151

Finance, Accounting and Business Analysis

Volume 7 Issue 2, 2025

http://faba.bg/

ISSN 2603-5324

DOI:

https://doi.org/10.37075/FABA.2025.2.02

Tax Avoidance: CSR and Capital Intensity with Firm Size as a Moderating

Variable

Muhammad Nugraha Agengsriwardana

, Dwi Septa Aryani

, Sasiska Rani

* ,

Kusminaini Armin

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

* Corresponding author

Info Articles

Abstract

History Article:

Submitted 29 January 2025

Revised 29 May 2025

Accepted 16 July 2025

Purpose: This study aims to analyze the effect of Corporate Social

Responsibility and Capital Intensity on Tax Avoidance, moderated by Firm

Size, in energy sector companies listed on the Indonesia Stock Exchange for

the 2021–2023 period.

Design/Methodology/Approach: The research population consists of 87

companies, and using the purposive sampling method, 18 companies were

selected as samples. The research method employed is Moderated

Regression Analysis.

Findings: The results of this study indicate that Corporate Social

Responsibility affects Tax Avoidance, while Capital Intensity does not affect

Tax Avoidance. Firm Size is unable to moderate the effect of Corporate

Social Responsibility and Capital Intensity on Tax Avoidance.

Practical Implications: This study provides valuable insights for

companies, especially in the energy sector, regarding the relationship

between Corporate Social Responsibility (CSR), capital intensity, and tax

avoidance. The findings suggest that CSR activities can significantly

influence tax avoidance practices, highlighting the importance of

incorporating social responsibility into corporate strategies to build public

trust and minimize reputational risks associated with aggressive tax

planning.

Originality/Value: This study provides a unique focus on the energy sector,

which is highly regulated and scrutinized for its environmental and

economic impacts. It explores firm size as a moderating variable, offering

new insights into whether firm size influences the relationship between

CSR, capital intensity, and tax avoidance. These findings enhance our

understanding of how various internal and external factors of firms interact

to shape tax decisions, particularly in an industry that is critical to national

development and global sustainability.

Paper Type: Research Paper.

Keywords:

Tax Avoidance. Corporate

Social Responsibility,

Capital Intensity, Firm Size

JEL: G2, G3, M0, M1

Address Correspondence:

E-mail: mnugrahaagengs12@gmail.com

dwi_septa_aryani09@univ-tridinanti.ac.id

sasiska_rani@univ-tridinanti.ac.id

kusminaini_armin@univ-tridinanti.ac.id

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INTRODUCTION

Taxes are considered an expense that reduces net profit, which contradicts the primary goal of every

business entity that strives to maximize profit (Oktavia et al. 2020). Therefore, companies tend to seek ways

to minimize their tax burdens. Tax avoidance is one of the issues that often draws attention in the fields of

taxation and corporate management. Tax avoidance is a strategy employed by companies to legally

minimize their tax burdens by exploiting loopholes or uncertainties in tax regulations. Although legal, this

practice often raises ethical debates as it can harm the state in terms of tax revenue and affect public trust in

companies. The state suffers significant losses in tax revenue due to tax avoidance practices (Lolana and

Dwimulyani 2019).

To measure the tax performance of a country, the tax ratio can be used. The tax ratio is an indicator

that measures the comparison between tax revenue and total gross income. However, interpreting a low tax

ratio solely as a reflection of poor tax compliance may be misleading. In reality, the tax ratio is influenced

by various macroeconomic and policy-related factors. These include the size and role of the public sector in

the economy, the overall tax burden imposed on economic agents, the extent of tax incentives provided, the

breadth of the tax base, and other legislative measures that affect tax collection. Therefore, a low tax ratio

does not automatically indicate low levels of compliance with tax laws (Septiani and Sastradipraja 2023).

According to the Ministry of Finance, Indonesia’s tax ratio was 9.76% in 2019, dropped to 8.33% in

2020 at the height of the pandemic, rose to 9.11% in 2021, increased further to 10.38% in 2022, and slightly

declined to 10.32% in 2023. These fluctuations underscore the complexity of interpreting tax ratio trends

and the necessity of considering macroeconomic contexts when analyzing tax performance. Moreover, the

tax ratio is determined by two key components: total tax revenue and GDP. While tax revenues may be

affected by legal or illegal tax avoidance behavior, the size of GDP is influenced by broader economic

conditions, which are not necessarily tied to tax compliance. For instance, during the 2019–2023 period,

Indonesia experienced several extraordinary events, most notably the COVID-19 pandemic, which had a

significant impact on both tax revenues and GDP growth. The economic slowdown and fiscal relief policies

implemented during the pandemic likely affected the overall tax ratio, making it an unreliable standalone

indicator of tax compliance during this time.

