Pengaruh Tax Planning, Financial Distress, dan Total Asset Turnover terhadap Kinerja Perusahaan yang Dimoderasi oleh Kegiatan Research and Development

Sihar Tambun

Abstract


This study aims to examine the effect of Tax Planning, Financial Distress, and Total Asset Turnover on Company Performance as moderated by Company Development Research Activities. This research proxies Company Performance with Return On Equity, Tax Planning is proxied by Effective Tax Rate, Financial Distress is proxied by the discriminant function of the Altman Z-Score model, Total Asset Turnover is proxied by the formula for measuring the ratio of net sales to total assets, and Company Development Research Activities are proxied by the formula R&D (Research and Development). This study uses secondary data using documentation data collection and literature study on the Indonesia Stock Exchange website (www.idx.co.id) in the form of annual financial reports. The population used in this study are manufacturing companies listed on the Indonesia Stock Exchange for the period 2015-2019 with the sampling technique using purposive sampling method.The results of this study indicate that Tax Planning has a positive and insignificant effect on company performance. This means that maximum tax planning does not necessarily result in good company performance, Financial Distress has a significant positive effect on Company Performance, Total Asset Turnover has a negative and insignificant effect on Company Performance, Research and Development has a negative and insignificant effect on Company Performance, R&D is able to strengthen the influence. Tax Planning on Company Performance, R&D is able to strengthen the influence of Financial Distress on Company Performance, R&D is able to strengthen the effect of Asset Turnover on Company Performance.

Keywords: Tax Planning, Financial Distress, Asset Turnover, Company Performance, Company Research and Development.

Full Text:

PDF

References


Aji, A. W., & Atun, F. F. (2019). Pengaruh Tax Planning, Profitabilitas, dan Likuiditas Terhadap Nilai Perusahaan dengan Ukuran Perusahaan Sebagai Variabel Moderasi (Studi Kasus Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Tahun 2014-2018). Jurnal Ilmiah Akuntansi Dan Humanika, 9(3), 222–234. https://ejournal.undiksha.ac.id/index.php/JJA/article/view/22610

Almilia, L. S., & Kristijadi, K. (2003). Analisis rasio keuangan untuk memprediksi kondisi financial distress perusahaan manufaktur yang terdaftar di bursa efek Jakarta. Jurnal Akuntansi Dan Auditing Indonesia, 7(2).

Ampa, A. (2011). Implementasi Tax Planning dalam Upaya Meningkatkan Kinerja Perusahaan pada PT Bank Sulsel. Skripsi, Fakultas Ekonomi Universitas Hasanudin.

Arif, A. N. (2013). Analisis Pengaruh Struktur Modal Terhadap Kinerja Perusahaan Yang Tergabung Dalam Indeks Kompas 100. Management Analysis Journal, 2(1), 1–7. https://doi.org/10.15294/maj.v2i1.1406

Beaver, W. H., Correia, M., & McNichols, M. (2011). Financial statement analysis and the prediction of financial distress. Now Publishers Inc.

Dewiruna, I., Subroto, B., & Subekti, I. (2020a). The effect of R&D intensity, intellectual capital and managerial ability on firms performance with political connection as a moderation variable. The Indonesian Accounting Review, 10(1), 13–24. https://doi.org/10.14414/tiar.v10i1.1909

Dewiruna, I., Subroto, B., & Subekti, I. (2020b). The effect of R&D intensity, intellectual capital and managerial ability on firms performance with political connection as a moderation variable. The Indonesian Accounting Review, 10(1).

Falk, M. (2012). Quantile estimates of the impact of R&D intensity on firm performance. Small Business Economics, 39(1), 19–37.

Fallan, L., Hammervold, R., & Grønhaug, K. (1995). Adoption of tax planning instruments in business organizations: A structural equation modelling approach. Scandinavian Journal of Management, 11(2), 177–190.

Fitriyani, D., Prasetyo, E., Mirdah, A., & Putra, W. E. (2012). Pengaruh Manajemen Laba terhadap Kinerja Perusahaan dengan Kualitas Audit sebagai Variabel pemoderasi. Jurnal.

Ghazali, A. W., Shafie, N. A., & Sanusi, Z. M. (2015). Earnings Management: An Analysis of Opportunistic Behaviour, Monitoring Mechanism and Financial Distress. Procedia Economics and Finance, 28(April), 190–201. https://doi.org/10.1016/s2212-5671(15)01100-4

Ghozali, I. (2011). Applications Multivariate Analysis with IBM SPSS 19. Program Semarang: Diponegoro University Publishers Agency.

