Pengaruh Tax Avoidance dan Keputusan Investasi terhadap Nilai Perusahaan dengan Biaya Agensi sebagai Variabel Moderasi

Setianingsih Setianingsih; Yulianto Yulianto

doi:10.37481/jmoi.v4i1.160

Authors

Setianingsih Setianingsih Universitas Pamulang
Yulianto Yulianto Universitas Pamulang

DOI:

https://doi.org/10.37481/jmoi.v4i1.160

Keywords:

Tax Avoidance, Investment Decisions, Firm Value, Agency Costs, Moderation

Abstract

The increasing complexity of corporate governance and financial strategies in the global market has raised concerns regarding their impact on firm value. Among the various factors influencing firm performance, tax avoidance, investment decisions, and agency costs are considered crucial elements. However, the relationships between these factors remain understudied, particularly in emerging markets like Indonesia. Understanding how tax avoidance and investment decisions affect firm value, and the role of agency costs as a moderating variable, is essential for enhancing corporate governance practices and strategic decision-making. This study aims to investigate the impact of tax avoidance and investment decisions on firm value, as well as the role of agency costs as a moderating variable. Firm value is measured using the Tobin's Q ratio, tax avoidance is assessed by the Effective Tax Rate (ETR), investment decisions are represented by the Price Earnings Ratio (PER), and agency costs are quantified by the Sales to Total Assets (STA) ratio. Panel data from industrial companies listed on the Indonesia Stock Exchange between 2018 and 2022 were analyzed using a quantitative approach, with panel data regression models and moderation tests. The findings reveal that agency costs significantly influence firm value. However, tax avoidance and investment decisions do not have a significant partial effect on firm value. The fixed effect model was selected as the best model based on the Chow and Hausman tests. The interaction test indicates that agency costs moderate the relationship between tax avoidance and firm value. This research contributes to both theoretical and practical understandings of how financial strategies and corporate governance affect firm value. Practically, the study highlights the importance of managing agency costs to enhance firm value, even though tax avoidance and investment decisions do not always show a direct significant effect.

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