Dapatkah Kepemilikan Tekonsentrasi Memoderasi Hubungan Tax Avoidance & Manajemen Laba Riil Dengan Nilai Perusahaan?
Abstract
The value of the company is reflected by the company's stock price which is influenced by many factors. This study examines the effect of tax avoidance and real earnings management on firm value, and examines the role of concentrated ownership as a moderating variable. The research sample is energy sector companies listed on the Indonesia Stock Exchange during 2019 and 2020. The sample was selected based on purposive sampling, the number of samples used in this study were 54 companies. The analysis technique used is Moderated Regression Analysis (MRA). Research shows that tax avoidance and real earnings management have no effect on firm value. Concentrated ownership is also unable to moderate the relationship between tax avoidance and real earnings management on firm value. Both before and during the covid-19 pandemic, did not affect the effect of these variables on the value of the company.
Keywords: Firm Value; Tax Avoidance; Real Earnings Management; Ownership Concentration; Covid-19.
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References
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Badan Koordinasi Penanaman Modal. (2021). Perkembangan Realisasi Investasi 2015 – 2020 : Per Triwulan.
Chen, X., Hu, N., Wang, X., & Tang, X. (2014). Tax avoidance and firm value: evidence from China. Nankai Business Review International, 5(1), 25–42. https://doi.org/10.1108/NBRI-10-2013-0037
Chung, K. H., & Pruitt, S. W. (1994). A Simple Approximation of Tobin’s q. Financial Management, 23(3), 70–74.
Darmawan, I. P. E., T, S., & Mardiati, E. (2019). Accrual Earnings Management and Real Earnings Management: Increase or Destroy Firm Value? International Journal of Multicultural and Multireligious Understanding, 6(2), 8. https://doi.org/10.18415/ijmmu.v6i2.551
Darwis, H. (2012). Manajemen Laba Terhadap Nilai Perusahaan Dengan Corporate Governance Sebagai Pemoderasi. Jurnal Keuangan Dan Perbankan, Vol 16(1), 45–55.
Devi, P. N. C., & Supadmi, N. L. (2018). Pengaruh Agresivitas Pajak Pada Nilai Perusahaan Dengan Ukuran Perusahaan Sebagai Pemoderasi. E-Jurnal Akuntansi, 22(3), 2257–2283. https://doi.org/10.24843/EJA.2018.v22.i03.p23
Diatmika, M. D., & Sukartha, I. M. (2019). Pengaruh Manajemen Laba Pada Agresivitas Pajak dan Implikasinya Terhadap Nilai Perusahaan. E-Jurnal Akuntansi, 26, 591. https://doi.org/10.24843/eja.2019.v26.i01.p22
Dyreng, S. D., Hanlon, M., & Maydew, E. L. (2010). The effects of executives on corporate tax avoidance. Accounting Review, 85(4), 1163–1189. https://doi.org/10.2308/accr.2010.85.4.1163
Fadillah, H. (2018). Pengaruh Tax Avoidance Terhadap Nilai Perusahaan Dengan Kepemilikan Institusional Sebagai Variabel Moderasi. JIAFE (Jurnal Ilmiah Akuntansi Fakultas Ekonomi), 4(1), 117–134. https://doi.org/10.34204/jiafe.v4i1.1082
Handayani, Y. D., & Ibrani, E. Y. (2019). Corporate Governance , Share Ownership Structure And Tax Avoidance. International Journal of Commerce and Finance, 5(2), 120–127.
Hansen, R. S., Kumar, R., & Shome, D. K. (1994). Dividend Policy and Corporate Monitoring: Evidence from the Regulated Electric Utility Industry. Financial Management, 23(1), 16–22.
Helmayunita, N., & Sari, V. F. (2013). Pengaruh Manajemen Laba dan Struktur Kepemilikan Bank Terhadap Nilai Perusahaan. Junal WRA, 1(1), 1–10.