Gleason, K. I., & Klock, M. (2006). Intangible capital in the pharmaceutical and chemical industry. The Quarterly Review of Economics and Finance, 46(2), 300–314.

Gunawan, A. (2011). Pengaruh Profitabilitas dan Perputaran Aktiva Terhadap Struktur Modal. Jurnal Ilmiah Manajemen Dan Bisnis UMSU, 11(1).

Hajiheydari, A., Dastgir, M., & Soltani, A. (2011). The effect of research and development costs on the profitability of pharmaceutical companies. Interdisciplinary Journal of Contemporary Research in Business, 3(8), 914–918.

Harmana, I. M. D., & Suardana, K. A. (2014). Pengaruh Pajak Tangguhan dan Tax to Book Ratio Terhadap Kinerja Perusahaan. E-Jurnal Akuntansi Universitas Udayana, 6(3), 468–480.

Herawati, H., & Ekawati, D. (2016). Pengaruh perencanaan pajak terhadap nilai perusahaan. Jurnal Riset Akuntansi Dan Keuangan, 4(1), 873–884.

Hidayat, A., & Yuliah, N. (2018). The Effect of Good Corporate Governance and Tax planning on Company Value. EAJ (Economics and Accounting Journal), 1(3), 234–241.

Hidayat, M. (2019). Faktor-Faktor Yang Mempengaruhi Kinerja Perusahaan. Jurnal Manajemen Bisnis Dan Kewirausahaan, 2(5), 79–87. https://doi.org/10.24912/jmbk.v2i5.4877

Hidayat, S. W., & Pesudo, D. A. A. (2019). Pengaruh Perencanaan Pajak dan Kepemilikan Manajerial Terhadap Nilai Perusahaan dengan Transparansi Perusahaan Sebagai Variabel Moderasi. International Journal of Social Science and Business, 3(4), 367–376.

Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Be-havior. Agency Costs and Ownership Structure, 3J Fin Econ305, 311.

Kasmir, S. E. (2010). MM" Analisis Laporan Keuangan". 3. Jakarta, Indonesia: Rajawali Pers.

Khurana, I. K., & Moser, W. J. (2013). Institutional shareholders’ investment horizons and tax avoidance. The Journal of the American Taxation Association, 35(1), 111–134.

Kim, W., Black, B. S., & Jang, H. (2006). Does corporate governance predict firms’ market values? Evidence from Korea. The Journal of Law, Economics, and Organization, 22(2), 366–413.

Kurniawan, A. P., & Mertha, I. M. (2016). Kinerja Keuangan Sebagai Pemediasi Pengaruh Intensitas Research and Development Dan Aset Tidak Berwujud Pada Nilai Perusahaan. E-Jurnal Akuntansi Universitas Udayana, 14(1), 723–750.

Lakshan, A. M. I., & Wijekoon, W. (2014). The use of financial ratios in predicting corporate failure in Sri Lanka. GSTF Journal on Business Review (GBR), 2(4).

Lukman, H. (2012). Analisis Komitmen Stakeholders dan Shareholers Perusahaan Terhadap Kinerja Sosial dan Keuangan. Jurnal Akuntansi, 16(1), 112–126.

Marsaid, M. T., & Pesudo, D. A. A. (2019). Pengaruh Tax Planning Terhadap Nilai Perusahaan. Jurnal Bingkai Ekonomi, 4(2), 32–45.

Maylani EA, T. S. (2020). Pengaruh Leverage Dan Perubahan Intangible Asset Terhadap Kinerja Perusahaan Dengan Komite Audit Sebagai Variabel Moderating. 5(1), 1–14. http://journal.uta45jakarta.ac.id/index.php/JAM

Mohammed, A. N. (2017). Effect of Corporate Governance Mechanisms on Tax Avoidance in Deposit Money Banks in Nigeria. Unpublished Dissertation). Department of Accounting, Ahmadu Bello University, Zaria, Nigeria.

Nugroho, L., Nurrohmah, S., & Anasta, L. (2018). Faktor-faktor yang mempengaruhi opini audit going concern. Jurnal Sikap, 2(2), 96–111.

Nwaobia Appolos, N., Kwarbai Jerry, D., & Ogundajo, G. O. (2016). Tax planning and firm value: Empirical evidence from Nigerian consumer goods industrial sector. Research Journal of Finance and Accounting, 7(12).

Oktarina, D. (2019). Peran Nilai Perusahaan Dalam Menentukan Pengaruh Kinerja Perusahaan Terhadap Financial Distress Di Asean. Jurnal Profita, 12Oktarina(3), 476. https://doi.org/10.22441/profita.2019.v12.03.009

Platt, H. D., & Platt, M. B. (2002). Predicting corporate financial distress: reflections on choice-based sample bias. Journal of Economics and Finance, 26(2), 184–199.