Tax avoidance carried out by companies can be influenced by several factors. Nabila and Kartika

(2023) and Hasanah and Febriyanto (2024) use Corporate Social Responsibility (CSR) and Capital Intensity

as models in tax avoidance. In the context of companies, CSR is often seen as an effort for companies to

demonstrate their commitment to social responsibility and environmental sustainability. However, there are

differing views on the relationship between CSR and tax avoidance. On one hand, companies committed to

CSR tend to have more transparent tax practices to maintain their reputation. On the other hand, there is

also a view that CSR can be used as a tool to cover up tax avoidance practices.

There is an inconsistency in the research results regarding the effect of CSR on tax avoidance.

Research conducted by Setiawati and Adi (2020) and Putri and Lastanti (2024) suggests that Corporate

Social Responsibility (CSR) influences tax avoidance. On the other hand, studies by Ardini (2023) and

Lestari et al. (2024) indicate that CSR has no effect on tax avoidance.

In addition to CSR, another factor influencing tax avoidance is capital intensity (Nabila and Kartika,

2023). Capital intensity refers to the amount of capital used to support operational activities with the aim of

generating revenue (Hutabarat and Yuliati 2023). Capital intensity can be measured through a ratio that

reflects the amount of investment in fixed assets. Fixed assets, such as buildings and equipment (excluding

land), can be recognized as a deduction in value through depreciation (Agustyo and Arianti 2024).

Companies with high capital intensity tend to have large amounts of fixed assets, which can be used to

benefit from tax depreciation. The higher the capital intensity a company has, the greater the tendency for

the company to engage in tax avoidance, as companies with fixed assets have depreciation expenses that

reduce pre-tax profits (Kurniawati 2023). This can become a strategy to reduce the company's tax burden.

There is an inconsistency in the research results regarding the effect of capital intensity on tax

avoidance. Research conducted by Agustyo and Arianti (2024) and Nabila and Kartika (2023) suggests that

capital intensity influences tax avoidance. However, studies by Putra et al. (2025) and Agustina and Arisanti

(2020) indicate that capital intensity has no effect on tax avoidance.

Firm size is another factor that is believed to play a role in moderating the relationship between CSR,

capital intensity, and tax avoidance. Firm size reflects a company's ability to influence tax-related decisions

(Rani et al. 2023). Large companies tend to attract more attention from the public and regulators, which

may make them more cautious in applying tax avoidance strategies. In contrast, smaller companies may

have greater flexibility in adopting such strategies due to lower levels of oversight.

The energy sector is one of the strategic sectors that makes a significant contribution to the national

economy, but it also faces intense scrutiny regarding its environmental impact. Companies in this sector

often have high capital intensity and are involved in CSR programs as part of efforts to comply with

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regulations and improve their public image. Therefore, it is important to analyze how CSR and capital

intensity affect tax avoidance in energy companies, and whether firm size can moderate this relationship.

This study focuses on energy companies listed on the Indonesia Stock Exchange (IDX) during the period of

2021-2023. By using this approach, the study aims to contribute to understanding the dynamics between

CSR, capital intensity, firm size, and tax avoidance, particularly within the context of energy companies in

Indonesia.

LITERATURE REVIEW

Agency Theory

Agency theory was first introduced by two economists, Michael Jensen and William Meckling, in

their article titled "Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure", published in

1976. They developed this theory to explain the relationship between principals (owners) and agents

(managers) within a company, as well as how conflicts of interest between the two can affect the decisions

made, including in tax management.

In the context of tax avoidance, agency theory is used to understand how conflicts of interest between

company owners and managers can influence tax-related decisions. The owners of the company (principals)

aim to maximize the firm's value, including optimizing after-tax profits. However, managers (agents) may

have different personal interests, such as reducing tax burdens to increase net income or improve short-term

financial ratios that benefit them. Managers may use tax avoidance strategies to reduce the company's tax

liabilities, which in turn can increase reported profits and bonuses. However, this may not always be

beneficial for the owners in the long term, especially if the consequences of tax avoidance harm the

company’s reputation or trigger penalties from tax authorities.

Legitimacy Theory

Legitimacy theory was first proposed by Dowling and Pfeffer (1975). This theory explains that

organizations seek to gain social legitimacy by aligning their practices and values with the expectations and

norms that prevail in society. Legitimacy is crucial for the survival and stability of an organization because

society, stakeholders, and the government are more likely to support companies that are considered to meet

social expectations. Legitimacy theory is related to a company's efforts to enhance public trust in its

operations (Rani et al. 2024).

Legitimacy theory helps explain how companies strive to maintain or gain legitimacy by

demonstrating that they are acting in accordance with accepted social norms, including in terms of tax

compliance. Aggressive tax avoidance risks damaging a company's legitimacy, as society and governments

increasingly demand companies to be responsible in fulfilling their tax obligations. Therefore, companies

that want to maintain their reputation and legitimacy are likely to avoid tax avoidance practices that could

decrease public trust.

