Exploring the Link Between Fixed Asset Intensity and Profitability: The Mediating Role of Effective Tax Rate
Keywords:
Profitability, Fix asset Intensity, Effective tax rate, Mediation, Mining Sector
Abstract
This study aims to examine the role of the effective tax rate (ETR) as a mediating variable in the influence of fixed asset intensity (FAI) on company profitability. FAI generates depreciation expenses that reduce taxable income, thereby lowering the ETR. This quantitative study uses a sample of 41 state-owned companies (BUMN) in the mining sector that went public during the 2020–2025 period, with a total of 246 financial reports. The data were analyzed using Stata 14 through multiple regression analysis and mediation testing (path analysis/Sobel test). The results of this study show that FAI has a negative effect on profitability and on ETR. ETR also has a negative effect on profitability. Furthermore, ETR mediates the relationship between FAI and profitability, with a negative direction. In conclusion, high FAI lowers the ETR through depreciation expenses. This decrease in ETR then increases after-tax profitability. Thus, ETR mediation is considered effective if the company is able to utilize its fixed assets for tax efficiency to support net income.
References
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Alkurdi, Amneh et al. 2024. “Corporate Profitability and Effective Tax Rate: The Moderating Role of Board Gender Diversity.” Journal of Islamic Accounting and Business Research 15(1): 153–71.
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Buchholz, Rogene A., and Sandra B. Rosenthal. 2004. “Stakeholder Theory and Public Policy: How Governments Matter.” Journal of Business Ethics 51(2): 143–53.
Coen, Robert M. 1975. “Investment Behavior , The Measurement of Depreciation , and Tax Policy.” 65(1): 59–74.
D’Mello, Ranjan, and Mercedes Miranda. 2010. “Long-Term Debt and Overinvestment Agency Problem.” Accounting and Business Research 34(2): 324–35. https://www.sciencedirect.com/science/article/abs/pii/S0378426609001848.
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Davidson, Sidney. 1958. “Accelerated Depreciation and the Allocation of Income Taxes.” Accounting Review 33(2): 173–80.
ElDomiaty, Tarek, Yasmin Abdelhameed, Rasha Hammam, and Yasmeen Said. 2026. “The Influence of Non-Debt Tax Shields on the Interest Coverage Ratio: Evidence from S&P 500 Companies.” Journal of Financial Reporting and Accounting: 1–25. https://www.emerald.com/jfra/article-abstract/doi/10.1108/JFRA-05-2025-0432/1355216/The-influence-of-non-debt-tax-shields-on-the?redirectedFrom=PDF.
Gillis, M. 1982. “Evolution of Natural Resource Taxation in Developing Countries.” Natural Resources Journal 22(3): 619–48.
Handayani, Rini, Verani Carolina, and Verna Budi Amanda. 2022. “The Mediation Effect of Market Performance on the Effect of Capital Intensity Ratio , Inventory Intensity Ratio , Managerial Ownership , and Institutional Ownership on Tax Aggressiveness Bandung , Indonesia.” Kinerja: 225–37.
Heath, Joseph, and Wayne Norman. 2004. “Stakeholder Theory, Corporate Governance and Public Management: What Can the History of State-Run Enterprises Teach Us in the Post-Enron Era?” Journal of Business Ethics 53(3): 247–65.
Herbohn, Kathleen, and Pui See Khor Irene Tutticci. 2010. “Changes in Unrecognised Deferred Tax Accruals from Carry-Forward Losses: Earnings Management or Signalling?” Journal of Business Finance & Accounting 37(7–8): 763–91. https://onlinelibrary.wiley.com/doi/epdf/10.1111/j.1468-5957.2010.02207.x.
Hossain, Md Shamim et al. 2024. “Nexus between Profitability, Firm Size and Leverage and Tax Avoidance: Evidence from an Emerging Economy.” Asian Review of Accounting 32(5): 759–80.
Jannah, Kurniasih Miftakhul. 2017. “Industri Tambang Padat Modal, Investor Desak Perjanjian Stabilitas Investasi.” Okezone.com. https://economy.okezone.com/read/2017/07/11/320/1733567/industri-tambang-padat-modal-investor-desak-perjanjian-stabilitas-investasi (January 11, 2026).
