Selvia Selvia, Sandra Dewi

Pengaruh Tax Planning, Kebijakan Hutang dan Ukuran Perusahaan terhadap Nilai Perusahaan pada Sektor Basic Materials yang Terdaftar di Bursa Efek Indonesia (BEI) Tahun 2021-2024

Introduction

Pengaruh tax planning, kebijakan hutang dan ukuran perusahaan terhadap nilai perusahaan pada sektor basic materials yang terdaftar di bursa efek indonesia (bei) tahun 2021-2024. Kaji pengaruh tax planning, kebijakan hutang & ukuran perusahaan pada nilai perusahaan sektor Basic Materials di BEI (2021-2024). Temukan faktor peningkat nilai perusahaan.

Abstract

Firm value is an important indicator that reflects investors’ perceptions of a company’s performance and prospects. Although the relationship between tax planning, debt policy, firm size, and firm value has been widely examined, studies that specifically analyze these three variables in Basic Materials sector companies listed on the Indonesia Stock Exchange for the 2021–2024 period remain limited. This study aims to analyze the effect of tax planning, debt policy, and firm size on firm value. This study used a quantitative approach with a causal associative design. The sample consisted of 18 companies selected using purposive sampling, resulting in 61 observations after outlier elimination. Data were collected through documentation of companies’ annual financial reports and analyzed using multiple linear regression with the assistance of IBM SPSS Statistics 26. The results show that tax planning and firm size have a positive and significant effect on firm value, whereas debt policy has no significant effect. Simultaneously, tax planning, debt policy, and firm size have a significant effect on firm value. These findings contribute to the development of Signaling Theory in explaining the formation of firm value through financial information perceived by investors as market signals. The conclusion of this study emphasizes the importance of the effectiveness of tax planning and firm size in increasing firm value. The implications of this study include theoretical contributions to the development of financial management literature as well as practical implications for company management in formulating strategies to increase firm value. Keywords: Tax Planning; Debt Policy; Firm Size; Firm Value; Basic Materials Sector

Review

This study offers a timely empirical examination into the determinants of firm value within the Indonesian Basic Materials sector, specifically for the 2021-2024 period. The authors clearly state their objective to analyze the effects of tax planning, debt policy, and firm size, addressing a perceived gap in the literature for this specific context. The quantitative approach, employing multiple linear regression on a sample of 18 companies, appears methodologically sound for its stated purpose. The findings, indicating a positive and significant effect of tax planning and firm size on firm value, while debt policy showed no significant individual effect, provide valuable insights for practitioners and investors operating in this particular market segment. The study's contribution to Signaling Theory, by interpreting financial information as market signals, is also noted. While the study provides useful empirical data, certain aspects could be strengthened for broader theoretical impact. The abstract claims the relationship between these variables is "widely examined," making the primary novelty reside in the specific sector and time frame. A more in-depth discussion on *why* these relationships might differ or uniquely manifest in the Basic Materials sector in Indonesia would enhance its theoretical contribution beyond simply confirming existing relationships. Furthermore, the absence of specific operational definitions for key variables (e.g., how tax planning is measured, what proxy is used for firm value, or debt policy) limits the study's replicability and assessment of its validity. The finding that debt policy has no significant individual effect, despite the simultaneous effect being significant, warrants a deeper exploration and discussion, potentially linking it to unique characteristics of the sector or the Indonesian financial market. Overall, this study makes a relevant empirical contribution by focusing on a specific sector and period within Indonesia, providing actionable insights regarding the importance of effective tax planning and firm size in enhancing firm value. Its clear methodology and straightforward findings are valuable for company management in formulating strategic decisions and for investors assessing companies in the Basic Materials sector. For future research, it would be beneficial to expand on the theoretical underpinnings, provide explicit measurement details, and delve deeper into the nuanced reasons behind non-significant findings, perhaps through comparative analysis or qualitative exploration, to further enrich the financial management literature.

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