Martua Eliakim Tambunan1*, Yohana Ronauli2
Universitas
Kristen Indonesia, Jakarta, Indonesia1,2
Email: martua.eliakim@uki.ac.id, yohanarns10@gmail.com
|
KEYWORDS |
ABSTRACT |
|
firm values, leveraged, profitabilities, liquidity,
taxes planning |
This study aims to examine and analyze the effect of leverage, profitability,
liquidity, and tax planning on company value in consumer goods industry
sector companies listed on the Indonesia Stock Exchange (IDX) from 2019 to
2021. It is a quantitative study using panel data analysis, employing methods
such as the Chow test, Hausman test, Lagrange multiplier test, classical
assumption tests, and hypothesis testing through Eviews 12 software. The
study population includes companies in the consumer goods sector registered
on the IDX between 2019 and 2021. A purposive sampling method was applied,
resulting in 28 companies and a total of 84 observations. The data utilized
are secondary and obtained from the official IDX website (www.idx.co.id) and
company websites. The findings demonstrate that profitability has a positive
and significant effect on firm value, indicating that more profitable
companies tend to increase their market value. In contrast, leverage,
liquidity, and tax planning do not show significant effects on firm value.
However, when considered simultaneously, leverage, profitability, liquidity,
and tax planning collectively influence firm value. These results underscore
the importance of profitability as a key driver of firm value in the consumer
goods industry, suggesting that companies should prioritize strategies to
enhance profitability to improve market valuation. The study’s findings have
implications for financial managers, investors, and policymakers, as they
highlight the limited role of leverage, liquidity, and tax planning in
directly influencing firm value, prompting a reevaluation of how these
variables are considered in strategic financial decision-making. |
|
DOI:
10.58860/ijsh.v3i5.242 |
|
Corresponding
Author: Martua Eliakim
Tambunan *
Email: martua.eliakim@uki.ac.id
INTRODUCTION
Business
development at this time requires the application of standards in a company's
financial statements
Based on the
figure below, a comparison of the growth rate of the consumer goods industry
represented by the food and beverage industry and the tobacco industry compared
to other industries in the fields of chemicals, textiles and metal goods to GDP
during 2019 to 2021 can be seen as follows:
Figure 1. Comparison
of Growth Rate Graphs
Based on
figure 1 above, it shows that consumer goods in the food and beverage and
tobacco sectors decreased from 2019 to 2020 and slightly increased to 2021.
Meanwhile, the sub-fields of chemistry, pharmaceuticals, and traditional
medicine during 2019 to 2020 were relatively stable and slightly increased.
Further analysis suspects that during 2020 and 2021 Covid 19 occurred so that
the need for pharmaceuticals tends to increase. Meanwhile, for other fields in
2019, the percentage is quite large, but it faces a reduction in 2020 because
people tend to spend their money on things that are very necessary for survival
in the era of the covid 19 pandemic. However, each field again faces
developments in 2021, because the covid 19 pandemic has begun to be overcome.
Based on this phenomenon, the researcher determined that the business field
being studied was industry because based on the trend of the graph above, it
was affected by Covid 19 but could increase again in 2021. This phenomenon
shows that the consumption industry can survive the global crisis and it is
interesting to study the factors that cause it to survive.
One of the
main goals of the consumer industry is to increase the value of the company,
especially if the consumer industry has gone public whose shares have been
offered to the public. The company's value increased along with the increase in
sales in the consumer industry. The value of the company will grow along with
the increase in stock price. The higher the company's value, the better it is
in the eyes of investors
The second
theory is the signal theory, which says that the industry must share signals
with the recipients of financial information in order to maintain the value of
the company. This signal is information related to things that have been
implemented by management to meet the expectations of the owner. The
information that the industry shares is important because it influences the
investment decisions of investor groups. This theory is related to the
industry's motivation to share information with investor groups, there is no
information asymmetry between management and investor groups. One way to reduce
information asymmetry is to send signals or signals to a group of investors in
the form of reliable financial information that can reduce the uncertainty of
poor information in the industry.
As businesses
grow, the industry needs to think about the right sources of funding to fund
the industry's operational activities and maintain the value of its company.
