Fajri Adrianto

Type of the article: Research Article

Abstract
Corporate tax avoidance remains a central governance concern in emerging markets characterized by concentrated ownership and uneven monitoring effectiveness. This study examines whether multiple large shareholders and family ownership constrain corporate tax avoidance and whether digital transformation moderates these relationships in Indonesian listed firms. The sample consists of 369 firms (3,670 firm-year observations) during 2013–2022, representing major industry groups on the Indonesia Stock Exchange, including basic materials, energy, consumer cyclical, consumer non-cyclical, industrials, infrastructure, and property and real estate. Panel regression models are estimated using effective tax rates (ETR) and book–tax differences (BTD) as tax avoidance proxies. The results show that multiple large shareholders are negatively but not significantly associated with tax avoidance, indicating limited monitoring effectiveness in the full sample. Family ownership likewise exhibits no systematic relationship with tax avoidance. Furthermore, digital transformation does not significantly moderate the ownership–tax avoidance relationship at the aggregate level. However, industry-level analysis reveals that multiple large shareholders significantly reduce tax avoidance in the consumer cyclical sector, and this effect becomes stronger in firms with higher digital transformation intensity. Overall, the findings indicate that ownership-based governance and digital transformation do not uniformly constrain corporate tax avoidance in Indonesia, and their effectiveness is highly dependent on industry context.

Acknowledgment
This research was supported by the Ministry of Higher Education (MoHE) of Malaysia through the Fundamental Research Grant Scheme (FRGS/1/2022/SS01/UUM/02/10).

Type of the article: Research Article

Abstract
Investment efficiency is a critical issue in emerging markets, as information asymmetry and agency conflicts can lead firms to make investments that deviate from optimal levels. This study aims to examine the impact of executive characteristics specifically executive experience and executive size and earnings smoothing on investment efficiency and debt maturity, while also investigating the mediating role of debt maturity. The study utilizes an unbalanced panel dataset of manufacturing firms listed on the Indonesia Stock Exchange from 2015 to 2024. Following data selection and outlier handling, the final sample comprises 275 observations from 87 firms. Analysis was conducted using panel data regression in STATA 17 and the Sobel test to assess mediation effects. The results indicate that executive experience and executive size both have a positive and significant impact on investment efficiency; earning smoothing also shows a significant positive effect. However, executive experience, executive size, and earning smoothing do not significantly affect debt maturity, nor does debt maturity significantly influence investment efficiency. The Sobel test reveals that debt maturity provides only marginal evidence of mediation regarding the relationship between executive size and investment efficiency, and it does not mediate the relationships of executive experience or earning smoothing with investment efficiency. These findings suggest that investment efficiency is driven more by internal capacity and governance mechanisms than by debt maturity.

Acknowledgment
This research was conducted without financial support from any public, commercial, or nonprofit funding agency.