PENGARUH STRUKTUR MODAL TERHADAP NILAI PERUSAHAAN DENGAN PENGHINDARAN PAJAK SEBAGAI VARIABEL MEDIASI PADA PERUSAHAAN PUBLIK YANG TERMASUK DALAM JAKARTA ISLAMIC INDEX
Abstract
Penelitian ini dilakukan untuk menguji pengaruh keputusan struktur modal terhadap nilai suatu perusahaan dan menganalisis adanya peran mediasi penghindaran pajak dalam hubungan tersebut. Populasi penelitian ini adalah seluruh perusahaan yang terdaftar di Bursa Efek Indonesia (BEI) pada tahun 2019 sejumlah 668 perusahaan. Sementara sampel penelitian ini terdiri dari 26 perusahaan yang termasuk dalam Jakarta Islamic Index (JII) dan diseleksi dengan metode purposive sampling. Data diperoleh dengan memanfaatkan data sekunder yang diperoleh dari laporan keuangan perusahaan dan data harga saham yang diperoleh melalui situs resmi BEI. Metode partial least square structural equation modelling (PLS-SEM) digunakan untuk melakukan pengujian terahdap seluruh hipotesis dalam penelitian ini dengan aplikasi SmartPLS. Hasil pengolahan data menunjukkan bahwa struktur modal berpengaruh positif tetapi tidak signifikan terhadap nilai perusahaan. Ditemukan pula bahwa struktur modal berpengaruh negatif tetapi tidak signifikan terhadap penghindaran pajak. Sementara penghindaran pajak terbukti secara empiris berpengaruh positif dan signifikan terhadap nilai perusahaan. Namun penghindaran pajak tidak terbukti memediasi pengaruh struktur modal terhadap nilai perusahaan. Hasil penelitian ini menegaskan bahwa perusahaan perlu untuk mempertimbangkan berbagai opsi skema perpajakan yang dapat terapkan untuk menghasilkan efisiensi maksimal, hal ini akan meningkatkan nilai perusahaan. Namun upaya penghindaran pajak tersebut harus tetap berada di koridor ketentuan perpajakan yang berlaku. Selain itu, porsi penggunaan utang dalam struktur modal perusahaan harus dijaga pada level yang optimal. Utang yang terlampu tinggi tidak akan berkontribusi maksimal terhadap nilai perusahaan, justru meningkatkan risiko kesulitan keuangan.
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DOI: https://doi.org/10.33758/mbi.v15i10.1083
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