p-ISSN : 2442-4099 IJBAM, Vol 3, No.

01, 2020: 40 - 52
e-ISSN : 2549-8711 Sekolah Tinggi Ilmu Ekonomi Indonesia Jakarta
https://ejournal.stei.ac.id/index.php/IJBAM

The Effect Of Tax Planning On Company

Value With Financial Performance As
Intervening Variables In Manufacturing
Companies Registered In Indonesia Stock
Exchange For 2014-2018
Melisa Maharani1,Sharifuddin Husen2, Iman S. Suriawinata3
1,2,3
Sekolah Tinggi Ilmu Ekonomi Indonesia Jakarta
Jalan Kayu Jati Raya No. 11A, Rawamangun, Jakarta Timur
1
[email protected], [email protected], 3iman.suriawinata@gmail

Abstract—This study aims to determine the effect of decisions to place their capital in the company. The
tax planning on firm value, and to determine the effect of main goal of the company in the long term is to
tax planning on firm value with financial performance as increase the value of the company, and the ups and
an intervening variable in manufacturing companies downs of the company value can be seen from the
listed on the Indonesia Stock Exchange for the period stock price. Companies that have a high level of
2014-2018. The research method used is a quantitative corporate value are considered to be able to provide
method using secondary data. The population in this welfare for shareholders, and this can attract
study are manufacturing companies listed on the investors to invest in the company.
Indonesia Stock Exchange for the period 2014-2018. Tax
planning as an independent variable, firm value as the Various attempts have been made by the
dependent variable, and financial performance as an management to increase the value of the company,
intervening variable. The samples obtained were 25 and one way that can be done is to streamline the tax
companies with purposive sampling method. Descriptive burden that will be paid by the company. According
statistical data analysis techniques using Stata 16 to Article 1 paragraph 1 of Law No.28 of 2007,
Software. The results of the study found that tax planning Taxes are mandatory contributions to the state that
had a significant negative effect on firm value. A low are owed by private persons or entities that are
CETR value will have a positive impact on firm value, on
compelling based on law, without receiving direct
the contrary, if a large CETR value will have a negative
compensation and used for state needs for the
impact on firm value. Meanwhile, CETR does not affect
firm value through financial performance (ROA).
greatest prosperity of the people .
From the company side, taxes are very influential
Keywords—:Tax Planning, Firm Value, Financial for the survival of the company. The existence of
Performance different views between companies and company
management regarding taxes causes many companies
INTRODUCTION when they have a high tax burden will tend to
One of the economic sectors that has the potential encourage management to overcome it in various
to continue to grow is manufacturing companies. ways, and one of them is by manipulating company
Manufacturing companies have a long series of profits [45](Wulandari, et. Al. 2004). Therefore,
corporate activities, from processing raw materials to management is required to be able to make tax
finished materials. Not only manufacturing planning (tax planning) that is synergistic with the
companies, but all companies are trying to maximize company's development. On the one hand,
company value which will show whether the management is required to generate maximum
company is good or not in the future. This can be a company profits, but on the other hand, management
reference for shareholders in making the best

