Penghindaran Pajak Cost of Debt dengan Kepemilikan Institusional Sebagai Variabel Moderasi
Abstract
This study aims to examine the effect of tax avoidance on the cost of debt and also examine the effect of institutional ownership in moderating the relationship between tax avoidance on the cost of debt in manufacturing companies listed on the Indonesia Stock Exchange. Quantitative research design in the form of associative. The number of observations was 93 companies using purposive sampling method. The researcher's analysis technique is multiple linear regression. The results of the study show that the tax avoidance variable has a positive effect on the cost of debt. Meanwhile, institutional ownership cannot moderate either strengthen or weaken the effect of tax avoidance on the cost of debt.
Keywords: Tax avoidance, Cost of Debt, Institusional Ownership
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References
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Blaufus, K., Möhlmann, A., & Schwäbe, A. N. (2019). Stock Price Reactions To News About Corporate Tax Avoidance And Evasion. Journal of Economic Psychology, 72(C), 278–292. https://doi.org/https://doi.org/10.1016/j.joep.2019.04.007
Cen, W., Tong, N., & Sun, Y. (2017). Tax Avoidance And Cost Of Debt: Evidence From A Natural Experiment In China. Accounting and Finance, 57(5), 1517–1556. https://doi.org/10.1111/acfi.12328
Drake, K. D., Hamilton, R., & Lusch, S. J. (2020). Are Declining Effective Tax Rates Indicative Of Tax Avoidance? Insight From Effective Tax Rate Reconciliations. Journal of Accounting and Economics, 70(1), 101317. https://doi.org/https://doi.org/10.1016/j.jacceco.2020.101317
Dewi, A. P. S., & Ardiyanto, M. D. (2020). Pengaruh Penghindaran Pajak dan Risiko Pajak terhadap Biaya Utang. Diponegoro Journal of Accounting, 9(3), 1–9.
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Hasan, I., Hoi, C. K., Wu, Q., & Zhang, H. (2014). Beauty Is In The Eye Of The Beholder: The Effect Of Corporate Tax Avoidance On The Cost Of Bank Loans. Journal of Financial Economics, 113(1), 109–130. https://doi.org/10.1016/j.jfineco.2014.03.004
Heryawati, E., Indriani, R., & Midiastuty, P. P. (2018). Analisis Hubungan Penghindaran Pajak Dan Biaya Hutang Serta Kepemilikan Institusi Sebagai Variabel Moderasi. Jurnal Fairness, 8(3), 199–212. https://doi.org/10.33369/fairness.v8i3.15209
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Kovermann, J. H. (2018). Tax Avoidance, Tax Risk And The Cost Of Debt In A Bank-Dominated Economy. Managerial Auditing Journal, 33(8–9), 683–699. https://doi.org/10.1108/MAJ-12-2017-1734
Li, B., Liu, Z., & Wang, R. (2021). When Dedicated Investors Are Distracted : The Effect Of Institutional Monitoring On Corporate Tax Avoidance. Journal of Accounting and Public Policy, 40(6). https://doi.org/https://doi.org/10.1016/j.jaccpubpol.2021.106873
Masri, I., & Martani, D. (2014). Tax Avoidance Behaviour Towards The Cost Of Debt. International Journal of Trade and Global Markets, 7(3), 235–249. https://doi.org/https://doi.org/10.1504/IJTGM.2014.064911
Meiriasari, V. (2017). Pengaruh Corporate Governance, Kepemilikan Keluarga, Kepemilikan Institusional dan Ukuran Perusahaan (Firm Size) terhadap Biaya Utang. Jurnal Ilmiah Ekonomi Global Masa Kini, 8(01), 28–34.
