Pengaruh effective tax rate (etr), leverage, dan profitabilitas terhadap nilai perusahaan dengan kebijakan dividen sebagai variabel moderasi

Maduma, Tatap (2022) Pengaruh effective tax rate (etr), leverage, dan profitabilitas terhadap nilai perusahaan dengan kebijakan dividen sebagai variabel moderasi. Bachelor thesis, Universitas Pelita Harapan.

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Abstract

Nilai perusahaan adalah tujuan utama setiap perusahaan. Penelitian ini menguji hubungan dari tax avoidance, leverage, dan proftiabilitas terhadap nilai perusahaan dan menggunakan kebijakan dividen sebagai variabel moderasi. Tax avoidance diukur menggunakan Cash Effective Tax Rate, leverage diukur menggunakan Debt to Equity Ratio, profitabilitas diukur menggunakan Return On Asset, nilai perusahaan diukur menggunakan Tobins q dan kebijakan dividen menggunakan indikator Dividen Payout Ratio. Data observasi pada penelitian ini sebanyak 600 data dari perusahaan sektor industri yang terdiri dari perusahaan capital goods, commercial and professional services, dan transportasi yang ada di Asia Tenggara yaitu Indonesia, Malaysia, Singapura, Thailand, Vietnam dan Philipina dari tahun 2015– 2020. Penelitian ini menggunakan data sekunder dari S&P Capital IQ dan laporan keuangan perusahaan. Hasil penelitian ini menunjukan bahwa tax avoidance memiliki arah positif namun tidak berpengaruh signifikan terhadap nilai perusahaan, leverage memiliki arah negatif dan berpengaruh signifikan terhadap nilai perusahaan, profitabilitas memiliki arah positif namun tidak berpengaruh signifikan terhadap nilai perusahaan, kebijakan dividen sebagai variabel moderasi memperlemah hubungan positif antara tax avoidance dengan nilai perusahaan, kebijakan dividen sebagai variabel moderasi memperlemah hubungan negatif antara leverage dengan nilai perusahaan, dan kebijakan dividen sebagai variabel moderasi memperlemah hubungan positif antara struktur modal dengan nilai perusahaan./Corporate value is the main goal of every company. This research examines the relationship of tax avoidance, leverage, and profitability to firm value and uses dividend policy as a moderating variable. Tax avoidance is measured using the Cash Effective Tax Rate, leverage is measured using the Debt to Equity Ratio, profitability is measured using Return On Assets, firm value is measured using Tobins q and dividend policy uses the Dividend Payout Ratio indicator. The observation data in this research is from 600 datas of industrial sector companies consisting of capital goods, commercial and professional services, and transportation companies in Southeast Asia, namely Indonesia, Malaysia, Singapore, Thailand, Vietnam and the Philippines from 2015–2020. It uses secondary data from S&P Capital IQ and the company's financial statements. The results of this research indicate that tax avoidance has a positive direction but has no significant effect on firm value, leverage has a negative direction and has a significant effect on firm value, profitability has a positive direction but has no significant effect on firm value, dividend policy as a moderating variable weakens the positive relationship between tax avoidance with firm value, dividend policy as a moderating variable weakens the negative relationship between leverage and firm value, and dividend policy as a moderating variable weakens the positive relationship between capital structure and firm value.

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