Unraveling The Moderating Role of Environmental, Social, and Governance in The Value Relevance of Earnings and Equity of Tax Avoidance
Abstract
This study examines the value relevance of earnings and equity associated with tax avoidance and investigates the moderating role of environmental, social, and governance (ESG) performance. Using a purposive sampling method, this study analyzes 74 observations of companies listed in the LQ45 Index of the Indonesia Stock Exchange during the period 2022-2023. The analysis employs a price model based on Ohlson (1995) and multiple linear regression for panel data with robust standard errors. The results indicate that tax avoidance is positively associated with the value relevance of earnings but is not significantly related to equity. Furthermore, ESG performance weakens the positive relationship between tax avoidance and earnings value relevance, while it mitigates the negative relationship between tax avoidance and equity value relevance. These findings suggest that although tax avoidance enhances earnings-based valuation, strong ESG performance shifts investor focus toward long-term sustainability rather than short-term tax benefits. This study contributes to the literature on value relevance and tax avoidance by providing evidence on the moderating role of ESG in an emerging market context.
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Cortesi, A., & Vena, L. (2019). Disclosure quality under integrated reporting: a value relevance approach. Journal of Cleaner Production, 220. https://doi.org/10.1016/j.jclepro.2019.02.155
degl’Innocenti, D. G., Levaggi, R., & Menoncin, F. (2022). Tax avoidance and evasion in a dynamic setting. Journal of Economic Behavior & Organization, 204, 443–456. https://doi.org/10.1016/j.jebo.2022.10.028
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Fahmi, R., Hadjaat, M., & Yudaruddin, R. (2019). Pengaruh tipe industri dan asimetri informasi serta kapitalisasi pasar terhadap intellectual capital disclosure pada perusahaan sektor industri dasar dan kimia yang terdaftar di bursa efek Indonesia. Jurnal Manajemen, 11(1), 16–23. https://doi.org/10.30872/jmmn.v11i1.4523
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Firmansyah, A., & Yusuf, Y. (2020). The value relevance of corporate disclosures: social responsibility, intellectual capital, corporate governance. Assets: Jurnal Akuntansi Dan Pendidikan, 9(1), 61–71. https://doi.org/10.25273/jap.v9i1.5128
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Freeman, R. E., Dmytriyev, S. D., & Phillips, R. A. (2021). Stakeholder theory and the resource-based view of the firm. Journal of Management, 47(7), 1757–1770. https://doi.org/10.1177/0149206321993576
Gonçalves, T. C., Barros, V., & Santos, A. R. (2025). The market value relevance of ESG: evidence from large European firms. Journal of Sustainable Finance & Investment, 0795, 1–29. https://doi.org/10.1080/20430795.2025.2581635
Halimah, N. P., Irsyanti, A., & Aini, L. R. (2020). The value relevance of sustainability reporting: Comparison between Malaysia and Indonesia stock market. The Indonesian Journal of Accounting Research, 23(3), 447–466. https://doi.org/10.33312/ijar.502
Hellström, K. (2006). The value relevance of financial accounting information in a transition economy: the case of the Czech Republic. European Accounting Review, 15(3), 325–349. https://doi.org/10.1080/09638180600916242
