EFEK MODERASI KEBIJAKAN DIVIDEN DAN KEPEMILIKAN INSTITUSIONAL PADA HUBUNGAN TAX AVOIDANCE DAN NILAI PERUSAHAAN (Studi Empiris pada Perusahaan Indeks LQ45 periode 2015-2019)
Main Article Content
Abstract
This study was conducted to review the relationship between firm value and tax behavior by
including dividend policy and institutional ownership as moderating variables. The object of
research is the companies that are members of the LQ45 index for the 2015-2019 period with
a total sample of 9 companies. Data analysis used descriptive analysis and verification
analysis through the Moderated Regression Analysis (MRA) test. The results obtained that
tax avoidance has no effect on firm value, dividend policy is proven to be a moderating
variable that can weaken the relationship between tax avoidance and firm value, and
institutional ownership cannot provide a moderating effect on the relationship between tax
avoidance and firm value. This study suggests that LQ45 index companies increase the
portion of the dividend policy given, so as to increase investor interest in the company's
shares, in addition to looking at the value of their profits. Further research is suggested to
return to using institutional ownership as a moderating variable because in this study it was
found to have the potential to be a moderating on firm value.
Article Details
References
Alghifari, E. S., Triharjono, S., & Juhaeni, Y. S. (2013). Effect of return on assets (roa)
against tobin‟s q: studies in food and beverage company in indonesia stock
exchange years 2007-2011. International Journal of Science and Research, 2(1),
–7064.
Apsari dan Setiawan. (2018). Pengaruh Tax Avoidance terhadap Nilai Perusahaan dengan
Kebijakan Dividen sebagai Variabel Moderasi. E-Jurnal Akuntansi Universitas
Udayana Vol.23.3
Astuti & Aryani. (2017). Tren Penghindaran Pajak Perusahaan Manufaktur Di Indonesia
Yang Terdaftar di BEI Tahun 2001-2014. Jurnal Akuntansi/Volume XX, No. 03
Ayers, B.C., Jiang, J. and Laplante, S.K. (2009). Taxable income as a performance
measure: the effects of tax planning and earnings quality. Contemporary
Accounting Research Vol. 26 No. 1, pp. 15-54.
Balakrishnan, K., Blouin, J. and Guay, W. (2011). Does tax aggressiveness reduce
financial reporting transparency? Journal of Accounting Seminar
Budagaga. (2017). Dividend payment and its impact on the value of firms listed on
istanbul stock exchange: a residual income approach. International Journal of
Economics and Financial Issues, 7(2), 370–376
Chen, Xudong., Na Hu., and Xue Wang. (2014). Tax avoidance and firm value: evidence
from China Nankai. Business Review International Vol. 5 No. 1
Desai, M.A., Dyck, A. and Zingales, L. (2007). Theft and taxes. Journal of Financial
Economics Vol. 84 No. 3, pp. 591-623
Desai dan Dharmapala. (2009). Corporate Tax Avoidance and Firms Value. The review
of Economics and Statistics, 91(3)
Fadillah. (2019). Pengaruh Tax Avoidance Terhadap Nilai Perusahaan Dengan
Kepemilikan Institusional Sebagai Variabel Moderasi. JIAFE (Jurnal Ilmiah
Akuntansi Fakultas Ekonomi) Vol. 4 No. 1
Fama, E. F., & French, K. R. (1998). Value versus growth: The international evidence.
Journal of Finance, 53(6), 1975–1999.
Farrukh, K., Irshad, S., Shams Khakwani, M., Ishaque, S., & Ansari, N. (2017). Impact
of dividend policy on shareholder wealth and firm performance in Pakistan.
Cogent Business and Management, 4(1), 1–11.
Frank, M.M., Lynch, L.J. and Rego, S.O. (2009). Tax reporting aggressiveness and its
relation to aggressive financial reporting. The Accounting Review, Vol. 84 No. 2,
pp. 467-496.
Ftouhi, K., Ayed, A., & Zemzem, A. (2015). Tax Planning and Firm Value: Evidence
from European Companies. International Journal Economics & Strategic
Management of Business Process, 4(3), 1–5.
Ghozali, Imam. (2016). Aplikasi Analisis Multivariete dengan Program IBM SPSS.
Semarang: Badan penerbit Universitas Dipenogoro.
Giriati. (2016). Free cash flow, dividend policy, investment opportunity set, opportunistic
behavior and firm‟s value: (a study about agency theory). Procedia - Social and
Behavioral Sciences, 219, 248–254.
Hanlon dan Heitzman. (2010). A Review of Tax Research. Journal of Accounting and
Economics 50, pp:127 – 178.
Ilmiani dan Sutrisno. (2014). Pengaruh Tax avoidance terhadap Nilai Perusahaan dengan
Transparansi Perusahaan Sebagai Variabel Moderating. Jurnal Ekonomi dan
Bisnis, 14(1), hal:30-39.