Tax avoidance

Tax avoidance reflects a company's efforts to manage its tax obligations efficiently by exploiting

existing legal loopholes. According to Firmansyah and Triastie (2021), tax avoidance is a series of tax

planning actions taken by a company to reduce its tax burden by utilizing opportunities or gaps in the

applicable laws and regulations. In this study, tax avoidance is measured using CETR (Cash Effective Tax

Rate). A high CETR percentage indicates that the company has a low level of tax avoidance, and conversely,

if the CETR percentage is low, it suggests a higher potential for tax avoidance practices by the company

(Dewinta and Setiawan 2016). The CETR formula is as follows (Amiah 2022):

 



  

(1)

Corporate Social Responsibility

Corporate Social Responsibility (CSR) represents the deep commitment of the business world to

sustainability and ethics. According to Rosyati et al. (2023), "Social responsibility (CSR) is an organization's

business operation that not only aims to generate financial profit but also demonstrates a commitment to

social, economic, and environmental development, as well as to the surrounding community, in a holistic,

institutionalized, and sustainable manner."

CSR disclosure is guided by applicable standards, namely the Global Reporting Initiative (GRI). In

this study, the researcher used the GRI Standards 2021 guidelines as a reference for CSR reporting

disclosure. The sustainability report encompasses economic, social, and environmental aspects, while

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highlighting performance and activities related to sustainable product development. Corporate Social

Responsibility (CSR) disclosure is measured by assigning a score of 1 for each CSR disclosure item that

meets the specified criteria. The scores for each item are then summed to obtain the total score for each

company. The formula for calculating CSR is as follows (Ardini 2023):

















(2)

Explanation:

CSRI

- Corporate Social Responsibility Disclosure Index-j

X

- A dummy variable assigns a value of 1 if an item is disclosed and a value of 0 if the item is not disclosed.

- The number of items per indicator disclosed by company j

Capital Intensity

According to Wardila et al. (2023), capital intensity refers to the capital investment activities

undertaken by a company, which are then associated with investments in fixed assets. Meanwhile,

Firmansyah et al. (2021) describe capital intensity as a representation of the proportion of fixed asset

investment relative to the company's total assets. Capital intensity reflects how effectively a company utilizes

its assets to generate revenue. With high profitability, a company can implement tax management strategies

to reduce its tax liabilities, including leveraging assets to enhance corporate earnings (Marsahala et al.2020).

The formula for capital intensity used in this study (Amiah 2022) is as follows:

 





(3)

Firm Size

Samhuri et al. (2023) define firm size as the representation of a company's size, referring to the criteria

or specific factors used to assess the scale or magnitude of an organization or corporate entity. Similarly,

Hery (2017) defines firm size as a measure of a company's scale, which can be classified based on total assets,

market capitalization, share value, and other factors. The formula for firm size in this study (Amiah 2022)

is as follows:

SIZE = Ln (Total Assets)

(4)

Hypothesis

The Effect of Corporate Social Responsibility on Tax Avoidance

Corporate Social Responsibility (CSR) is a concept in which organizations, especially companies,

have an obligation to be responsible to various parties involved, such as consumers, employees,

shareholders, society, and the environment. This obligation covers various aspects of the company's

operations, including economic, social, and environmental dimensions (Zoebar and Miftah 2020).

Companies that are active in CSR activities tend to be more transparent in their business practices,

thus having an incentive to comply with tax obligations and reduce tax avoidance in order to maintain a

good image in the eyes of the public and stakeholders. The study conducted by Mardianti and Ardini (2020),

Setiawati and Adi (2020), and Putri and Lastanti (2024) states that there is an influence between Corporate

Social Responsibility and tax avoidance.

: Corporate Social Responsibility influences tax avoidance.

The Effect of Capital Intensity on Tax Avoidance

Companies with a high level of capital intensity tend to have large fixed assets, which can be used to

reduce tax liabilities through depreciation or other tax deductions. This provides an incentive for companies

to engage in tax avoidance by optimally utilizing their fixed assets. The study conducted by Hutabarat and

Yuliati (2023), Putri and Lastanti (2024), and Nabila and Kartika (2023) states that there is an influence

between capital intensity and tax avoidance.

: Capital intensity influences tax avoidance.

The Effect of Firm Size on Tax Avoidance

Larger companies may have more opportunities to engage in tax avoidance because they often have

access to more complex tax planning strategies and can exploit existing tax loopholes. Additionally, larger

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companies tend to have more tax consultants and resources to minimize their tax liabilities. The company

size attracts significant attention from the government regarding its compliance with the appropriate tax

obligations (Aryani and Crystha 2024). Studies by Hutabarat and Yuliati (2023), Putri and Lastanti (2024),

and Nabila and Kartika (2023) show that firm size influences tax avoidance.