Kamarullah, Nadira. 2021. “THE EFFECT OF PROFITABILITY , LEVERAGE , COMPANY SIZE , FIXED ASSET INTENSITY , INSTITUTIONAL OWNERSHIP , AND TAX FACILITIES ON TAX.” : 162–79.
Kang, Moonsoo, and Seungho Baek. 2024. “Market Leverage, Debt Heterogeneity, and Equity Returns.” Financial Management 53(4): 715–47.
Kayakus, Mehmet et al. 2023. “ROA and ROE Forecasting in Iron and Steel Industry Using Machine Learning Techniques for Sustainable Profitability.” Sustainability (Switzerland) 15(9): 1–14.
Mustikasari, Erni Ayu, Arif Hartono, and Titin Eka Ardiana. 2023. “Pengaruh Intensitas Aset Tetap , Leverage Dan Profitabilitas Terhadap Tax Avoidance Dengan Pertumbuhan Penjualan Sebagai Variabel Moderasi Pada Perusahaan Sektor Pertambangan Di Bei Tahun 2017-2020.” 03(01): 29–50.
Mutia Dianti Afifah, and Mhd Hasymi. 2020. “Pengaruh Profitabilitas, Leverage, Ukuran Perusahaan, Intensitas Aset Tetap Dan Fasilitas Terhadap Manajemen Pajak Dengan Indikator Tarif Pajak Efektif.” Journal of Accounting Science 4(1): 29–42.
Nindyawan, Bella Putrie. 2026. “Fixed Asset Intensity , Debt Ratio , and Effective Tax Rates : Evidence From Indonesian Energy Companies.” 7(1): 27–39.
Noor, Rohaya, Nur Syazwani M Fadzillah, and Nor Azam Mastuki. 2010. “Tax Planning and Corporate Effective Tax Rates.” 2010 International Conference on Science and Social Research (CSSR 2010) (Cssr): 1238–42.
Nurkholisoh, Dwi, and Retnoningrum Hidayah. 2019. “Analysis of the Determinant of Effective Tax Rate.” International Journal Of Social, Policy and Law 8(2): 88–94.
Nursetya, Radhika Putri, and Lina Nur Hidayati. 2021. “Journal of Management and Entrepreneurship Research.” Journal of management and entrepreneurship research 01(2): 67–76.
Panda, Ajaya Kumar, and Swagatika Nanda. 2021. “Receptiveness of Effective Tax Rate to Fi Rm Characteristics : An Empirical Analysis on Indian Listed Fi Rms.” 15(1): 198–214.
Phillips, John D. 2003. “Corporate Tax-Planning Effectiveness : The Role of Compensation-Based Incentives.” 78(3): 847–74.
Poerwati, Rr Tjahjaning, and Pancawati Hardiningsih. 2020. “Does the Company ’ s Scale , Fixed Asset Intensity and Operating Cash Flow Affect Asset Revaluation ?” 18(1): 1–13.
Pulungan, Mardiyatul Hasanah et al. 2022. “Pengaruh Intensitas Modal , Likuiditas , Leverage Dan Kepemilikan Institusional Terhadap Tax Avoidance Pada Perusahaan Pertambangan Subsektor Batu Bara Yang Terdaftar Di Bursa Efek Indonesia Periode 2018-2020 Nur Afni Yunita.” 1(1): 93–109.
Putra, Pasca Dwi, Andri Zainal, Roza Thohiri, and Khairunnisa Harahap. 2019. “Factors Affecting Tax Avoidance In Indonesia And Singapore Practices: A View From Agency Theory.” Labuan Bulletin of International Business &Finance 17(2).
Rahmawaty, Nita, and Christina Dwi Astuti. 2023. “THE EFFECT OF CSR , FIXED ASSET INTENSITY , PROFITABIL- ITY AND LEVERAGE ON TAX AVOIDANCE WITH INSTITU- TIONAL OWNERSHIP AS A MODERATING VARIABLE.” 4(2): 453–70.
