FAKTOR YANG MEMPENGARUHI NILAI PERUSAHAAN MANUFAKTUR DENGAN PENGHINDARAN
Main Article Content
Abstract
This study aims to examine the effect of institutional ownership, company size, and managerial ownership on firm
value with tax avoidance as a moderating variable in manufacturing companies listed on the Indonesia Stock
Exchange for 5 years from 2015 to 2019. This research is quantitative with a sample selection method. namely
purposive sampling. Data processing uses multiple linear regression and moderated regression analysis (MRA)
through the application of the Statistical Package for Social Science (SPSS) version 25.0. The results of this study
indicate that institutional ownership and managerial ownership do not have a positive effect on firm value. Meanwhile,
firm size has a positive influence on firm value. The results of this study also conclude that tax avoidance cannot
moderate institutional ownership and managerial ownership of firm value. However, tax avoidance can moderate the
size of the company to the value of the company.
Article Details
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
Authors who publish with this journal agree to the following terms:Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
References
Abukosim, Mukhtarudin, Ika Sasti Ferina, dan Claudya Nurchaya. 2014. Ownership Structure and
Firm Value: Empirical Study on Indonesia Manufacturing Listed Companies,
International Refereed Research Journal, Vol 5, No.4: 1-4.
Ademola, Osundina Jacob dan Osundina Kemisola C. 2014. The Effect of Working Capital
Management on Market Value of Quoted Food and Beverages Manufacturing Firms in
Nigeria. International Journal of Business and Social Science, Vol. 5, No. 8(1): 168-177.
Bashir, Hamid, Khurram Sultan, and Omar Khazaal Jghef. 2013. Impact of Derivatives Usage on
Firm Value: Evidence from non Financial Firms of Pakistan. Journal of Management
Research, Vol. 5, No. 4: 108-127.
Christiawan, Yulius Jogi, Josua Tarigan. 2007. Kepemilikan Manajerial: Kebijakan Hutang,
Kinerja dan Nilai Perusahaan. Jurnal Akuntansi dan Keuangan, Vol. 9, No. 1: 1-8.
Debby, Julia Farah, Mukhtaruddin, Emylia Yuniarti, Dewa Saputra, Abukosim. 2014. Good
Corporate Governance, Company’s Characteristics and Firm’s Value: Empirical Study
of Listed Banking on Indonesian Stock Exchange. Journal on Business Review, Vol. 3,
No.4.
Dewi, Ayu Sri Mahatma dan Ary Wijaya. 2013. Pengaruh Struktur Modal, Profitabilitas dan
Ukuran Perusahaan pada Nilai Perusahaan. E-Jurnal Akuntansi Universitas Udayana 4.2
:358-372.
Efni, Yulia, Djumilah Hadiwidjojo, Ubud Salim, dan Mintarti Rahayu. 2011. Keputusan
Investasi, Keputusan Pendanaan dan Kebijakan Dividen: Pengaruhnya terhadap Nilai
Perusahaan (Studi pada Sektor Properti dan Real Estate di Bursa Efek Indonesia). Jurnal
Aplikasi Manajemen, Vol. 10, No. 1.
Fuzuli, Muhammad Ilham, Indra Pahala dan Yunika Murdayanti. 2013. The Influence of Good
Corporate Governance and Earnings Management on Firm Value. International
Conference on Business and Economic Research. 4th.
Gamayuni, Rindu Rika. 2015. The Effect of Intangible Asset, Financial Performance, and
Financial Policies on Firm Value. International Journal of Scientific & Technology
Research, Vol. 4, No. 1: 202-212.
Ghozali, Imam. 2016. Aplikasi Analisis Multivariate dengan Program IBM SPSS 23. Edisi VIII.
Semarang: Badan Penerbit Universitas Diponegoro.
Gitman, Lawrence J. and Chad J. Zutter. 2015. Principles of Managerial Finance. 14th Edition.
United States: Pearson Education.
Hair Jr., Joseph F., William C. Black, Barry J. Babin, and Rolph E. Anderson. 2014. Pearson New
International Edition.Multivariate Data Analysis: A Global Perspective. Seventh edition.
United States of America: Pearson Education, Inc.
Hermuningsih, Sri. 2013. Pengaruh Profitabilitas, Growth Opportunity, Struktur Modal terhadap
Nilai Perusahaan pada Perusahaan Publik di Indonesia. Buletin Ekonomi dan Perbankan.