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 Melisa Maharani, Sharifuddin Husen, Iman S. Suriawinata.
The Effect Of Tax Planning On Company Value With Financial
is also trying to minimize its tax burden at the end of [8](Cheng and Tzeng, 2009), and total assets turn
the year. over [2](Alivia, 2013). Profitability is the company's
ability to earn profits, research conducted by
Tax planning (tax planning) is the first step in tax [43]Utami (2013) proves that companies with high
management. Tax management can be done by profitability will increasingly disclose their tax
means of tax avoidance and tax evasion. Tax obligations. Profitability measurement consists of
avoidance and tax evasion are two ways of tax several ratios, one of which is by using Return On
management that are difficult to distinguish. Assets (ROA). Return On Asset (ROA) is an
According to Zain (2008), guided by statutory indicator that reflects the company's financial
regulations, the boundary between the two is between performance, the higher the ROA value that can be
breaking the law and not breaking the law. Through achieved by the company, the company's financial
tax planning activities, namely taking structured performance is categorized as good, and the better the
actions so that the tax burden is as low as possible by management of a company's assets and the greater
utilizing existing regulations to obtain an increase in the profit that the company gets. When the company
profit after tax which will have an impact on earns a large profit, the tax borne by the company
increasing company value, regardless of the level of will increase according to the increase in company
corporate compliance. Second, from the perspective profit, so that there is a tendency for the company to
of agency theory, that through tax planning activities do tax avoidance to minimize tax payments that must
can facilitate managerial opportunities to take be borne. In addition, in previous research conducted
opportunistic actions by manipulating profits or by Kurniasih (2013), it was found that ROA has a
placement of resources that are inappropriate and less significant effect on tax avoidance.
transparent in running company operations so that tax
planning has a negative impact on firm value Several phenomena related to tax avoidance and
[11](Desai and Dharmapala 2006, Freiese et.al, 2006, firm value include the decline in company stock
and Minnick et.al, 2010). prices that can occur with several cases that occur
within the company. In 2013, there was tax
Based on this explanation, tax avoidance by avoidance carried out by PT Toyota Motor
companies is an allowable effort because it only takes Manufacturing Indonesia (TMMIN). The TMMIN
advantage of things that are not regulated in law. case occurred because of the separation of the car
According to [29]Pradnyana (2017), companies assembly company (manufacturing) under the
should formulate tax planning more carefully. This is TMMIN flag, while the distribution and marketing
done to ensure that tax avoidance actions by the division was under the banner of PT Toyota Astra
company are not included in tax evasion, which is a Motor (TAM). The cars produced by TMMIN were
fiscal crime. According to [3]Apsari and Setiawan sold first to TAM, then from TAM they were sold to
(2018), tax planning is an effort that is allowed by Auto 2000. From Auto 2000, the cars were sold to
taxpayers. One of the tax planning strategies is tax consumers. Due to this separation, it caused a
avoidance. Tax avoidance is allowed because tax decrease in gross margin of 7% which would
savings are only done by using things that are not otherwise have resulted in a gross margin of 14%.
regulated (loopholes). This has made the Director General of Taxes
Tax avoidance is a tool and an early stage of tax question where the 7% gross margin is running. This
management that is used to minimize the amount of will have an impact on the interest of investors to
tax owed the company must pay. Tax avoidance invest in the company so that the company's share
efforts made by companies can increase or decrease price will decline (www.nasional.kontan.co.id).
firm value. [18]Hoque, et. al. (2011) stated that tax
Another phenomenon regarding the Panama
avoidance can be done by charging personal costs as Papers has shown to some extent the potential for tax
operational costs to reduce profits. [30]Prasetyo avoidance that occurs, including in Indonesia.
(2013) states that company value describes the level Various attempts have been made by the government
of investor confidence in a company, the higher the to continue to boost tax revenue. One of them is by
company value describes prosperous shareholders. hunting down taxpayers who hide their assets abroad
Meanwhile, the low company value causes the on behalf of other people. So far they have not been
company to be considered to have poor performance, touched. The large number of taxpayers who
so investors are reluctant to invest in the company. In participate in tax amnesty shows that the
fact, tax avoidance activities can reduce firm value
phenomenon of tax avoidance is still high in
because the company presents untrue financial Indonesia. Although tax avoidance is perceived as
information, thereby eliminating investor confidence something beneficial, especially for companies, at the
in the company. same time tax avoidance also raises various risks.
There are several factors that influence firm One theory related to this phenomenon, namely
value, including profitability [22](Kasmir, 2010: agency theory, argues that tax avoidance is an
196), company size [5](Atsni, 2010), leverage activity that can facilitate opportunistic management

