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Finance, Accounting and Business Analysis 
Volume 6 Issue 2, 2024 

http://faba.bg/       
ISSN  2603-5324 

DOI: https://doi.org/10.37075/FABA.2024.2.01  

 

Tax Avoidance of Companies in The Sri Kehati Index 

 

Dwi Septa Aryani1* , Crystha Armereo2  

Faculty of Economics and Business, Tridinanti University, Palembang, Indonesia1 

Faculty of Economics and Business, Tridinanti University, Palembang, Indonesia2 

* Corresponding author 

 

Info Articles   Abstract 

 
 

History Article: 

Submitted 1 April 2024 

Revised 5 June 2024 

Accepted 20 June 2024 
 

 Purpose: The aim of this study is to find out the extent to which 

executive character, firm size, and fixed asset intensity influence tax 

avoidance. 

 

Design/Methodology/Approach: This research uses quantitative 

methods. The research population consisted of 25 companies listed 

on the Sri Kehati Index. The sample in this study was made up of 13 

companies. The sampling technique used was purposive sampling. 

The analytical method used in this research is multiple linear 

regression. 

 

Particular Implication: These research findings would deepen 

understanding, assist businesses in deciding how to approach their 

tax policies, and provide information to the government as it 

formulates tax laws to close loopholes that allow for tax avoidance. 

 

Originality/Value: This research uses a different company from the 

previous research, so it is hoped that it can provide broader insight 

into tax avoidance practices. 

 

Paper Type: Research Paper 

 

Keywords:  

Tax Avoidance, Executive 

Character, Firm Size, 

Fixeds Asset Intensity 
 

 

JEL: H26, M41, G32  

* Address Correspondence:   

E-mail: dwiseptaaryani09@gmail.com1 

   crystha_armereo@univ-tridinanti.ac.id2 

 

 
 
 
 
 
 
 
 
 
 
  

http://faba.bg/
https://doi.org/10.37075/FABA.2024.2.01
mailto:dwiseptaaryani09@gmail.com
mailto:crystha_armereo@univ-tridinanti.ac.id
https://orcid.org/0009-0006-2794-605X
https://orcid.org/0009-0000-7855-1417


Dwi Septa Aryani and Crystha Armereo / Finance, Accounting and Business Analysis, Volume 6, Issue 2, 2024 

100 

 

INTRODUCTION 

 

The financing of the country's needs and national development requires no small amount of funds, 

so the government must optimize tax receipts (Masrullah et al. 2018:3). On the other hand, corporate 

management often commits inevitable tax avoidance. Tax avoidance is an attempt to evade taxes legally by 

exploiting the gray areas of the law so that the government cannot impose sanctions. But on the other hand, 

the government does not expect this to happen because it could lead to a decrease in state tax receipts. So 

this could lead to a conflict of interest between the company and the government. 

There are three measurements of tax avoidance: the cash effective tax rate (CETR), the effective tax 

rate (ETR), and the book-tax differences (BTD). In this study, we used the measurement of the effective tax 

rate (ETR). The ETR is the percentage of the effective tax rate used to calculate the tax payable by the 

taxpayer, where the lower the value of the actual tax rate, the less tax payments are due to the taxable person. 

Action to minimize the amount of taxpayers' payments can be influenced by many factors, including 

executive character, corporate characteristics, and fixed asset intensity. 

The first factor is executive character. Corporate leaders have influence over tax avoidance. Corporate 

executives who occupy top positions both as top executives and top managers have different characteristics. 

A risk averse and a risk taker are two characteristics of an executive. An executive's risk aversion means that 

leaders tend to be less brave to make decisions that are potentially beneficial to the company. The higher the 

risk taker character of an executive, the more daring it will be to avoid taxes. 

Corporate risk assessment is a method of calculation used to determine the type of character and how 

bold a company executive is to take risks. Previous research by Ayu et al. (2021:15) found that executive 

character partially has no influence on tax avoidance. The results of this study differ from the Rahayu et al. 

study (2020:4), which found that executive character influences tax avoidance. 

