APAKAH PRAKTIK PENGHINDARAN PAJAK MENINGKATKAN NILAI PERUSAHAAN?

Yenni Mangoting, Oviliani Yenty Yuliana, Angelina Yulianto, Meivina Meivina

Abstract


Abstrak - Apakah Praktik Penghindaran Pajak Meningkatkan Nilai Perusahaan?

Tujuan Utama - Penelitian menguji baik pengaruh penghindaran pajak atas nilai perusahaan serta efek interaksi penghindaran pajak dan risiko pajak terhadap nilai perusahaan.

Metode - Penelitian ini menggunakan metode regresi linear berganda. Sampel penelitian adalah perindustrian manufaktur yang tercantum pada BEI untuk periode 2017-2021.

Temuan Utama - Penelitian ini menunjukkan bahwa penghindaran perpajakan memberi pengurangan nilai perusahaan. Efek interaksi melalui uji moderasi menunjukkan bahwa perusahaan dengan risiko pajak tinggi memperkuat pengaruh penghindaran pajak. Namun interaksi tersebut berdampak pada menurunnya nilai perusahaan.

Implikasi Teori dan Kebijakan - Pada aspek teori, penelitian ini menunjukkan teori agensi relevan dalam penghindaran pajak. Pada aspek praktik, penelitian ini merekomendasikan otoritas pajak untuk merumuskan sistem internal kontrol perusahaan yang menyajikan dan mengungkapkan informasi mengenai aspek perpajakan dan analisis risikonya.

Kebaruan Penelitian – Kebaruan penelitian ini nampak dari uji pengaruh interaktif dari penghindaran pajak serta risiko pajak pada nilai perusahaan

 

Abstract - Do Tax Avoidance Practices Increase Company Value?

Main Purpose - The research examines the effect of tax avoidance on firm value and the interaction effect of tax avoidance and tax risk on firm value.

Method - This research uses the multiple linear regression method. The research sample is the manufacturing industry listed on the IDX for 2017-2021.

Main Findings - This research shows that tax avoidance reduces company value. The interaction effect through the moderation test shows that companies with high tax risk strengthen the effect of tax avoidance. However, this interaction has an impact on decreasing company value.

Theory and Practical Implications - In the theoretical aspect, this research shows that agency theory is relevant to tax avoidance. In the practical aspect, this research recommends that tax authorities formulate a company internal control system that presents and discloses tax aspects and risk analysis information.

Novelty - The novelty of this research appears from testing the interactive influence of tax avoidance and tax risk on company value


Keywords


investor; laba; nilai perusahaan; penghindaran pajak

Full Text:

PDF

References


Abdul-Wahab, E. A., Ariff, A. M., Marzuki, M. M., & Sanusi, Z. M. (2017). Political Connections, Corporate Governance, and Tax Aggressiveness in Malaysia. Asian Review of Accounting, 25(3), 424–451. https://doi.org/10.1108/ARA-05-2016-0053

Achsani, N. A., Rezki, M. A., & Sasongko, H. (2020). How Does Tax Avoidance Affect Firm Value? (Lessons from SOE and Indonesian Private Companies). Indonesian Journal of Business and Entrepreneurship, 6(3), 215–227. https://doi.org/10.17358/ijbe.6.3.215

Alkurdi, A., Hamad, A., Thneibat, H., & Elmarzouky, M. (2021). Ownership Structure’s Effect on Financial Performance: An Empirical Analysis of Jordanian Listed Firms. Cogent Business & Management, 8(1), 1939930. https://doi.org/10.1080/23311975.2021.1939930

Alkurdi, A., & Mardini, G. H. (2020). The Impact of Ownership Structure and the Board of Directors’ Composition on Tax Avoidance Strategies: Empirical Evidence from Jordan. Journal of Financial Reporting and Accounting, 18(4), 795–812. https://doi.org/10.1108/JFRA-01-2020-0001

Ansari, I. F., Goergen, M., & Mira, S. (2021). Earnings Management around Founder CEO Reappointments and Successions in Family Firms. European Financial Management, 27(5), 925-958. https://doi.org/10.1111/eufm.12307

Arieftiara, D., Rahayu, N., Utama, S., & Wardhani, R. (2019). Contingent Fit between Business Strategies and Environmental Uncertainty. Meditari Accountancy Research, 28(1), 139–167. https://doi.org/10.1108/MEDAR-05-2018-0338

Assidi, S., Aliani, K., & Omri, M. A. (2016). Tax Optimization and the Firm’s Value: Evidence from the Tunisian Context. Borsa Istanbul Review, 16(3), 177–184. https://doi.org/10.1016/j.bir.2016.04.002