Hichri, A. (2023). Audit quality, value relevance, integrated reporting and the moderating role of business ethics: evidence from European ESG firms. Review of Accounting and Finance, 22(5), 663–681. https://doi.org/10.1108/RAF-03-2023-0073
Holthausen, R. W., & Watts, R. L. (2001). The relevance of the value-relevance literature for financial accounting standard setting. Journal of Accounting and Economics, 31(1–3), 3–75. https://doi.org/10.1016/S0165-4101(01)00029-5
Hossain, M. S., Ali, M. S., Islam, M. Z., Ling, C. C., & Fung, C. Y. (2024). Nexus between profitability, firm size and leverage and tax avoidance: evidence from an emerging economy. Asian Review of Accounting. https://doi.org/10.1108/ARA-08-2023-0238
Hutauruk, C., & Puspa, D. F. (2023). Relevansi nilai informasi akuntansi, intellectual capital, corporate governance, persistensi laba dan asimetri informasi. Jurnal Kajian Akuntansi Dan Auditing, 18(1), 49–63. https://doi.org/10.37301/jkaa.v18i1.106
Ihsan, M., Rexipal, D., & Firmansyah, A. (2024). Does managerial ownership moderate the value relevance of earnings and equity of sustainability reporting? AFEBI Management And Business Review, 9(1), 1–12. https://doi.org/10.47312/ambr.v9i1
Islam, S. M. M. (2025). Exploring how corporate maturity moderates the value relevance of ESG disclosures in sustainable reporting: Evidence from Bangladesh’s developing market. Sustainability, 17, 1–21. https://doi.org/10.3390/su17135936
Jao, R., Hamzah, D., Laba, A. R., & Mediaty, M. (2020). Reputasi perusahaan dan reaksi investor (studi pada perusahaan yang terdaftar di bursa efek Indonesia). SEIKO : Journal of Management & Business, 3(2). https://doi.org/10.37531/sejaman.v3i2.597
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. https://doi.org/10.1016/0304-405X(76)90026-X
Kaspereit, T., & Lopatta, K. (2016). The value relevance of SAM’s corporate sustainability ranking and GRI sustainability reporting in the European stock markets. Business Ethics: A European Review, 25(1), 1–24. https://doi.org/10.1111/beer.12079
Koo, J., & Kim, S. (2023). The joint effects of ESG Ratings and R&D on value relevance. Global Business & Finance Review, 28(2), 53–68. https://doi.org/10.17549/gbfr.2023.28.2.53
Kothari, S. P., & Zimmerman, J. L. (1995). Price and return models. Journal of Accounting and Economics, 20(2), 155–192. https://doi.org/10.1016/0165-4101(95)00399-4
Kuzey, C., & Uyar, A. (2017). Determinants of sustainability reporting and its impact on firm value: evidence from the emerging market of turkey. Journal of Cleaner Production, 143, 27–39. https://doi.org/https://doi.org/10.1016/j.jclepro.2016.12.153
Landrum, N. E., & Ohsowski, B. (2018). Identifying worldviews on corporate sustainability: a content analysis of corporate sustainability reports. Business Strategy and the Environment, 27(1), 128–151. https://doi.org/10.1002/bse.1989
Lavić, V., & Hadžiahmetović, A. (2021). Corporate income tax burden for SMEs: The case of Bosnia and Herzegovina. BH Ekonomski Forum, 14(1), 151–165. https://doi.org/10.5937/bhekofor2102151l
Lee, H., & Lee, H. (2013). Do Big 4 audit firms improve the value relevance of earnings and equity? Managerial Auditing Journal, 28(7), 628–646. https://doi.org/10.1108/MAJ-07-2012-0728
