Peran Manajemen Pajak Dalam Memoderasi Hubungan Profitabilitas, Leverage dan Capital Intensity Emiten IDX Sektor Energi Periode 2021-2025

Bakara, Alicia Yosevin (2026) Peran Manajemen Pajak Dalam Memoderasi Hubungan Profitabilitas, Leverage dan Capital Intensity Emiten IDX Sektor Energi Periode 2021-2025. S1 thesis, Universitas Kristen Indonesia.

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Abstract

Penelitian bertujuan menganalisis dampak profitabilitas (ROE), leverage (DER) dan capital intensity terhadap nilai perusahaan (PBV). Selain itu, manajemen pajak yang diposisikan sebagai variabel moderasi. Fokus kajian diarahkan pada emiten IDX sektor energi periode 2021-2025. Populasi mencakup seluruh emiten bisnis di sektor tersebut, dengan sampel 34 emiten yang dipilih menggunakan metode purposive sampling. Data sekunder berupa laporan keuangan tahunan diperoleh melalui situs IDX serta website masing-masing perseroan. Metode analisis menggunakan regresi data panel dengan pendekatan Random Effect Model (REM) yang diolag melalui software Stata 15. Hasil penelitian menunjukkan bahwa : (1) ROE berkontribusi positif dan signifikan dalam meningkatkan nilai perusahaan (P-Value 0,000 < 0,05); (2) DER berbanding terbalik (negatif) serta signifikan bagi nilai perusahaan (coeff -0,3374; P-Value 0.004 < 0,05); (3) CAPIN tidak memiliki pengaruh positif maupun signifikan terhadap nilai perusahaan; (4) ETR gagal memoderasi hubungan antara profitabilitas (P-Value 0,133 > 0,05) maupun capital intensity (P-Value 0,898 > 0,05) dengan nilai perusahaan; (5) ETR terbukti secara signifikan memperkuat dampak leverage dalam menentukan nilai perusahaan (koefisien 0,3141; P-Value 0,009 < 0,05); (6) profitabilitas, leverage dan capital intensity secara simultan berpengaruh positif signifikan terhadap nilai perusahaan (P-Value 0,000 < 0,05) dengan nilai R-Squared sebesar 0,2930, yang menunjukkan bahwa variabel independen mampu menjelaskan variabel dependen sebesar 29,30% Temuan mengonfirmasi Signaling Theory dan Trade-off Theory di pasar modal Indonesia, sekaligus memberikan implikasi praktis bagi manajemen, investor serta stakeholder dalam pengambilan keputusan terkait struktur modal dan perencanaan pajak. Kata Kunci : Nilai Perusahaan, Profitabilitas, Leverage, Capital Intensity, Effective Tax Rate, Sektor Energi / This study aims to analyze the impact of profitability (ROE), leverage (DER), and capital intensity on firm value (PBV), with tax management positioned as a moderating variable. The study focuses on energy sector companies listed on the IDX during the 2021–2025 period. The population comprises all business entities in the sector, with a sample of 34 companies selected using purposive sampling. Secondary data, consisting of annual financial reports, were obtained from the IDX website and the respective companies' websites. Analysis was conducted using panel data regression with a Random Effect Model (REM) approach, processed via Stata 15 software. The results indicate that: (1) ROE makes a positive and significant contribution to increasing firm value (P-value 0.000 < 0.05); (2) DER has a significant negative (inverse) relationship with firm value (coefficient -0.3374; P-value 0.004 < 0.05);(3) CAPIN does not have a positive or significant influence on company value; (4) ETR fails to moderate the relationship between firm value and either profitability (P-value 0.133 > 0.05) or capital intensity (P-value 0.898 > 0.05); (5) ETR is proven to significantly strengthen the impact of leverage on firm value (coefficient 0.3141; P-value 0.009 < 0.05); and (6) profitability, leverage, and capital intensity simultaneously exert a significant influence on firm value (P-value 0.000 < 0.05), with an R-squared value of 0.2930, indicating that the independent variables explain 29.30% of the variance in the dependent variable. These findings confirm Signaling Theory and Trade-off Theory within the Indonesian capital market and offer practical implications for management, investors, and stakeholders regarding decision-making related to capital structure and tax planning. Keywords: Firm Value, Profitability, Leverage, Capital Intensity, Effective Tax Rate, Energy Sector

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