Athira, A., & Ramesh, V. K. (2023). COVID-19 and Corporate Tax Avoidance: International Evidence. International Business Review, 32(4), 102–143. https://doi.org/https://doi.org/10.1016/j.ibusrev.2023.102143

Baghdadi, G., Podolski, E. J., & Veeraraghavan, M. (2022). CEO Risk-Seeking and Corporate Tax Avoidance: Evidence from Pilot CEOs. Journal of Corporate Finance, 76, 102282. https://doi.org/10.1016/j.jcorpfin.2022.102282

Chen, W. (2020). Too Far East is West: Tax Risk, Tax Reform and Investment Timing. International Journal of Managerial Finance, 17(2), 303–326. https://doi.org/10.1108/IJMF-03-2020-0132

Chen, W. (2021). Tax Risks Control and Sustainable Development: Evidence from China. Meditari Accountancy Research, 29(6), 1381–1400. https://doi.org/10.1108/MEDAR-05-2020-0884

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

Choi, P. M., Chung, C. Y., & Kim, D. (2020). Corporate Tax, Financial Leverage, and Portfolio Risk. The North American Journal of Economics and Finance, 54, 101264. https://doi.org/10.1016/j.najef.2020.101264

Devereux, M. P., Maffini, G., & Xing, J. (2018). Corporate Tax Incentives and Capital Structure: New Evidence from UK Firm-Level Tax Returns. Journal of Banking & Finance, 88, 250-266. https://doi.org/10.1016/j.jbankfin.2017.12.004

Drake, K. D., Lusch, S. J., & Stekelberg, J. (2019). Does Tax Risk Affect Investor Valuation of Tax Avoidance? Journal of Accounting, Auditing & Finance, 34(1), 151–176. https://doi.org/10.1177/0148558X17692674

Duan, T., Ding, R., Hou, W., & Zhang, J. Z. (2018). The Burden of Attention: CEO Publicity and Tax Avoidance. Journal of Business Research, 87, 90-101. https://doi.org/10.1016/j.jbusres.2018.02.010

Firmansyah, A., & Muliana, R. (2018). The Effect of Tax Avoidance and Tax Risk on Corporate Risk. Jurnal Keuangan dan Perbankan, 22(4), 643–656. https://doi.org/10.26905/jkdp.v22i4.2237

Guedrib, M., & Marouani, G. (2023). The Interactive Impact of Tax Avoidance and Tax Risk on the Firm Value: New Evidence in the Tunisian Context. Asian Review of Accounting, 31(2), 203–226. https://doi.org/10.1108/ARA-03-2022-0052

Hamza, T., & Zaatir, E. (2021). Does Corporate Tax Aggressiveness Explain Future Stock Price Crash? Empirical Evidence from France. Journal of Financial Reporting and Accounting, 19(1), 55–76. https://doi.org/10.1108/JFRA-01-2020-0018

Huang, W., Ying, T., & Shen, Y. (2018). Executive Cash Compensation and Tax Aggressiveness of Chinese Firms. Review of Quantitative Finance and Accounting, 51(4), 1151-1180. https://doi.org/10.1007/s11156-018-0700-2

Ifada, L. M. I., Ghoniyah, N., & Nurcahyono. (2023). How Does Tax Avoidance and Profitability Influence Firm’s Intrinsic Value? Jurnal Akuntansi Multiparadigma, 14(1), 115–125. https://doi.org/https://doi.org/10. 21776/ub.jamal.2023. 14.1.08

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

Laurin, C., Moore, M., & Vining, A. (2022). Listed Public–Private Enterprises: Stock Market Information, Agency Costs, and Productive Efficiency Outcomes. International Journal of Public Sector Management, 35(4), 388–409. https://doi.org/10.1108/IJPSM-02-2021-0050

Lin, X., Liu, M., So, S., & Yuen, D. (2019). Corporate Social Responsibility, Firm Performance, and Tax Risk. Managerial Auditing Journal, 34(9), 1101–1130. https://doi.org/10.1108/MAJ-04-2018-1868

Martins, A. F. (2017). Accounting Information and its Impact in Transfer Pricing Tax Compliance: A Portuguese View. EuroMed Journal of Business, 12(2), 207–220. https://doi.org/10.1108/EMJB-11-2016-0029

Martins, A. F. (2019). Country Note: Three Emblematic Measures in Portuguese Business Taxation: A Preliminary Quantitative Appraisal. Intertax, 47(6/7), 652-662. https://doi.org/10.54648/taxi2019063

Martono, S., Yulianto, A., Witiastuti, R. S., & Wijaya, A. P. (2020). The Role of Institutional Ownership and Industry Characteristics on the Propensity to Pay Dividend: An Insight from Company Open Innovation. Journal of Open Innovation: Technology, Market, and Complexity, 6(3), 74. https://doi.org/10.3390/joitmc6030074