Loh, L., Thomas, T., & Wang, Y. (2017). Sustainability reporting and firm value: Evidence from Singapore-listed companies. Sustainability, 9(11), 1–12. https://doi.org/10.3390/su9112112
Martino, G. Di, Miglietta, F., & Potì, V. (2024). The impact of ESG scores on the value relevance of fair value hierarchy of financial instruments: Evidence from European Banks. Research in International Business and Finance, 71, 102451. https://doi.org/10.1016/j.ribaf.2024.102451
Midiastuty, P. P., Suranta, E., & Dita, L. O. (2020). Pengaruh book tax difference terhadap relevansi nilai informasi laba. Jurnal Akuntansi Dan Bisnis: Jurnal Program Studi Akuntansi, 6(1), 1–12. https://doi.org/10.31289/jab.v6i1.2706
Mutiha, A. H. (2022). The quality of sustainability report disclosure and firm value: further evidence from Indonesia. ICVEAST, 83(26), 1–7. https://doi.org/10.3390/proceedings2022083026
Noor, R. M., Fadzillah, N. S. M., & Mastuki, N. (2010). Corporate tax planning: a study on corporate effective tax rates of Malaysian listed companies. International Journal of Trade, Economics and Finance, 1(2), 189–193. https://doi.org/10.7763/IJTEF.2010.V1.34
Ohlson, J. A. (1995). Earnings, book values, and dividends in equity valuation. Contemporary Accounting Research, 11(2), 661–687. https://doi.org/10.1111/j.1911-3846.1995.tb00461.x
Oubahou, Y., Ouafa, K. El, & El-khadiri, H. (2025). Sustainability-driven valuation: how ESG moderates the value relevance of accounting and financial information in emerging markets. Journal of Financial Reporting and Accounting, 1–25. https://doi.org/10.1108/JFRA-05-2025-0372
Petcharat, N., & Zaman, M. (2019). Sustainability reporting and integrated reporting perspectives of Thai-listed companies. Journal of Financial Reporting and Accounting, 17(4), 671–694. https://doi.org/10.1108/JFRA-09-2018-0073
Rahman, A. F., Bintoro, N. S., & Dewi, A. A. (2024). The effect of ESG and earnings quality on the value relevance of earnings and book value. Australasian Accounting Business and Finance Journal, 18(2), 133–157. https://doi.org/10.14453/aabfj.v18i2.09
Rokhlinasari, S. (2015). Teori-teori dalam pengungkapan informasi corporate social responbility perbankan. Al-Amwal: Jurnal Ekonomi Dan Perbankan Syari’ah, 7(1), 1–11. https://doi.org/10.24235/amwal.v7i1.217
Ross, S. (1977). The determination of financial structure: the incentive-signalling approach. Bell Journal of Economics, 8, 23–40. https://doi.org/10.2307/3003485
Sahlian, D. N., Popa, A. F., Banţa, V. C., Răpan, M., Cornel, S., & Chiriac, V. (2024). The value relevance of financial performance and ESG scores during tumultuous economic periods. Eastern European Economics, 62(4), 528–546. https://doi.org/10.1080/00128775.2023.2225500
Sari, E. P., Handajani, L., & AM, S. (2016). Corporate governance dan relevansi nilai dari penghindaran pajak: Bukti empiris dari pasar modal Indonesia. Jurnal Dinamika Akuntansi Dan Bisnis, 3(2), 33–48. https://doi.org/10.24815/jdab.v3i2.5385
Scott, W. R. (2015). Financial accounting theory, seventh edition. (7th ed.). Pearson Canada.
Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, 87(3), 355–373. https://doi.org/10.2307/1882010
Udeh, F. N., & Ezejiofor, R. A. (2018). Accounting information and deferred taxation: evidence from deposit money banks in Nigeria. International Journal of Academic Research in Business and Social Sciences, 8(10), 1052–1069. https://doi.org/10.6007/IJARBSS/v8-i10/4800