Mulyadi, M. S., & Anwar, Y. (2015). Corporate Governance, Earnings Management and Tax Management. Procedia - Social and Behavioral Sciences, 177, 363–366. https://doi.org/10.1016/j.sbspro.2015.02.361
Nisa, A. K., & Wulandari, S. (2021). Pengaruh Tax Avoidance Dan Kepemilikan Institusional Terhadap Cost Of Dept Pada Perusahaan Makanan Dan Minuman. Jurnal Aplikasi Akuntansi, 5(2), 201–219. https://doi.org/https://doi.org/10.29303/jaa.v5i2.101
Nugrahadi, E. W., Maipita, I., & Situmeang, C. (2020). Dominant Socio-Economic Indicators on the Growth of Small-Scale Industrial Sector: Empirical Evidence with Principal Component Analysis. Revista Espacios, 41(1), 18–28.
Sadjiarto, A., Mustofa, D. A., Putra, W. A., & Winston. (2019). Kepemilikan Saham Sebagai Determinan Atas Cost Of Debt. Jurnal Akuntansi Dan Pendidikan, 8(1), 57–69. https://doi.org/http://doi.org/10.25273/jap.v8i1.4190
Santosa, J. E., & Kurniawan, H. (2016). Analisis Pengaruh Tax Avoidance Terhadap Cost Of Debt Pada Perusahaan Manufaktur Yang Terdaftar Di Bei Selama Periode 2010–2014. MODUS, 28(2), 139–154.
Sherly, E. N., & Fitria, D. (2019). Pengaruh Penghindaran Pajak, Kepemilikan Institusional, Dan Profitabilitas Terhadap Biaya Hutang (Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar Di BEI Periode 2011‐2015). EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi Dan Bisnis, 7(1), 58–69. https://doi.org/https://doi.org/10.37676/ekombis.v7i1.701
Shin, H. J., & Woo, Y. S. (2017). The Effect Of Tax Avoidance On Cost Of Debt Capital: Evidence From Korea. South African Journal of Business Management, 48(4), 83–89. https://doi.org/10.4102/sajbm.v48i4.45
Sugiyono. (2021). Metode Penelitian Kuantitatif, Kualitatif, dan R&D (Edisi Kedua). Bandung: CV Alfabeta.
Suparman, Toni, N., & Tarigan, E. B. (2022). The Effect of Tax Avoidance and Tax Risk on the Cost of Debt with Institutional Ownership as Moderating Variables in the Sub-Sector of Large Trade Listed on the Bei. International Journal of Social Science Research and Review, 5(9), 260–270. https://doi.org/10.47814/ijssrr.v5i9.435
Tandean, V. A., & Winnie, W. (2016). The Effect of Good Corporate Governance on Tax Avoidance: An Empirical Study on Manufacturing Companies Listed in IDX period 2010-2013. Asian Journal of Accounting Research, 1(1), 28–38. https://doi.org/10.1108/AJAR-2016-01-01-B004
Tee, C. M. (2018). Political Connections, Institutional Monitoring And The Cost Of Debt: Evidence From Malaysian Firms. International Journal of Managerial Finance, 14(2), 210–229. https://doi.org/https://doi.org/10.1108/IJMF-07-2017-0143
Trisnawati, E., & Nasser, E. M. (2017). The effects of tax avoidance on the cost of debt: A moderating role of institutional ownership. International Journal of Economic Perspectives, 11(3), 465–476.
