The Effect of Intervening Tax Avoidance on Leverage on Firm Value
Abstract
This study aims to prove the effect of leverage on firm value empirically using tax avoidance as an intervening variable. This study uses company objects listed on the Indonesia Stock Exchange. The research sample used was 66 manufacturing companies listed on the Indonesia Stock Exchange for 2016-2018, which were selected by purposive sampling method, and the number of sample data was 198 data. The firm value variable is measured by price to book value, which was tested using linear regression using SPSS 23 and path analysis. The test results show that: (1) leverage has a significant effect on tax avoidance. (2) leverage and tax avoidance have a significant effect on firm value. (3) the tax avoidance variable cannot be proven as a variable that mediates leverage and firm value.
Keywords: Leverage; Tax Avoidance; Firm Value.
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References
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Febriana, E., Djumahir, & Djawahir, A. H. (2016). Pengaruh Struktur Modal, Kebijakan Deviden, Ukuran Perusahaan, Kepemilikan Saham Manajerial dan Profitabilitas Terhadap Nilai Perusahaan. Jurnal Ekonomi Bisnis, 21(2).
Fostel, A., & Geanakoplos, J. (2012). Why does bad news increase volatility and decrease leverage?. Journal of Economic Theory., 147(501–525).
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Harjanti, W., Farhan, A., & Radiany, M. A. (2019). The Influence between Debt to Asset Ratio and Debt to Equity Ratio towards the Profit Quality Based on Du Pont Analysis (Case Study of the Companies Listed in the Index of
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Huang, X., Teoh, S. H., & Zhang, Y. (2014). Tone management. The Accounting Review., 89(3), 1083–1113.
Ilmiani, A., & Sutrisno, C. R. (2014). Pengaruh Tax Avoidance Variabel, terhadap Nilai Perusahaan dengan Transparansi Perusahaan Sebagai Moderating. Jurnal Ekonomi Dan Bisnis, 14(1), 30–39.
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Lim, Y. (2011). Tax avoidance, cost of debt and shareholder activism: Evidence from Korea. Journal of Banking & Finance., 35(2), 456–470.
Mardiyati, U. (2012). Pengaruh Kebijakan Dividen, Kebijakan Hutang dan Bursa, Profitabilitas terhadap Nilai Perusahaan Manufaktur yang Terdaftar di Sains, Efek Indonesia (BEI) Periode 2005-2010. Jurnal Riset Manajemen 3(1)., 3(1).
Margaretha, F., & Ramadhan, A. R. (2010). Faktor-faktor yang mempengaruhi struktur modal pada industri manufaktur di Bursa Efek Indonesia. Jurnal Bisnis Dan Akuntansi, 12(2), 119–130.
Ngadiman, N., & Puspitasari, C. (2017). Pengaruh Leverage, Kepemilikan Institusional, Dan Ukuran Perusahaan Terhadap Penghindaran Pajak (Tax Avoidance) Pada Perusahaan Sektor Manufaktur Yang Terdaftar Di Bursa
Efek Indonesia 2010-2012. Jurnal Akuntansi, 18(3), 408–421. https://doi.org/10.24912/ja.v18i3.273
Pradnyana, I. B. G. P., & Noviari, N. (2017). Pengaruh perencanaan pajak terhadap nilai perusahaan dengan transparansi perusahaan sebagai variabel moderasi. E-Jurnal Akuntansi Universitas Udayana, 18(2), 1398-1425.
Rehman, O. U. (2016). Impact of capital structure and dividend policy on firm value. Journal of Poverty, Investment and Development., 21(1), 40–57.
Rizqia, D. A., & Sumiati, S. A. (2013). Effect of managerial ownership, financial leverage, profitability, firm size, and investment opportunity on dividend policy and firm value. Research Journal of Finance and Accounting., 11(4), 120–130.
Sartono, A. (2008). Manajemen Keuangan Teori dan Aplikasi Edisi Empat. BPFE.
Sugiarto, A. (2011). Analisa pengaruh beta, size perusahaan, DER dan PBV ratio terhadap return saham. Jurnal Dinamika Akuntansi, 3(1).
Suharsono, R. S. (2018). Pengaruh Mekanisme Good Corporate Governance, Leverage dan Pertumbuhan Total Aset Terhadap Nilai Perusahaan. Jurnal Aplikasi Manajemen Dan Inovasi Bisnis (JAMIN)., 1(1), 25–37.
Tahu, G. P., & Susilo, D. D. B. (2017). Effect of Liquidity, Leverage and profitability to The Firm Value (Dividend Policy as Moderating Variable) in Manufacturing Company of Indonesia Stock Exchange. Research Journal of Finance and Accounting., 18(8), 1697–2222.
Tarihoran, A. (2017). Pengaruh penghindaran pajak dan leverage terhadap nilai perusahaan dengan transparansi perusahaan sebagai variabel moderasi. Jurnal Wira Ekonomi Mikroskil: JWEM, 6(2), 149–164.
Taylor, G., & Richardson, G. (2012). International corporate tax avoidance practices: Evidence from Australian firms. The International Journal of Accounting., 47(4), 469–496.