The second factor is firm size. Firm size is a measure that can describe its revenue and activity as well 

as the size of the company’s smallness. The amount of company assets can be used to determine how big 

the company is. Richardson and Lanis (2017) say that the larger the size of the company, the greater the 

tendency to tax avoidance, as indicated by a low effective tax ratio (ETR). Large companies have larger 

resources and are more able to manage the tax burden than small companies, which leads to a tendency 

toward tax avoidance. Research conducted by Fatmawati (2017) found that corporate size significantly 

affects tax avoidance. On the other hand, research conducted by Yosef Rago et al. (2020) found that 

corporate characteristics do not affect tax avoidance. 

Fixed asset intensity is the third factor that affects tax avoidance. Permanent assets can be used by the 

company for tax avoidance because the fixed assets will undergo a reduction (except land); this reduction 

will subsequently be the reduction burden that can be deducted from income in the calculation of corporate 

tax. The amount of reduction burden deducted from income will affect the taxable profit, which is then used 

to calculate the amount of corporate debt. The greater the intensity of the fixed assets invested in the assets, 

the larger the reduction burden is reduced, so that the basis for calculating taxes is smaller. Small tax 

calculations are an opportunity for companies to avoid taxes. So it shows that the higher the fixed asset 

intensity, the higher the tax evasion the company experiences. The results of the study by Ida Ayu Putu 

Wira Yanti and I Nyoman Putra Yasa (2022) indicated that partially the intensity of assets remained non-

impact on tax avoidance. According to Nugraha (2019), asset intensity has a significant positive impact on 

tax avoidance. 

Previous research on tax avoidance is still interesting to study because it shows different empirical 

results. This research was conducted on companies listed in the Sri Kehati Index. The Sri Kehati Index is 

an index that contains the 25 best shares of ESG performance assessment results and has good liquidity. Sri 

Kehati Index is a collaboration between PT Bursa Efek Indonesia (BEI) and the Foundation for Biodiversity 

(KEHATI). The company selected to join SRI-KEHATI is a company that applies the principles of 

Sustainable Responsible Investment (SRI) and Environmental, Social, and Good Governance (ESG). The 

Sri Kehati Index expects many companies to advance the implementation of good corporate governance 

and corporate social responsibility in order to reduce tax avoidance. 

In Indonesia, tax avoidance is still practiced by many companies. An example of a tax avoidance case 

is PT Garuda Indonesia (GIAA), which was listed in the Sri Kehati index before the Harley and Brompton 

smuggling cases. This case has caused the country to potentially lose tax receipts of up to Rp. 1.5 billion. In 

2013, tax avoidance was also carried out by Indofood Sukses Makmur Tbk. In 2013, it evaded taxes of Rp 

1.3 billion by establishing a new company and transferring the assets, liabilities, and operational assets of 

the Noodle Division (Instant Meat Factory) to Indofood CBP Sukses Makmur tbk (ICBP). 

(www.gresnews.com, 2013). 

The practice of tax avoidance has also been carried out by PT Unilever Indonesia Tbk (UNVR) which 

is PT Nestle. In 2013, Nestle evaded taxes by means of transfer pricing aimed at increasing central profits, 

resulting in a considerable turnover of money in its financial statements. All this was done by Nestle 



Dwi Septa Aryani and Crystha Armereo / Finance, Accounting and Business Analysis, Volume 6, Issue 2, 2024 

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purposefully to reduce the cost of product acquisition and the tax burden. It is estimated that the country 

has suffered a loss of Rp 800 billion (news.ddts.co.id 2017). 

