Penghindaran Pajak dan Nilai Perusahaan: Modal Intelektual Sebagai Pemoderasi

Januar  Khaled; Yulianti Abbas

doi:10.33395/owner.v8i2.2309

Authors

Januar Khaled Fakultas Ekonomi dan Bisnis Universitas Indonesia, Depok, Jawa Barat, Indonesia
Yulianti Abbas Fakultas Ekonomi dan Bisnis Universitas Indonesia, Depok, Jawa Barat, Indonesia

DOI:

10.33395/owner.v8i2.2309

Keywords:

Agency Problem; Corporate Governanc; Intellectual capital; Investors; Taxation

Abstract

Each company will evaluate the performance that has been carried out using company value as an indicator. Company value is the real value that comes from the investor's perspective which relates the company to the share price. The aim of this research is to analyze the relationship between tax avoidance and company value, and the moderating influence of intellectual capital on the relationship between tax avoidance and company value. The data used in this research are all companies listed on the IDX in 2018-2022. The research sample after purposive sampling was carried out was 175 companies. This research uses unbalanced panel data, so the total data sample is 627. The research results show that tax avoidance is negatively related to company value and intellectual capital cannot moderate the relationship between tax avoidance and company value. The conclusion of this research is to prove that tax avoidance has a negative effect on company value, so that if a company engages in tax avoidance behavior it will reduce the value of the company related to agency problems, and this research explains that when intellectual capital is used as a moderator it shows results that are not related to company value. , this explains that the company's intellectual capital has no effect when there is a agency problem.

Downloads

Download data is not yet available.

Plum-X Analityc

References

Adeyani Tandean, V. (2016). The Effect of Good Corporate Governance on Tax Avoidance: An Empirical Study on Manufacturing Companies Listed in IDX period 2010-2013. In Asian Journal of Accounting Research (Vol. 1). DOI: 10.1108/AJAR-2016-01-01-B004

Bemby S., B., Mukhtaruddin, Hakiki, A., & Ferdianti, R. (2015). Intellectual capital,firm value and ownership structure as moderating variable: Empirical study on banking listed in indonesia stock exchange period 2009-2012. Asian Social Science, 11(16), 148–159. https://doi.org/10.5539/ass.v11n16p148

Bontis, N., Chua, W., Keow, C., & Richardson, S. (2000). IC in Malaysian industries Intellectual capital and business performance in Malaysian industries. In Journal of Intellectual Capital (Vol. 1, Issue 1). # MCB University Press. http://www.emerald-library.com. DOI: 10.1108/14691930010324188

Brealey, R. A. (2011). Principles of corporate finance. New York, NY: McGraw-Hill/Irwin.11, No. 16. ISBN: 1264080948

Butt, I., & Ahmed, Z. (2021). Nexus of Tax Avoidance and Firm Value in Pakistan: Moderating Role of Board Independence. In NUML International Journal of Business & Management (Vol. 16, Issue 2). Online. DOI: 10.52015/nijbm.v16i2.73

Cheng, C. S. A., He Huang, H., Li, Y., & Stanfield, J. (2012). The Effect of Hedge Fund Activism on Corporate Tax Avoidance. The Accounting Review (2012) 87 (5): 1493–1526. DOI: 10.2308/accr-50195

Djamil, A. B., Razafindrambinina, D., & Tandeans, C. (2013). The Impact of Intellectual Capital on a Firm’s Stock Return: Evidence from Indonesia. Journal of Business Studies Quarterly, 5. ID dokumen ProQuest: 1503664372

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

Dyreng, S. D., Hanlon, M., & Maydew, E. L. (2008). Long-run corporate tax avoidance. Accounting Review, 83(1), 61–82. DOI: 10.2308/accr.2008.83.1.61

Firer, S., & Mitchell Williams, S. (2003). Intellectual capital and traditional measures of corporate performance. Journal of Intellectual Capital, 4(3), 348–360. DOI: 10.1108/14691930310487806

