The purpose of this research is to obtain empirical evidence about the effects of firm size, profitability, sales growth, and leverage on firm value of the manufacturing companies listed in the Indonesia Stock Exchange in the period of 2015-2017. The research is conducted by taking 192 samples using purposive sampling method. The result of this research shows that all the independent variables have effects on firm value (Tobin’s Q), this result is prove by simultaneously test (F test). The t test results showed that firm size and sales growth have a significant negative effect on firm value, while profitability and leverage have no significant effect on firm value.
Penelitian ini bertujuan untuk menemukan bukti empiris pengaruh cash holding dan ukuran dewan direksi terhadap nilai perusahaan. Selain itu, penelitian ini juga memasukkan leverage dalam hubungan tersebut. Penelitian ini menggunakan data perusahaan sektor industri barang konsumsi yang terdaftar di Bursa Efek Indonesia tahun 2015 sampai dengan 2020. Data penelitian diperoleh dari www.idx.co.id, www.financial.yahoo.com, dan website resmi perusahaan. Berdasarkan purposive sampling, sampel yang digunakan dalam penelitian ini berjumlah 108 observasi. Pengujian data penelitian dilakukan menggunakan analisis regresi berganda dengan data panel. Hasil penelitian membuktikan bahwa cash holding berpengaruh positif terhadap nilai perusahaan, sedangkan ukuran dewan direksi berpengaruh negatif terhadap nilai perusahaan. Selanjutnya, leverage memperlemah pengaruh positif cash holding terhadap nilai perusahaan dan memperkuat pengaruh negatif ukuran dewan direksi terhadap nilai perusahaan. Penelitian ini mengindikasikan bahwa Otoritas Jasa Keuangan perlu mengatur kembali penerapan tata kelola perusahaan khususnya terkait dengan persyaratan dewan direksi dan kepemilikan utang pada perusahaan terbuka di Indonesia.
The research aims to empirically examine the effect of earnings management, leverage, and sales growth on tax evasion. In addition, this study also examines the moderating role of independent commissioners in the relationship between the independent variables and the dependent variable. This study uses data in the form of financial statements of the consumer goods sector listed on the IDX for the 2018-2021 period. The total sample used in this study was 180 sample data selected by purposive sampling method. Hypothesis testing was carried out using multiple linear regression analysis with panel data. The test results show that earnings management and leverage have no effect on tax evasion, while sales growth has a negative effect on tax evasion. The results of the study concluded that the independent commissioner has no moderating role in the effect of earnings management on tax evasion and the effect of leverage on tax evasion. However, independent commissioners can strengthen the negative effect of sales growth on tax evasion. Keywords: Debt Policy; Earnings Quality; Tax Planning; Sales Growth; Corporate Governance
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