Fakhrul Indra Hermansyah
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The mediating role of financial reporting aggressiveness in corporate tax avoidance strategies
Andi Kusumawati, Chamdun Mahmudi
, Suhanda Suhanda
, Andi Iqra Pradipta Natsir
, Fakhrul Indra Hermansyah
, Muhammad Try Dharsana
, Rianda Ridho Hafizh Thaha
doi: http://dx.doi.org/10.21511/imfi.21(4).2024.18
Investment Management and Financial Innovations Volume 21, 2024 Issue #4 pp. 226-238
Views: 577 Downloads: 222 TO CITE АНОТАЦІЯTax avoidance, often driven by managerial discretion, remains a critical issue in corporate governance due to its implications for financial transparency and regulatory compliance. This study investigates how Transfer Pricing, Thin Capitalization, Leverage, and CSR Disclosure – strategies employed by managers – affect Tax Avoidance and examines the mediating role of Financial Reporting Aggressiveness. Grounded in agency theory, the study analyzes data from 20 firms listed on the Indonesian Stock Exchange from 2019 to 2023 using PLS-SEM. The findings reveal that Transfer Pricing (β = 0.062, p = 0.002), Leverage (β = 0.046, p < 0.001), and CSR Disclosure (β = 0.061, p < 0.001) significantly increase Tax Avoidance, with Financial Reporting Aggressiveness acting as a mediator. However, Thin Capitalization does not significantly influence Tax Avoidance (β = 0.028, p = 0.422). These results suggest that managers exploit these mechanisms to minimize tax burdens, often at the cost of long-term shareholder interests. The study calls for stronger corporate governance and stricter oversight of CSR reporting and financial transparency to mitigate such practices.
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Nexus between green financial management and sustainable competitive advantage: Evidence from Indonesia
Mursalim Nohong, Sabir
, Muhammad Try Dharsana
, Fakhrul Indra Hermansyah
, Bahtiar Herman
, Yeni Absah
, Andi Iqra Pradipta Natsir
doi: http://dx.doi.org/10.21511/ppm.22(4).2024.50
Problems and Perspectives in Management Volume 22, 2024 Issue #4 pp. 658-670
Views: 605 Downloads: 195 TO CITE АНОТАЦІЯWith increasing environmental and strategic challenges, achieving sustainable competitive advantage is crucial for businesses. This study aims to examine the impact of strategic risk and green financial management on sustainable competitive advantage, focusing on the mediating role of sustainable business resilience and the moderating effect of government policy. A quantitative approach was utilized, applying the SMART-PLS methodology to analyze data gathered through a survey of 316 small and medium-sized enterprise (SME) owners in Indonesia, selected for their direct involvement in daily operations and strategic decision-making. The response rate was 63.2%, representing various industry sectors. The results indicate that strategic risk significantly enhances sustainable business resilience (β = 0.796 and p-value < 0.01), which is strongly associated with sustainable competitive advantage (β = 0.458 and p-value < 0.01). Green financial management, however, does not significantly impact resilience (β = 0.008 and p-value = 0.89). Both strategic risk and green financial management, nonetheless, indirectly influence competitive advantage through resilience, reflecting partial mediation (β = 0.112, p-value = 0.02 and β = 0.053, p-value = 0.04, respectively). Additionally, government policy strengthens the effect of green financial management on resilience (β = 0.556 and p-value < 0.01). These findings underscore the importance of firms managing strategic risks proactively and providing supportive regulations to encourage sustainable business practices by governments. The study provides practical insights for businesses and policymakers aiming to foster corporate resilience and enhance sustainable competitive positioning.
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Implementation of eco-control system by Indonesian manufacturing firms: Understanding the mediating role of organizational culture
Muhammad Try Dharsana, Andi Iqra Pradipta Natsir
, Fakhrul Indra Hermansyah
, Khaerunnisa Nur Fatimah Syahnur
doi: http://dx.doi.org/10.21511/ee.15(2).2024.02
Environmental Economics Volume 15, 2024 Issue #2 pp. 12-21
Views: 625 Downloads: 201 TO CITE АНОТАЦІЯImplementing eco-control is a strategic way for companies to prevent environmental damage. This paper aims to analyze the effect of perceived environmental uncertainty and stakeholder pressure on system implementation through environmentally oriented organizational culture as a mediating variable. This study utilizes the PLS-SEM model using a sample of 104 manufacturing companies in Indonesia; 197 respondents from those companies completed the survey. All variables used in the research model are significant for a formative measurement model, and an internal model applied met all criteria. This study confirms a negative relationship between perceptions of environmental uncertainty and environmentally oriented organizational culture (β = 0.174, p < 0.01). The opposite effect is shown by the relationship between stakeholder pressure and organizational culture (β = 0.379, p < 0.01), and the positive effect of organizational culture on the implementation of eco-control in companies is significant (β = 0.650, p < 0.01). In addition, organizational culture partially mediates the relationship between perceptions of environmental uncertainty and the implementation of the eco-control system (β = 0.317, p < 0.05) and between stakeholder pressure and the implementation of this system (β = 0.401, p < 0.05). When companies through managers face uncertainty from the ecological environment and stakeholder pressure, they should utilize an eco-control system, which can succeed in profit goals and environmental responsibility.
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Does poor ESG performance still drive profitability? New evidence from Indonesia’s SRI-KEHATI listed firms
Fakhrul Indra Hermansyah, Anas Iswanto Anwar
, Naufal Muhammad Aksah
, Ihya’ Ulumuddin
, Raehana Tul Jannah
, Nur Rezky Amaliah
, Andi Harmoko Arifin
doi: http://dx.doi.org/10.21511/imfi.22(3).2025.02
Investment Management and Financial Innovations Volume 22, 2025 Issue #3 pp. 14-26
Views: 63 Downloads: 34 TO CITE АНОТАЦІЯThis study investigates the relationship between Environmental, Social, and Governance (ESG) performance and financial outcomes, as measured by Return on Assets (RoA), among publicly SRI-KEHATI listed firms in Indonesia. Utilizing panel data from 90 firm-year observations over six years, the analysis employs a Random Effects Model (REM) across three progressively expanded specifications. ESG performance is proxied by the Sustainalytics ESG Risk Score, with higher values indicating poorer ESG standing. The estimation reveals a consistently positive and statistically significant relationship between ESG risk and financial performance. In the baseline model, the coefficient for ESG is 0.598 with a p-value of 0.052. This effect strengthens in the second model (coefficient = 0.768, p-value = 0.010) and remains significant in the fully controlled model (coefficient = 0.724, p-value = 0.017). These results imply that firms with weaker ESG profiles may achieve higher profitability, particularly in emerging markets with lenient ESG enforcement. Sustainable Growth Rate (SGR) also strongly and positively influences RoA (coefficient = 0.740, p-value = 0.002), underscoring the role of sectoral reinvestment capacity. The findings raise critical questions regarding the alignment between ESG efforts and financial incentives in transition economies. Policymakers are urged to consider stronger regulatory frameworks to realign ESG compliance with firm-level profitability. This study contributes to the literature by providing context-specific insights into the paradox of ESG and financial success in under-regulated markets.
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- CSR disclosure
- eco-control
- environmentally oriented organizational culture
- ESG performance
- financial performance
- financial reporting aggressiveness
- government policy
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