The aim of this study is to find out the extent to which executive character, firm size, and fixed asset 

intensity influence tax avoidance. Conceptually, it can be described as follows: 

 

 
Figure 1. Conceptual framework 

 

LITERATURE REVIEW 

 

Agency Theory 
 The concept of agency theory was initially introduced by Jensen and Meckling (1976), who contended 

that there existed a conflict of interest when principals gave other individuals (agents) the power to make 

decisions on the operation of the business. According to Mulyani et al. (2021), agency theory explains why 

organizations' principals, or owners, and agents, or managers, have different interests. Agency theory states 

that noncompliance by individuals or firms leading to tax evasion, namely by lowering tax payments 

explicitly, is caused by disparities in interests between the tax authorities and companies. 

  

Tax Avoidance 

 According to Chairil Anwar Pohan (2017:41) said that: "Tax avoidance is an attempt to avoid tax 

done legally and safely for the taxpayer without violating the applicable taxation provisions (not contrary to 

the law) in which the methods and techniques used tend to exploit the grey areas contained in the Taxation 

Act and Regulations themselves to reduce the amount of tax owed." Tax avoidance can be measured using 

the Effective Tax Rate (ETR). 

ETR =  
Tax Expense

Earning before Income Tax
 (1) 

 

Executive Character 
 Butje and Tjondro (2014:4), in their research, revealed that executive character is a specific character 

that each leader at the top level that exists in a company possesses. These characteristics can influence the 

leader to give directions for running his business according to the goals that the company wants to achieve. 

Then a decision made by a company leader is expected to have an impact on the survival of the business 

that exists in the company. The method of calculation used to know the type of character and to assess how 

bold a company executive is in taking risks can be done by assessing corporate risk. 

 The risk of this company is calculated through the deviation standard of EBITDA (earnings before 

interest, tax, depreciation, and amortization) divided by the total assets of the company (Sopyanto 2018). 

Higher low corporate risk indicates executive character, risk taking or risk averse. The company ratio can be 

measured using the formula as follows: 

Risk Company =  
EBITDA

Total Assets
 (2) 

 

Firm Size 
 The size of a company, according to Riyanto (2011:313), is the size of the company’s smallness as 

seen from its equity value, sales value, or value of assets. In this study, firm size is measured by the natural 

logarithm of the total assets of the company, which is formulated as follows (Sugiarto 2011: 145): 



Dwi Septa Aryani and Crystha Armereo / Finance, Accounting and Business Analysis, Volume 6, Issue 2, 2024 

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Corporate Size =  Ln Total Assets (3) 

Fixed Asset Intensity 
 Fixed asset intensity shows the proportion of fixed assets within the company. According to 

Artinasari and Mildawati (2018:5), fixed asset intensity shows how much a company invests in its assets in 

the form of fixed assets. In this study, the fixed asset intensity is measured using the intensity ratio of the 

assets by dividing total fixed assets by total assets. 

Fixed Asset Intensity =
Total Fixed Assets

Total Assets
 (4) 

Hypothesis 
 

The Effect of Executive Character on Tax Avoidance 

Merkusiwati et al. (2019:4) stated that agency theory concerns solving problems that can occur in 

agency relationships, one of which is risk problems that arise when the principal and agent have different 

views of risk. The different positions, roles, and purposes of the principal and the agent will result in a conflict 

of interest. The decision to undertake tax evasion depends on the individual executive of the company. 

Lerid's study (2020) states that executives who dare to take risks or are called risk-takers will have more 

influence on tax evasion than executives that dare not take risk-averse risks. The statement is also supported 

by a study conducted by Pratiwi (2022), which explains that the more an executive is a risk-taker, the higher 

the rate of tax evasion the company carries out. Therefore, this first hypothesis is as follows: 

H1: Executive character has an effect on tax avoidance. 

 

The Effect of Firm Size on Tax Avoidance 
 Firm size is the classification of the company into large or small categories based on total assets. 

Companies that are large tend to have greater resources for managing taxes because of the costs attached to 

these resources compared to smaller companies. The larger the firm, the more aggressive management is 

usually involved in tax avoidance (Suyanto et al. 2019). The size of the company will attract great attention 

from the government regarding compliance with the amount of tax paid. However, not all companies can 

use their resources for tax avoidance because companies are subject to government-regulated decisions and 

policies (Kim et al. 2010). So a hypothesis is prepared: 

H2: firm size have an effect on tax avoidance. 

