THE EFFECT OF TAX PLANNING, FIRM SIZE, AND CAPITAL STRUCTURE ON FIRM VALUE (STUDY ON MANUFACTURING COMPANIES IN THE FOOD AND BEVERAGE SUB-SECTOR LISTED ON THE INDONESIA STOCK EXCHANGE FOR THE PERIOD 2019–2024)
Keywords:
Capital Structure, Firm Size, Firm Value, Panel Data Regression, Tax Planning
Abstract
This study aims to analyze the effect of tax planning, firm size, and capital structure on firm value in food and beverage manufacturing companies listed on the Indonesia Stock Exchange during the 2019–2024 period. This research uses a quantitative method with descriptive and verificative approaches. The data used are secondary data obtained from company financial statements and analyzed using panel data regression with the assistance of EViews 13 software. The results show that tax planning, firm size, and capital structure affect firm value. This indicates that tax management, company assets, and funding policies are factors considered by investors in assessing a company. In addition, these three variables simultaneously influence firm value. This study is expected to serve as a consideration for companies in determining appropriate financial policies to increase firm value. Furthermore, this research is also expected to become a reference for investors.
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References
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Meiryani, F., Rahman, A., & Sari, D. (2023). Influence of capital structure on firm performance: Empirical evidence from the Indonesian manufacturing sector. Jurnal Keuangan dan Perbankan, 27(1), 67-75.
Fahlevi, M., Andini, R., & Yusuf, A. T. (2022). Capital structure and its effect on financial performance of food and beverage companies in Indonesia. Journal of Contemporary Economics and Business, 10(2), 112-119.
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Bahri, A. S., Saefullah, K., & Anwar, M. (2022). THE EFFECT OF FIRM SIZE AND LEVERAGE ON FINANCIAL PERFORMANCE AND THEIR IMPACT ON FIRM VALUE IN FOOD AND BEVERAGE SECTOR COMPANIES LISTED ON. 5(2), 208–214.
Bidaya, K., Purba, M. I., Laia, R., Giawa, A. H., & Aliah, N. (2023). The influence of profitability , liquidity , and capital structure on firm value. 3, 14–20.
Dewi, M. S., Ibrahim, I., & Ariffin, Z. Z. (2026). The Financial Drivers of Base Erosion Profit Shifting In Indonesia: Transfer Pricing, Leverage, And Inventory Intensity In Multinational Companies. Architecture Image Studies, 7(1), 604–617. https://doi.org/10.62754/ais.v7i1.889
Dwiastuti, D. S., Dillak, V. J., Akuntansi, P. S., Ekonomi, F., & Telkom, U. (2019). Pengaruh Ukuran Perusahaan , Kebijakan Hutang , dan Profitabilitas Terhadap Nilai Perusahaan. 11(1), 137–145.
Galuh Tresna Murti, Rr. Sri Saraswati, & Faizi, M. F. N. . (2024). Pengaruh Kepemilikan Institusional, Umur Perusahaan, dan Struktur Modal Terhadap Nilai Perusahaan . Owner : Riset Dan Jurnal Akuntansi, 8(1), 414-423. https://doi.org/10.33395/owner.v8i1.1817
Giawa, F. A., Austrindanney, I., Azhar, S., & Yahya, I. (2024). International Journal of Current Science Research and Review The Effect of Capital Structure , Profitability , Liquidity , and Solvency on Firm Value with Managerial Ownership as a Moderating Variable in Food and Beverage Sub-Sector Companies Listed on th. 07(12), 9010–9020. https://doi.org/10.47191/ijcsrr/V7-i12-40
Larasati Br Tarigan D, Gani A, H. P. (2024). Pengaruh Perencanaan Pajak Terhadap Nilai Perusahaan Pada Perusahaan Sub Sektor Makanan dan Minuman Yang Terdaftar di. 5(3), 831–835.
Loppies, L. S., & Wenno, M. (2024). The Effect of Capital Structure and Company Size on Company Value in Food and Beverage Sub-Sector Manufacturing Companies in 2020-2022. 15(4), 599–603.
Novi Endri Astuti, M. M. dan E. H. (2021). Perencanaan Pajak, Pengaruh Modal, Struktur Efek, Ukuran Perusahaan Terhadap Nilai Perusahaan pada Perusahaan yang Terdaftar Di BEI. Syntax Literature: Jurnal Ilmiah Indonesia, 6(1).
Suwardi, E., Sholihin, M., Arifa, C., & Saragih, A. H. (2024). The moderating role of corporate tax risks on the market valuation of tax savings : a new empirical evidence in the Indonesian context. Cogent Business & Management, 11(1). https://doi.org/10.1080/23311975.2024.2389254
Brigham, E. F., & Houston, J. F. (2019). Fundamentals of Financial Management (15th ed.). Cengage Learning.
Undang-Undang Republik Indonesia Nomor 7 Tahun 2021 tentang Harmonisasi Peraturan Perpajakan. (2021). Pemerintah Republik Indonesia.
Peraturan Menteri Keuangan Republik Indonesia Nomor 15/PMK.03/2021 tentang Pemberian Insentif Pajak untuk Wajib Pajak Terdampak Pandemi Covid-19. (2021). Kementerian Keuangan Republik Indonesia
BPS. (2023). Statistik Industri Pengolahan Indonesia 2023. Jakarta: Badan Pusat Statistik.
Bursa Efek Indonesia. (2024). Ringkasan Performa Emiten Makanan dan Minuman. Jakarta: IDX.
Baltagi, B. H. (2021). Econometric analysis of panel data (7th ed.). Wiley.
Ghozali, I. (2018). Aplikasi analisis multivariate dengan IBM SPSS. Universitas Diponegoro.
Sugiyono. (2019). Metode penelitian kuantitatif, kualitatif, dan R&D. Alfabeta.
Sugiyono. (2023). Metode penelitian kuantitatif. Alfabeta.
Sekaran, U., & Bougie, R. (2016). Research methods for business: A skill-building approach (7th ed.). Wiley.
Putri, N. A. (2023). Tax planning strategies and tax compliance: A review. Jurnal Akuntansi dan Pajak, 14(1), 45-58.
Saemargani, S. (2017). Firm size and its effect on financial performance: Case study on Indonesian manufacturing companies. International Journal of Economics and Financial Issues, 7(1), 54-58.
Meiryani, F., Rahman, A., & Sari, D. (2023). Influence of capital structure on firm performance: Empirical evidence from the Indonesian manufacturing sector. Jurnal Keuangan dan Perbankan, 27(1), 67-75.
Fahlevi, M., Andini, R., & Yusuf, A. T. (2022). Capital structure and its effect on financial performance of food and beverage companies in Indonesia. Journal of Contemporary Economics and Business, 10(2), 112-119.
Napitupulu, C., dkk. (2021). Judul Buku atau Artikel Lengkap (hal. 115). [Detail penerbit dan kota penerbit]
Published
2026-06-03
How to Cite
Sari, R., & Dewi, M. (2026). THE EFFECT OF TAX PLANNING, FIRM SIZE, AND CAPITAL STRUCTURE ON FIRM VALUE (STUDY ON MANUFACTURING COMPANIES IN THE FOOD AND BEVERAGE SUB-SECTOR LISTED ON THE INDONESIA STOCK EXCHANGE FOR THE PERIOD 2019–2024). Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), 9(2), 12722-12736. https://doi.org/10.31538/iijse.v9i2.10454
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Articles
Copyright (c) 2026 Rini Dyah Puspo Sari, Maya Safira Dewi
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