Optimization of Effective Tax Rate Through the Interaction of Debt Policy and CSR with Managerial Ownership as a Mediator in the Metal and Mineral Industry Listed on the Indonesian Stock Exchange for the Period 2022-2024
DOI:
https://doi.org/10.55606/ijemr.v5i2.758Keywords:
CSR, Debt Policy, Effective Tax Rate, LegitimacyAbstract
This study aims to analyze the optimization of the Effective Tax Rate (ETR) through the interaction of debt policy (Debt-to-Equity Ratio) and Corporate Social Responsibility (CSR) spending, with managerial ownership as a mediator, focusing on 30 companies in the metal and mineral industry listed on the Indonesia Stock Exchange for the 2022-2024 period. The research employs a quantitative approach using panel data regression with a Fixed Effect Model. In this study, optimal tax management is understood not as achieving the lowest tax rate, but as reaching an equilibrium point between tax efficiency and social responsibility to maintain long- term corporate legitimacy and value. The primary findings indicate that debt policy and CSR simultaneously exert a significant influence on ETR (p=0.0276). Likewise, in the mediation model, debt policy, CSR, and managerial ownership collectively show a significant simultaneous influence on ETR (p=0.0218). However, partially, each variable does not show a significant individual influence. This phenomenon is explained through the logic of Optimal Tax Rate Theory, where the ETR in the Indonesian mineral industry has reached a deterministic equilibrium heavily influenced by rigid regulations such as PP-96/2021 and PMK-169/2015. Consequently, marginal changes in individual managerial policies are not strong enough to shift the ETR independently, as the corporate tax position is primarily dictated by collective regulatory constraints and technical accounting factors.
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