Herawaty, V. (2008). Peran Praktek Corporate Governance Sebagai Moderating Variable dari Pengaruh Earnings Management Terhadap Nilai Perusahaan. Jurnal Akuntansi Dan Keuangan, 10(2), 97–108. https://doi.org/10.9744/jak.10.2.PP.97-108
Ikram, M., Shen, Y., Ferasso, M., & D’Adamo, I. (2021). Intensifying effects of COVID-19 on economic growth, logistics performance, environmental sustainability and quality management: evidence from Asian countries. Journal of Asia Business Studies. https://doi.org/10.1108/JABS-07-2021-0316
Ilmiani, A., & Sutrisno, C. R. (2014). Pengaruh Tax Avoidance terhadap Nilai Perusahaan dengan Transparansi Perusahaan sebagai Variabel Moderating. Jurnal Ekonomi Dan Bisnis, 14(1), 30–39.
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. https://doi.org/https://doi.org/10.1016/0304-405X(76)90026-X
Khuong, N. V., Liem, N. T., Thu, P. A., & Khanh, T. H. T. (2020). Does corporate tax avoidance explain firm performance? Evidence from an emerging economy. Cogent Business and Management, 7(1), 1–18. https://doi.org/10.1080/23311975.2020.1780101
Lee, B. B., Dobiyanski, A., & Minton, S. (2015). Theories and Empirical Proxies for Corporate Tax Avoidance. 21–34.
Lestari, N., & Ningrum, S. A. (2018). Pengaruh Manajemen Laba dan Tax Avoidance terhadap Nilai Perusahaan dengan Kualitas Audit sebagai Variabel Moderasi. Journal of Applied Accounting and Taxation, 3(1), 99–109.
Mellado-Cid, C., Jory, S. R., & Ngo, T. N. (2018). Real Activities Manipulation and Firm Valuation. Review of Quantitative Finance and Accounting, 50(4), 1201–1226. https://doi.org/10.1007/s11156-017-0659-4
Morris, R. D. (1987). Signalling, Agency Theory and Accounting Policy Choice. Accounting and Business Research, 18(69), 47–56. https://doi.org/10.1080/00014788.1987.9729347
Nafti, O., Kateb, I., & Masghouni, O. (2020). Tax evasion, firm’s value and governance: evidence from Tunisian Stock Exchange. Journal of Financial Crime, 27(3), 781–799. https://doi.org/10.1108/JFC-02-2020-0023
Oluwagbemiga, O. E., Michael, O., & Zaccheaus, S. A. (2014). The Effect of Ownership Concentration on Firm Value of Listed Companies. IOSR Journal of Humanities and Social Science, 19(1), 90–96. https://doi.org/10.9790/0837-19179096
Orhun, E. (2020). The impact of COVID-19 global health crisis on stock markets and understanding the cross-country effects. Pacific Accounting Review, 33(1), 142–159. https://doi.org/10.1108/PAR-07-2020-0096
Pavic, I., Galetic, F., & Piplica, D. (2016). Similarities and Differences between the CR and HHI as an Indicator of Market Concentration and Market Power. British Journal of Economics, Management & Trade, 13(1), 1–8. https://doi.org/10.9734/bjemt/2016/23193
Pedersen, T., & Thomsen, S. (2003). Ownership structure and value of the largest European firms: The importance of owner identity. Journal of Management and Governance, 7(1), 27–55. https://doi.org/10.1023/A:1022480016567
Prastyo, E. W. Z., & Setiartiti, L. (2018). Analisis Determinasi Harga Komoditas Pertambangan Terhadap Indeks Mining di IHSG (Indeks Harga Saham Gabungan) Periode Januari 2016-Agustus. In Journal of Economics Research and Social Sciences (Vol. 2, Issue 1). www.investing.com.
Roychowdhury, S. (2006). Earnings Management Through Real Activities Manipulation. Journal of Accounting and Economics, 42(3), 335–370. https://doi.org/https://doi.org/10.1016/j.jacceco.2006.01.002
Rudyanto, A., & Pirzada, K. (2020). The Role of Sustainability Reporting in Shareholder Perception of Tax Avoidance. Social Responsibility Journal, April. https://doi.org/10.1108/SRJ-01-2020-0022
Simarmata, A. P. P., & Cahyonowati, N. (2014). Pengaruh Tax Avoidance Jangka Panjang terhadap Nilai Perusahaan dengan Kepemilikan Institusional Sebagai Variabel Pemoderasi. Diponegoro Journal of Accounting, 3, 1–13.
