The Influence of Tax Planning and Corporate Governance on Firm Value (Empirical Study on Consumer Goods Sector Companies Listed on Indonesia Stock Exchange in the period 2017 - 2020)
DOI:
https://doi.org/10.35870/emt.v10i3.7021Keywords:
Firm Valuation, Tax Planning, Institutional Shareholding, Board Independence, Audit Assurance QualityAbstract
This study seeks to investigate the effects of tax planning, institutional shareholding, managerial shareholding, board independence, and audit assurance quality on firm valuation. Firm valuation is regarded as a fundamental indicator of corporate performance, as it reflects investors’ perceptions and the overall financial condition of the firm. The analysis is conducted on a sample of 27 consumer goods companies listed on the Indonesia Stock Exchange (IDX) over the 2017–2020 period. A quantitative approach with an associative research design is employed, utilizing panel data regression techniques carried out using EViews 9.0. The empirical findings indicate that institutional shareholding, board independence, and audit assurance quality have a positive and statistically significant impact on firm valuation. In contrast, tax planning and managerial shareholding are found to have no significant effect on firm valuation within the observed sector. Moreover, the results of the simultaneous significance test (F-test) demonstrate that all independent variables jointly influence firm valuation, accounting for approximately 83.78% of its total variation. Overall, the findings emphasize that effective corporate governance structures and credible audit practices play a critical role in strengthening firm valuation, particularly in the consumer goods industry.
Downloads
References
Abbasi, M., Kalantari, E., & Abbasi, H. (2012). Impact of Corporate Governance Mechanisms on Firm Value Evidence from the Food Industry of Iran. Journal of Basic and Applied Scientific Research, 2(5), 4712–4721.
Adnantara, K. F. (2013). Pengaruh Struktur Kepemilikan saham dan Corporate Social Responsibility pada Nilai Perusahaan. Jurnal Ilmiah Akuntansi dan Bisnis, 18(2), 107–113.
Alfinur, A. (2016). Pengaruh Mekanisme Good Corporate Governance (Gcg) Terhadap Nilai Perusahaan Pada Perusahaan Yang Listing Di Bei. Jurnal Ekonomi Modernisasi, 12(1), 44–55.
Andriati, D. M. (2013). Pengaruh Corporate Governance Terhadap Kinerja Keuangan Perusahaan dan Nilai Perusahaan Pada Perusahaan Manufaktur (Studi pada Perusahaan Tekstil dan Garment yang terdaftar di BEI) (Unpublished thesis or dissertation).
Dewanata, P. (2017). Pengaruh Perencanaan Pajak terhadap Nilai Perusahaan dengan Kualitas Corporate Governance sebagai Variabel Moderasi (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di BEI pada Tahun 2012-2014). Jurnal Akuntansi, 6(1), 79–85.
Ellili, N. O. D. (2011). Ownership Structure, Financial Policy and Performance of the Firm: US Evidence. International Journal of Business and Management, 6(10), 80–93.
Ernawati, D., & Widyawati, D. (2015). Pengaruh Profitabilitas, Leverage Dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Equity, 4(4), 1–12.
Fransisca W, M. (2013). Pengaruh Dewan Direksi, Komisaris Independen, Komite Audit, Kepemilikan Manajerial dan Kepemilikan Institusional Terhadap Kinerja Keuangan. Jurnal Ilmu Manajemen (JIM), 1(1), 1–15.
Herawati, H., & Ekawati, D. (2016). Pengaruh Perencanaan Pajak Terhadap Nilai Perusahaan (The Effect of Tax Planning on Firm Value). Jurnal Riset Akuntansi Dan Keuangan, 4(1), 873–884.
Hermuningsih, S. (2012). Pengaruh Profitabilitas, Size Terhadap Nilai Perusahaan Dengan Sruktur Modal Sebagai Variabel Intervening. Jurnal Siasat Bisnis, 16(2), 232–242.
Kristanti, E. W. (2016). Pengaruh Good Corporate Governance sebagai Pemoderasi Hubungan Manajemen Laba Terhadap Nilai Perusahaan. Jurnal Ilmu Dan Riset Akuntansi, 5(1), 1–16.
Manafi, R., Mahmoudian, A., & Zabihi, A. (2015). Study of the relationship between corporate governance and financial performance of the companies listed in Tehran stock exchange market. Mediterranean Journal of Social Sciences, 6(5), 56–61.
Manek, D. (2017). Pengaruh Kualitaas Audit, Leverage, Dan Perencanaan Manajemen Laba Sebagai Variabel Mediasi. Jurnal Akuntansi, 2(1), 1–8.
Navissi, F., & Naiker, V. (2006). Institutional ownership and corporate value. Managerial Finance, 32(3), 247–256.
Perdana, R. Z. P. (2020). Pengaruh Perencanaan Pajak Dan Mekanisme Corporate Governance Terhadap Nilai Perusahaan. Jurnal Riset Mahasiswa Manajemen, 1–25.
