HERSUGONDO, Hersugondo (2026) " ARTIKEL Dr. HERSUGONDO, SE, MM: ESG Disclosure and the Leverage–Tax Planning Nexus: Evidence from Developing ASEAN Markets". Journal of Economics, Entrepreneurship, Management Business and Accounting, 4 (6). pp. 540-556. ISSN 2985-3168

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Abstract

Purpose – This study examines the associations of profitability, liquidity,
and leverage with positive book-tax differences (BTD) and tests whether
environmental, social, and governance (ESG) disclosure moderates those
associations among selected listed firms in developing ASEAN countries.
Design/methodology/approach – The balanced panel includes 101 firms
and 404 firm-year observations for 2021–2024. Random-effects
regressions with firm-clustered standard errors were estimated using
ROE, CUR, DER, the Bloomberg ESG Disclosure Score, their interaction
terms, and controls for size and tangibility.
Findings – ROE was positively associated with BTD (β = 0.3298, p < 0.001),
and DER was negatively associated with BTD (β = -0.0209, p < 0.001); CUR
was not significant. ESG disclosure did not significantly moderate the
profitability or liquidity associations, but it attenuated the negative
leverage association (DER × ESGD: β = 0.0006, p = 0.016).
Originality/value – The study examines ESG disclosure as a condition on
separate financial associations rather than only as a direct correlate of tax
behavior. Interpretation is limited by the positive-BTD sample, the
accounting components of the variables, and the observational design.

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