2020). Pengaruh Leverage, Likuiditas, Perputaran Modal Kerja dan Pertumbuhan Penjualan terhadap Profitabilitas Perusahaan. Jurnal Ilmu Dan Riset Akuntansi, 9(12), 1–23.
Dr. Amrie Firmansyah, M. A., & Riska Septiana Estutik, S. T. A. (2021). Kajian Akuntansi Keuangan: Peran Tata Kelola Perusahaan Dalam Kinerja Tanggung Jawab Lingkungan, Pengungkapan Tanggung Jawab Sosial, Agresivitas Pajak (M. A. Resi Ariyasa Qadri, S.E. (ed.)). Penerbit Adab. https://books.google.co.id/books?id=cVYsEAAAQBAJ&printsec=frontcover&hl=id&source=gbs_ge_summary_r&cad=0#v=onepage&q&f=false
Ersyafdi, I. R., & Irianti, P. W. D. (2019). Pengaruh Faktor Keuangan, Tata Kelola Perusahaan, Agresivitas Pajak terhadap Pengungkapan Corporate Social Responsibility. SAR (Soedirman Accounting Review): Journal of Accounting and Business, 6(2), 57–72. https://doi.org/10.20884/1.sar.2021.6.2.3943
Fauziyah, S. I., & Iskandar. (2025). Corporate governance dalam Memoderasi Nilai Perusahaan: Inventory Turnover, Tax planning, dan Earning Quality. Jurnal Akuntansi Dan Audit Syariah, 6(1), 68–89.
Hidayah, N., & Ernandi, H. (2022). Pengaruh Leverage, Ukuran Perusahaan, Profitabilitas, dan Intensitas Modal terhadap Penghindaran Pajak melalui Tata Kelola Perusahaan sebagai Variabel Moderasi (Studi pada Perusahaan Manufaktur Subsektor Makanan dan Minuman yang Terdaftar di Bursa Efek In. Innovative Technologica: Methodical Research Journal, 1(2), 1–15. https://doi.org/10.47134/innovative.v1i2.64
Jannah, F. U. N., Kumaladewi, D., & Surachman, A. E. (2026). Pengaruh Capital intensity, Financial Distress, dan Kepemilikan Institusi terhadap Tax avoidance Dimoderator oleh Ukuran Perusahaan pada Perusahaan Sektor Energi 2021–2024. Value Jurnal Ilmiah Akuntansi Keuangan Dan Bisnis, 6(2), 370–391.
Kamaludin, & Indriani, R. (2020). Manajemen Keuangan: Konsep Dasar dan Penerapannya.
Kasmir. (2019). Analisis Laporan Keuangan (12th ed.). Rajawali pers. https://books.google.co.id/books?id=0IJoEQAAQBAJ&printsec=copyright&hl=id#v=onepage&q&f=false
Kurniawan, D. P., Lisetyati, E., & Setiyorini, W. (2021). Pengaruh Leverage, Corporate governance, dan Intensitas Modal terhadap Agresivitas Pajak. Jurnal Akuntansi Dan Perpajakan, 7(2), 144–158.
Latifah, D. R., & Ardiami, K. P. (2026). Corporate governance, Capital intensity, dan Tax avoidance: Bukti Empiris pada Perusahaan Sektor Energi. Jurnal Akuntansi Keuangan Dan Perpajakan, 02(03), 420–429.
Lubis, A., & Nugroho, R. A. (2023). Pengaruh Leverage dan Profitabilitas terhadap Nilai Perusahaan pada Perusahaan Sektor Manufaktur yang Terdaftar di Bursa Efek Indonesia. Jurnal Akuntasi Dan Keuangan Entitas, 3(1), 90–123.
Meiliawati, A., & Hermanto, S. B. (2020). Pengaruh Corporate governance, Profitabilitas dan Karakter Eksekutif terhadap Tax avoidance. Jurnal Ilmu Dan Riset Akuntansi, 9(9), 1–21.
Melawati, H. O., & Nirwana, N. Q. S. (2025). Pengaruh Profitabilitas, Ukuran Perusahaan, Pertumbuhan Perusahaan, dan Struktur Modal terhadap Penilaian Perusahaan pada Sektor Industri Dasar dan Kimia yang Terdaftar di Bursa Efek Indonesia. Indonesian Journal of Law and Economics Review, 20(4), 1–11. https://doi.org/10.21070/ijler.v20i4.1348
OECD. (2025). Prinsip Tata Kelola Perusahaan G20/OECD 2023. OECD Publishing. https://doi.org/10.1787/fc7fe92b-id
Onasis, K., & Robin. (2016). Pengaruh tata kelola perusahaan terhadap nilai perusahaan pada perusahaan sektor keuangan yang terdaftar di bei. 20(1), 1–22.
Prasetyo, A., & Wulandari, S. (2021). Capital intensity, Leverage, Return on Asset, dan Ukuran Perusahaan Terhadap Agresivitas Pajak. Jurnal Akuntansi, 13(1), 134–147.
Raainaa, A., & Firmansyah, A. (2025). Peran Leverage dalam Hubungan antara Intensitas Modal, Intensitas Persediaan dan Penghindaran Pajak. Bina Ekonomi, 29(2), 171–192.