Spence, M. (1973). Job Market Signaling. Quarterly Journal of Economics, 90, 225.
Suprianto, E., & Setiawan, D. (2017). | 287 | MANAJEMEN LABA DI INDONESIA: STUDI SEBUAH BIBLIOGRAPI. In Jurnal Keuangan dan Perbankan (Vol. 21, Issue 2).
Surifah. (2017). the Role of Corporate Governance in the Effect Earnings Management Has on Firm Value. Journal of Indonesian Economy and Business, 31(1), 51. https://doi.org/10.22146/jieb.12793
Surya Sampurna, D., Bagio Santoso, J., Tinggi Ilmu Ekonomi Indonesia, S., & Jl Kayu Jati Raya No, J. (2017). Analisi Pengaruh Harga komoditas dan Pasar Modal Dunia terhadap IHSG. In Jurnal STEI Ekonomi (Vol. 26, Issue 02). www.idx.co.id
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
Utomo, M. N., Kaujan, & Pratiwi, S. R. (2019). Peran Kepemilikan Terkonsentrasi Terhadap Nilai Perusahaan Dengan Efisiensi Operasional Sebagai Variabel Mediasi. Jurnal Riset Akuntansi Dan Keuangan, 7(3), 583–600. https://doi.org/10.17509/jrak.v7i3.17602
Utthavi, W. H. (2015). Kepemilikan Terkonsentrasi dan Tax Avoidance pada Perusahaan yang Terdaftar Di Bursa Efek Indonesia. Jurnal Bisnis Dan Kewirausahaan, 14(1), 213–220.
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. https://doi.org/10.1504/IJMP.2016.076741
Andri, M. (2017). Perusahaan Cangkang, Celengan Sapi, dan tax avoidance, Kementerian Keuangan Republik Indonesia. Diakses pada 23 Maret 2022, dari https://www.kemenkeu.go.id/publikasi/artikel-dan opini/perusahaan-cangkang-celengan-sapi-dan-tax-avoidance/
Anonim. (2020). Energi Terbarukan Dapat Insentif Pajak untuk Kecukupan Energi Indonesia di Masa Depan. Diakses pada 8 April 2022, dari https://www.kemenkeu.go.id/publikasi/berita/energi-terbarukan-dapat-insentif-pajak-untuk-kecukupan-energi-indonesia-di-masa-depan/
Assih, P., Hastuti, A. W., & Parawiyati, P. (2005). Pengaruh Manajemen Laba Pada Nilai Dan Kinerja Perusahaan. Jurnal Akuntansi Dan Keuangan Indonesia, 2(2), 125–144. https://doi.org/10.21002/jaki.2005.13
Badan Koordinasi Penanaman Modal. (2021). Perkembangan Realisasi Investasi 2015 – 2020 : Per Triwulan.
Chen, X., Hu, N., Wang, X., & Tang, X. (2014). Tax avoidance and firm value: evidence from China. Nankai Business Review International, 5(1), 25–42. https://doi.org/10.1108/NBRI-10-2013-0037
Chung, K. H., & Pruitt, S. W. (1994). A Simple Approximation of Tobin’s q. Financial Management, 23(3), 70–74.
Darmawan, I. P. E., T, S., & Mardiati, E. (2019). Accrual Earnings Management and Real Earnings Management: Increase or Destroy Firm Value? International Journal of Multicultural and Multireligious Understanding, 6(2), 8. https://doi.org/10.18415/ijmmu.v6i2.551
Darwis, H. (2012). Manajemen Laba Terhadap Nilai Perusahaan Dengan Corporate Governance Sebagai Pemoderasi. Jurnal Keuangan Dan Perbankan, Vol 16(1), 45–55.
