This study aims to analyze the factors that influence tax avoidance in food and beverage companies listed on the Indonesia This study examines the effect of tax avoidance on firm value and the moderating roles of independent commissioners and internal control quality in non-financial companies listed on the Indonesia Stock Exchange. Grounded in agency theory, tax avoidance is expected to create information asymmetry that may reduce firm value, while corporate governance mechanisms are hypothesized to mitigate this effect.

Using secondary data from 59 companies over the period 2022–2024 (177 observations), this study employs panel data regression with a Fixed Effect Model. Tax avoidance is proxied by Current ETR, firm value by Tobin’s Q, independent commissioners by board proportion, and internal control quality by IQS derived from Bloomberg’s Governance Quality Score.

The results show that tax avoidance has no significant direct effect on firm value. However, independent commissioners positively moderate the relationship, indicating their role in weakening the negative impact of tax avoidance. Internal control quality also significantly moderates the relationship, suggesting that stronger controls reduce perceived tax risk. These findings highlight that the effect of tax avoidance on firm value is conditional on corporate governance quality.