Zhang, C., Cheok, C. K., & Rasiah, R. (2016). Corporate tax avoidance and performance: evidence from China’s listed companies. Institutions and Economies, 8(3), 61–83. https://ijie.um.edu.my/article/view/5043
Abdullah, M., Evans, L., Fraser, I., & Tsalavoutas, I. (2015). IFRS Mandatory disclosures in Malaysia : the influence of family control and the value (ir) relevance of compliance levels. Accounting Forum, 39(4), 328–348. https://doi.org/10.1016/j.accfor.2015.05.003
Ariff, A. M., & Hashim, H. A. (2014). Governance and the value relevance of tax avoidance. Malaysian Accounting Review, 13(2), 87–107. https://ir.uitm.edu.my/id/eprint/12412/
Badu, B., & Appiah, K. O. (2018). Value relevance of accounting information: an emerging country perspective. Journal of Accounting & Organizational Change, 14(4), 473–491. https://doi.org/10.1108/JAOC-07-2017-0064
Baltagi, B. H. (2021). Econometric analysis of panel data (Sixth Edit). Springer Nature Switzerland. https://doi.org/10.1007/978-3-030-53953-5
Barth, M. E., Beaver, W. H., & Landsman, W. R. (2001). The relevance of the value relevance literature for financial accounting standard setting: another view. Journal of Accounting and Economics, 31(1–3), 77–104. https://doi.org/10.1016/S0165-4101(01)00019-2
Berthelot, S., Coulmont, M., & Serret, V. (2012). Do investors value sustainability reports? a Canadian study. Corporate Social Responsibility and Environmental Management, 19(6), 355–363. https://doi.org/10.1002/csr.285
Cortesi, A., & Vena, L. (2019). Disclosure quality under integrated reporting: a value relevance approach. Journal of Cleaner Production, 220. https://doi.org/10.1016/j.jclepro.2019.02.155
degl’Innocenti, D. G., Levaggi, R., & Menoncin, F. (2022). Tax avoidance and evasion in a dynamic setting. Journal of Economic Behavior & Organization, 204, 443–456. https://doi.org/10.1016/j.jebo.2022.10.028
Djaballah, A., & Fortin, A. (2021). Value relevance of comprehensive income for the Canadian market. Accounting Perspectives, 20(1), 49–77. https://doi.org/10.1111/1911-3838.12235
Edgeman, R., Eskildsen, J., & Neely, A. (2015). Translating triple top line strategy into triple bottom line performance. Measuring Business Excellence, 19(1). https://doi.org/10.1108/MBE-12-2014-0054
Fahmi, R., Hadjaat, M., & Yudaruddin, R. (2019). Pengaruh tipe industri dan asimetri informasi serta kapitalisasi pasar terhadap intellectual capital disclosure pada perusahaan sektor industri dasar dan kimia yang terdaftar di bursa efek Indonesia. Jurnal Manajemen, 11(1), 16–23. https://doi.org/10.30872/jmmn.v11i1.4523
Firmansyah, A., Fadlil, A., Wijaya, S., Irawan, F., Wibowo, P., & Mabrur, A. (2022). Value relevance of comprehensive income: tax avoidance and derivative instruments. Corporate and Business Strategy Review, 3(1), 85–95. https://doi.org/10.22495/cbsrv3i1art8
Firmansyah, A., Kurniawati, L., Miftah, D., & Winarto, T. (2023). Value relevance of IFRS 9 adoption: A case study of Indonesian banking companies. Journal of Accounting and Investment, 24(2), 502–518. https://doi.org/10.18196/jai.v24i2.17574
Firmansyah, A., & Yusuf, Y. (2020). The value relevance of corporate disclosures: social responsibility, intellectual capital, corporate governance. Assets: Jurnal Akuntansi Dan Pendidikan, 9(1), 61–71. https://doi.org/10.25273/jap.v9i1.5128
Freeman, R. E. (1984). Strategic management: a stakeholder approach. Boston : Pitman.