Welch, I. (2011). Two common problems in capital structure research: The financial‐debt‐to‐asset ratio and issuing activity versus leverage changes. International Review of Finance., 11(1), 1–17.
Wulandari, N. M. I., & Wiksuana, I. G. B. (2017). Peranan Corporate Social Responsibility Dalam Memoderasi Pengaruh Profitabilitas, Leverage Dan Ukuran Perusahaan Terhadap Nilai Perusahaan. E-Jurnal Manajemen Universitas Udayana, 6(3).
Yorke, S. M., Amidu, M., & Agyemin-Boateng, C. (2016). The effects of earnings management and corporate tax avoidance on firm value. International Journal of Management Practice., 9(2), 112–131.
Annisa, A., Taufik, T., & Hanif, R. A. (2017). Pengaruh Return on Asset, Leverage, Ukuran Perusahaan Dan Koneksi Politik Terhadap Penghindaran Pajak (Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar Di Bei Periode Tahun 2012-2015). Riau University.
Astuti, T. P., & Aryani, Y. A. (2016). Tren Penghindaran Pajak Perusahaan Manufaktur di Indonesia yang Terdaftar di BEI Tahun 2001-2014. Jurnal Akuntansi, 20(3), 375–388.
Bauer, T., Kourouxous, T., & Krenn, P. (2018). Taxation and agency conflicts between firm owners and managers: a review. Business Research., 11(1), 33–76.
Brigham, E., & Houston, J. (2013). Dasar-dasar Manajemen Keuangan. Salemba Empat.
Buettner, T., Overesch, M., Schreiber, U., & Wamser, G. (2012). The impact of thin-capitalization rules on the capital structure of multinational firms. Journal of Public Economics., 96(11–12), 930–938.
Chen, X., Hu, N., Wang, X., & Tang, X. (2014). Tax avoidance and firm value: evidence from China. Nankai Business Review International.
Cheng, C. A., Huang, H. H., Li, Y., & Stanfield, J. (2012). The effect of hedge fund activism on corporate tax avoidance. The Accounting Review., 87(5), 1493–1526.
Chowdhury, A., & Chowdhury, S. P. (2010). Impact of capital structure on firm’s value: Evidence from Bangladesh. Business and Economic Horizons., 3, 3.
Egger, P., Eggert, W., Keuschnigg, C., & Winner, H. (2010). Corporate taxation, debt financing and foreign-plant ownership. European Economic Review., 54(96–107).
Febriana, E., Djumahir, & Djawahir, A. H. (2016). Pengaruh Struktur Modal, Kebijakan Deviden, Ukuran Perusahaan, Kepemilikan Saham Manajerial dan Profitabilitas Terhadap Nilai Perusahaan. Jurnal Ekonomi Bisnis, 21(2).
Fostel, A., & Geanakoplos, J. (2012). Why does bad news increase volatility and decrease leverage?. Journal of Economic Theory., 147(501–525).
Ghozali, I. (2016). Aplikasi Analisis Multivariete Dengan Program IBM SPSS 23. Badan Penerbit Universitas Diponegoro.
Harjanti, W., Farhan, A., & Radiany, M. A. (2019). The Influence between Debt to Asset Ratio and Debt to Equity Ratio towards the Profit Quality Based on Du Pont Analysis (Case Study of the Companies Listed in the Index of
LQ45 in the Year of 2017). Archives of Business Research., 164–170.
Heider, F., & Ljungqvist, A. (2015). As certain as debt and taxes: Estimating the tax sensitivity of leverage from state tax changes. Journal of Financial Economics., 118(3), 684–712.
Huang, X., Teoh, S. H., & Zhang, Y. (2014). Tone management. The Accounting Review., 89(3), 1083–1113.
Ilmiani, A., & Sutrisno, C. R. (2014). Pengaruh Tax Avoidance Variabel, terhadap Nilai Perusahaan dengan Transparansi Perusahaan Sebagai Moderating. Jurnal Ekonomi Dan Bisnis, 14(1), 30–39.
Jacob, M., Rohlfing, B., Anna, & Sandner, K. W. (2016). Why Do Not All Firms Engage in Tax Avoidance? FAccT Center Working Paper, 19.
Jariah, A. (2016). Likuiditas, Leverage, Profitabilitas Pengaruhnya Terhadap Nilai Perusahaan Manufaktur di Indonesia Melalui Kebijakan Dividen. Riset Akuntansi Dan Keuangan Indonesia, 116.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360.
Kadir, A. (2016). Analisis faktor-faktor yang mempengaruhi kebijakan dividen pada perusahaan Credit Agencies Go Public di Bursa efek Indonesia. Jurnal Manajemen Dan Akuntansi, 11(1).
Kasmir, P. (2014). Analisis Laporan Keuangan. PT. Rajagrafindo.
Kubick, T. R., Lynch, D. P., Mayberry, M. A., & Omer, T. C. (2016). The effects of regulatory scrutiny on tax avoidance: An examination of SEC comment letters. The Accounting Review., 91(6), 1751–1780.
