Analisis Pengaruh Kebijakan Dividen dan Struktur Modal terhadap Tax Avoidance : Studi Empiris pada Perusahaan Sektor Consumer Non Cyclicals di Bursa Efek Indonesia Tahun 2019-2023

Erlan Hermansyah; Afridayani Afridayani

doi:10.37481/sjr.v8i4.1229

Authors

Erlan Hermansyah Universitas Pamulang
Afridayani Afridayani Universitas Pamulang

DOI:

https://doi.org/10.37481/sjr.v8i4.1229

Keywords:

Tax Avoidance, Dividend Policy, Capital Structure, Corporate Finance, Indonesia Stock Exchange

Abstract

This study addresses the critical issue of tax avoidance among companies, focusing on how Dividend Policy and Capital Structure influence this behavior within non-cyclical consumer sector firms listed on the Indonesia Stock Exchange from 2019 to 2023. Understanding these financial strategies is vital, as tax avoidance can significantly impact government revenue and corporate governance. Employing a quantitative approach with secondary data and purposive sampling, 135 samples were analyzed using panel data regression in E-Views 12. The results reveal that while Dividend Policy does not significantly affect tax avoidance, Capital Structure plays a notable role in shaping tax avoidance strategies. This finding suggests that firms with specific financing mixes may exploit debt levels to minimize taxable income, highlighting the importance of financial leverage in tax planning. The insignificant influence of Dividend Policy may imply that payout decisions are less directly linked to tax avoidance motives within this sector. These insights contribute to a better understanding of corporate financial behavior and provide implications for regulators aiming to curb aggressive tax avoidance practices by monitoring capital structures. Policymakers and investors should consider the impact of leverage on tax compliance when designing oversight frameworks and investment strategies. This research underscores the nuanced relationship between financial policies and tax behavior, emphasizing the need for tailored regulatory measures to promote transparency and fairness in corporate taxation.

References

Adlan, F. A. F., Kirana, D. J., & Miftah, M. (2021, August). Pengaruh Penghindaran Pajak, Biaya Agensi, dan Kebijakan Dividen Terhadap Nilai Perusahaan. In Prosiding BIEMA (Business Management, Economic, and Accounting National Seminar) (Vol. 2, pp. 109-124).

Afridayani, A. (2023). Pengaruh Operating Capacity, Struktur Modal, Dan Ukuran Perusahaan Terhadap Financial Distress. Jurnal Aplikasi Akuntansi, 8(1), 274-283.

Afridayani, O.?:, Putren, I., & Author, C. (2025). Pengaruh Ukuran Perusahaan, Struktur Modal, dan Corporate Social Responsibility Terhadap Kinerja Keuangan. BALANCE?: JURNAL AKUNTANSI DAN BISNIS, 10(1). http://jurnal.um-palembang.ac.id/balance

Alchian, A. A., & Demsetz, H. (1972). Production, information costs, and economic organization. The American economic review, 62(5), 777–795.

Al-Shubiri, F. N. (2022). The impact of capital structure on tax avoidance: Evidence from emerging markets. Journal of Accounting and Taxation, 14(3), 112-125.

Andriyani, J., & Hutabarat, F. (2020). Pengaruh Kebijakan Dividen terhadap Nilai Perusahaan dengan Variabel Mediasi Penghidaran Pajak pada Perusahaan Property. Aktiva: Jurnal Akuntansi dan Investasi, 5(2), 151-159.

Anuryana, A., Yamaly, F., & Candera, M. (2024). Pengaruh Kebijakan Deviden, Earning Volatility Dan Cash Holding Terhadap Volatilitas Harga Saham Pada Perusahaan Sektor Transportasi Dan Logistik. Forbiswira Forum Bisnis Dan Kewirausahaan, 14(1), 11–22.

Ayem, S. (2021). Pengaruh kebijakan dividen adopsi IFRS dan Tax Avoidance terhadap manajemen laba. Jurnal Akuntansi Pajak Dewantara, 3(1), 43-52.

Brigham, E. F., & Houston, J. F. (2019). Fundamentals of Financial Management: Concise by Cengage. Cengage Learning.

Chen, Y., & Huang, Z. (2019). Debt financing and tax avoidance: The role of tax shields in corporate financial policy. International Journal of Finance & Economics, 24(2), 789-801.

Delgado, F. J., Fernández-Rodríguez, E., García-Fernández, R., Landajo, M., & Martínez-Arias, A. (2023). Tax avoidance and earnings management: a neural network approach for the largest European economies. Financial Innovation, 9(1). https://doi.org/10.1186/s40854-022-00424-8

Dewi, E. G. (2021). Pengaruh Kepemilikan Institusional dan Leverage terhadap Penghindaran Pajak dengan Kebijakan Dividen sebagai Variabel Intervening. Journal of Business and Economics (JBE) UPI YPTK, 6(1), 33–39.

Dyreng, S. D., Hanlon, M., & Maydew, E. L. (2008). Long?run corporate tax avoidance. The accounting review, 83(1), 61–82.

Enjelina, W. N., Manrejo, S., & Faeni, D. P. (2024). Kebijakan Dividen, Tax Avoidance Dan Leverage Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur Sub Sektor Makanan Dan Minuman (Bei 2018–2022). SENTRI: Jurnal Riset Ilmiah, 3(3), 1295–1308.

