Pengaruh Tax Planning dan GCG Terhadap Nilai Perusahaan Pada Sektor Indsutri Yang Terdaftar di BEI

Abstract

ABSTRACT

The objective of this study is to analyze the influence of tax planning and good corporate governance on company value in the industrial sector, particularly the industrial services sub-sector listed on the Indonesia Stock Exchange (IDX) during the period 2020–2023. A quantitative approach with an associative method was used, involving eight companies selected as samples through purposive sampling, resulting in 32 observations. In this study, tax planning is measured using the ETR indicator, good corporate governance is measured through the institutional ownership indicator, and firm value is measured using the Price-Earnings Ratio (PER). The results of the multiple linear regression test indicate that, partially, tax planning has a significant positive impact on firm value. Conversely, good corporate governance does not show a significant impact on company value. However, when tested simultaneously, both variables were found to have a significant impact on company value, with a contribution of 29.1%. These findings indicate that tax efficiency is an important factor appreciated by the market in evaluating companies, while the implementation of good corporate governance has not yet received full attention from investors in the industrial sub-sector.

Keywords: Tax Planning, Good Corporate Governance, Company Value, PER, ETR.

ABSTRAK

Tujuan studi, menganalisis pengaruh tax planning dan good corporate governance pada nilai perusahaan pada sektor industri, khususnya sub-sektor jasa perindustrian yang terdaftar di BEI selama periode 2020 - 2023. Pendekatan kuantitatif dengan metode asosiatif melibatkan 8 perusahaan sebagai sampel dipilih melalui teknik purposive sampling, sehingga diperoleh sebanyak 32 data observasi. Dalam penelitian ini, tax planning diukur menggunakan indikator ETR, good corporate governance diukur melalui indikator kepemilikan institusional, dan nilai perusahaan diukur menggunakan rasio Price Earning Ratio (PER). Hasil uji regresi linier berganda menunjukkan secara parsial, tax planning berdampak positif signifikan pada nilai perusahaan. Sebaliknya, good corporate governance tidak menunjukkan dampak signifikan pada nilai perusahaan. Namun, ketika diuji secara simultan, kedua variabel tersebut terbukti berdampak signifikan pada nilai perusahaan, dengan kontribusi pengaruh 29,1%. Temuan ini didapat, efisiensi pajak menjadi faktor penting yang diapresiasi oleh pasar dalam menilai perusahaan, sementara penerapan tata kelola perusahaan yang baik masih belum sepenuhnya mendapat perhatian dari investor pada subsektor industri.

Kata kunci: Tax Planning, Good Corporate Governance, Nilai Perusahaan, PER, ETR.