Pniowsky, J. (2010). Aggressive tax planning-How aggressive is too aggressive. Thompson Dorfman Sweatman LLP, 3, 1–3.

Pongrangga, R. (2015). Pengaruh Current Ratio, Total Aset Turnover dan Debt to Equity Ratio terhadap Return on Equity (Studi pada Perusahaan Sub Sektor Property dan Real Estate yang Terdaftar di BEI periode 2011-2014). Jurnal Administrasi Bisnis S1 Universitas Brawijaya, 25(2), 86188.

Pradnyana, I., & Noviari, N. (2017). Pengaruh perencanaan pajak terhadap nilai perusahaan dengan transparansi perusahaan sebagai variabel moderasi. E-Jurnal Akuntansi Universitas Udayana, 18(2), 1398–1425.

Pranita, K. R., & Kristanti, F. T. (2020). Analisis Financial Distress Menggunakan Analisis Survival. Nominal: Barometer Riset Akuntansi Dan Manajemen, 9(2), 62–79.

Putri, P. A. Y., & Endiana, I. D. M. (2020). Pengendalian Internal Terhadap Kinerja Perusahaan. Jurnal KRISNA: Kumpulan Riset Akuntansi, 11(2), 179–189.

Setyarno, E. B., & Januarti, I. (2006). Pengaruh Kualitas Audit, Kondisi Keuangan Perusahaan, Opini Audit Tahun Sebelumnya, Pertumbuhan Perusahaan Terhadap Opini Audit Going Concern. Simposium Nasional Akuntansi IX.

Storer, M., Hyland, P., Ferrer, M., Santa, R., & Griffiths, A. (2014). Strategic supply chain management factors influencing agribusiness innovation utilization. The International Journal of Logistics Management.

Streefland, I. M. (2016). Gender Board Diversity and Corporate Tax Avoidance. Unpublished M. Sc Economics & Business Economics Dissertation) Erasmus Universiteit Rotterdam.

Subramanyam, K. R. (2014). Financial statement analysis. McGraw Hill Education.

Sugiyono, P. D. (2017). Metode Penelitian Bisnis: Pendekatan Kuantitatif, Kualitatif, Kombinasi, dan R&D. Penerbit CV. Alfabeta: Bandung.

Suryani, P., Cahyono, Y., Utami, B. D., Tinggi, S., Ekonomi, I., Perdana, P., Indonesia, U. P., Kunci, K., Kepemimpinan, G., & Kerja, P. (2020). Journal of Industrial Engineering & Management Research ( JIEMAR ). Journal of Industrial Engineering & Management Research (JIEMAR) Volume:, 1(June), 70–82. https://jiemar.org/index.php/jiemar/article/view/28

Syamsuddin, L. (2011). Perusahaan Manajemen Keuangan: Konsep Aplikasi dalam Perencanaan, Monitoring dan Pengambilan Keputusan. Edisi Baru. Jakarta: PT. Raja Grafindo Persada.

Tijjani, B., & Peter, Z. (2020). Ownership structure and tax planning of listed firms : Evidence from Nigeria. 12(September), 99–107. https://doi.org/10.5897/JAT2020.0412

Wilson, R. J. (2009). An examination of corporate tax shelter participants. The Accounting Review, 84(3), 969–999.

Yudiawati, R., & Indriani, A. (2016). Analisis Pengaruh Current Ratio, Debt To Total Asset Ratio, Total Asset Turnover, dan Sales Growth Ratio Terhadap Kondisi Financial Distress Pada Perusahaan Manufaktur. Diponegoro Journal of Management, 5(2), 1–13.

Yus, E. (2017). Pengaruh Ukuran Perusahaan, Struktur Kepemilikan Manajerial dan Manajemen Laba Terhadap Kinerja Perusahaan Property dan Real Estate. Jurnal Riset Akuntansi, 1(1), 1–7.

Zhu, Z., & Huang, F. (2012). The effect of R&D investment on firms’ financial performance: Evidence from the Chinese listed IT firms.




DOI: https://doi.org/10.52447/map.v6i1.5002

Refbacks

  • There are currently no refbacks.


Copyrights of

Program Studi Akuntansi

Fakultas Ekonomi Bisnis & Ilmu Sosial

Universitas 17 Agustus 1945 Jakarta

 

ISSN (P) : 2355 - 9993

ISSN (E) : 2527 - 953X