Devi, P. N. C., & Supadmi, N. L. (2018). Pengaruh Agresivitas Pajak Pada Nilai Perusahaan Dengan Ukuran Perusahaan Sebagai Pemoderasi. E-Jurnal Akuntansi, 22(3), 2257–2283. https://doi.org/10.24843/EJA.2018.v22.i03.p23
Diatmika, M. D., & Sukartha, I. M. (2019). Pengaruh Manajemen Laba Pada Agresivitas Pajak dan Implikasinya Terhadap Nilai Perusahaan. E-Jurnal Akuntansi, 26, 591. https://doi.org/10.24843/eja.2019.v26.i01.p22
Dyreng, S. D., Hanlon, M., & Maydew, E. L. (2010). The effects of executives on corporate tax avoidance. Accounting Review, 85(4), 1163–1189. https://doi.org/10.2308/accr.2010.85.4.1163
Fadillah, H. (2018). Pengaruh Tax Avoidance Terhadap Nilai Perusahaan Dengan Kepemilikan Institusional Sebagai Variabel Moderasi. JIAFE (Jurnal Ilmiah Akuntansi Fakultas Ekonomi), 4(1), 117–134. https://doi.org/10.34204/jiafe.v4i1.1082
Handayani, Y. D., & Ibrani, E. Y. (2019). Corporate Governance , Share Ownership Structure And Tax Avoidance. International Journal of Commerce and Finance, 5(2), 120–127.
Hansen, R. S., Kumar, R., & Shome, D. K. (1994). Dividend Policy and Corporate Monitoring: Evidence from the Regulated Electric Utility Industry. Financial Management, 23(1), 16–22.
Helmayunita, N., & Sari, V. F. (2013). Pengaruh Manajemen Laba dan Struktur Kepemilikan Bank Terhadap Nilai Perusahaan. Junal WRA, 1(1), 1–10.
Herawaty, V. (2008). Peran Praktek Corporate Governance Sebagai Moderating Variable dari Pengaruh Earnings Management Terhadap Nilai Perusahaan. Jurnal Akuntansi Dan Keuangan, 10(2), 97–108. https://doi.org/10.9744/jak.10.2.PP.97-108
Ikram, M., Shen, Y., Ferasso, M., & D’Adamo, I. (2021). Intensifying effects of COVID-19 on economic growth, logistics performance, environmental sustainability and quality management: evidence from Asian countries. Journal of Asia Business Studies. https://doi.org/10.1108/JABS-07-2021-0316
Ilmiani, A., & Sutrisno, C. R. (2014). Pengaruh Tax Avoidance terhadap Nilai Perusahaan dengan Transparansi Perusahaan sebagai Variabel Moderating. Jurnal Ekonomi Dan Bisnis, 14(1), 30–39.
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. https://doi.org/https://doi.org/10.1016/0304-405X(76)90026-X
Khuong, N. V., Liem, N. T., Thu, P. A., & Khanh, T. H. T. (2020). Does corporate tax avoidance explain firm performance? Evidence from an emerging economy. Cogent Business and Management, 7(1), 1–18. https://doi.org/10.1080/23311975.2020.1780101
Lee, B. B., Dobiyanski, A., & Minton, S. (2015). Theories and Empirical Proxies for Corporate Tax Avoidance. 21–34.
Lestari, N., & Ningrum, S. A. (2018). Pengaruh Manajemen Laba dan Tax Avoidance terhadap Nilai Perusahaan dengan Kualitas Audit sebagai Variabel Moderasi. Journal of Applied Accounting and Taxation, 3(1), 99–109.