: Firm size influences tax avoidance

The Effect of Corporate Social Responsibility on Tax Avoidance with Firm Size as a Moderating

Variable

Firm size refers to the dimensions of a company, whether small or large, and can be measured in

various ways, such as annual revenue, number of employees, market value, and total assets (Hasanah and

Febriyanto 2024). Companies classified as large typically have significant total assets and are more likely to

generate profits (Putra et al. 2025). In general, higher corporate profits result in a greater nominal tax liability

when a proportional or progressive tax system is applied. However, this does not necessarily indicate a

higher effective tax burden, especially if companies implement various tax planning strategies to manage

their taxable income. High profits often prompt companies to take steps toward engaging in tax avoidance

practices. Firm size may moderate the relationship between CSR and tax avoidance. In large companies,

which have more resources to manage regulations and tax avoidance, the effect of CSR on tax avoidance

may be weaker due to stricter oversight and more opportunities to utilize tax avoidance strategies. In

contrast, smaller companies may be more susceptible to tax avoidance despite their involvement in CSR, as

they lack sufficient resources to effectively manage taxes. The study conducted by Azis et al. (2024) and

Ulinuha and Nurdin (2024) states that firm size can strengthen the effect of Corporate Social Responsibility

on tax avoidance.

: Firm size moderates the effect of Corporate Social Responsibility on tax avoidance

The Effect of Capital Intensity on tax avoidance with Firm Size as a Moderating Variable

The capital intensity ratio describes how a company finances its activities, including through fixed

assets (capital intensity) and inventory intensity. Depreciating fixed assets are often used by managers as a

component of business expenses, which can ultimately reduce the amount of tax the company has to pay.

Firm size can moderate the relationship between capital intensity and tax avoidance. In large companies,

which have more resources and tighter oversight, the effect of capital intensity on tax avoidance may be

weaker, even though they have large fixed assets. On the other hand, smaller companies may be more

susceptible to tax avoidance despite having high capital intensity, as they may lack the capacity to effectively

manage their tax obligations. Research conducted by Nabila & Kartika (2023) and Amiah (2022) suggests

that firm size can strengthen the effect of capital intensity on tax avoidance.

: Firm size moderates the effect of Capital Intensity on tax avoidance

Figure 1. Conceptual framework

METHODS

This study employs a quantitative approach with a causal-comparative design. The researcher will

analyze the relationship between independent variables (CSR and capital intensity), moderating variables

(firm size), and dependent variables (tax avoidance). The population of this study was 87 energy sector

companies listed on the Indonesia Stock Exchange (IDX). The sampling technique used was purposive

sampling with the following criteria:

1. Energy sector companies listed on the Indonesia Stock Exchange consecutively during the 2021-

2023 period.

2. Energy sector companies that present complete annual reports and sustainability reports

Firm Size (Z)

Corporate Social

Responsibility (X1)

Capital Intensity (X2)

Tax Avoidance (Y)

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consecutively during the 2021-2023 period.

This study analyzed 18 energy sector companies listed on the Indonesia Stock Exchange (IDX) during

the 2021–2023 period. The sample selection was conducted using purposive sampling based on the criteria

previously described. For transparency and replicability, the full list of analyzed companies is provided in

Appendix 1.

This study employs annual panel data from 2021 to 2023. The three-year period was selected based

on the availability of sustainability and financial reports following the updated GRI Standards 2021 and the

economic impact of the COVID-19 pandemic, which significantly influenced corporate tax behavior and

disclosures in the energy sector. While the selected period captures recent and relevant dynamics, the limited

timeframe results in a smaller number of data points (three observations per company). As such, the findings

should be interpreted with caution and considered as an initial exploration into the relationship between

CSR, capital intensity, firm size, and tax avoidance. Future research is encouraged to extend the observation

period to enhance the robustness of the model and allow for more generalizable conclusions

Data analysis will be conducted using multiple regression analysis, and to test the moderating effect

of firm size, the researcher will use the moderated regression analysis technique. The model in this study is

as follows:

Model 1: TA = α + β₁CSR + β₂CI + β

FS + e

(5)

Model 2: α + β₁CSR + β₂CI + β₃FS + β₄(CSR*FS) + β₅(CI*FS) + e

(6)

Explanation:

TA - tax avoidance

α - Constant

β - Regression Coefficient

CSR - Corporate Social Responsibility

CI- Capital Intensity

FS - Firm Size

e - Error

In addition to regression analysis, this study also conducted a descriptive analysis of the evaluation

indicators, including the mean, median, standard deviation, minimum, and maximum values for the key

variables: CETR (Cash Effective Tax Rate), CSR Index, Capital Intensity, and Firm Size. The results of the

descriptive statistics provide insights into the distribution and variability of each variable before inferential

testing. To ensure the adequacy of the regression model, classical assumption tests were conducted. These

include: Normality test, Homoscedasticity test, Multicollinearity test, and Autocorrelation test.

