Determinan Penghindaran Pajak: Perspektif Teori Risk-Shifting

Hendi Hendi, David Cantona

Abstract


Penelitian ini menginvestigasi pengaruh kesulitan keuangan, ukuran perusahaan, leverage, intensitas modal, market-to-book ratio, dan perbedaan temporer terhadap penghindaran pajak pada perusahaan yang terdaftar di Bursa Efek Indonesia. Penelitian kausal komparatif diterapkan pada penelitian ini. Berdasarkan purposive sampling, sebanyak 444 perusahaan yang terpilih sebagai sampel penelitian. Analisis data dilakukan dengan metode uji regresi linear berganda untuk data panel. Hasil penelitian menunjukkan bahwa kesulitan keuangan dan ukuran perusahaan masing-masing berpengaruh signifikan positif terhadap penghindaran pajak. Kedua variabel tersebut sejalan dengan teori risk-shifting, perusahaan dengan kesulitan keuangan cenderung melakukan praktik penghindaran pajak yang berisiko untuk mempertahankan keberadaan perusahaannya. Perusahaan dengan jumlah aset yang kecil lebih memungkinkan untuk melakukan penghindaran pajak, karena rendahnya sirkulasi kas pada perusahaan yang membuat perusahaan tidak mampu membayar biaya pajak yang dibebankan. Leverage, intensitas modal, market-to-book ratio, dan perbedaan temporer tidak mempunyai pengaruh yang signifikan terhadap penghindaran pajak. Tingkat pinjaman yang telah diatur dan ketatnya pengawasan oleh bank membuat perusahaan semakin sulit untuk menghindari pajak. Perbaikan kinerja operasional melalui investasi aset tetap membuat perusahaan semakin untung dan pajak yang dikenakan semakin meningkat. Kemampuan manajemen perusahaan untuk menghindari pajak dilihat dari pengalaman dan strateginya, sehingga tidak berpengaruh pada nilai pasar perusahaan. Perbedaan signifikan antara laba komersial dan laba fiskal membuat perusahaan berisiko melakukan manajemen laba dibanding dengan menghindari pajak.

 

This study investigates the effect of financial distress, firm size, leverage, capital intensity, market-to-book ratio, and temporary difference on tax avoidance in firms listed in Indonesian Stock Exchange. Comparative causal research was applied to this study. Based on purposive sampling, a total of 444 firms were selected as research samples. Data analysis was performed using the multiple linear regression test method for panel data. The research results indicate that financial distress and firm size each have a significant positive effect. These two variables are in line with the risk-shifting theory, where firms with financial distress tend to carry out risky tax avoidance to maintain the firm’s existence. Firms with small amounts of assets are more likely to do tax avoidance, because of the low cash circulation in the firm which makes the firm unable to pay the tax fees charged. Leverage, capital intensity, market-to-book ratio, and temporary difference do not significantly influence tax avoidance. Regulated borrowing rates and tight supervision by banks make it increasingly difficult for firms to avoid taxes. Improved operational firm performance through fixed assets investment makes the firm more profitable and the tax expense increases. The ability of the firm’s management to avoid taxes is seen from its experience and strategy, so it has no effect on the market value of the firm. The significant difference between current profit and taxable profit puts the company at risk of doing earnings management compared to avoiding taxes.


Keywords


Capital Intensity, Financial Distress, Firm Size, Leverage, Tax Avoidance

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References


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DOI: https://doi.org/10.21107/infestasi.v18i2.15128

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