 

The Effect of Fixed Asset Intensity on Tax Avoidance 

 Fixed asset intensity is how much a company invests in its assets in the form of fixed assets and stocks 

(Sugiarto 2019:5). According to the agency theory, the difference of interest between the principal and the 

agent can affect a variety of things concerning the performance of the company, one of which is the 

company's tax policy. Which, in practice, will increase the company's investment in fixed assets. 

Ownership of a fixed asset can reduce the tax payments paid by the company due to the depression 

costs inherent in the fixed property. Depression fees can be used by managers to minimize the taxes paid to 

the company. The higher the fixed asset intensity ratio that the company has, the lower the ETR. The 

statement is also supported by research conducted by Merkusiwati et al. (2019:3) and Sopyanto (2018:2), 

which found fixed asset intensity to have a positive influence on tax avoidance. 

H3: Fixed asset intensity has an effect on tax avoidance. 

  

METHODS 
 

This research uses quantitative methods. The research population consisted of 25 companies listed on 

the Sri Kehati Index.  The sample in this study was made up of 13 companies. The sampling technique used 

was purposive sampling, with the following criteria: 

 Companies listed on Index Sri Kehati in 2020–2022 

 Companies have the complete data required for research. 

 Companies that did not merge between 2020-2022 

The analytical method used in this research is multiple linear regression. The following is the model used in 

this research: 

Y = a+b1X1+b2X2+b3X3+e (5) 

 



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RESULT AND DISCUSSION 

 

Results of the normality test 
In this study, we used the one sample Kolmogorov-Smirnov test method (K-S). The basis of the 

residual distribution is normal when the significance value is greater than 0.05 or 5%. Here are the results of 

the normality test: 

 

Table 1. One-Sample Kolmogorov-Smirnov Test 

 

Classical Assumption Test Results 

Table 2. Multicollinearity Test 

Coefficients2 

Model 
Collinearity Statistics 

Tolerance VIF 

1 

(Constant)   

EXECUTIVE C 0,927 1,079 

CORPORATE C 0,798 1,253 

FIXED ASSET 0,778 1,286 

a. Dependent Variable: TAX AVOIDANCE  

b. Source : SPSS 26, 2024 

 

From the calculations presented in the table above and the results of the multicollinearity test, the 

independent variable shows that the third value of the variable is less than 10 and the tolerance value is 

greater than 0.1, so the regression model is free of multicollinearity problems. 

  

Heteroscedasticity Test 

The heteroscedasticity test is used to determine the variance inequality of the residual for all 

observations in the regression model. 

 Unstandardized Residual 

N 39 

Normal Parametersa,b Mean 0,0000000 

Std. Deviation 1,57617781 

Most Extreme Differences Absolute 0,140 

Positive 0,128 

Negative -0,140 

Test Statistic 0,140 

Asymp. Sig. (2-tailed) 0,051c 

a. Test distribution is Normal. 

b. Calculated from data. 

c. Lilliefors Significance Correction. 



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Source: SPSS 26, 2024 

Figure 2. Heteroscedasticity Test 

 

Based on the image of the scatterplot above, the spread point is placed so that no heteroscedasticity 

occurs. 

  

Autocorrelation Test 

To detect autocorrelation can be seen from the Durbin Watson test (DW). 

 

Table 3. Durbin Watson test (DW) 

Source: SPSS 26, 2024 

 

Based on the table above DW values between -2 and 2 so there is no autocorrelation. 