According to Harmono (2017). Company value is the performance of an industry
described by the stock price created by the demand and supply of the capital
market. In principle, the value of an industry can be calculated from a number
of different perspectives, one of which is from the stock market price of that
industry. Therefore, the market price of industrial stocks reflects the amount
of investor valuation on each stock owned. The stock price represents a
centralized assessment of all stock market participants that acts as a
barometer of industry management performance. Investors' opinions on the level
of success of the industry are reflected in the value of the company. The
development of the company's value triggered by high stock prices makes the
market believe in the performance of the industry. Developing industrial
profits and maximizing corporate value are interrelated industrial objectives
to develop shareholder prosperity, so that these goals become an important
category for the survival of the industry.
Problems that
affect the value of companies in Indonesia can be known through examples that
have occurred. Such as the ongoing problems that PT Plaza Indonesia Realty Tbk
faced a reduction in profitability in 2019. Plaza Indonesia was observed to
post a reduction in net profit to 3.72% to 532.69 billion. This reduction in
profitability took place in the midst of an increase in the cost of income and
tax burden. From this reduction, the stock price fell and affected the
company's value
Leverage is
the use of several assets or funds by the industry where in the use of these
assets or funds, the industry must incur fixed costs. Leverage can be known as an estimator of
risk in an industry. In other words, the greater the leverage, the greater the
investment risk. Optimal leverage can help you find the right source of
funding. However, making the wrong decision in managing leverage can increase
the risk of bankruptcy and harm shareholders. Research conducted by Haryono
Profitability
is the ability to make profits
Liquidity
describes the ability of the industry to meet its short-term obligations
Apart from the
things mentioned above, the value of a company can also be affected by the
taxes paid by the industry. Tax is a mandatory contribution made by individual
taxpayers or corporate taxpayers to the state for facilities that have been
used by taxpayers. The facilities used by taxpayers are the result of people's
tax withdrawals. Taxes are coercive, therefore the
industry must pay attention to the applicable tax policies.
The government
and industry have the same goal. The government has the goal of increasing
state revenue from tax payments by taxpayers for the prosperity of the nation.
The industry focuses on the goal of increasing the industry's profits on
industrial acceptance for the survival of the industry. For industry, taxes are
a burden that will reduce the net profit of the industry
Tax planning
is the first step in tax management. In general, the emphasis on tax planning
is to minimize tax liabilities (Suandy, 2017). Proper tax planning can optimize
cash flow, minimize tax costs and avoid tax risks. Tax risks due to tax
non-compliance will harm the industry because they receive sanctions that are
in line with applicable tax policies. Research conducted by Pradnyana and
Noviari
Based on the
background, phenomenon, and previous researches, the title of the research is
The Effect of
Leverage, Profitability, Liquidity, and Tax Planning on Company Value in
Consumer Goods Industry Sector Companies on the Indonesia Stock Exchange.
This study
aims to analyze the influence of leverage, profitability, liquidity, and tax
planning on company value within the consumer goods industry listed on the
Indonesia Stock Exchange. Specifically, it seeks to identify how these
financial indicators interact to influence company value during periods of
economic uncertainty and recovery, such as the COVID-19 pandemic.
The findings
from this study are expected to provide valuable insights for company managers
in the consumer goods sector, guiding strategic decisions related to financial
management. Additionally, it will offer investors a deeper understanding of key
financial indicators that influence stock price performance, enabling more
informed investment decisions. Finally, this research may assist policymakers
in understanding the economic resilience of the consumer goods industry,
particularly in times of crisis.
METHOD
The data
collection technique used through the use of the Indonesia Stock Exchange (IDX)
website is https://www.idx.co.id/ that provides data on various types of
industries as well as industrial websites of related companies. The data
sources used in this study are financial report data and annual reports of the
manufacturing industry in the field of consumption companies that have been
published. The data used for this research is quantitative data by collecting
financial and stock data to analyze the value of the company in relation to
leverage, profitability, liquidity and tax planning. Other data used to support
this research argument are books, previous theses, journals, and newspapers.
Sample Withdrawal Method
This
researcher pays attention to the population of the manufacturing industry in
the field of consumer companies listed on the Indonesia Stock Exchange (IDX)
for the period of 2019 to 2021. This research requires the withdrawal of data
from many companies with a period of more than 1 year so that it uses panel
data. The sample withdrawal in this study uses the purposive sampling approach
technique, because in this study the researcher sets limits on the samples
taken. The categories set out in this study are as follows:
1. The
industry used as a data sample is the manufacturing industry in the field of
consumer companies listed on the Indonesia Stock Exchange (IDX).