RESULT AND DISCUSSION

Descriptive Statistics Test Result

Here are the results of the Descriptive Statistics test in this study:

Table 1. Descriptive Statistics Test

Min

Max

Mean

Std. Deviation

Tax Avoidance

0.02

0.88

0.2481

0.20876

CSR

0.08

0.97

0.4324

0.24223

Capital Intensity

0.01

0.83

0.3077

0.25758

Firm Size

18.90

31.45

23.5601

4.09120

Source: Data is processed (2025)

The average tax avoidance (CETR) value of 0.2481 indicates that the companies in the sample tend

to engage in relatively high levels of tax avoidance (since a lower CETR implies higher tax avoidance). The

minimum value of 0.02 suggests that some companies pay only 2% of their cash-based income in taxes,

reflecting aggressive tax avoidance practices. In contrast, a maximum CETR of 0.88 demonstrates that some

companies demonstrate high tax compliance. The standard deviation of 0.20876 reflects considerable

variation among firms in terms of their tax behavior.

The mean CSR disclosure index of 0.4324 indicates a moderate level of CSR reporting. A minimum

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score of 0.08 implies that some companies disclose only 8% of the CSR indicators, highlighting significant

inconsistency in sustainability reporting. Companies with a CSR score of 0.97 disclose almost all required

CSR items, suggesting strong compliance. These findings reveal heterogeneous CSR engagement within the

energy sector.

The average capital intensity of 0.3077 suggests that fixed assets account for roughly 30% of total

assets. A maximum value close to 0.83 indicates that some companies are highly capital-intensive, which is

typical for the energy sector that relies heavily on physical infrastructure. Conversely, the minimum value

of 0.01 demonstrates that certain companies have minimal fixed assets. This variation is important in

understanding depreciation strategies and potential for tax planning.

Firm size varies widely. The mean logarithm of assets is 23.56. The minimum and maximum values

indicate the presence of small to very large firms in the sample, reflecting the diversity of operating scales in

the energy sector. The high standard deviation value (4.09) indicates substantial variation in firm size.

Results of the Coefficient of Determination Test.

Here are the results of the coefficient of determination test in this study:

Table 2. Determination Coefficient Test

Model 1

0.432

Model 2

0.445

Source: Data is processed (2025)

The first model, which tests the influence of CSR, Capital Intensity, and Firm Size on tax avoidance,

explains 43.2% of the variation in tax avoidance. The remaining 56.8% is influenced by other factors not

explained by this model. In the second model, which modifies the relationship by adding firm size as a

moderating variable, the R-Square increases to 44.5%. This indicates that the second model can explain

44.5% of the variation in tax avoidance, with firm size serving to enhance the explanation of the observed

phenomenon.

Normality Test Result

The results of the normality test in this study:

Table 3. Normality Test Result

Unstandardized Residual

Normal Parameters

a,b

Mean

0.0000000

Std. Devation

0.15852029

Most Extreme Differences

Absolute

0.093

Positive

0.093

Negative

-0.054

Test Statistic

0.093

Asymp. Sig. (2-tailed)

0.200

c,d

Notes:

Test distribution is Normal

Calculated from data

Lilliefors Significance Correction

This is a lower bound of the true significance

Source: Data is processed (2025)

The results of the Normality Test using Kolmogorov-Smirnov have a p-value of 0.200 > 0.05, so it it

can be concluded that the residual data is normally distributed. This demonstrates that the regression model

meets the normality assumption.

Multicollinearity Test Result

The results of the multicollinearity test in this study:

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Table 4. Multicollinearity Test Result

Model

Collinearity Statistics

Tolerance

VIF

CSR

0.929

1.076

Capital Intensity

0.931

1.074

Firm Size

0.998

1.002

Source: Data is processed (2025)

There is no multicollinearity problem because all VIF values are <10 and tolerance >0.1. This means

that the independent variables in the model are not highly correlated with each other, and the regression

results can be interpreted well individually.

Heteroscedasticity Test Result

The results of the heteroscedasticity test in this study:

Figure 2. Heteroscedasticity Test Result

The test was conducted using the visual method (scatterplot/Glejser), but no distinct pattern was

observed, based on the graph in Figure 2. Because there is no systematic pattern visible between the residual

and the predicted Y value, it can be concluded that there is no heteroscedasticity.

Autocorrelation Test Result

The results of the autocorrelation test in this study:

Table 5. Autocorrelation Test Result (Runs Test)

Unstandardized Residual

Test Value

-0.01022

Cases < Test Value

Cases >= Test Value

Total Cases

Number of Runs

-0.550

Asymp. Sig. (2-tailed)

0.583

Source: Data is processed (2025)

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The results of the Runs Test show a p-value of 0.583 > 0.05, so there is no autocorrelation in the

residual data. This means that the error (residual) in one observation is not correlated with the error in other

observations, and the model does not violate the assumption of residual independence.