Ghozali. (2018). Aplikasi Analisis Multiariate dengan Program IBM EVIEWS 12. Badan Penerbit Uniersitas Diponegoro.

Hanifah, F., Widiastuti, E., & Najmudin, N. (2024). The effect of tax avoidance, profitability, and leverage on dividend policy: Liquidity as moderating variable. Marginal Journal of Management Accounting General Finance and International Economic, 3, 376–387.

Hanlon, M., & Heitzman, S. (2010). A review of tax research. Journal of accounting and Economics, 50(2–3), 127–178.

Hasnah, N. N. (2021). PENGARUH STRUKTUR MODAL, KEBIJAKAN DIVIDEN, PROFITABILITAS DAN TAX AVOIDANCE TERHADAP NILAI PERUSAHAAN (Studi Kasus: Perusahaan Manufaktur yang Terdaftar di BEI Tahun 2016-2020) (Doctoral dissertation, Universitas Islam Sultan Agung).

Kraus, A., & Litzenberger, R. H. (1973). A state-preference model of optimal financial leverage. The Journal of Finance, 28(4), 911–922.

Li, X., Wang, Q., & Zhao, J. (2023). Dividend policy, liquidity needs, and tax avoidance: Evidence from emerging markets. Emerging Markets Review, 52, 100914.

Meckling, W. H., & Jensen, M. C. (1976). Theory of the Firm. Managerial behavior, agency costs and ownership structure, 3(4), 305–360.

Ningsih, A. N., Irawati, W. I. W. I. T., Barli, H. A. R. R. Y., & Hidayat, A. N. G. G. A. (2020). Analisis karakteristik perusahaan, intensitas aset tetap dan konservatisme akuntansi terhadap tax avoidance. Systems UNPAM (Universitas Pamulang), 1(2), 245-256.

Nguyen, T., & Nguyen, H. (2021). Dividend payout and tax avoidance: Empirical evidence from Southeast Asia manufacturing firms. Asian Journal of Business and Accounting, 14(1), 45-66.

Prastyatini, S. L. Y., & Yuliana, P. (2022). Pengaruh kepemilikan institusional, corporate social responsibility, kebijakan dividen dan ukuran perusahaan terhadap kualitas laba (Studi empiris pada perusahaan manufaktur tahun yang terdaftar di BEI 2017-2019). JEMBA: Jurnal Ekonomi, Manajemen, Bisnis Dan Akuntansi, 1(5), 843–850.

Putri, N., & Budyastuti, T. (2021). The effect of investment decisions, dividend policy and profitability on firm value in the Indonesian manufacturing companies. American Journal of Humanities and Social Sciences Research (AJHSSR), 5(4), 47-53.

Ross, S. A. (1977). The determination of financial structure: The incentive-signaling approach. The Bell Journal of Economics, 8(1), 23-40.

Saputra, P. (2023). Efek Moderasi Kebijakan Dividen Pada Pengaruh Tax Avoidance Terhadap Nilai Perusahaan. Jurnal Literasi Akuntansi, 3(2), 100–115. https://doi.org/10.55587/jla.v3i2.92

Sari, D. and Metalia, M. (2023). Tax Avoidance and dividend policy, with corporate governance as moderating variable.

Sari, D. K., Utama, S., & Rossieta, H. (2017). Tax avoidance, related party transactions, corporate governance and the corporate cash dividend policy. Journal of Indonesian Economy and Business, 32(3), 190–208.

Spence, M. (1973). l the MIT press. The Quarterly Journal of Economics, 87(3), 355–374.

Sugiyono. (2018). Metode Penelitian Pendidikan Pendekatan Kuantitatif, Kualitatif, dan R&D. Bandung: Alfabeta.

Wijaya, A., Santoso, B., & Prasetyo, A. (2024). Integrating capital structure and tax avoidance: A multidimensional approach in corporate tax compliance. Journal of Corporate Finance Research, 9(1), 34-52.

Yani, M., & Stiawan, H. (2024). Pengaruh Stuktur Modal, Tax Avoidance Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Moderasi (Studi Empiris Pada Perusahaan Manufaktur Sektor Makanan Dan Minuman Yang Terdaftar di Bursa Efek Indonesia Tahun 2017-2021). Accounting Information System, Taxes and Auditing Journal (AISTA Journal), 3(1), 16-30.

Yuliana, M. D., & Prastyatini, S. L. Y. (2022). Pevngaruh Pevrevncanaan Pajak, Struktur Movdal, Kovmisaris Indevpevndevn Tevrhadap Tax Avovidancev Devngan Ukuran Pevrusahaan Sevbagai Variabevl Movdevrasi. Al-Kharaj: Jurnal Evkovnovmi, Kevuangan & Bisnis Syariah, 4(4), 1240-1257.

Yuliani, M. S., & Aprilia, E. A. (2024). Pengaruh Tax Avoidance, Kebijakan Dividen, dan Manajemen Laba Terhadap Nilai (Studi pada Perusahaan Manufaktur Sub Sektor Consumer Goods di Bursa Efek Indonesia Tahun 2016-2020). Journal of Management, Accounting, and Administration, 1(1), 1–8.

Yusnaini, Y., Gurusinga, L. B., & Belinda, L. (2024). PENGARUH PROFITABILITAS, PERTUMBUHAN PENJUALAN DAN STRUKTUR MODAL TERHADAP TAX AVOIDANCE . Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 8(2), 1031-1047.