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https://doi.org/10.36406/ijbam.v1i1.xxx

behaviors such as earnings manipulation, and can Financial Performance as an Intervening Variable.
cause capital owners and creditors to be This study uses Multiple Linear Regression Analysis
disadvantaged. This means that the state must take and Path Analysis, with the results of BTD not
measures to prevent tax avoidance, as well as to having an effect on PER and BTD is not significant
enforce the law to collect taxes on income or wealth on PER, ETR also has a negative effect on PER and
hidden in tax havens. Furthermore, efforts to put is not significant, while ROA has a positive effect on
pressure on countries or tax haven jurisdictions need PER but not significant, the second equation of the
to be increased to force them to cooperate in terms of test t shows that BTD is positive for ROA and
information disclosure. significant, ETR has a positive effect on ROA but not
significant, and ROA can mediate ETR against PER,
The phenomenon of tax avoidance cases also while ROA cannot mediate BTD on PER.
occurs in PT Coca Cola Indonesia. Quoted from the
site (Bisniskeuangan.kompas.com accessed on March [21]Jonathan and Tandean (2016), The Effect of
15, 2019), it has been alleged that PT Coca Cola Tax Avoidance on Firm Value with Profitability as a
Indonesia was doing tax evasion which resulted in a Moderating Variable. This study uses the Multiple
tax shortfall of IDR 49.24 billion. The results of the Linear Regression Analysis method, with the results
investigation by the Directorate General of Taxes of tax avoidance not having an effect on firm value
(DGT), the Ministry of Finance found that there was while profitability has a positive effect on firm value.
a large amount of cost overruns in 2002, 2003, 2004
and 2006. Apart from the PT. Coca Cola Indonesia, [27]Nurlela and Islahuddin (2010), The Influence
of Corporate Social Responsibility on Company
there are several companies that do tax avoidance,
one of which is done by PT Ades Alfindo, which is Value with Management Ownership Percentage as
Moderating Variable (Empirical Study of Companies
indicated to be doing earnings management. The
Listed on the Jakarta Stock Exchange). This study
Capital Market Supervisory Agency (Bapepam)
ensures that the management of PT Ades Alfindo uses the Multiple Linear Regression Analysis
method, with the results simultaneously that the
Putrasetia Tbk (ADES) has provided misleading
effect of corporate social responsibility, the
information to the public. The misinformation is
related to the case of differences in the calculation of percentage of management ownership and the
interaction between corporate social responsibility
production figures and sales figures in the company's
financial statements. and the percentage of management ownership on firm
value is significant.
Previous studies that became the basis for the
[23]Kurniasih and Sari (2013), The Influence of
author to conduct this research were those conducted
by [23]Kristianto, et. al. (2018) who found that tax Return on Assets, Leverage, Corporate Governance,
Company Size and Fiscal Loss Compensation on Tax
avoidance has a negative effect on firm value, while
tax avoidance has a positive effect on financial Avoidance. Economic Studies Bulletin. This study
uses the Multiple Linear Regression Analysis
performance, and financial performance can mediate
method, with the results of leverage and corporate
tax avoidance on firm value. In addition, research
conducted by [16]Herdiyanto and Ardiyanto (2015) governance do not have a partial significant effect on
tax avoidance.
found that the results of tax avoidance have an effect
on firm value. Institutional ownership cannot [42]Tauke, et. al. (2017), The Effect of Financial
moderate and agency costs cannot be an intervening Performance on the Value of Real Estate and
variable in the relationship between tax avoidance Property Companies Listed on the Indonesia Stock
and firm value. The author took this topic to be Exchange 2012- 2015. This study uses the Multiple
researched because the material about tax avoidance Linear Regression Analysis method, with the result
is still warm and its relationship with firm value. that company size has a significant negative effect on
LITERATURE STUDIES firm value, capital structure and profitability have a
significant positive effect on firm value, liquidity has
Research Review no significant effect on firm value.
Research conducted by [31]Prasiwi (2015), The [19]Jamei (2017), Tax Avoidance And Corporate
Effect of Tax Avoidance on Firm Value: Information Governance Mechanisms: Evidence from Tehran
Transparency as a Moderating Variable. This study Stock Exchange. This study uses the Multiple Linear
uses the Multiple Linear Regression Analysis Regression Analysis method, Tehran Iran Stock
method, with the result that tax avoidance has no Exchange, with the result that there is no significant
effect on firm value, information transparency can relationship between the number of board members,
moderate the relationship between tax avoidance and the proportion of non-commissioned members,
firm value. institutional ownership and tax avoidance. In
addition, there is no significant relationship between
[23]Kristianto, et. al. (2018), The Effect of Tax managerial ownership and tax avoidance.
Planning and Tax Avoidance on Firm Value with