F-Test Results

The F-test is also known as the Model Suitability Test. This test is used to assess whether the

regression model used is feasible or acceptable, by testing whether the independent variables jointly affect

the dependent variable. F-Test Results in this study:

Table 6. F-Test Result

Sig.

Description

Model 1

12.238

0.000

Fit Model

Model 2

7.697

0.000

Fit Model

Source: Data is processed (2025)

The F-test results for both model 1 and model 2 show a p-value (Sig.) of 0.000 < 0.05. This model

collectively explains the variation in tax avoidance and indicates that CSR, Capital Intensity, and Firm Size

have a significant effect on tax avoidance. Therefore, the relationship between these variables is valid, and

the regression model used can be accepted as an appropriate model to describe this phenomenon.

Multiple Linear Regression Analysis Results

The following are the results of the Multiple Linear Regression Analysis in this study:

Table 7. Multiple Linear Regression Analysis Results (Model 1)

Coefficient

Constant

-0.273

CSR

0.509

Capital Intensity

0.003

Firm Size

0.013

Source: Data is processed (2025)

The regression equation obtained in Model 1 is:

TA = -0.273 + 0.509CSR + 0.003 CI + 0.013 FS + e

(7)

Table 8. Multiple Linear Regression Analysis Results (Model 2)

Coefficient

Constant

0.196

CSR

-0.242

Capital Intensity

-0.521

Firm Size

-0.007

CRS*Firm Size

0.031

Capital Intensty*Firm Size

0.022

Source: Data is processed (2025)

The regression equation obtained in Model 2 is:

TA = -0.196 – 0.242CSR – 0.521CI – 0.007FS + 0.031CSR*FS + 0.022CSR*FS + 

(8)

t-Test Results

Here are the results of the t-test in this study:

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Table 9. t-Test Results (Model 1)

Sig

Hypothesis

Constant

CSR

5.301

0.000

Accepted

Capital Intensity

0.003

0.974

Rejected

Firm Size

2.319

0.025

Accepted

Source: Data is processed (2025)

Based on the t-test results, it was found that CSR and Firm Size have an effect on tax avoidance (0.000

< 0.05 and 0.025 < 0.05), while Capital Intensity has no effect (0.945 > 0.05).

Table 7. t-Test Results (Model 2)

Sig

Hypothesis

CRS*Firm Size

1.275

0.209

Rejected

Capital Intensty*Firm Size

0.924

0.360

Rejected

Source: Data is processed (2025)

Based on the t-test results in Model 2, firm size does not strengthen or weaken the influence of CSR

and Capital Intensity on tax avoidance. This means that the company size does not have a significant

moderating effect on the relationship between CSR and Capital Intensity with tax avoidance (0.209 > 0.005

and 0.360 > 0.005).

The Effect of Corporate Social Responsibility on Tax Avoidance

Based on the t-test results, it was found that CSR influences tax avoidance. These research results are

consistent with studies conducted by Mardianti and Ardini (2020), Setiawati and Adi (2020), and Putri and

Lastanti (2024), which concluded that corporate social responsibility partially affects tax avoidance. The

coefficient from the t-test results shows a positive influence. This means that the higher the CSR value, the

higher the CETR value, which serves as a proxy for tax avoidance. A high CETR value indicates a lower

level of tax avoidance. Based on these findings, it is concluded that the higher the company's involvement

in CSR activities, the lower the level of tax avoidance undertaken by the company.

Based on agency theory, CSR can function as a mechanism to reduce agency costs and improve tax

compliance. Managers committed to CSR tend to focus more on long-term sustainability and transparency,

which aligns with the interests of shareholders. Therefore, companies with a higher level of CSR tend to

avoid tax avoidance due to reputational risks, social compliance, and increased agency costs.

This finding is also supported by legitimacy theory. According to legitimacy theory, companies strive

to align their business practices with social norms and public expectations in order to maintain operational

legitimacy (Suchman 1995). Although the statistical analysis in this study does not show a moderating effect

of firm size, companies that are strongly committed to CSR may still perceive aggressive tax avoidance as

misaligned with principles of transparency and accountability. This indicates a potential reputational

concern rather than a consistent behavioral outcome across all firms.

Companies with higher CSR levels tend to have a higher Cash Effective Tax Rate (CETR), indicating

better tax compliance (Dwilopa and Jatmiko 2023; Lanis and Richardson 2012). Companies engaged in

social activities are more likely to pay taxes fairly, compared to companies that are less focused on CSR.

Hoi et al. (2013) found that companies with low CSR are more likely to engage in aggressive tax avoidance

practices. This is because companies without a social orientation tend to focus more on short-term financial

gains, including reducing their tax burden through tax avoidance strategies.