2. The
industry publishes annual reports as well as full financial reports during
2019-2021.
3. Industries
that did not face losses during 2019-2021.
4. It
has complete data for all variables, both dependent and independent variables
with details: leverage, profitability, liquidity, tax planning, and company
value.
5. Using
the rupiah currency unit in annual reports and financial statements for the
year 2019-2021.
Research Design
In this study, econometric techniques are used to test hypotheses that
are the issue of research problems. The technique used is longitudinal and uses
panel data where in this test a sample consisting of three financial reporting
periods from various manufacturing industries in the field of consumer
companies listed on the Indonesia Stock Exchange (IDX). The panel data was
determined because the researcher wanted to find the influence of leverage,
profitability, liquidity and tax planning on the value of companies during the
2019-2021 period.
Data Analysis Techniques
In this study, data management from the data that has been collected uses
panel data regression techniques and uses Eviews 12 as a tool to analyze data.
There are also general similarities in the basis of panel data regression as
follows:
Yit = α +
β1X1it + β2X2it + β3X3it
+ β4X4it + εit
Information:
Y =
Company Value
α =
Constant (intercept)
β1, β2, β3, β4 = Regression coefficient (Slope)
X1 =
Leverage
X2 =
Profitabiltas
X3 =
Liquidity
X4 =
Tax Planning
ε =
Error Term
less =
The ith object and the tth time
There are a number of
panel data regression techniques used in this study, namely:
Descriptive Statistical Analysis
Descriptive
statistics is a statistical technique used to share descriptions related to the
data that has been collected. Descriptive statistics share an overview of the
central values (median and mean), as well as the variability values (maximum,
minimum and standard deviation) of the data. This technique is useful for
stating and inferring the characteristics of a data in an easy-to-know way.
Hypothesis Testing
Partial Test (t-Test)
The t-test
aims to test the significance of each independent variable in the dependent
variable in a study as explained by Nachrowi and Usman (2006) in the Rebecca
The level of
influence of each independent variable on the dependent variable is different,
so that the independent variable with the highest value will have the most
significant influence. To make it easier to interpret the regression results,
probabilities are used to see the significance of the variables. If the
probability (prob) is lower than the significance level of 10%, 5%, or 1%, then
the variable is considered to have a significant influence.
Simultaneous Test (Test F)
The F test is
a hypothesis test on a regression model to see if independent variables
together significantly affect dependent variables
H0 :
There is no simultaneous influence of the independent variable on the dependent
variable.
H1: There is a
simultaneous influence of the independent variable on the dependent variable.
In this test,
a significance value of F is used at the level a that has been determined (in
this study, level A is used as much as 0.005). If the significance value of F
is lower than 0.05 or F (calculate) is higher than F (table), then hypothesis
H0 is rejected and hypothesis H1 is accepted. This means that independent
variables together significantly affect dependent variables. On the other hand,
if the significance value of F is higher than 0.05 or F (calculation) is lower
than F (table), then hypothesis H0 is accepted and hypothesis H1 is rejected.
This means that there is no co-influence of independent variables on dependent
variables.
Determination Coefficient
(R2) Testing
According to
Ghozali
RESULT AND DISCUSSION
Research Overview
Based on data obtained from the Indonesia Stock Exchange from
2019 to 2021 with a total manufacturing population in the field of consumer
companies listed on the Indonesia Stock Exchange as many as 85 companies. The
sample used from the total that is sufficient for the research category is
explained in Table 1 below. The selection categories for this sample are as
follows:
Table 1.