Utama, F., Kirana, D. J., & Sitanggang, K. (2019). Pengaruh Penghindaran Pajak Terhadap Biaya Hutang Dan Kepemilikan Institusional Sebagai Pemoderasi. Jurnal Bisnis Dan Akuntansi, 21(1), 47–60. https://doi.org/https://doi.org/10.34208/jba.v21i1.425
Blaufus, K., Möhlmann, A., & Schwäbe, A. N. (2019). Stock Price Reactions To News About Corporate Tax Avoidance And Evasion. Journal of Economic Psychology, 72(C), 278–292. https://doi.org/https://doi.org/10.1016/j.joep.2019.04.007
Cen, W., Tong, N., & Sun, Y. (2017). Tax Avoidance And Cost Of Debt: Evidence From A Natural Experiment In China. Accounting and Finance, 57(5), 1517–1556. https://doi.org/10.1111/acfi.12328
Drake, K. D., Hamilton, R., & Lusch, S. J. (2020). Are Declining Effective Tax Rates Indicative Of Tax Avoidance? Insight From Effective Tax Rate Reconciliations. Journal of Accounting and Economics, 70(1), 101317. https://doi.org/https://doi.org/10.1016/j.jacceco.2020.101317
Dewi, A. P. S., & Ardiyanto, M. D. (2020). Pengaruh Penghindaran Pajak dan Risiko Pajak terhadap Biaya Utang. Diponegoro Journal of Accounting, 9(3), 1–9.
Edison, A. (2017). Struktur Kepemilikan Asing, Kepemilikan Institusional Dan Kepemilikan Manajerial Pengaruhnya Terhadap Luas Pengungkapan Corporate Social Responsibility (Csr). Jurnal Bisnis Dan Manajemen, 11(2), 164–175. https://doi.org/10.19184/bisma.v11i2.6311
Hasan, I., Hoi, C. K., Wu, Q., & Zhang, H. (2014). Beauty Is In The Eye Of The Beholder: The Effect Of Corporate Tax Avoidance On The Cost Of Bank Loans. Journal of Financial Economics, 113(1), 109–130. https://doi.org/10.1016/j.jfineco.2014.03.004
Heryawati, E., Indriani, R., & Midiastuty, P. P. (2018). Analisis Hubungan Penghindaran Pajak Dan Biaya Hutang Serta Kepemilikan Institusi Sebagai Variabel Moderasi. Jurnal Fairness, 8(3), 199–212. https://doi.org/10.33369/fairness.v8i3.15209
Jananto, A. E., & Firmansyah, A. (2019). The Effect Of Bonuses, Cost Of Debt, Tax Avoidance, And Corporate Governance On Financial Reporting Aggressiveness: Evidence From Indonesia. International Journal of Innovation, Creativity and Change, 7(5), 280–302.
Kementerian Keuangan Republik Indonesia. (2021). Laporan Tahunan Kementerian Keuangan. Diakses pada 15 Februari 2023, dari https://www.kemenkeu.go.id/informasi-publik/laporan/laporan-tahunan-kemenkeu
Kovermann, J. H. (2018). Tax Avoidance, Tax Risk And The Cost Of Debt In A Bank-Dominated Economy. Managerial Auditing Journal, 33(8–9), 683–699. https://doi.org/10.1108/MAJ-12-2017-1734
Li, B., Liu, Z., & Wang, R. (2021). When Dedicated Investors Are Distracted : The Effect Of Institutional Monitoring On Corporate Tax Avoidance. Journal of Accounting and Public Policy, 40(6). https://doi.org/https://doi.org/10.1016/j.jaccpubpol.2021.106873
Masri, I., & Martani, D. (2014). Tax Avoidance Behaviour Towards The Cost Of Debt. International Journal of Trade and Global Markets, 7(3), 235–249. https://doi.org/https://doi.org/10.1504/IJTGM.2014.064911
Meiriasari, V. (2017). Pengaruh Corporate Governance, Kepemilikan Keluarga, Kepemilikan Institusional dan Ukuran Perusahaan (Firm Size) terhadap Biaya Utang. Jurnal Ilmiah Ekonomi Global Masa Kini, 8(01), 28–34.
