Peran Moderasi Tax Avoidance pada Carbon Emission Disclosure dan Cost of Debt Perusahaan Sektor Energi Indonesia
DOI:
https://doi.org/10.38035/jafm.v7i3.3502Keywords:
Carbon Emission Disclosure, Cost of Debt, Tax Avoidance, Sektor Energi, Laporan KeberlanjutanAbstract
Penelitian ini bertujuan untuk menguji pengaruh Carbon Emission Disclosure terhadap Cost of Debt dengan Tax Avoidance sebagai variabel moderasi pada perusahaan sektor energi yang terdaftar di Bursa Efek Indonesia periode 2021–2024. Penelitian menggunakan pendekatan kuantitatif dengan desain kausalitas. Sampel penelitian dipilih menggunakan metode purposive sampling dan menghasilkan 124 observasi perusahaan-tahun. Carbon Emission Disclosure diukur berdasarkan indikator Global Reporting Initiative 305, Cost of Debt diukur menggunakan rasio beban bunga terhadap total utang, sedangkan Tax Avoidance diproksikan dengan Effective Tax Rate. Analisis data dilakukan menggunakan regresi data panel dan Moderated Regression Analysis dengan bantuan EViews 12. Hasil penelitian menunjukkan bahwa Carbon Emission Disclosure berpengaruh negatif dan signifikan terhadap Cost of Debt, yang berarti semakin tinggi tingkat transparansi lingkungan perusahaan maka semakin rendah biaya utang yang ditanggung perusahaan. Selain itu, Tax Avoidance terbukti mampu memoderasi hubungan antara Carbon Emission Disclosure dan Cost of Debt dengan meningkatkan persepsi risiko kreditur. Temuan ini menunjukkan bahwa transparansi lingkungan dapat menurunkan biaya pendanaan perusahaan, namun manfaat tersebut dapat berkurang ketika perusahaan melakukan praktik penghindaran pajak.
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