42
 Melisa Maharani, Sharifuddin Husen, Iman S. Suriawinata.
The Effect Of Tax Planning On Company Value With Financial
[12]Dyreng, et. al. (2010), The Effects Of [35]Suad (2015:6), firm value is the price a
Executives On Corporate Tax Avoidance In America. prospective buyer is willing to pay if the company is
This study uses the Multiple Linear Regression sold. Firm value can be reflected in the company's
Analysis method, with individual executive results stock price, a high stock price indicates that the
playing an important role in determining the level of company value is high. Company value can increase
corporate tax avoidance, securities executives seem the prosperity of shareholders on an ongoing basis if
to be an important determinant of corporate tax the company's share price continues to increase.
avoidance. Meanwhile, according to [13]Hery (2017: 5)
company value is a certain condition that has been
Chen, et. al. (2014), Tax Avoidance And Firm achieved by a company as an illustration of public
Value: Evidence From China. Using the Multiple trust in the company after going through a process of
Linear Regression Analysis method, with different activity for several years, starting from the time the
results from developed countries, tax avoidance does company was founded to date.
not always add value to operations, China relative to
transparent partners due to higher agency costs. Firm Value Concepts
Katz, et. al. (2013), Tax Avoidance And Future [10]Christiawan and Tarigan (2007: 27) in
Profitability In Columbia. This study uses the Rukmawanti • (2019) there are several value concepts
Robutsness Analysis method, with results consistent that explain the value of a company, including: (1).
with the negative implications of tax avoidance (e.g. Nominal Value, (2). Market Value, (3). Intrinsic
lease extraction) that, on average, the main Value, (4). Book Value, (5). Liquidation Value.
components of current profitability: margin, asset
utilization and operating liability leverage, result in Purpose of Maximizing Firm Value
lower future profitability for a tax aggressive [37]Sudana (2011:7), theories in finance have one
company is not tax aggressive. Furthermore, the focus, namely maximizing the prosperity of
negative effects of lower margins are stronger and shareholders or company owners (wealth of the
more persistent than the effects of inefficient asset shareholders). This normative objective can be
utilization and operating liability leverage 2.2 realized by maximizing the company's market value
Agency Theory and Signal Theory (market value of firm). For companies that have gone
public, maximizing company value is the same as
This theory was first developed by [20]Jensen and
Meckling (1976). [33]Sienatra, et. al. (2015) maximizing the stock market price. Maximizing
company value is considered more appropriate as a
describes an agency relationship, which is a contract
company goal because: (1). Maximizing company
between one or more principals that involves another
person as an agent to carry out service duties and value means maximizing the present value of all
profits that will be received by shareholders in the
powers given by the principal to the agent.
Management in carrying out activities must be in future or long-term orientation. (2). Consider risk
factors. (3). Maximizing firm value emphasizes cash
accordance with the orders of the principal, but
flow rather than profit in an accounting sense. (4).
usually managers have their own goals to increase the
value of the company so that problems often arise. Maximizing company value does not neglect social
responsibility.
Agency theory explains the relationship between
Factors Affecting Firm Value
company financial performance and firm value
because companies that have good financial The formation of company value is depicted in
performance will certainly have an effect on Figure 1 below [25](Mardiyanto, 2010):
company value and will produce good business
prospects in the future. Signal theory emphasizes Picture 1
how the company is able to convey the company's Factors Affecting Firm Value
future prospects to investors. According to Market Factor
[31]Prasiwi (2015), information is the most important
component for investors and business people, - Economic Conditions
because information provides a reflection of
company continuity. Complete, relevant, accurate
- Government Regulations