Selection of Research
Samples
|
It |
Sample
Criteria |
Sum |
|
1 |
Manufacturing
companies in the field of consumer companies listed on the Indonesia Stock
Exchange |
85 |
|
2 |
Companies
that do not publish annual reports as well as full financial statements
during 2019-2021 |
(3) |
|
3 |
Companies
that faced losses during 2019-2021 |
(17) |
|
4 |
Companies
that do not have complete data on all variables, both dependent and
independent variables |
(4) |
|
5 |
Companies
that do not use the rupiah currency unit in their annual reports and
financial statements during 2019-2021. |
(0) |
|
|
Number
of samples |
28 |
|
|
Number
of Observations for 3 years (2019-2021) |
84 |
Source: The results of the
research were processed by the author
Data Analysis
Descriptive Statistical Test
The process of
collecting, declaring, and summarizing various data features to illustrate the
characteristics of the sample used in this study is known as descriptive
statistics. The descriptive analysis of the data obtained for this study is 28
industry data from 2019 to 2021. The description of the variables in the
descriptive statistics used in this study includes the minimum value, maximum
value, mean, and standard deviation of one dependent variable, namely company
value and four independent variables, namely leverage, profitability,
liquidity, and tax planning. The results of the descriptive statistics are
shown in the table below:
Table 2.
Descriptive Statistical
Results
|
|
Y |
X1 |
X2 |
X3 |
X4 |
|
Mean |
2.831448 |
0.766078 |
0.112327 |
2.911532 |
0.259343 |
|
Median |
1.885471 |
0.513780 |
0.099489 |
2.429590 |
0.231529 |
|
Maximum |
16.26333 |
3.824769 |
0.416320 |
13.30906 |
0.814617 |
|
At least |
0.153781 |
0.121670 |
0.000526 |
0.614071 |
0.123730 |
|
Std. Dev. |
2.834522 |
0.710921 |
0.084352 |
2.449545 |
0.106859 |
|
Skewness |
2.648815 |
2.365480 |
1.345189 |
2.708178 |
3.376039 |
|
Curtosis |
11.12888 |
9.350951 |
5.122635 |
11.43182 |
15.62365 |
|
Jarque-Bera |
329.5025 |
219.5079 |
41.10300 |
351.5140 |
717.3145 |
|
Probability |
0.000000 |
0.000000 |
0.000000 |
0.000000 |
0.000000 |
|
Sum |
237.8416 |
64.35057 |
9.435444 |
244.5687 |
21.78481 |
|
Sum Sq. Dev. |
666.8646 |
41.94897 |
0.590563 |
498.0227 |
0.947773 |
|
Observations |
84 |
84 |
84 |
84 |
84 |
Source: The results of the
research were processed by the author
Based on the results of descriptive statistics in Table 2, it shows that
the total sample studied is 84 data samples starting from 28 industries in the
study for three periods, namely 2019 to 2021.
Dependent Variables
The dependent variable used in this study is the Company Value
calculated by Tobin's Q. From the descriptive statistical table, the amount of company
value from 84 samples has an average value of 2.831448. The minimum value is
generated from the company's value of 0.153781 owned by PT Ultra Jaya Milk
Industry and Trading Company Tbk in 2019 and the maximum value of 16.26333
owned by PT Unilever Indonesia Tbk in 2019.
Independent
Variables
a)
Leverage
Leverage is calculated by the Debt To Equity
Ratio (X1) stating an average value of 0.766078. The minimum value is 0.121670
owned by PT Campina Ice Cream Industry Tbk in 2021 and the maximum value is
3.824769 owned by PT Pyridam Farma Tbk in 2021.
b)
Profitabiltas
Profitability is calculated by Return On Assets
(X2) stating an average value of 0.112327. As well as a minimum value of
0.000526 owned by PT Sekar Bumi Tbk in 2019 and a maximum value of 0.416320
owned by PT Multi Bintang Indonesia Tbk in 2019.
c)
Liquidity
Liquidity is calculated by the Current Ratio (X3) stating an average
value of 2.911532. As well as a minimum value of 0.614071 owned by PT Unilever
Indonesia Tbk in 2021 and a maximum value of 13.30906 owned by PT Campina Ice
Cream Industry Tbk in 2021.
d)
Tax
planning
Tax planning is calculated with the Effective Tax Rate (X4) stating an
average value of 0.259343. As well as a minimum value of 0.123730 owned by PT
Phapros Tbk in 2021 and a maximum value of 0.814617 owned by PT Sekar Bumi Tbk
in 2019.