Mellado-Cid, C., Jory, S. R., & Ngo, T. N. (2018). Real Activities Manipulation and Firm Valuation. Review of Quantitative Finance and Accounting, 50(4), 1201–1226. https://doi.org/10.1007/s11156-017-0659-4
Morris, R. D. (1987). Signalling, Agency Theory and Accounting Policy Choice. Accounting and Business Research, 18(69), 47–56. https://doi.org/10.1080/00014788.1987.9729347
Nafti, O., Kateb, I., & Masghouni, O. (2020). Tax evasion, firm’s value and governance: evidence from Tunisian Stock Exchange. Journal of Financial Crime, 27(3), 781–799. https://doi.org/10.1108/JFC-02-2020-0023
Oluwagbemiga, O. E., Michael, O., & Zaccheaus, S. A. (2014). The Effect of Ownership Concentration on Firm Value of Listed Companies. IOSR Journal of Humanities and Social Science, 19(1), 90–96. https://doi.org/10.9790/0837-19179096
Orhun, E. (2020). The impact of COVID-19 global health crisis on stock markets and understanding the cross-country effects. Pacific Accounting Review, 33(1), 142–159. https://doi.org/10.1108/PAR-07-2020-0096
Pavic, I., Galetic, F., & Piplica, D. (2016). Similarities and Differences between the CR and HHI as an Indicator of Market Concentration and Market Power. British Journal of Economics, Management & Trade, 13(1), 1–8. https://doi.org/10.9734/bjemt/2016/23193
Pedersen, T., & Thomsen, S. (2003). Ownership structure and value of the largest European firms: The importance of owner identity. Journal of Management and Governance, 7(1), 27–55. https://doi.org/10.1023/A:1022480016567
Prastyo, E. W. Z., & Setiartiti, L. (2018). Analisis Determinasi Harga Komoditas Pertambangan Terhadap Indeks Mining di IHSG (Indeks Harga Saham Gabungan) Periode Januari 2016-Agustus. In Journal of Economics Research and Social Sciences (Vol. 2, Issue 1). www.investing.com.
Roychowdhury, S. (2006). Earnings Management Through Real Activities Manipulation. Journal of Accounting and Economics, 42(3), 335–370. https://doi.org/https://doi.org/10.1016/j.jacceco.2006.01.002
Rudyanto, A., & Pirzada, K. (2020). The Role of Sustainability Reporting in Shareholder Perception of Tax Avoidance. Social Responsibility Journal, April. https://doi.org/10.1108/SRJ-01-2020-0022
Simarmata, A. P. P., & Cahyonowati, N. (2014). Pengaruh Tax Avoidance Jangka Panjang terhadap Nilai Perusahaan dengan Kepemilikan Institusional Sebagai Variabel Pemoderasi. Diponegoro Journal of Accounting, 3, 1–13.
Spence, M. (1973). Job Market Signaling. Quarterly Journal of Economics, 90, 225.
Suprianto, E., & Setiawan, D. (2017). | 287 | MANAJEMEN LABA DI INDONESIA: STUDI SEBUAH BIBLIOGRAPI. In Jurnal Keuangan dan Perbankan (Vol. 21, Issue 2).
Surifah. (2017). the Role of Corporate Governance in the Effect Earnings Management Has on Firm Value. Journal of Indonesian Economy and Business, 31(1), 51. https://doi.org/10.22146/jieb.12793
Surya Sampurna, D., Bagio Santoso, J., Tinggi Ilmu Ekonomi Indonesia, S., & Jl Kayu Jati Raya No, J. (2017). Analisi Pengaruh Harga komoditas dan Pasar Modal Dunia terhadap IHSG. In Jurnal STEI Ekonomi (Vol. 26, Issue 02). www.idx.co.id
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
Utomo, M. N., Kaujan, & Pratiwi, S. R. (2019). Peran Kepemilikan Terkonsentrasi Terhadap Nilai Perusahaan Dengan Efisiensi Operasional Sebagai Variabel Mediasi. Jurnal Riset Akuntansi Dan Keuangan, 7(3), 583–600. https://doi.org/10.17509/jrak.v7i3.17602
Utthavi, W. H. (2015). Kepemilikan Terkonsentrasi dan Tax Avoidance pada Perusahaan yang Terdaftar Di Bursa Efek Indonesia. Jurnal Bisnis Dan Kewirausahaan, 14(1), 213–220.
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. https://doi.org/10.1504/IJMP.2016.076741
Published
2022-06-26
How to Cite
MELYAWATI, Melyawati; TRISNAWATI, Estralita.
Dapatkah Kepemilikan Tekonsentrasi Memoderasi Hubungan Tax Avoidance & Manajemen Laba Riil Dengan Nilai Perusahaan?.
E-Jurnal Akuntansi, [S.l.], v. 32, n. 6, p. 1425-1439, june 2022.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/85357>. Date accessed: 26 apr. 2024.
doi: https://doi.org/10.24843/EJA.2022.v32.i06.p03.
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