Penghindaran Pajak, Indikasi Manipulasi Laporan Keuangan, dan Nilai Perusahaan: Bukti Empiris pada Perusahaan Consumer Non-Cyclicals Subsektor Food and Beverage di Indonesia

Dinda Indira Subagio; Indra Sukma Subagio

Authors

Dinda Indira Subagio, Politeknik Negeri Batam, Indonesia
Indra Sukma Subagio, Politeknik Negeri Semarang, Indonesia

Keywords:

tax avoidance, financial statement manipulation, firm value

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh penghindaran pajak terhadap nilai perusahaan, pengaruh indikasi manipulasi laporan keuangan terhadap nilai perusahaan, serta peran indikasi manipulasi laporan keuangan dalam memoderasi hubungan antara penghindaran pajak dan nilai perusahaan. Penelitian ini menggunakan pendekatan kuantitatif dengan desain eksplanatori dan memanfaatkan data panel perusahaan sektor Consumer Non-Cyclicals subsektor Food and Beverage yang terdaftar di Bursa Efek Indonesia selama periode 2020–2024. Penghindaran pajak diproksikan menggunakan Effective Tax Rate (ETR), indikasi manipulasi laporan keuangan diukur menggunakan Beneish M-Score, dan nilai perusahaan diproksikan dengan Tobin’s Q. Analisis data dilakukan menggunakan regresi data panel dengan pendekatan random effects. Hasil penelitian menunjukkan bahwa penghindaran pajak berpengaruh positif terhadap nilai perusahaan, namun dengan tingkat signifikansi yang relatif lemah. Indikasi manipulasi laporan keuangan terbukti berpengaruh positif dan signifikan terhadap nilai perusahaan, yang mengindikasikan bahwa pasar lebih responsif terhadap informasi yang tercermin dalam laporan keuangan dibandingkan kebijakan pajak. Selanjutnya, hasil penelitian menunjukkan bahwa indikasi manipulasi laporan keuangan tidak memoderasi hubungan antara penghindaran pajak dan nilai perusahaan. Temuan ini menunjukkan bahwa pasar memproses informasi kebijakan pajak dan kualitas pelaporan keuangan secara terpisah dalam menilai perusahaan.

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