Jessica dan Toly. (2014). Pengaruh Pengungkapan Corporate Social Responsibilty
Terhadap Agresivitas Pajak. Tax & Accounting Review, 4(1), 222
Lambert, R.A., Leuz, C. and Verrecchia, R.E. (2007). Accounting information,
disclosure, and the cost of capital. Journal of Accounting Research, Vol. 45 No. 2,
pp. 385-420
Mahaetri dan Muliati. (2020). Pengaruh Tax Avoidance terhadap Nila Perusahaan
Dengan Good Corporate Governance sebagai Variabel Moderasi. Hita Akuntansi
dan Keuangan Universitas Hindu Indonesia 2020
Miller & Modigliani. (1961). Dividend policy, growth, and the valuation of shares. The
Journal of Business, 34(4), 411–433.
Murekefu, T. M., & Ouma, O. P. (2012). The relationship between dividend payments
and firm performance: A study of listed companies in morocco. European
Scientific Journal, ESJ, 8(9), 199–215
Murtaza, M., Iqbal, M. M., Ullah, Z., Rasheed, H., & Basit, A. (2018). An analytical
review of dividend policy theories akademia baru. Journal of Advanced Research
in Business and Management Studies, 1(1), 62–76
Mustapha, M., & Ayoib, C. A. (2011). Agency theory and managerial ownership:
Evidence from malaysia. Managerial Auditing Journal, 26(5)
Nugraha dan Setiawan. (2019). Pengaruh Penghindaran Pajak (Tax Avoidance) Pada
Nilai Perusahaan Dengan Transparansi Sebagai Variabel Pemoderasi. E-Jurnal
Akuntansi Universitas Udayana, 26(1), 398–425.
Nugroho dan Agustia. (2017). Corporate Governance, Tax Avoidance, and Firm Value.
AFEBI Accounting Review Vol 02 No 02
Nurhanimah, dkk. (2019). Pengaruh Earnings Management Dan Tax Avoidance
Terhadap Nilai Perusahaan Dengan Struktur Kepemilikan Sebagai Moderating
Variable Pada Perusahaan Kelompok Lq45 Di Bei Tahun 2013-2016. Journal of
Business Administration Vol 3 No 1
Nwaorgu, I. A., & Uzoegbu, J. N. (2018). Nwaorgu, I. A., & Uzoegbu, J. N. (2018).
Impact of dividend policy on the value of firms. Archives of Business Research,
(8), 310–325.
Panda, B., & Leepsa, N. M. (2017). Agency theory: Review of theory and evidence on
problems and perspectives. Indian Journal of Corporate Governance, 10(1), 74-
Pohan, Chairil Anwar. (2016). Manajemen Perpajakan. Jakarta: Gramedia Pustaka Utama
Pradnyana. (2017). Pengaruh Perencanaan Pajak terhadap Nilai Perusahaan dengan
Transparansi Perusahaan sebagai Variabel Moderasi. Jurnal Akuntansi, 18(2),
hal:1398-1425.
Prasiwi. (2015). Pengaruh Penghindaran Pajak terhadap Nilai Perusahaan: Transparansi
Informasi sebagai Variabel Pemoderasi. Diponegoro of Journal Accounting Vol 1
No 11
Rikotama, I. G., Setiawan, P. E., & Jati, I. K. (2018). Pengaruh Penghindaran Pajak
Jangka Panjang Terhadap Nilai Perusahaan dengan Kepemilikan Saham
Institusional Sebagai Variabel Pemoderasi. E-Jurnal Akuntansi Universitas
Udayana, 23(2), 927–956.
Sabrin, Satria, Buyung S, D. T. dan S. (2016). The Effect of profitability on firm value in
manufacturing company at indonesia stock exchange. The International Journal
of Enginering And Science (IJES).
Santa, S. L. L., & Rezende, A. J. (2016). Corporate tax avoidance and firm value:
evidence from Brazil. Revista Contemporânea de Contabilidade, 13(30),
Saskia, dkk. (2020). Pengaruh Tax Avoidance Terhadap Nilai Perusahaan Dengan
Kebijakan Dividen Sebagai Variabel Moderasi (Studi Pada Perusahaan
Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Periode 2016-2018). Jurnal
Sekolah Tinggi Ilmu Ekonomi Indonesia 2020
Tore. (2017). Rethinking Agency Theory in Companies with Concentrated Ownership.
International Journal of Business and Management Studies, 9(1), 80-91.
Undang-Undang Nomor 28 tahun 2007 tentang Ketentuan Umum Perpajakan
Violeta dan Sherly. (2020). Pengaruh Manajemen Laba dan Tax Avoidance terhadap
Nilai Perusahaan (Studi Empiris pada Perusahan Perbankan yang Terdaftar di
Bursa Efek Indonesia pada Tahun 2014-2018). Wahana Riset Akuntansi Vol8 No1
Wanami dan Merkusiwati. (2019). Pengaruh Penghindaran Pajak pada Nilai Perusahaan
dengan Kebijakan Hutang Sebagai Variabel Pemoderasi. E-Jurnal Akuntansi
Universitas Udayana, 27(1), 446–474.
Yee, dkk., (2018). Tax Avoidance, Corporate Governance and Firm Value in The Digital
Era. Journal of Accounting and Investment, 19 (2)