Marwat, J., Rajput, S. K. O., Dakhan, S. A., Kumari, S., & Ilyas, M. (2023). Tax Avoidance as Earning Game Player in Emerging Economies: Evidence from Pakistan. South Asian Journal of Business Studies, 12(2), 186–201. https://doi.org/10.1108/SAJBS-10-2020-0379

Mubyarto, N., & Khairiyani. (2019). Kebijakan Investasi, Pendanaan, dan Dividen sebagai Determinan Nilai Perusahaan. Jurnal Akuntansi Multiparadigma, 10(2), 328-341. https://doi.org/10.18202/jamal.2019.08.10019

Mugarura, N. (2018). Can “Harmonization” Antidote Tax Avoidance and Other Financial Crimes Globally? Journal of Financial Crime, 25(1), 187–209. https://doi.org/10.1108/JFC-06-2016-0045

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

Neuman, S. S., Omer, T. C., & Schmidt, A. P. (2020). Assessing Tax Risk: Practitioner Perspectives. Contemporary Accounting Research, 37(3), 1788–1827. https://doi.org/10.1111/1911-3846.12556

Pirzada, K., & Rudyanto, A. (2021). The Role of Sustainability Reporting in Shareholder Perception of Tax Avoidance. Social Responsibility Journal, 17(5), 669–685. https://doi.org/10.1108/SRJ-01-2020-0022

Puspita, A. F., Pusposari, D., & Firmanto, Y. (2021). Apakah Teori Fraud Pentagon Relevan dalam Mendeteksi Penggelapan Pajak? Jurnal Akuntansi Multiparadigma, 12(3), 531-546. https://doi.org/10.21776/ub.jamal.2021.12.3.30

Rahmawati, I. P., & Nurhidayah, L. I. (2022). Mengkuak Praktik Penghindaran Pajak pada Perusahaan Nonkeuangan. Jurnal Akuntansi Multiparadigma, 13(2), 393–403. https://doi.org/10.21776/ub.jamal.2022.13.2.29

Salami, S., & Salehi, M. (2020). Corporate Tax Aggression and Debt in Iran. Journal of Islamic Accounting and Business Research, 11(1), 257–271. https://doi.org/10.1108/JIABR-10-2016-0127

Sánchez-Ballesta, J. P., & Yagüe, J. (2023). Tax Avoidance and the Cost of Debt for SMEs: Evidence from Spain. Journal of Contemporary Accounting & Economics, 19(2), 100362. https://doi.org/10.1016/j.jcae.2023.100362

Saragih, A. H., & Ali, S. (2023). The Impact of Managerial Ability on Corporate Tax Risk and Long-Run Tax Avoidance: Empirical Evidence from a Developing Country. Corporate Governance, 23(5), 1117–1144. https://doi.org/10.1108/CG-08-2022-0346

Seifzadeh, M. (2022). The Effectiveness of Management Ability on Firm Value and Tax Avoidance. Journal of Risk and Financial Management, 15(11), 539. https://doi.org/10.3390/jrfm15110539

Sreesing, P. (2018). Taxes and Risk-Taking Behavior: Evidence from Mergers and Acquisitions in the G7 Nations. The Journal of Risk Finance, 19(3), 277–294. https://doi.org/10.1108/JRF-12-2016-0170

Xiao, R., Li, G., & Wu, Y. (2022). Environmental Protection Tax and Corporate Capital Structure. Emerging Markets Finance and Trade, 58(12), 3416-3424. https://doi.org/10.1080/1540496x.2022.2049970

Zeng, T. (2019). Relationship between Corporate Social Responsibility and Tax Avoidance: International Evidence. Social Responsibility Journal, 15(2), 244–257. https://doi.org/10.1108/SRJ-03-2018-0056

Zhao, L., & Fang, H. (2022). Investment Incentives and Leverage: Evidence from China’s Accelerated Depreciation Policy. The World Economy, 45(11), 3625-3649. https://doi.org/10.1111/twec.13273

Zirgulis, A., Huettinger, M., & Misiunas, D. (2021). No Woman, No Aggressive Tax Planning? A Study on CEO Gender and Effective Tax Rates in the Lithuanian Retail Sector. Review of Behavioral Finance, 14(3), 394-409. https://doi.org/10.1108/rbf-09-2020-0232




DOI: http://dx.doi.org/10.21776/ub.jamal.2023.14.2.21

Refbacks

  • There are currently no refbacks.


Copyright (c) 2023 Yenni Mangoting, Oviliani Yenty Yuliana, Angelina Yulianto, Meivina

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.