The impact of profitability, liquidity towards firm value with tax avoidance as intervening variable of food and beverage company listed on Indonesia stock exchange

Winata, Jessica (2022) The impact of profitability, liquidity towards firm value with tax avoidance as intervening variable of food and beverage company listed on Indonesia stock exchange. Bachelor thesis, Universitas Pelita Harapan.

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Abstract

This study aimed to analyze the effect of profitability and liquidity on firm value through tax avoidance as intervening variables. Profitability is proxied by the return on assets (ROA), the liquidity assessed by the current ratio (CR), firm value proxied by Tobin’s Q, and tax avoidance proxied by CETR. This research was conducted on the manufacturing companies in the food and beverage sub-sector listed on the Indonesia Stock Exchange period 2018-2020 with 38 companies. Purposive sampling was used in this study, which resulted in 16 companies that meet the criteria. Therefore, the total research data during the observation period from 2018-2020 are 48 samples. Path analysis was used as an analytical technique with the SPSS version 25 software. The first structure of this research shows that both profitability and liquidity do not have a significant effect toward tax avoidance, and the second structure shows that profitability has a significant effect toward Firm Value, whereas liquidity has no significant effect toward Firm Value. Tax avoidance has a significant effect toward Firm Value. The direct effect of profitability on firm value is known to be 0.646, while the indirect effect is -0,071. It shows the direct is greater; therefore, indirectly through Tax Avoidance does not have a dominant effect on the firm value. The direct effect of liquidity on firm value is known to be -0.179, whereas the indirect effect of -0,049 shows that the indirect is greater; therefore, indirectly through Tax Avoidance has a dominant effect on the firm value./ Penelitian ini bertujuan untuk menganalisis pengaruh profitabilitas dan likuiditas terhadap nilai perusahaan melalui penghindaran pajak sebagai variabel intervening. Profitabilitas diproksikan dengan return on assets (ROA), likuiditas dinilai dengan current ratio (CR), nilai perusahaan diproksikan dengan Tobin's Q, penghindaran pajak diproksikan dengan CETR. Penelitian ini dilakukan pada perusahaan manufaktur pada subsektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia periode 2018-2020 sebanyak 38 perusahaan. Purposive sampling digunakan dalam penelitian ini yang menghasilkan 16 perusahaan yang memenuhi kriteria. Dengan demikian, total data penelitian selama periode pengamatan 2018-2020 adalah 48 sampel. Analisis jalur digunakan sebagai teknik analisis dengan perangkat lunak SPSS versi 25 Struktur pertama penelitian ini menunjukkan bahwa profitabilitas dan likuiditas tidak berpengaruh signifikan terhadap penghindaran pajak, dan struktur kedua menunjukkan bahwa profitabilitas berpengaruh signifikan terhadap Nilai Perusahaan, sedangkan likuiditas tidak berpengaruh signifikan terhadap Nilai Perusahaan. Penghindaran pajak berpengaruh signifikan terhadap Nilai Perusahaan. Pengaruh langsung profitabilitas terhadap nilai perusahaan diketahui sebesar 0,646, sedangkan pengaruh tidak langsung sebesar -0,071 menunjukkan pengaruh langsung lebih besar sehingga secara tidak langsung melalui Penghindaran Pajak tidak berpengaruh dominan terhadap nilai perusahaan. Pengaruh langsung likuiditas terhadap nilai perusahaan diketahui sebesar -0,179, sedangkan pengaruh tidak langsung sebesar -0,049 menunjukkan bahwa pengaruh tidak langsung lebih besar sehingga secara tidak langsung melalui Penghindaran Pajak berpengaruh dominan terhadap nilai perusahaan.

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