On the other hand, governments and society are increasingly paying attention to tax transparency as

part of their evaluation of corporate sustainability. Therefore, companies that implement CSR as a business

strategy are likely to avoid tax avoidance practices to maintain public trust and mitigate reputational risks.

CSR plays a role in reducing tax avoidance, as companies that care about social responsibility are more

focused on tax compliance than companies that only focus on short-term profits.

The Effect of Capital Intensity on tax avoidance

Based on the t-test results, it was found that Capital Intensity does not have an impact on tax

avoidance. This is in line with the research conducted by Ulinuha and Nurdin (2024) and Sobarudin and

Ruhiyat (2022), which concluded that capital intensity does not affect tax avoidance.

According to agency theory, companies consist of two parties with different interests, namely

shareholders (principals) and managers (agents). Managers may have incentives to pursue tax avoidance

Agengsriwardana, Aryani, Rani, Armin / Finance, Accounting and Business Analysis, Volume 7 Issue 2, 2025.

161

through the use of fixed assets to reduce tax burdens, but this does not always occur. Companies may tend

to focus more on long-term investments in capital-intensive assets and concentrate more on business

operations and growth rather than tax avoidance.

This finding also aligns with legitimacy theory, which suggests that companies seek to obtain and

maintain social legitimacy by acting in accordance with accepted social norms. Companies with many fixed

assets may use depreciation as a tool for tax avoidance, but they are less likely to engage in aggressive tax

avoidance due to potential reputational risks and stricter regulations (Sikka et al. 2009). Companies with

high capital intensity tend to avoid tax avoidance practices because it can damage their reputation in the

eyes of the public and the government. Companies that have substantial fixed assets and operate in sectors

such as energy, which rely heavily on physical infrastructure, may prefer to comply with their tax obligations

transparently in order to maintain their legitimacy.

The Effect of Firm Size on tax avoidance

Based on the results of the t-test, it was found that firm size has an impact on tax avoidance. The t-

test results show that firm size has a positive coefficient. This means that the larger the company, the higher

its CETR value, indicating that the company is more compliant with its tax obligations. This finding is

supported by agency theory and legitimacy theory. Larger companies typically have more stakeholders and

higher external oversight, both from regulators and the public. Larger companies are more likely to avoid

aggressive tax avoidance and focus on transparent tax compliance. This is because larger companies are

more concerned with reputational risks and government oversight, which motivates them to maintain a

higher CETR (Boni and Levendis 2023; Hassan and Jha 2021; Lanis and Richardson 2012). Furthermore,

larger companies are not only subject to greater scrutiny but also have the financial capacity to meet their

tax obligations in a legal manner, which enhances tax transparency and reduces tax avoidance (Nugroho

and Rachmawati 2022). Larger companies are better able to manage efficient tax planning legally, without

resorting to aggressive tax avoidance strategies.

The Effect of Corporate Social Responsibility on tax avoidance with Firm Size as a Moderating Variable

The results of the t-test indicate that firm size does not moderate the effect of CSR on tax avoidance.

These findings are consistent with the research conducted by Komara et al. (2022), and Sulaeman and

Surjandari (2024). The level of CSR disclosure activity does not indicate a direct relationship between the

company size and the level of tax avoidance, whether the company is large or small. Both large and small

companies with good CSR disclosure do not necessarily show a lower or higher level of tax avoidance. This

suggests that firm size does not play a significant role in strengthening or weakening the relationship between

CSR and tax avoidance.

Firm size is not able to moderate the relationship between CSR and tax avoidance because managers

in larger companies, who have greater power, tend to prioritize financial gains, which may lead to more

aggressive tax avoidance, even if they are involved in CSR. This indicates that the company size does not

always ensure that compliance with CSR will directly correlate with lower tax avoidance. This aligns with

agency theory, which explains the relationship between the principal (shareholders) and the agent

(managers), where managers may act in their own interests, which can sometimes conflict with the interests

of the shareholders. Although larger companies have more stakeholders and oversight, their influence on

CSR and tax avoidance does not always show a strong relationship, as managers in large companies may

still focus on short-term profitability rather than considering the long-term impacts of CSR on taxes.

Legitimacy theory suggests that companies strive to gain and maintain social legitimacy by aligning

their business practices with societal norms and expectations. While large companies often engage in CSR

to maintain their reputation and legitimacy in the eyes of the public, this does not always directly influence

tax avoidance, especially if the company believes that tax avoidance can enhance its financial gains in the

short term. Although CSR can enhance tax compliance, firm size may not serve as a strong moderating

factor. This can occur because, in some large companies, the goal of maximizing profits may be more

dominant, meaning aggressive tax avoidance may still occur despite their participation in CSR activities.