Ramadanty, D. A., Saragi, N. P., & Soetardjo, M. N. (2024). Pengaruh Perencanaan Pajak terhadap Manajemen Laba Riil pada Perusahaan dengan Kualitas Audit yang Berbeda. Jurnal Penelitian Akuntansi, 5(2), 236–252.
Riyandika, M., & Saad, B. (2020). Pengaruh Good Corporate governance terhadap Profitabilitas pada Sektor Perbankan yang Terdaftar di BEI pada Tahun 2017-2019. Jurnal Keuangan Dan Perbankan, 17(01), 35–45.
Sari, D. P. (2023). Analisis Perbandingan Agresivitas Pajak, Corporate Social Responsibility, dan Capital intensity pada Perusahaan Manufaktur Subsektor Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Sebelum dan Saat Pandemi COVID-19. In Skripsi. Universitas Lampung.
Sari, H. P., Nurmayanti, P., & Paulus, S. (2022). Tanggung Jawab Sosial Korporat, Leverage, Kepemilikan Mayoritas dan Agresivitas Pajak: Tata Kelola Perusahaan sebagai Variabel Moderasi. Jurnal Al-Iqtishad, 1(18), 42–64.
Septiani, R., & Suryani. (2024). Pengaruh Ukuran Perusahaan, Profitabilitas, Leverage, dan Kualitas Audit terhadap Agresivitas Pajak (Studi Empiris pada Perusahaan Sub Sektor Makanan dan Minuman yang Terdaftar pada Bursa Efek Indonesia Periode 2020–2023). Anggaran: Jurnal Publikasi Ekonomi Dan Akuntansi, 2(3), 467–481. https://doi.org/10.61132/anggaran.v2i3.830
Serly, S., Susanto, A., & Fedelia, J. (2023). Pengaruh Tata Kelola Perusahaan terhadap Kinerja Perusahaan dengan Struktur Kepemilikan sebagai Variabel Pemoderasi. Reviu Akuntansi Dan Bisnis Indonesia, 7(2), 496–515. https://doi.org/10.18196/rabin.v7i2.20165
Soelistiono, S., & Adi, P. H. (2022). Pengaruh Leverage, Capital intensity, dan Corporate Social Responsibility terhadap Agresivitas Pajak. Jurnal Ekonomi Modernisasi, 18(1), 38–51. https://doi.org/10.21067/jem.v18i1.6260
Solihati, G. P., Anah, S., & Anggraini, W. (2025). Intervensi Good Corporate governance sebagai Mekanisme Internal dalam Mereduksi Agresivitas Tax avoidance pada Perusahaan Terbuka: Perspektif Teori Agensi dan Legitimasi. Journal of Innovative and Creativity, 5(2), 2875–2885.
Sukamulja, S. (2022). Analisis Laporan Keuangan: sebagai Dasar Pengambilan Keputusan Investasi (Edisi Revisi). Penerbit Andi. https://books.google.co.id/books?id=-_34EAAAQBAJ&printsec=frontcover&hl=id#v=onepage&q&f=false
Susilawati, D., & Sutopo, B. (2026). Revisiting knowledge on lens of ESG, CSR and GF to CFP: Systematic Literature Review, and Future Agenda. RAAR Review of Applied Accounting Research, 6(1), 1–29.
Suyanto, Pratama, Y. H., Ellysta, C. D., & Listyawati, R. (2025). Corporate governance dalam Memoderasi Profitabilitas terhadap Agresivitas Pajak: Studi pada Perusahaan Manufaktur di Bursa Efek ASEAN. Jurnal Akuntansi, 20(1), 22–32.
Tunggal, A., & Gabetua, Y. (2020). Penghindaran Pajak: Kajian pada Leverage, Ukuran dan Intensitas Modal Perusahaan. Jurnal Riset Akuntansi Dan Auditing, 7(2), 27–43.
Ulfiyati, U. (2019). Pengaruh Capital Intencity Ratio, Free Cash Flow, Kualitas Audit, Leverage, dan Diversifikasi Perusahaan Terhadap Manajemen Laba pada Seluruh Perusahaan yang Terdaftar di Bursa Efek Indonesia Periode 2013–2015. In Skripsi. Universitas Semarang.
Velnampy, P. T. (2013). Corporate governance and Firm Performance : A Study of Sri Lankan Manufacturing Companies. Journal of Economics and Sustainable Development, 4(3), 228–236.
Wahab, A., Arfah, A., & Sari, R. (2025). Pengaruh Corporate Social Responsibility, Leverage , Capital intensity, Likuiditas dan Profitabilitas terhadap Agresivitas Pajak dengan Good Corporate governance sebagai Variabel Moderating. Journal of Artificial Intelligence and Digital Business (RIGGS), 4(3), 253–267.
Novitasari, M., Srikalimah, & Munari. (2025). Peran Profitability sebagai Moderasi : Sales Growth, Transfer Pricing, Capital Intensity dan Tax Avoidance. 9(April), 1569–1581.
Nugroho, W. C., & Suprapto, F. M. (2024). Executive Incentives, Profitability Against Tax Avoidance : A Study Of Banking Companies In Indonesia. 01, 46–53.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Istiqomah, Srikalimah, Fitria Magdalena Suprapto
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-ShareAlike 4.0 International License. In line with the license, authors are allowed to share and adapt the material. In addition, the material must be given appropriate credit, provided with a link to the license, and indicated if changes were made. If authors remix, transform or build upon the material, authors must distribute their contributions under the same license as the original.