Rego, Sonja Olhoft. 2003. “Tax-Avoidance Activities of U . S . Multinational Corporations *.” 20(4).
Reubens, Edwin P. 2026. “Commodity Trade , Export Taxes and Economic Development Author ( s ): Edwin P . Reubens Published by : Oxford University Press Stable URL : Https://Www.Jstor.Org/Stable/2144998.” Political Science Quarterly 71(1): 42–70.
Riantiza Meilanova, Denis. 2025. “Sektor Tambang Kuartal III/ 2025 Terpuruk, Batu Bara Konstraksi Paling Dalam.” Bisnis.com. https://ekonomi.bisnis.com/read/20251105/44/1926365/sektor-tambang-kuartal-iii2025-terpuruk-batu-bara-kontraksi-paling-dalam#goog_rewarded (May 27, 2026).
Richardson, Grant, Grantley Taylor, and Roman Lanis. 2015. “The Impact of Fi Nancial Distress on Corporate Tax Avoidance Spanning the Global Fi Nancial Crisis : Evidence from Australia.” Economic Modelling 44: 44–53. http://dx.doi.org/10.1016/j.econmod.2014.09.015.
Rifka Alkhilyatul Ma’rifat, I Made Suraharta, Iryanto Irvan Jaya. 2024. “The Effect Of Transfer Pricing, Profitability, And Fixed Asset Intensity On Tax Aggressiveness With Audit Committee As Moderating Variable.” Indonesian Interdisciplinary Journal of Sharia Economics 2(2): 306–12.
Ruan, Lufei. 2019. “Accounting for Fixed Assets and Investment Efficiency: A Real Options Framework.” Accounting and business research 50(3): 238–68. https://www.tandfonline.com/doi/pdf/10.1080/00014788.2019.1675492?casa_token=iOhoGeyEmPQAAAAA:PHNWr0pe1AmhVXbmTdH1EoQCJwwaTr-EuJJIkG-wWl8QfOaQfUq0uLZCQYXHPMrx_5RPWYDuGysj2Ds.
Sehgal, Sanjay, and Tarunika Jain Agrawal. 2019. “Sanjay Sehgal and Tarunika Jain Agrawal.” 44(1): 12–29.
Stickney, Clyde P., and Victor E. McGee. 1982. “Effective Corporate Tax Rates the Effect of Size, Capital Intensity, Leverage, and Other Factors.” Journal of Accounting and Public Policy 1(2): 125–52.
Sugiyarti, Shinta Meilina Purwanti Listya. 2017. “Pengaruh Intensitas Aset Tetap , Pertumbuhan Penjualan Dan Koneksi.” 5(3): 1625–41.
Tennant, Sandria N., and Marlon R. Tracey. 2019. “Corporate Profitability and Effective Tax Rate: The Enforcement Effect of Large Taxpayer Units.” Accounting and Business Research 49(3): 342–61. https://doi.org/10.1080/00014788.2018.1512398.
Utama, Pria. 2025. “Dampak Hilirisasi Aluminium Terintegrasi Di Mempawah, Serap 3.130 Tenaga Kerja.” https://mind.id/. https://mind.id/news/dampak-hilirisasi-aluminium-terintegrasi-di-mempawah-serap-3130-tenaga-kerja (April 20, 2026).
Yu, Jie. 2024. “Factors Affecting Return on Assets in the Renewable Energy Sector during Supply Chain Disruptions.” Journal of Risk and Financial Management 17(6).
Published
2026-06-30
How to Cite
Rahayu, D., Hanun, N. R., Sulistiorini, D. A. R., Sulistiorini, D. A. R., Aisyah, S., & Aisyah, S. (2026). Exploring the Link Between Fixed Asset Intensity and Profitability: The Mediating Role of Effective Tax Rate, 10(1), 110 - 127. https://doi.org/10.33059/jensi.v10i1.14777
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Copyright (c) 2026 Duwi Rahayu, Nur Ravita Hanun, Diah Ayu Rintan Sulistiorini, Diah Ayu Rintan Sulistiorini, Siti Aisyah, Siti Aisyah
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