Panel Data Linear Regression
Analysis
Based on the regression estimation technique between the Common Effect
Model (CEM), Fixed Effect Model (FEM) and Random Effect Model (REM) as well as
the selection of the regression equation estimation model with the chow test,
the hausman test and the langrange multiplier test, the Fixed Effect Model
(FEM) was selected for the linear regression equation of the panel data. The
estimated models obtained from the Fixed Effect Model can be written down as
follows:
Y =
1.49705586999 – 0.284782505984*X1 + 11.9743245821*X2 – 0.0194554264025*X3 +
1.01859760146*X4
Information:
Y = Company value
X1 = Leverage
X2 = Profitabiltas
X3 = Liquidity
X4 = Tax Planning
The results of the equation
with the linear regression of the panel data above can be concluded:
1)
The constant value is
1.49705586999, meaning that if all independent variables have a fixed
(constant) value, then the company value variable is 1.49705586999.
2)
The value of the regression coefficient of the
leverage variable (X1) is -0.2847825059842 which means that there is an
opposite influence between the leverage variable and the company's value. If the leverage variable faces a 1% increase, then the company's value
will face a reduction of 0.284782505884 assuming that the other variables
remain constant.
3)
The value of the regression
coefficient of the profitability variable (X2) is 11.9743245821 which means
that there is a unidirectional influence between the profitability variable and
the company's value. If the profitability variable faces a 1% development, then
the company's value will face a development of 11.974324582 assuming that the
other variables remain constant.
4)
The value of the regression
coefficient of the liquidity variable (X3) is -0.0194554264025 which means that
there is an opposite influence between the liquidity variable and the company's
value. If the liquidity variable faces a 1% development, then the company's
value will face a reduction of 0.0194554264025 assuming that the other
variables remain constant.
5)
The regression coefficient
value of the tax planning variable (X4) is 1.01859760146 which means that there
is a unidirectional influence between the profitability variable and the
company's value. If the tax planning variable faces a 1% development, then the
company's value will face an increase of 1.01859760146 assuming that the other
variables remain constant.
Hypothesis
Test
The hypothesis test consists of an Adjusted
determination coefficient test (R2), a
simultaneous test (F test) and a partial test (t test) with estimates for
linear regression of panel data using the Fixed Effect Model (FEM), including:
Table
3.
Hypothesis
Test Results
|
Variable |
Coefficient |
Std.
Error |
t-Statistic |
Prob. |
|
|
C |
1.497056 |
0.965651 |
1.550307 |
0.1271 |
|
|
X1 |
-0.284783 |
0.372440 |
-0.764640 |
0.4479 |
|
|
X2 |
11.97432 |
2.852750 |
4.197468 |
0.0001 |
|
|
X3 |
-0.019455 |
0.227936 |
-0.085355 |
0.9323 |
|
|
X4 |
1.018598 |
1.801545 |
0.565402 |
0.5742 |
|
|
Effects
Specification |
|||||
|
Cross-section
fixed (dummy variables) |
|||||
|
Root
MSE |
0.760185 |
R-squared |
0.927209 |
|
|
|
Mean
dependent var |
2.831448 |
Adjusted
R-squared |
0.883814 |
|
|
|
S.D.
dependent var |
2.834522 |
S.E.
of regression |
0.966179 |
|
|
|
Akaike
info criterion |
3.051396 |
Sum
squared resid |
48.54206 |
|
|
|
Schwarz
criterion |
3.977421 |
Log
likelihood |
-96.15862 |
|
|
|
Hannan-Quinn
criter. |
3.423650 |
F-statistic |
21.36675 |
|
|
|
Durbin-Watson
stat |
2.356917 |
Prob(F-statistic) |
0.000000 |
|
|
Source:
The results of the research were processed by the author
Test t (partial)
The t-test is used to find the influence of independent variables on
dependent variables with individuals (partial). The t-test was used with a
significant level of 0.05. According to Ghozali
Based on the results of the
t-test, an explanation of the testing of hypotheses can be explained,
including:
a)
The leverage variable (X1) has a t-value of
-0.764640 and a significance level of 0.4479. This states that the t
calculation is lower than the t table (-0.764640 < 1.989319) with a
significance value (0.4479 > 0.05). So it can be
concluded that leverage has no effect on the company's value.
b)
The Profitability variable
(X2) has a calculated t value of 4.197468, and a significance level of 0.0001.