Freeman, R. E., Dmytriyev, S. D., & Phillips, R. A. (2021). Stakeholder theory and the resource-based view of the firm. Journal of Management, 47(7), 1757–1770. https://doi.org/10.1177/0149206321993576
Gonçalves, T. C., Barros, V., & Santos, A. R. (2025). The market value relevance of ESG: evidence from large European firms. Journal of Sustainable Finance & Investment, 0795, 1–29. https://doi.org/10.1080/20430795.2025.2581635
Halimah, N. P., Irsyanti, A., & Aini, L. R. (2020). The value relevance of sustainability reporting: Comparison between Malaysia and Indonesia stock market. The Indonesian Journal of Accounting Research, 23(3), 447–466. https://doi.org/10.33312/ijar.502
Hellström, K. (2006). The value relevance of financial accounting information in a transition economy: the case of the Czech Republic. European Accounting Review, 15(3), 325–349. https://doi.org/10.1080/09638180600916242
Hichri, A. (2023). Audit quality, value relevance, integrated reporting and the moderating role of business ethics: evidence from European ESG firms. Review of Accounting and Finance, 22(5), 663–681. https://doi.org/10.1108/RAF-03-2023-0073
Holthausen, R. W., & Watts, R. L. (2001). The relevance of the value-relevance literature for financial accounting standard setting. Journal of Accounting and Economics, 31(1–3), 3–75. https://doi.org/10.1016/S0165-4101(01)00029-5
Hossain, M. S., Ali, M. S., Islam, M. Z., Ling, C. C., & Fung, C. Y. (2024). Nexus between profitability, firm size and leverage and tax avoidance: evidence from an emerging economy. Asian Review of Accounting. https://doi.org/10.1108/ARA-08-2023-0238
Hutauruk, C., & Puspa, D. F. (2023). Relevansi nilai informasi akuntansi, intellectual capital, corporate governance, persistensi laba dan asimetri informasi. Jurnal Kajian Akuntansi Dan Auditing, 18(1), 49–63. https://doi.org/10.37301/jkaa.v18i1.106
Ihsan, M., Rexipal, D., & Firmansyah, A. (2024). Does managerial ownership moderate the value relevance of earnings and equity of sustainability reporting? AFEBI Management And Business Review, 9(1), 1–12. https://doi.org/10.47312/ambr.v9i1
Islam, S. M. M. (2025). Exploring how corporate maturity moderates the value relevance of ESG disclosures in sustainable reporting: Evidence from Bangladesh’s developing market. Sustainability, 17, 1–21. https://doi.org/10.3390/su17135936
Jao, R., Hamzah, D., Laba, A. R., & Mediaty, M. (2020). Reputasi perusahaan dan reaksi investor (studi pada perusahaan yang terdaftar di bursa efek Indonesia). SEIKO : Journal of Management & Business, 3(2). https://doi.org/10.37531/sejaman.v3i2.597
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. https://doi.org/10.1016/0304-405X(76)90026-X
Kaspereit, T., & Lopatta, K. (2016). The value relevance of SAM’s corporate sustainability ranking and GRI sustainability reporting in the European stock markets. Business Ethics: A European Review, 25(1), 1–24. https://doi.org/10.1111/beer.12079
Koo, J., & Kim, S. (2023). The joint effects of ESG Ratings and R&D on value relevance. Global Business & Finance Review, 28(2), 53–68. https://doi.org/10.17549/gbfr.2023.28.2.53
Kothari, S. P., & Zimmerman, J. L. (1995). Price and return models. Journal of Accounting and Economics, 20(2), 155–192. https://doi.org/10.1016/0165-4101(95)00399-4
Kuzey, C., & Uyar, A. (2017). Determinants of sustainability reporting and its impact on firm value: evidence from the emerging market of turkey. Journal of Cleaner Production, 143, 27–39. https://doi.org/https://doi.org/10.1016/j.jclepro.2016.12.153
Landrum, N. E., & Ohsowski, B. (2018). Identifying worldviews on corporate sustainability: a content analysis of corporate sustainability reports. Business Strategy and the Environment, 27(1), 128–151. https://doi.org/10.1002/bse.1989
Lavić, V., & Hadžiahmetović, A. (2021). Corporate income tax burden for SMEs: The case of Bosnia and Herzegovina. BH Ekonomski Forum, 14(1), 151–165. https://doi.org/10.5937/bhekofor2102151l
Lee, H., & Lee, H. (2013). Do Big 4 audit firms improve the value relevance of earnings and equity? Managerial Auditing Journal, 28(7), 628–646. https://doi.org/10.1108/MAJ-07-2012-0728