Pohan, C. A. (2016). Manajemen Perpajakan Strategi Perencanaan Pajak dan Bisnis. PT Gramedia, 6(1), 63–68.
Purwaningtyas, F. P., & Pangestuti, I. R. D. (2011). Mekanisme Good Corporate Governance Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Manufaktur yang Terdaftar di BEI Tahun 2007-2009). Jurnal Manajemen, 1–26.
Purwanti, N. (2016). Pengaruh Penghindaran Pajak Terhadap Biaya Hutang Pasca Perubahan Tarif Pajak Badan Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Akuntansi Indonesia, 3(2), 113–128.
Rhyne, R. G., & Brigham, E. F. (1979). Fundamentals of Financial Management. The Journal of Finance, 34(5), 101–115.
Robin, K. O. (2016). Pengaruh Tata Kelola Perusahaan terhadap Nilai Perusahaan pada Perusahaan Sektor Keuangan yang Terdaftar di BEI. Bina Ekonomi, 20(1), 1–22.
Siallagan, H., & Machfoedz, M. (2006). Mekanisme Corporate Governance, Kualitas Laba dan Nilai Perusahaan. Simposium Nasional Akuntansi 9 Padang, 61, 23–26.
Suardikha, I. M. S., & Muryati, N. N. T. S. (2014). Pengaruh Corporate Governance Pada Nilai Perusahaan. E-Jurnal Akuntansi Universitas Udayana, 9(2), 411–429.
Suryanto, A., & Refianto. (2019). Analisis Pengaruh Penerapan Good Corporate Governance Terhadap Kinerja Keuangan. Jurnal Bina Manajemen, 8(1), 1–33.
Tjandrakirana, R. M. M. (2019). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Parameter, 4(1), 1–16.
Wahab, N. S. A., & Holland, K. (2012). Tax Planning, Corporate Governance and Equity Value. The British Accounting Review, 44(2), 111–124.
Wulanda, M., & Aziza, N. (2019). Pengaruh Corporate Governance Terhadap Nilai Perusahaan dan Manajemen Laba Sebagai Variabel Intervening Pada Perusahaan Manufaktur Go Publik Di Indonesia. AKTSAR: Jurnal Akuntansi Syariah, 2(1), 83–108.
Yuliem, M. L. (2018). Pengaruh Perencanaan Pajak (Tax Planning) Terhadap Nilai Perusahaan (Firm Value) Pada Perusahaan Sektor Non Keuangan Yang Terdaftar Di BEI Periode 2013-2015. Calyptra, 7(1), 520–540.
Yuniarti, E., & Mukhtaruddin. (2017). The effect on Value earnings management with Good Corporate Governance Practices as Moderating Variable. SHS Web of Conferences, 34, 1–10.
Yuono, C. A. S., & Widyawati, D. (2016). Pengaruh Perencanaan Pajak dan Corporate Governance Terhadap Nilai Perusahaan. Jurnal Ilmu Dan Riset Akuntansi, 5(6), 1–19.
Yusmaniarti, Febriyanti, & Astuti, B. (2020). Pengaruh Penerapan Good Corporate Governance, Independensi Auditor Dan Kualitas Audit Terhadap Nilai Perusahaan. JSMBI (Jurnal Sains Manajemen Dan Bisnis Indonesia), 10(1), 50–67.
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Rendy Armansyah, Imam Wahyudi
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish with this journal agree to the following terms:
1. Copyright Retention and Open Access License
Authors retain copyright of their work and grant the journal non-exclusive right of first publication under the Creative Commons Attribution 4.0 International License (CC BY 4.0).
This license allows unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
2. Rights Granted Under CC BY 4.0
Under this license, readers are free to:
- Share — copy and redistribute the material in any medium or format
- Adapt — remix, transform, and build upon the material for any purpose, including commercial use
- No additional restrictions — the licensor cannot revoke these freedoms as long as license terms are followed
3. Attribution Requirements
All uses must include:
- Proper citation of the original work
- Link to the Creative Commons license
- Indication if changes were made to the original work
- No suggestion that the licensor endorses the user or their use
4. Additional Distribution Rights
Authors may:
- Deposit the published version in institutional repositories
- Share through academic social networks
- Include in books, monographs, or other publications
- Post on personal or institutional websites
Requirement: All additional distributions must maintain the CC BY 4.0 license and proper attribution.
5. Self-Archiving and Pre-Print Sharing
Authors are encouraged to:
- Share pre-prints and post-prints online
- Deposit in subject-specific repositories (e.g., arXiv, bioRxiv)
- Engage in scholarly communication throughout the publication process
6. Open Access Commitment
This journal provides immediate open access to all content, supporting the global exchange of knowledge without financial, legal, or technical barriers.