Even large companies with robust CSR programs may engage in tax avoidance strategies that are legal but

still within legal boundaries. Companies, even large ones involved in CSR and more closely monitored by

the public, are not guaranteed to have lower tax avoidance. They argue that large companies may manage

tax avoidance in more subtle ways that are harder to detect (Sikka et al. 2009).

The Effect of Capital Intensity on Tax Avoidance with Firm Size as a Moderating Variable

Based on the t-test results, it was found that firm size is insufficient to moderate the effect of capital

intensity on tax avoidance. This finding aligns with the research conducted by Azis et al. (2024), Andoko

and Prabowo (2024), and Ulinuha and Nurdin (2024), which states that firm size cannot moderate the

relationship between capital intensity and tax avoidance. Firm size may not be able to moderate this effect

Agengsriwardana, Aryani, Rani, Armin / Finance, Accounting and Business Analysis, Volume 7 Issue 2, 2025.

162

because larger companies often have more complex policies related to tax planning, as well as a greater focus

on legal compliance and legitimate tax avoidance, even with substantial fixed assets. The company size is

not sufficient to moderate the relationship between capital intensity and tax avoidance, because larger firms

may still engage in more subtle tax avoidance practices despite having significant fixed assets (Boni and

Levendis 2023).

Large companies may prioritize tax compliance and transparency, as aggressive tax avoidance risks

damaging the company’s legitimacy in the eyes of the public and regulators. However, in terms of

moderation, firm size does not always play a role in strengthening or weakening the relationship between

capital intensity and tax avoidance. This is because large companies with high capital intensity may focus

more on efficient tax planning and regulatory compliance, meaning that capital intensity is not fully linked

to tax avoidance, even for large firms. Although larger firms have greater potential to use fixed assets for tax

planning, they are more likely to adopt legitimate and transparent tax strategies due to stricter oversight from

the public and government (Sobarudin and Ruhiyat 2022).

CONCLUSION

The conclusion of this study demonstrates that Corporate Social Responsibility (CSR) and Firm Size

have an influence on tax avoidance, while Capital Intensity does not have a significant effect on tax

avoidance. The findings indicate that companies with higher CSR levels tend to engage less in tax avoidance,

as they are more concerned with their reputation and social compliance, which enhances tax transparency.

On the other hand, larger companies tend to be more compliant with their tax obligations, possibly due to

greater scrutiny from stakeholders and regulators.

However, this study also finds that firm size does not moderate the effect of CSR and Capital Intensity

on tax avoidance. Although larger companies have more resources and tend to focus more on lawful tax

compliance, firm size is insufficient to weaken or strengthen the relationship between CSR and tax

avoidance, nor between Capital Intensity and tax avoidance. This suggests that other factors, such as internal

company policies and external oversight, may be more influential in determining the level of tax avoidance

practiced by companies, regardless of their size.

Thus, larger companies and those with high CSR involvement tend to be more compliant with their tax

obligations, while companies with high capital intensity do not necessarily engage in lower levels of tax

avoidance. Firm size, although influencing tax avoidance, does not serve as a strong moderating variable in

the relationship between CSR, Capital Intensity, and tax avoidance.

One of the limitations of this study lies in the short research period (2021–2023), which provides only

three years of data per company. Although this period captures critical post-pandemic financial behavior

and aligns with the implementation of updated sustainability reporting standards, the small time dimension

limits the ability to draw broader generalizations. Panel regression models generally benefit from longer time

series to improve statistical power and reduce the influence of year-specific anomalies. Therefore, the results

of this study should be seen as indicative rather than definitive. Further research using extended time frames

is recommended to validate and deepen these findings.

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APPENDIX 1 – LIST OF SAMPLED COMPANIES

This study analyzed 18 energy sector companies listed on the Indonesia Stock Exchange (IDX) during the

2021–2023 period. The companies selected using purposive sampling are listed below:

No.

Company Code

Company Name

ABMM

PT ABM Investama Tbk

ADRO

PT Adaro Energy Indonesia Tbk

AKRA

PT AKR Corporindo Tbk

BESS

PT Batulicin Nusantara Maritim Tbk

BSSR

PT Baramulti Suksessarana Tbk

BYAN

PT Bayan Resources Tbk

GEMS

PT Golden Energy Mines Tbk

HRUM

PT Harum Energy Tbk

ITMG

PT Indo Tambangraya Megah Tbk

MBSS

PT Mitrabahtera Segara Sejati Tbk

PGAS

PT Perusahaan Gas Negara Tbk

PSSI

PT Pelita Samudera Shipping Tbk

PTBA

PT Bukit Asam Tbk

SHIP

PT Sillo Maritime Perdana Tbk

SMMT

PT Golden Eagle Energy Tbk

TCPI

PT Transcoal Pacific Tbk

TEBE

PT Dana Brata Luhur Tbk

TOBA

PT TBS Energi Utama Tbk