Mulyadi, M. S., & Anwar, Y. (2015). Corporate Governance, Earnings Management and Tax Management. Procedia - Social and Behavioral Sciences, 177, 363–366. https://doi.org/10.1016/j.sbspro.2015.02.361
Nisa, A. K., & Wulandari, S. (2021). Pengaruh Tax Avoidance Dan Kepemilikan Institusional Terhadap Cost Of Dept Pada Perusahaan Makanan Dan Minuman. Jurnal Aplikasi Akuntansi, 5(2), 201–219. https://doi.org/https://doi.org/10.29303/jaa.v5i2.101
Nugrahadi, E. W., Maipita, I., & Situmeang, C. (2020). Dominant Socio-Economic Indicators on the Growth of Small-Scale Industrial Sector: Empirical Evidence with Principal Component Analysis. Revista Espacios, 41(1), 18–28.
Sadjiarto, A., Mustofa, D. A., Putra, W. A., & Winston. (2019). Kepemilikan Saham Sebagai Determinan Atas Cost Of Debt. Jurnal Akuntansi Dan Pendidikan, 8(1), 57–69. https://doi.org/http://doi.org/10.25273/jap.v8i1.4190
Santosa, J. E., & Kurniawan, H. (2016). Analisis Pengaruh Tax Avoidance Terhadap Cost Of Debt Pada Perusahaan Manufaktur Yang Terdaftar Di Bei Selama Periode 2010–2014. MODUS, 28(2), 139–154.
Sherly, E. N., & Fitria, D. (2019). Pengaruh Penghindaran Pajak, Kepemilikan Institusional, Dan Profitabilitas Terhadap Biaya Hutang (Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar Di BEI Periode 2011‐2015). EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi Dan Bisnis, 7(1), 58–69. https://doi.org/https://doi.org/10.37676/ekombis.v7i1.701
Shin, H. J., & Woo, Y. S. (2017). The Effect Of Tax Avoidance On Cost Of Debt Capital: Evidence From Korea. South African Journal of Business Management, 48(4), 83–89. https://doi.org/10.4102/sajbm.v48i4.45
Sugiyono. (2021). Metode Penelitian Kuantitatif, Kualitatif, dan R&D (Edisi Kedua). Bandung: CV Alfabeta.
Suparman, Toni, N., & Tarigan, E. B. (2022). The Effect of Tax Avoidance and Tax Risk on the Cost of Debt with Institutional Ownership as Moderating Variables in the Sub-Sector of Large Trade Listed on the Bei. International Journal of Social Science Research and Review, 5(9), 260–270. https://doi.org/10.47814/ijssrr.v5i9.435
Tandean, V. A., & Winnie, W. (2016). The Effect of Good Corporate Governance on Tax Avoidance: An Empirical Study on Manufacturing Companies Listed in IDX period 2010-2013. Asian Journal of Accounting Research, 1(1), 28–38. https://doi.org/10.1108/AJAR-2016-01-01-B004
Tee, C. M. (2018). Political Connections, Institutional Monitoring And The Cost Of Debt: Evidence From Malaysian Firms. International Journal of Managerial Finance, 14(2), 210–229. https://doi.org/https://doi.org/10.1108/IJMF-07-2017-0143
Trisnawati, E., & Nasser, E. M. (2017). The effects of tax avoidance on the cost of debt: A moderating role of institutional ownership. International Journal of Economic Perspectives, 11(3), 465–476.
Utama, F., Kirana, D. J., & Sitanggang, K. (2019). Pengaruh Penghindaran Pajak Terhadap Biaya Hutang Dan Kepemilikan Institusional Sebagai Pemoderasi. Jurnal Bisnis Dan Akuntansi, 21(1), 47–60. https://doi.org/https://doi.org/10.34208/jba.v21i1.425
Published
2023-07-30
How to Cite
DHANANJAYA, Kadek Krishna; ERAWATI, Ni Made Adi.
Penghindaran Pajak Cost of Debt dengan Kepemilikan Institusional Sebagai Variabel Moderasi.
E-Jurnal Akuntansi, [S.l.], v. 33, n. 7, p. 1809-1820, july 2023.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/102402>. Date accessed: 28 apr. 2024.
doi: https://doi.org/10.24843/EJA.2023.v33.i07.p09.
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