Hidayah, Nurul. 2014. The Effect of Company Characteristic Toward Firm Value in The Property
and Real Estate Company in Indonesia Stock Exchange. International Journal of
Business, Economics and Law, Vol. 5, Issue 1: 2.
Kodir, Mokhamad. 2013. Pengaruh Faktor-Faktor Fundamental Perusahaan, Kurs, dan Tingkat
Bunga Terhadap Nilai Perusahaan pada Perusahaan Manufaktur yang Terdaftar di Bursa
Efek Indonesia. Jurnal Bisnis dan Manajemen (JBIMA), Vol. 1, No. 1: 56-65.
Mahdaleta, Eta, Iskandar Muda dan Gusnardi Muhammad Nasir. 2016. Effects of Capital
Structure and Profitability on Corporate Value with Company Size as the Moderating
Variabel of Manufacturing Companies Listed on Indonesia Stock Exchange. Academic
Journal of Economic Studies, Vol. 2, No. 3, Pp: 30-43.
Manurung, Shinta D, Suhadak dan Nila Firdausi Nuzula. 2014. The Influence of Capital Structure
on Profitability and Firm Value. Jurnal Administrasi Bisnis (JAB), Vol. 7, No. 2.
Mayasari, Anggi Septia, Isti Fadah dan Tatok Endhiarto. 2015. Analisis Kebijakan Dividen,
Kebijakan Hutang dan Nilai Perusahaan pada Perusahaan Sektor Pertambangan yang
Terdaftar di Bursa Efek Indonesia Periode 2009-2013. Artikel Ilmiah Mahasiswa.
Mayogi, Dien Gusti dan Fidiana. 2016. Pengaruh Profitabilitas, Kebijakan Dividen, dan
Kebijakan Hutang Terhadap Nilai Perusahaan. Jurnal Ilmu dan Riset Akuntansi, Vol. 5,
No. 1.
Meythi, Tan Kwang En dan Linda Rusli, 2011. Pengaruh Likuiditas dan Profitabilitas Terhadap
Harga Saham Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Jurnal
Bisnis dan Manajemen dan Ekonomi, Vol. 10, No. 2: 2671-2684.
Moniaga, Fernandes. 2013. Struktur Modal, Profitabilitas dan Struktur Biaya terhadap nilai
Perusahaan Industri Keramik, Porselen dan Kaca Periode 2007-2011. Jurnal EMBA. Vol
, No. 3: 433-442.
Nuraina, Elva. 2012. Pengaruh Kepemilikan Institusional dan Ukuran Perusahaan Terhadap
Kebijakan Hutang dan Nilai Perusahaan (Studi pada Perusahaan Manufaktur yang
Terdaftar di BEI). Jurnal Bisnis dan ekonomi (JBE), Vol. 19, No. 2: 110-125.
Pantow, Mawar Sharon R., Sri Murni, Irvan Trang. 2015. Analisa Pertumbuhan Penjualan,
Ukuran Perusahaan, Return on Asset, dan Struktur Modal Terhadap Nilai Perusahaan
Yang Tercatat Di Indeks LQ 45. Jurnal EMBA, Vol.3, No.1, pp: 961-971.
Pasopati, Giras. 31 Juli 2015. Ekonomi Lesu, Laba Astra Turun Lebih Dari Perkiraan. CNN
Indonesia, (https://www.cnnindonesia.com/ekonomi/ 20150731073051-92-
/ekonomi-lesu-laba-astra-turun-lebih-dari-perkiraan, 30 April 2019).
Rahmadhana, Irfan dan Reni Yendrawati. 2012. Pengaruh Keputusan Investasi, Pendanaan, dan
Kebijakan Dividen Terhadap Nilai Perusahaan. Efektif Jurnal Bisnis dan Ekonomi, Vol.
, No. 1: 25-36.
Rasyid, Abdul. 2015. Effect of ownership structure, capital structure, profitability and company’s
growth towards firm value. International Journal of Business and Management
Invention. Volume 4. Issue 4.
Rinnaya, Ista Yansi, Rita Andini dan Abrar Oemar. 2016. Pengaruh Profitabilitas, Rasio Aktivitas,
Keputusan Pendanaan, Keputusan Investasi Terhadap Nilai Perusahaan (Studi Empiris
Pada Perusahaan Manufaktur Yang Terdaftar Di BEI Tahun 2010-2014). Journal Of
Accounting, Volume 2, No. 2.