This states that the t calculation is higher than the t table (4.197468 >
1.989319) with a significance value (0.0001 < 0.05). So
it can be concluded that, Profitabiltas has an influence on the company's
value.
c)
The Liquidity variable (X3)
has a t-value of -0.085355, and a significance level of 0.9323. This states
that the t calculation is lower than the t table (-0.085355 < 1.989319) with
a significance value (0.9323 > 0.05). So it can be
concluded that liquidity has no effect on the company's value.
d)
The tax planning variable
(X4) has a calculated t value of 0.565402, and a significance level of 0.5742.
This states that the t calculation is lower than the t table (0.565402 <
1.989319) with a significance value (0.5742 > 0.05). So
it can be concluded that tax planning has no effect on the value of the
company.
Test
F (Simultaneous)
The F test is used to find out whether all
independent variables together (simultaneously) affect the dependent variable.
The F test was used with a significant level of 0.05. According to Ghozali
The results obtained from the F test
stated that the F value was 21.36675 and the probability value was 0.0000 lower
than the significance of 0.05 (0.0000 < 0.05). This means that at the level
of α = 0.05 between Leverage, Profitability, Liquidity and Tax Planning
together (simultaneously) has an effect on the value of the company, which
means that the independent variables together affect the dependent variable
where the value of the company is highly dependent on the Leverage variable, Profitability,
Liquidity and Tax Planning. Therefore, the results of the F test (simultaneous
test) can share information with researchers and industry regarding how much
aspects affect the company's value, so that industry groups can encourage
aspects that affect the company's value to be maximized.
Determination
Coefficient Test (R2)
According to Gujarati
Effect
of Leverage on Company Value
The results of this study state that
leverage does not have a significant effect on the company's value. Leverage
has a t-count that says negative direction. This states that the size of
leverage has no effect on the value of the company because the industry in
funding its industrial operations tends to use its own
capital which starts from retained profits and share capital rather than using
debt. The industry tends to reduce the proportion of its debt because it has
enough funds to finance assets obtained from its own capital. Excessive use of
debt can reduce the profits obtained because the benefits received are not
proportional to the expenses paid. This is in line with research conducted by
Lestari
The
Effect of Profitability on Company Value
The results of this study state
profitability on the value of the company. Profitability has a t-count that
says a positive direction. This states that the value of the company can be
influenced by the high and low value of industrial profitability. Assets are
funded by investors, so high profitability is considered a positive sign for
investors because it can make the industry earn high profits and share profits
for investors. With high profitability, it can be said that the industry has
good opportunities in the future and affects the increase in stock prices in
the capital market which can cause the development of the company's value. This is in line with research conducted by Ayu , Dewanari et al (2019), and Hidayat
Effect
of Liquidity on Company Value
The results of this study stated that
liquidity did not have a significant influence on the company's value.
Liquidity has a t-count that says a negative direction. This states that
investors who invest in the industry do not pay attention to the liquidity of
the industry because the ratio used only states the industry's ability to cover
its short-term debt with the current assets of the industry. An investor does
not care about the size or size of the current ratio because the investor's
focus is on the industry's capabilities in generating profits. Because the
company's value is based on the company's ability to manage assets, equity, and
sales to generate profits that reflect the company's value calculated from its
share price. This is in line with research conducted by Sadewo
The
Effect of Tax Planning on Company Value
The results of this study state that tax
planning does not have a significant influence on the value of the company. Tax
planning has a t-count that says a positive direction. This states that the
high or low tax planning ratio does not affect the value of the company because
each industry will definitely carry out tax planning, so investors do not worry
too much about tax problems. Tax planning can also lead to conflicts, aligned
with those described in agency theory. The profits from tax planning can be used
for personal needs of management, such as for example, management will report
lower commercial profits than they should take place and take incentives from
reduced payment of tax liabilities resulting from reporting lower commercial
profits. This action led to a lack of transparency carried out by management
that was not detected by shareholders. The benefits of tax planning felt by the
industry are reduced by opportunistic actions that prioritize personal needs
over the needs of shareholders. This is in line with research carried out by
khairunnisa
CONCLUSION
Based on the
results of the above research through analysis and discussion related to the influence of
leverage, profitability, liquidity and tax planning on the value of companies
in the manufacturing industry in the field of consumer companies listed on the
Indonesia Stock Exchange between 2019 and 2021, it can be concluded as follows:
Leverage has no effect on the value of the company. The results of this study
are in line with the research carried out by Lestari
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