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. DOI: 10.1108/ARA-03-2022-0052

Inger, K. K., Cloyd, B., Hansen, B., Mansi, S., & Salbador, D. (2014). Relative Valuation of Alternative Methods of Tax Avoidance. Journal of the American Taxation Association DOI: 10.2308/atax-50606

Ismiyatun, I., Aryani, N., & Ispriyahadi, H. (2021). Determinants of firm value: evidence from listed insurance companies in Indonesia. Diponegoro International Journal of Business, 4(2), 82–94. https://doi.org/10.14710/dijb.4.2.2021.82-94

Jensen, M. C., & Meckling, W. H. (1976). Theory of The Firm: Managerial Behavior, Agency Costs and Ownership Structure. In Journal of Financial Economics (Vol. 3). Q North-Holland Publishing Company. https://doi.org/10.1016/0304-405X(76)90026-X

Kirchler, E., Maciejovsky, B., & Schneider, F. (2003). Everyday representations of tax avoidance, tax evasion, and tax flight: Do legal differences matter? Journal of Economic Psychology, 24(4), 535–553. https://doi.org/10.1016/S0167-4870(02)00164-2

Manzaneque, M., Ramírez, Y., & Diéguez-Soto, J. (2017). Intellectual capital efficiency, technological innovation and family management. Innovation: Organization and Management, 19(2), 167–188. https://doi.org/10.1080/14479338.2016.1272828

Marr, B., & Moustaghfir, K. (2005). Defining intellectual capital: A three-dimensional approach. Management Decision, 43(9), 1114–1128. https://doi.org/10.1108/00251740510626227

Minh Ha, N. M., Tuan Anh, P., Yue, X. G., & Hoang Phi Nam, N. (2021). The impact of tax avoidance on the value of listed firms in Vietnam. Cogent Business and Management, 8(1). DOI: 10.1080/23311975.2021.1930870

Pulic, A. (1998), “Measuring the performance of intellectual potential in knowledge economy”

Salinger, M. A. (1984). Tobin’s q, Unionization, and the Concentration-Profits Relationship Tobin’s q, unionizaton, and the concentration-profits relationship. In Source: The RAND Journal of Economics (Vol. 15, Issue 2). DOI: 10.2307/2555673

Sawarjuwono, T., & Kadir, A. P. (2003). Intellectual Capital: Perlakuan, Pengukuran dan Pelaporan (Sebuah Library Research). Jurnal Akuntansi & Keuangan, Vol. 5, No. 1. https://doi.org/10.9744/jak.5.1.pp.%2035-57

Shapiro, S. P. (2005). Agency theory. In Annual Review of Sociology (Vol. 31, pp. 263–284). https://doi.org/10.1146/annurev.soc.31.041304.122159

Subaida, I., & Mardiati, N. E. (2018). Effect of Intellectual Capital and Intellectual Capital Disclosure on Firm Value. DOI: 10.21776/ub.jam.2018.016

Tan, H. P., Plowman, D., & Hancock, P. (2007). Intellectual capital and financial returns of companies. Journal of Intellectual Capital, 8(1), 76–95. DOI: 10.1108/14691930710715079

Titisari, K. H., Moeljadi, Ratnawati, K., & Indrawati, N. K. (2019). The roles of cost of capital, corporate governance, and corporate social responsibility in improving firm value: Evidence from Indonesia. Investment Management and Financial Innovations, 16(4), 28–36. DOI: 10.21511/imfi.16(4).2019.03

Tseng, C.-Y., & James Goo, Y.J. (2005). Intellectual capital and corporate value in an emerging economy: empirical study of Taiwanese manufacturers. R&D Management. DOI: 10.1111/j.1467-9310.2005.00382.x

Vitolla, F., Salvi, A., Raimo, N., Petruzzella, F., & Rubino, M. (2020). The impact on the cost of equity capital in the effects of integrated reporting quality. Business Strategy and the Environment, 29(2), 519–529. https://doi.org/10.1002/bse.2384