Loh, L., Thomas, T., & Wang, Y. (2017). Sustainability reporting and firm value: Evidence from Singapore-listed companies. Sustainability, 9(11), 1–12. https://doi.org/10.3390/su9112112
Martino, G. Di, Miglietta, F., & Potì, V. (2024). The impact of ESG scores on the value relevance of fair value hierarchy of financial instruments: Evidence from European Banks. Research in International Business and Finance, 71, 102451. https://doi.org/10.1016/j.ribaf.2024.102451
Midiastuty, P. P., Suranta, E., & Dita, L. O. (2020). Pengaruh book tax difference terhadap relevansi nilai informasi laba. Jurnal Akuntansi Dan Bisnis: Jurnal Program Studi Akuntansi, 6(1), 1–12. https://doi.org/10.31289/jab.v6i1.2706
Mutiha, A. H. (2022). The quality of sustainability report disclosure and firm value: further evidence from Indonesia. ICVEAST, 83(26), 1–7. https://doi.org/10.3390/proceedings2022083026
Noor, R. M., Fadzillah, N. S. M., & Mastuki, N. (2010). Corporate tax planning: a study on corporate effective tax rates of Malaysian listed companies. International Journal of Trade, Economics and Finance, 1(2), 189–193. https://doi.org/10.7763/IJTEF.2010.V1.34
Ohlson, J. A. (1995). Earnings, book values, and dividends in equity valuation. Contemporary Accounting Research, 11(2), 661–687. https://doi.org/10.1111/j.1911-3846.1995.tb00461.x
Oubahou, Y., Ouafa, K. El, & El-khadiri, H. (2025). Sustainability-driven valuation: how ESG moderates the value relevance of accounting and financial information in emerging markets. Journal of Financial Reporting and Accounting, 1–25. https://doi.org/10.1108/JFRA-05-2025-0372
Petcharat, N., & Zaman, M. (2019). Sustainability reporting and integrated reporting perspectives of Thai-listed companies. Journal of Financial Reporting and Accounting, 17(4), 671–694. https://doi.org/10.1108/JFRA-09-2018-0073
Rahman, A. F., Bintoro, N. S., & Dewi, A. A. (2024). The effect of ESG and earnings quality on the value relevance of earnings and book value. Australasian Accounting Business and Finance Journal, 18(2), 133–157. https://doi.org/10.14453/aabfj.v18i2.09
Rokhlinasari, S. (2015). Teori-teori dalam pengungkapan informasi corporate social responbility perbankan. Al-Amwal: Jurnal Ekonomi Dan Perbankan Syari’ah, 7(1), 1–11. https://doi.org/10.24235/amwal.v7i1.217
Ross, S. (1977). The determination of financial structure: the incentive-signalling approach. Bell Journal of Economics, 8, 23–40. https://doi.org/10.2307/3003485
Sahlian, D. N., Popa, A. F., Banţa, V. C., Răpan, M., Cornel, S., & Chiriac, V. (2024). The value relevance of financial performance and ESG scores during tumultuous economic periods. Eastern European Economics, 62(4), 528–546. https://doi.org/10.1080/00128775.2023.2225500
Sari, E. P., Handajani, L., & AM, S. (2016). Corporate governance dan relevansi nilai dari penghindaran pajak: Bukti empiris dari pasar modal Indonesia. Jurnal Dinamika Akuntansi Dan Bisnis, 3(2), 33–48. https://doi.org/10.24815/jdab.v3i2.5385
Scott, W. R. (2015). Financial accounting theory, seventh edition. (7th ed.). Pearson Canada.
Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, 87(3), 355–373. https://doi.org/10.2307/1882010
Udeh, F. N., & Ezejiofor, R. A. (2018). Accounting information and deferred taxation: evidence from deposit money banks in Nigeria. International Journal of Academic Research in Business and Social Sciences, 8(10), 1052–1069. https://doi.org/10.6007/IJARBSS/v8-i10/4800
Zhang, C., Cheok, C. K., & Rasiah, R. (2016). Corporate tax avoidance and performance: evidence from China’s listed companies. Institutions and Economies, 8(3), 61–83. https://ijie.um.edu.my/article/view/5043
Authors
Rexipal, D., & Firmansyah, A. (2025). Unraveling The Moderating Role of Environmental, Social, and Governance in The Value Relevance of Earnings and Equity of Tax Avoidance. Agregat: Jurnal Ekonomi Dan Bisnis, 9(2), 160–183. https://doi.org/10.22236/agregat_vol9.i2/16637
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