 

Multiple Linear Regressions Test 

Table 4. Multiple Linear Regressions Test 

Coefficientsa 

Model 
Unstandardized Coefficients 

Standardized 

Coefficients 

B Std. Error Beta 

1 

(Constant) -2,352 1,613  

EXECUTIVE C -1,107 1,573 -0,111 

CORPORATE C -0,017 0,071 -0,041 

FIXED ASSET -2,960 1,214 -0,419 

a. Dependent Variable: TAX AVOIDANCE  

Source: SPSS 26, 2024 

 

Model Summaryb 

Model R R Square Adjusted R Square 

Std. Error of the 

Estimate Durbin-Watson 

1 0,443a 0,196 0,127 1,642340 0,603 

a. Predictors: (Constant), FIXED ASSET, CORPORATE C, EXECUTIVE C 

b. Dependent Variable: TAX AVOIDANCE 



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Y =  −2,352 –  1,107 X1 −  0,017 X2 −  2,960 X3 +  e (6) 

 

Result of the hypothesis test 

1. Partial test (t test) 

If the significance value is > 0.05, then it can be assured that the partial test t is nonexistent. Here are 

the statistical results of the t test: 

 

Table 5. T-test 

Coefficientsa 

Model 

Unstandardized 

Coefficients 

Standardized 

Coefficients t Sig. 

B Std. Error Beta 

1 

(Constant) -2,352 1,613  -1,458 0,154 

EXECUTIVE C -1,107 1,573 -0,111 -0,704 0,486 

CORPORATE C -0,017 0,071 -0,041 -0,239 0,812 

FIXED ASSET -2,96 1,214 -0,419 -2,439 0,020 

a. Dependent Variable: TAX AVOIDANCE  

Source: SPSS 26, 2024 

 
Based on the above table, it can be concluded that the test of the hypothesis of each independent 

variable against the dependent variable is: 

1. The t test result for the executive character variable showed a significant value of 0.486 greater 

than 0.05. So it can be concluded that executive characters have no influence on the tax avoidance 

variable. 

2. The t test results of the firm size variable showed a significant value of 0.812 greater than 0.05. So 

it can be concluded that firm size have no influence on the tax avoidance variable. 

3. The t test results of the fixed asset intensity variable showed a significant value of 0.020 smaller 

than 0.05, so it can be concluded that fixed asset intensities influence the tax avoidance variable. 

 

Simultaneous Test (F Test) 

Table 6. F-Test 

ANOVAa 

Model Sum of Squares Df Mean Square F Sig. 

1 

Regression 23,063 3 7,688 2,85 0,050b 

Residual 94,405 35 2,697     

Total 117,468 38       

a. Dependent Variable: TAX AVOIDANCE  

b. Predictors: (Constant), FIXED ASSET, CORPORATE C, EXECUTIVE C  

Source: SPSS 26, 2024 

 
The above table shows that the significance value of F is 0.05, equal to 0.05, so it can be concluded 

that executive characters, firm size, and fixed asset intensity as independent variables simultaneously 

influence tax avoidance as its dependent variable 

 

Determination Coefficient Test (R2) 

Here are the results of the determination coefficient test: 

 

Table 7. Determination Coefficient Test 

Model Summaryb 

Model R R Square Adjusted R Square Std. Error of the Estimate 

1 0,443a 0,196 0,127 1,64234 

a. Predictors: (Constant), FIXED ASSET, CORPORATE C, EXECUTIVE C  

b. Dependent Variable: TAX AVOIDANCE 

Source: SPSS 26, 2024 



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Adjusted R Square value of 0.127. The results showed that executive character, firm size, and fixed 

asset intensity had a positive and significant influence on tax avoidance of 12.7%, while the remaining 87.3% 

were influenced by other factors that were not studied. 

  

DISCUSSION 

 

The Effect of Executive Character, Firm Size, and Fixed Asset Intensity on Tax Avoidance 

 The test results showed that executive character, firm size, and fixed asset intensity simultaneously 

influenced tax avoidance for Sri Kehati index companies in 2020-2022. Tax avoidance is a rather 

complicated and unique issue because, on the one hand, it is permitted because it does not violate the law, 

but on the other, it is undesirable by the government. That leads to the emergence of differences of interest 

between the company and the government. Where companies are always trying to reduce their tax burden 

as low as possible, while governments are always striving to maximize the possible increase in state receipts 

from the tax sector each period has been targeted according to the National Purchasing Revenue Budget 

(APBN). 