Rizqia, Dwita Ayu, Siti Aisjah, dan Sumiati. 2013. Effect of Managerial Ownership, Financial
Leverage, Profitability, Firm Size, and Investment Opportunity on Dividend Policy and
Firm Value. Research Journal of Finance and Accounting, Vol. 4, No. 11: 120-130.
Sabrin, Buyung Sarita, Dedy Takdir .S, Sujono. 2016. The Effect of Profitability on Firm Value in
Manufacturing Company at Indonesia Stock Exchange. The International Journal of
Engineering and Science, Vol. 5. Issue 10. Pp:81-86.
Sambora, Mareta Nurjin, Siti Ragil Handayani dan Sri Mangesti Rahayu. 2014. Pengaruh
Leverage dan Profitabilitas Terhadap Nilai Perusahaan (Studi pada Perusahaan Food and
Beverages yang Terdaftar di BEI Periode Tahun 2009-2012). Jurnal Administrasi Bisnis
(JAB), Vol. 8, No. 1.
Santoso, Singgih. 2014. Aplikasi SPSS pada Statistik Parametrik. Edisi Revisi. Jakarta: PT Elex
Media Komputindo.
Sari, Oktavina Tiara. 2013. Pengaruh Keputusan Investasi, Keputusan Pendanaan, dan Kebijakan
Dividen Terhadap Nilai Perusahaan. Management Analysis Journal, Vol. 2, No. 2: 1-7.
Sekaran, Uma and Roger Bougie. 2016. Research Methods for Business. Seventh Edition. United
Kingdom: John Wiley & Sons Ltd.
Siahaan, Fadjar O.P. 2013. The Effect of Good Corporate Governance Mechanism, Leverage, and
Firm Size on Firm Value. GSTF Journal on Business Review (GBR), Vol. 2, No. 4.
Sofyaningsih, Sri dan Pancawati Hardiningsih. 2011. Struktur Kepemilikan, Kebijakan Dividen,
Kebijakan Utang dan Nilai Perusahaan. Dinamika Keuangan dan Perbankan, Vol. 3, No.
: 68-87.
Stiyarini. 2016. Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan pada Perusahaan Jasa
Telekomunikasi. Jurnal Ilmu dan Riset Manajemen, Volume 5, Nomor 2.
Sujoko, Ugy Soebiantoro. 2007. Pengaruh Struktur Kepemilikan Saham, Leverage, Faktor Intern
dan Faktor Ekstern Terhadap Nilai Perusahaan (Studi Empirik pada Perusahaan
Manufaktur dan Non Manufaktur di Bursa Efek Jakarta). Jurnal Ekonomi Manajemen,
Fakultas Ekonomi-Universitas Kristen Petra, Vol. 9, No. 1: 41-48.
Sukirni, Dwi. 2012. Kepemilikan Manajerial, Kepemilikan Institusional, Kebijakan Dividen, dan
Kebijakan Hutang Analisis Terhadap Nilai Perusahaan. Accounting Analysis Journal,
Vol. 1, No. 2: 1-12.
Suroto. 2015. Pengaruh Keputusan Investasi, Keputusan Pendanaan dan Kebijakan Dividen
Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan LQ-45 yang Terdaftar di
Bursa Efek Indonesia Periode Februari 2010 - Januari 2015). Jurnal Ilmiah UNTAG
Semarang, Vol. 4, No. 3: 100-117.
Ulupui, I G. K. A. 2007. Analisis Pengaruh Rasio Likuiditas, Leverage, Aktivitas, Dan
Profitabilitas Terhadap Return Saham (Studi Pada Perusahaan Makanan Dan Minuman
Dengan Kategori Industri Barang Konsumsi Di BEJ). Jurnal Ilmiah Akuntansi dan
Bisnis.
Umer, Usman Muhammed. 2014. Determinants of Capital Structure: Empirical Evidence from
Large Taxpayer Share Companies in Ethiopia. International Journal of Economics and
Finance, Vol. 6, No. 1.
Wardjono. 2010. Analisis Faktor-faktor yang Mempengaruhi Price to Book Value dan
Implikasinya pada Return Saham (Studi Kasus pada Perusahaan Manufaktur yang
Terdaftar di BEI). Dinamika Keuangan dan Perbankan, Vol. 2, No. 1: 83-96.
Wida P.D., Ni Putu, I Wayan Suartana. 2014. Pengaruh Kepemilikan Manajerial dan Kepemilikan
Institusional pada Nilai Perusahaan. E-Jurnal Akuntansi Universitas Udayana 9.3: 575-