THE EFFECT OF TAX AVOIDANCE, PROFITABILITY, AND LEVERAGE ON DIVIDEND POLICY: LIQUIDITY AS MODERATING VARIABLE
Main
Fitria Hanifah
Ekaningtyas Widiastuti*
Najmudin
This study examines the effect of tax avoidance, profitability, and leverage in dividend policy; this case study was conducted at IDX80. IDX80 is a list created by the Indonesian stock exchange where this index measures the price performance of 80 stocks with high liquidity and large market capitalization. This research was conducted in 2018 - 2021, using a purposive sample method; 96 samples were obtained. The results of this study indicate that tax avoidance does not affect the company's dividend policy, while profitability and leverage affect dividend policy. Legal tax avoidance by the company does not have a direct effect on the company's dividend policy. So, even though the company practices tax avoidance, this will not have a significant effect on the decision to distribute dividends. Profitability has a positive and significant impact on dividend policy, which means that if the company's profitability increases, the dividend policy will also increase. Then leverage has a negative and significant effect on dividend policy, which means that when the company's leverage is high, the dividends distributed by the company will decrease. Then, this study uses liquidity as a moderating variable, showing that liquidity moderates the relationship between profitability and dividend policy. In contrast, high liquidity can weaken the relationship between profitability and dividend policy.
Amiruddin, A., & Arifin, Z. (2012). Pengaruh Perubahan Undang-Undang Pajak Penghasilan Tahun 2008 terhadap Harga Saham dan Kebijakan Dividen. Sinergi, 13(1), 70–77. https://doi.org/10.20885/sinergi.vol13.iss1.art6
Andaratul Masruroh. (2019). The Effect of Profitability on Dividend Policy Using Liquidity as a Moderation Variable (Empirical Study on the Agricultural Sector Listed on the In. Digital Repository Universitas Jember.
Astuti, T. P. (2016). Tren Penghindaran Pajak Perusahaan Manufaktur di Indonesia yang terdaftar di BEI tahun 2001-2014. Jurnal Akuntansi, 20(3), 375–392. www.pajak.go.id
Estralita Trinawati, W. C. (2019). Pengaruh Tax Avoidance Terhadap Kebijakan Dividen Tunai Dimoderasi Pengungkapan Tata Kelola Perusahaan. Jurnal Paradigma Akuntansi, 1(3), 956. https://doi.org/10.24912/jpa.v1i3.5600
Firmasyah, K. R. (2019). Kemampuan Rasio Keuangan Dalam Memprediksi Kemungkinan Financial Distress. 41(2008), 107–115. http://etd.repository.ugm.ac.id/penelitian/detail/179100
Gumanti, A. T. (2013). Kebijakan Dividen: Teori, Empiris dan Implikasi (Pertama). Yogyakarta: UPP SIM YPKN.
Kartikasari, S., & Lasmana, M. S. (2013). Pengaruh Kebijakan Dividen Terhadap Kepemilikan Individual Dan Kepemilikan Institusional Dengan Perubahan Peraturan Perpajakan Sebagai Variabel Pemoderasi. Jurnal Akuntansi Dan Keuangan, 15(1), 51–62. https://doi.org/10.9744/jak.15.1.51-62
Pohan, A. C. (2019). Pendoman Lengkap Pajak Internasional Konsep, Strategi, Dan Penerapan. . Jakarta: PT. Gramedia Pustaka Utama.
Rifai, M., Wiyono, G., & Sari, P. P. (2022). Pengaruh profitabilitas, leverage, dan investment opportunity set (ios) terhadap kebijakan dividen pada perusahaan sektor consumer good yang terdaftar di bursa efek Indonesia periode 2016-2019. Jurnal Manajemen, 14(1), 171–180. https://doi.org/10.30872/jmmn.v14i1.10884
Sari, K. A. N. (2015). Pengaruh Likuiditas, Pengaruh Leverage, Pertumbuhan Perusahaan, Dan Profitabilitas Terhadap Kebijakan Dividen Pada Perusahaan Manufaktur Di Bei. E-Jurnal Manajemen Unud, 4(1), 3346–3374.
Sari, D. K., Utama, S., & Rossieta, H. (2017). Tax Avoidance, Related Party Transactions, Corporate Governance and the Corporate Cash Dividend Policy. Journal of Indonesian Economy and Business, 32(3), 190. https://doi.org/10.22146/jieb.28658
Sartono, A. (2001). Manajemen Keuangan Teori dan Aplikasi. Yogyakarta: BPFE.
Sunengsih, L., Iskandar, I., & Kusumawardani, A. (2022). Pengaruh tax avoidance, keputusan investasi dan kebijakan dividen terhadap nilai perusahaan. Kinerja, 18(4), 628–633. https://doi.org/10.30872/jkin.v18i4.10536
Victoria, W., & Viriany, D. (2019). Pengaruh Leverage, Profitability, Liquidity, Dan Firm Size Terhadap Kebijakan Dividen. In Jurnal Multiparadigma Akuntansi (Issue 4).
Wayan, I., Putra, J., Luh, N., & Wiagustini, P. (n.d.). Pengaruh Leverage Dan Profitabilitas Terhadap Kebijakan Dividen Dan Nilai Perusahaan.
Wiagustini, N. L. P. (2010). Dasar-Dasar Manajemen Keuangan.
Wirjolukito, Y. A. (2003). Faktor Faktor Yang Merupakan Pertimbangan Dalam Keputusan Pembagian Dividen: Tinjauan Terhadap Teori Persinyalan Dividen Pada Perusahaan Go Public Di Indonesia. Jurnal Ekonomi Dan Bisnis.
