Articles

Tax Aggressiveness in Indonesia: Insights From CSR, Financial Dynamics, and Governance

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This study explores the impact of CSR, leverage, profitability, and independent commissioners on tax aggressiveness in 45 food and beverage companies on the Indonesian Stock Exchange from 2013 to 2017. The analysis, using multiple linear regression in SPSS, revealed that CSR positively influence tax aggressiveness, while independent commissioners have a negative influence. However, neither profitability nor leverage significantly influences tax aggressiveness. We conducted a sensitivity analysis using different proxy variable for dependent variable and found that CSR and independent commissioner remain significant in both the ETR and BTD models for tax aggressiveness. However, the significance of profitability and leverage differed between the two models. In the ETR model, neither profitability nor leverage was significant. In contrast, in the BTD model, profitability was significant, but leverage was not. Our findings reinforce the importance of CSR, profitability, leverage, and independent commissioners in explaining tax aggressiveness. The study provides insight into the need for regulators to reduce tax aggressiveness by companies.

Internal Factors Affecting Firm Value (Case Study of Manufacturing Companies in Indonesia)

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Despite the pivotal role of the manufacturing sector in the Indonesian economy and its continuous growth, there exists a dearth of comprehensive research on the determinants of firm value within this sector. The lack of understanding regarding how financial factors such as leverage, liquidity, profitability, and firm size impact firm value among manufacturing companies listed on the IDX hinders effective decision-making for investors, creditors, stakeholders, and company management. This study aims to Investigate the effects of firm size, profitability, liquidity, and leverage on firm value is the main purpose of this study, which focuses on manufacturing companies listed on the Indonesia Stock Exchange (IDX). The population comprises manufacturing companies listed on the Indonesia Stock Exchange from 2018 to 2022. Using purposive sampling technique and going through the sampling criteria, a final sample of 82 companies was used in this research. The data analysis method used in this study was a regression analysis using SPSS software. The study revealed that higher debt levels (Leverage) and excessive cash reserves (Liquidity) were linked to decreased firm value. Additionally, the finding also shows that as companies became more profitable, their overall value tended to decrease. On a positive note, larger firms (Firm Size) exhibited higher company value. The findings have implications for investors, creditors, and stakeholders navigating the Indonesian manufacturing sector, providing nuanced insights into financial determinants of firm value. These findings emphasize the importance of a balanced financial strategy for companies and highlight the advantages of size in the economic landscape.

The Effect of Intellectual Capital, Leverage and Company Size on Profitability and its Impact on Company Value of Sub-Sector Food and Beverage Registered on the Indonesian Stock Exchange Period 2012 – 2022

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This study aims to determine the effect of intellectual capital, leverage, and company size on profitability and their impact on company value in the food and beverage sub-sector.

This research is quantitative empirical research using hypothesis research that examines the significant influence and direction of the direct and indirect relationship between the independent variables and the dependent variable through the intervening variable. This study used a sample of food and beverage sub-sector companies listed on the IDX for 2012–2022 using a purposive sampling method where 45 companies were obtained from the population and 14 companies were selected according to predetermined criteria.

Based on statistical test results, it was found that intellectual capital partially had a negative and insignificant effect on profitability, while leverage and company size had a positive and significant effect on profitability. Partially, intellectual capital, leverage and profitability have a positive and significant effect on company value, while company size has a negative and insignificant effect on company value. Partially, the results of the Sobel Test Path Analysis indirectly mean that profitability as an intervening variable is not able to mediate the influence of intellectual capital and leverage on company value, while directly profitability as an intervening variable is able to mediate the influence of company size on company value.

Analysis of the Influence of Earnings Management and Leverage on Company Value Using Good Corporate Governance as a Moderation Variable in Indonesian Stock Exchange Lq45 Companies

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The purpose of this research is to find out the influence of earnings management and leverage on company value with good corporate governance as a moderating variable. The population in this study is LQ45 companies in 2017-2021. The data analysis technique in this research uses panel data analysis and moderated regression analysis (MRA) using the Eviews 10 program. The research results show that: (1) Earnings management has a negative and significant effect on company value. (2) Leverage has a negative and significant effect on company value. (3) Good corporate governance is able to moderate the influence of earnings management on company value. (4) Good corporate governance is unable to moderate the influence of leverage on company value.

The Influencing Factors Firm Value with CSR as a Moderation Variable: A Study of Energy Companies Listed on the IDX in the Period 2014-2022

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The value of a company reflects how investors assess the company. This research aims to analyze the influence of profitability (ROA), leverage (DER), firm size, and asset turnover (TATO) as factors that influence firm value (Tobin’s Q) and uses CSR disclosure as a moderating variable. This research uses a population of energy sector companies listed on the IDX in 2014–2022, which was selected according to criteria, resulting in a research sample of 28 companies with a total of 224 observations. The type of data used is secondary data, and the hypothesis testing used is panel data regression analysis with multiple linear regression tests and interaction moderation tests with the help of R-Studio software. The research results show that profitability has a positive effect on firm value, while leverage, firm size, and asset turnover do not affect firm value. CSR disclosure is unable to moderate profitability, leverage, firm size, and asset turnover based on firm value.

The Role of Profitability in Moderating the Influence of Liquidity and Leverage on Audit Opinion

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The auditor issued an audit opinion to determine the risk of uncertainty regarding the condition of the company to continue operating where COVID-19 is spreading rapidly. This research aims to look at the influence of liquidity and leverage on audit opinion in the consumer goods sector listed on the Indonesia Stock Exchange in 2020, with profitability as a moderation variable. The research model uses a causal-comparative design and binary logistic regression analysis with secondary data types. 188 consumer goods sector companies listed on the Indonesia Stock Exchange, in 2020, met the criteria for being the research sample. The results of the study showed that liquidity and leverage simultaneously affect audit opinion. Partially, liquidity has no influence on audit opinion, while leverage partially affects audit opinion. Profitability as moderation is able to strengthen the influence of liquidity on opinions but is not able to moderate the influence of leverage on audit opinions. The limitation in this study is that it only selects the company’s internal factors. Further researchers are expected to consider other free variables such as auditor turnover, and opinions submitted by auditors in the previous period, as well as using other sectors such as the real estate property sector. The leverage factor can be used as reference data for auditors to see how the company is able to maintain the condition of the company to avoid bankruptcy in the pandemic.

The Effect of Liquidity, Leverage, and Profitability on Financial Distress with Audit Committee as a Moderating Variable

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This study examines the effect of liquidity, leverage, and profitability on financial distress with the audit committee as a moderating variable. This study used secondary data from the annual reports of manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2016 to 2019. The research sample was selected using purposive sampling, and 33 companies were obtained as the study samples. The data were then analyzed using the logistic linear regression method with SPSS ver 26 software. The study results found that liquidity and profitability had a negative effect on financial distress, whereas leverage had a positive effect on financial distress. In addition, the study also found that the audit committee enhanced the effect of liquidity and profitability on financial distress. In contrast, the audit committee reduced the effect of leverage on financial distress.