PERAN TAX AVOIDANCE DALAM MEMODERASI PENGARUH FREE CASH FLOW, INVESTMENT OPPORTUNITY SET, SALES GROWTH TERHADAP DIVIDEND POLICY PADA PERUSAHAAN LQ45 YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2014-2017
Abstract
This research aims to know the role of tax avoidance in moderating the influence of Free cash flow, Investment opportunity set, and sales growth toward Dividend policy on LQ45 companies that listed on Indonesia Stock Exchange in 2014-2017. Data was collected by using purposive sampling where total samples are 19 companies with 76 observation years. This research is analyzed using PLS (Partial Least Square).
The result of this research show that Free cash flow, Investment opportunity set have influence significantly and positively toward dividend policy. Meanwhile, sales growth does not influence dividend policy. Beside that, the result also shows that there is no influence of tax avoidance in amplifying the effect of Free Cash Flow and Investment Opportunity set toward Dividend Policy. Lastly, result show that there is an influence of Tax Avoidance in amplifying the effect of Sales growth toward Dividend Policy. For future research, researcher can extend sample from some sectors in Indonesian Stock Exchange and use new variables such as ROA and ROE.
Full Text:
PDFReferences
Brigham, E. F., & Houston, J. F.2011. Dasar-Dasar Manajemen Keuangan, Edisi 11 Buku 2. Diterjemahkan oleh Ali Akbar Yulianto. Jakarta: Salemba EmpatBursa efek Indonesia.
Chasbiandan, T & Martani. D. 2012, Pengaruh Tax Avoidance Jangka Panjang Terhadap Nilai Perusahaan, makalah disajikan dalam Simposium Nasional Akuntansi XV.
Darmayanti, N.K.D., & Mustanda,I,K. (2016). Pengaruh pertumbuhan penjualan, jaminan asset, dan ukuran perusahaan terhadap kebijakan dividen pada sektor industri barang konsumsi. (2016). E-juranal Manajement Unud Vol.5, No.8 2016.
Desai, M. A. & D. Dharmapala. 2006. Corporate Tax Avoidance and High Powered Incentives. Journal of Financial Economics, 79, 145-179.
Dyreng, S,. Hanlon. M . & Maydew, E.(2008). Long-run tax avoidance. Accounting review, 83 (1), 61-82
Hair, J.F., Ringle, C.M., & Sarstedt, M. (2011). PLS-SEM:Indeed A Silver Bullet. Journal of Marketing Theory and Practice, 19(2),139-150.
Haryetti & Ekayanti. R. A. 2012. Pengaruh Profitabilitas, Investment Opportunity Set & Ukuran Perusahaan Trhadap Kebijakan Dividen Pada Perusahaan LQ - 45 yang Terdaftar Di BEI. Jurnal Ekonomi Volume 20, Nomor 3 September 2012
Hatta, A.(2002), Faktor-faktor yang mempengaruhi kebijakan dividen: investigasi pengaruh teori stakholder. Jurnal akuntansi dan auditing Indoneisai. Vol 6 No. 2
Hanlon, M. & Slemrod, J. (2009). What tax agrresivenees signal? Evidance from stock price reaction to news about tax selter involment. Journal of public Economics, 93, 126-141.
Hanlon, M. & Heitzman. S (2010), A Review of Tax Research, Journal of Accounting and Economics 50, pp:127 – 178.
Iryuliawati. (2013). Pengaruh cash flow terhadap dividend policy pada perusahaan LQ 45 Skripsi Fakultas ilmu sosial dan ilmu politik Universitas Lampung.
Kallapur, S., & M. A. Trombley. 1999. The association between investment opportunity set proxies and realized growth. Journal of Business Finance & Accounting.Vol.26 No.3:505-519.
Kieso, W. K (2013) . Financial accounting . First Edition. John Wiley and Sons, Inc. New York
Kole, S. 1991. An investigation of the building of compensation. Working Paper.
Lai, K.W (2009), Does Audit Quality Matter More for Firms with High Investment Opportunities? (April 1, 2002). Journal of Accounting and Public Policy, Vol. 28, No. 1, 2009.
Mahadwartha, Anom. P & Hartono. J. (2002). Uji Teori Keagenan dalam Hubungan Interpendensi antara Kebijakan Hutang dengan Kebijakan Dividen. Simposium Nasional Akuntansi V. Semarang
Nnadi, M.A. & M. Akpomi (2008): The Effect of Taxes on the Dividend Policy of Banks in Nigeria. International Journal of Finance and Economics, No. 19, pp 1450-2887.
Pratama,B,R. (2013). Pengaruh tarif pajak terhadap kebijakan dividend implikasinya pada harga saham. Skripsi Universitas Komputer Indonesia.
Putri, P.A.D., & Putra.I.N.W.A. (2017). Pengaruh free cash flow perusahaan ditahap growth dan mature pada kebijakan dividend. E-Jurnal Akuntansi Universitas Udayana Vol.20.1. Juli 2017
Rosdini, D. 2007. Pengaruh Free Cash Flow terhadap Dividend Payout Ratio. Jurnal Akuntansi dan Keuangan, Vol.3, No. 2, Februari.
Ross, S.A., Westerfield, R.W., & Jordan, B.D. (2013). Fundamentals Of Corporate Finance. New York : Mc Graw-Hill.
Rozeff, M.S. (1982). Growth, Beta and Agency Cost as Determinants of Dividend Payout Ratios. Journal of Financial Research. Vol 8.
Simarmata,H.Y., & Hatulaju,L S.E.,M.Si.,Ak.,CA. (2017). Pengaruh profitability dan investment opportunity set terhadap kebijakan dividen dengan likuiditas sebagai variable moderasiStudi Empiris Pada Perusahaan Perbankan yang listing di Bursa Efek Indonesia Periode 2012 – 2015). Jurnal Akuntansi dan Keuangan Daerah Vol 12. November 2017.
Smith, Jr., Clifford, W. & Watts, R.L.. 1992. The investment opportunity set and corporate financing, dividend, and pensation policies. Journal of Financial Economics.Vol.32:263-292
Uyara, Ali Sani & Askam Tuasikal. (2003). Moderasi Aliran Kas Bebas terhadap Hubungan Rasio Pembayaran Dividen dan Pengeluaran Modal dengan Earnings Response Coefficients. Jurnal Riset Akuntansi Indonesia.
Van Horne, James C. & John M. Wachowicz. 2007. Fundamentals of Financial Management, Prinsip-Prinsip Manajemen Keuangan . Jakarta : Salemba Empat.
Weston, J.F. & Birgham, E.F. 1994. Dasar Manajemen Keuangan. Jakarta: Erlangga.
Weston, J. F., & Copeland,T.E.(1995),Manajemen Keuangan, Edisi 8 . Jilid 1.Alihbahasa: Jaka Wasana dan Kirbrandoko . Gelora Aksara Pratama, Jakarta
Yakub,S., Suharsil., & Halim,J (2014). Pengaruh profitabilitas dan investment opportunity set terhadap dividend tunai perusahaan go public sektor perbankan Bursa Efek Indonesia. Jurnal Saintikom Vol.13, No 1, Januari 2014
Refbacks
- There are currently no refbacks.
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.