Kurniasih, T., & Sari, M. M. (2013). Pengaruh Return on Assets, Leverage, Corporate Governance, Ukuran Perusahaan dan Kompensasi Rugi Fiskal Pada Tax Avoidance. Buletin Studi Ekonomi, 18(1), 61.
Lanis, R., & Richardson, G. (2015). Is corporate social responsibility performance associated with tax avoidance?. Journal of Business Ethics., 127(2), 439–457.
Lestari, G. A. W., & Putri, I. A. D. (2017). Pengaruh corporate governance, koneksi politik, dan leverage terhadap penghindaran pajak. E-Jurnal Akuntansi Universitas Udayana, 18(3), 2028–2054.
Lim, Y. (2011). Tax avoidance, cost of debt and shareholder activism: Evidence from Korea. Journal of Banking & Finance., 35(2), 456–470.
Mardiyati, U. (2012). Pengaruh Kebijakan Dividen, Kebijakan Hutang dan Bursa, Profitabilitas terhadap Nilai Perusahaan Manufaktur yang Terdaftar di Sains, Efek Indonesia (BEI) Periode 2005-2010. Jurnal Riset Manajemen 3(1)., 3(1).
Margaretha, F., & Ramadhan, A. R. (2010). Faktor-faktor yang mempengaruhi struktur modal pada industri manufaktur di Bursa Efek Indonesia. Jurnal Bisnis Dan Akuntansi, 12(2), 119–130.
Ngadiman, N., & Puspitasari, C. (2017). Pengaruh Leverage, Kepemilikan Institusional, Dan Ukuran Perusahaan Terhadap Penghindaran Pajak (Tax Avoidance) Pada Perusahaan Sektor Manufaktur Yang Terdaftar Di Bursa
Efek Indonesia 2010-2012. Jurnal Akuntansi, 18(3), 408–421. https://doi.org/10.24912/ja.v18i3.273
Pradnyana, I. B. G. P., & Noviari, N. (2017). Pengaruh perencanaan pajak terhadap nilai perusahaan dengan transparansi perusahaan sebagai variabel moderasi. E-Jurnal Akuntansi Universitas Udayana, 18(2), 1398-1425.
Rehman, O. U. (2016). Impact of capital structure and dividend policy on firm value. Journal of Poverty, Investment and Development., 21(1), 40–57.
Rizqia, D. A., & Sumiati, S. A. (2013). Effect of managerial ownership, financial leverage, profitability, firm size, and investment opportunity on dividend policy and firm value. Research Journal of Finance and Accounting., 11(4), 120–130.
Sartono, A. (2008). Manajemen Keuangan Teori dan Aplikasi Edisi Empat. BPFE.
Sugiarto, A. (2011). Analisa pengaruh beta, size perusahaan, DER dan PBV ratio terhadap return saham. Jurnal Dinamika Akuntansi, 3(1).
Suharsono, R. S. (2018). Pengaruh Mekanisme Good Corporate Governance, Leverage dan Pertumbuhan Total Aset Terhadap Nilai Perusahaan. Jurnal Aplikasi Manajemen Dan Inovasi Bisnis (JAMIN)., 1(1), 25–37.
Tahu, G. P., & Susilo, D. D. B. (2017). Effect of Liquidity, Leverage and profitability to The Firm Value (Dividend Policy as Moderating Variable) in Manufacturing Company of Indonesia Stock Exchange. Research Journal of Finance and Accounting., 18(8), 1697–2222.
Tarihoran, A. (2017). Pengaruh penghindaran pajak dan leverage terhadap nilai perusahaan dengan transparansi perusahaan sebagai variabel moderasi. Jurnal Wira Ekonomi Mikroskil: JWEM, 6(2), 149–164.
Taylor, G., & Richardson, G. (2012). International corporate tax avoidance practices: Evidence from Australian firms. The International Journal of Accounting., 47(4), 469–496.
Welch, I. (2011). Two common problems in capital structure research: The financial‐debt‐to‐asset ratio and issuing activity versus leverage changes. International Review of Finance., 11(1), 1–17.
Wulandari, N. M. I., & Wiksuana, I. G. B. (2017). Peranan Corporate Social Responsibility Dalam Memoderasi Pengaruh Profitabilitas, Leverage Dan Ukuran Perusahaan Terhadap Nilai Perusahaan. E-Jurnal Manajemen Universitas Udayana, 6(3).
Yorke, S. M., Amidu, M., & Agyemin-Boateng, C. (2016). The effects of earnings management and corporate tax avoidance on firm value. International Journal of Management Practice., 9(2), 112–131.
Published
2021-01-26
How to Cite
WIJAYA, Melinda; BERNAWATI, Yustrida.
The Effect of Intervening Tax Avoidance on Leverage on Firm Value.
E-Jurnal Akuntansi, [S.l.], v. 31, n. 1, p. 1-14, jan. 2021.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/64543>. Date accessed: 21 nov. 2024.
doi: https://doi.org/10.24843/EJA.2021.v31.i01.p01.
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