  

The Effect of Executive Character on Tax Avoidance 

 The results of the statistical t-test indicate that executive character has no partial influence on tax 

avoidance among Sri Kehati Index companies in 2020-2022. It means that the higher the executive character, 

the lower the rate of tax avoidance. Corporate leaders who have long held positions and are older are more 

likely to avoid the big risks that lead to companies being viewed badly by market reactions. The decision to 

undertake tax evasion depends on the individual executive of the company. Low (2006) mentions that 

executives with a risk averse character tend not to like a risk, so in decision-making, always choose the lower 

risk. These characters are usually of older age, have long held positions, and have a dependence on the 

company, so they prioritize security over profits that have high risks for the company. The results of this 

study are consistent with the study of Radiansyah and Nofryanti (2015), showing that executive characters 

have no influence on tax avoidance; the more risk averse the executive, the less tax avoidance. However, 

the results of this study are inconsistent with Sopyanto (2018) and Malinda (2017), which explain that 

executive character influences tax avoidance. The more executives are risk-takers, the higher the rate of tax 

evasion carried out by companies. 

 

The Effect of Firm Size on Tax Avoidance 

 The results of the statistical t test indicate that firm size have no influence on tax avoidance. This 

means that when the size of the company increases, it will not affect tax evasion by the company. Larger 

companies, which have a lot of assets, are less likely to make efforts to avoid paying taxes. Companies with 

larger total assets are better able to fulfill their obligations and report more detailed and accurate company 

conditions. The size of the company has no effect on tax evasion because paying taxes is an obligation for 

the entire citizen, whether it is a personal taxpayer or a corporate tax payer. Apart from that, the government 

also pays close attention to large companies and ensures they pay taxes properly. If a large company tries to 

avoid paying taxes, they can get into trouble and have a bad reputation. Companies that violate tax rules, 

whether they're large or small, will be pursued equally by the fiscal authorities. It shows that the size of the 

company does not affect management's consideration of tax avoidance. The results of this study are in line 

with the research of Khomsiyah et al. (2021), which states that firm size has no effect on tax avoidance. 

 
The Effect of Fixed Asset Intensity on Tax Avoidance 

The results of the test of the hypothesis show that the variable fixed asset intensity has a partial influence on 

the tax avoidance of the Sri Kehati Index 2020-2022. Then it can be concluded that very large companies 

invest their assets in the form of fixed assets. The fixed asset intensity of a large corporation will result in a 

reduction of the burden on large assets, so that the fixed asset intensity will potentially suppress the corporate 

tax burden. Therefore, a high fixed asset intensity in an agency conflict will be exploited by managers to 

avoid tax burdens by increasing investments in fixed assets so as to maximize the company's profits and the 

desired performance satisfaction of managers. The larger the amount of ownership of the fixed assets that 



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the company holds, the greater the reduction burden and the lower the tax burden. Then, from there, tax 

evasion practices will become more aggressive.  The results of this study are consistent with the findings of 

Setiawan (2019) and Firman (2017) that fixed asset intensity has a positive effect on tax avoidance. However, 

these findings are inconsistent with Merkusiwati (2019) and Sopyanto (2018), who stated that fixed asset 

intensity has no significant impact on tax avoidance. 

 

CONCLUSION 

 

Based on the results of hypothesis testing, it can be concluded that, partially, executive characteristics 

have no effect on tax avoidance; firm size has no effect on tax avoidance; and fixed asset intensity has an 

effect on tax avoidance, while simultaneously executive characters, firm size, and fixed asset intensity have 

an effect on tax avoidance. 

This research still has several weaknesses, such as the fact that the observation data used is relatively 

short. For further researchers, it is recommended to add periods of research so as to find more accurate 

results and different research objects. And also, use other variables beyond the variables studied, such as 

intellectual capital and managerial ownership. 

 

 

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