Pengaruh Penghindaran Pajak, Leverage, Profitabilitas, Dividend Payment, Likuiditas terhadap Nilai Perusahaan
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Abstract
Penelitian ini merupakan penelitian kausal (sebab-akibat) yang bertujuan untuk menguji pengaruh penghindaran pajak, leverage, profitabilitas, dividend payment dan likuiditas terhadap nilai perusahaan, dengan ukuran perusahaan sebagai variabel kontrol. Objek penelitian ini adalah perusahaan subsektor Food and Beverage yang terdaftar di Bursa Efek Indonesia (BEI) periode 2021–2024. Penentuan sampel dilakukan menggunakan teknik purposive sampling, sehingga diperoleh total 120 data observasi dari 30 perusahaan. Metode analisis data yang digunakan adalah analisis regresi data panel dengan bantuan perangkat lunak STATA 17. Hasil penelitian menunjukkan bahwa profitabilitas dan leverage berpengaruh positif dan signifikan terhadap nilai perusahaan. Sementara itu, penghindaran pajak, dividend payment, dan likuiditas tidak berpengaruh signifikan terhadap nilai perusahaan. Variabel kontrol ukuran perusahaan juga ditemukan tidak berpengaruh signifikan terhadap nilai perusahaan. Temuan ini mengindikasikan bahwa investor di sektor Food and Beverage lebih memfokuskan penilaian pada kinerja fundamental utama, yaitu kemampuan perusahaan menghasilkan laba dan pengelolaan struktur modal, dibandingkan kebijakan dividen atau strategi efisiensi pajak.
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