and timely information is needed by investors in the - Competition (domestic dan foreign)
capital market as a consideration in making
decisions.

2.3 Firm Value

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stages in analyzing a company's financial

performance in general, namely: (1). Conduct a
review of financial reports. (2). Perform Calculations.
(3). Make comparisons against the calculated results
Firm Factor Investor Factor
that have been obtained. From the results of the
calculations that have been obtained, then
- Operation (income and - Income / Saving
comparisons are made with the calculation results of
expenses) - Age / Lifestyle various other companies. There are two most
- Funding Decision - Risk Preference Interest common methods used to perform this comparison,
- Investation Decision Rate namely: (a). Time series analysis. (b). Cross sectional
- Dividen Decision approach. From the use of these two methods, it is
hoped that a conclusion can be drawn which states
that the position is in very good condition, moderate /
normal, not good and very bad. (4). Interpret the
various problems found. (5). Search for and provide
solutions to problems found.
Firm Value
Financial Performance Purposes

Financial Performance The objectives of company performance appraisal

according to Munawir (2010: 31) are as follows: (1).
[6]Bastian (2016: 274) financial performance is a To find out the level of liquidity. (2). To find out the
description of the achievement of implementation / level of solvency. (3). To find out the level of
program / policy in realizing the goals, objectives, profitability or profitability. (4). This is to determine
mission and vision of an organization. Financial the level of business stability.
performance is the result of financial reporting based
on predetermined financial standards. Financial 2.4.4 Measuring Financial Performance with ROA
performance analysis is a critical review process of ROA provides information about the relationship
data review, calculating, measuring, interpreting, and between net income and total assets. This ratio
providing solutions to company finances in a certain measures the effectiveness of the company's overall
period (Agung, 2012: 6). According to Kurniasari operations. ROA is used to measure the company's
(2014: 12), financial performance is a work ability with the overall funds invested in assets used
achievement in the financial sector that has been for company operations to generate profits. ROA
achieved by the company and is contained in the shows the company's earning power which reflects
financial statements of the company. The financial the performance of management in using all assets
performance of a company can be assessed using owned by the company. The higher this ratio, the
analytical tools. more effective the company's operating performance
Financial Benefits is in terms of utilizing all assets owned by the
company to generate profits.
Munawir (2010: 31) states that the benefits of
performance appraisal are as follows: (1). To In this study, financial performance will be
measure the achievements achieved by an proxied by using return on assets.
organization in a certain period that reflects the level The return on asset formula can be calculated as
of success in implementing its activities. (2). Apart follows: 𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝐴𝑠𝑠𝑒𝑡𝑠 = Net Profit
from being used to see the overall performance of the
organization, performance measurement can also be Total Assets 2.4.5
used to assess the contribution of a part in achieving Leverage
the overall goals of the company. (3). Can be used as
a basis for determining the company's strategy for the Leverage according to [22]Kasmir (2013: 151) is
future. (4). Provide guidance in decision making and as follows: “Leverage is a ratio used to measure the
organizational activities in general and divisions or extent to which the company's assets are financed
parts of the organization in particular. (5). As a basis with debt. This means how much debt burden the
for determining investment policies so that profits company bears compared to its assets. In a broad
can increase efficiency and productivity of company sense it is said that the solvency ratio is used to
profits 2.4.2 Steps in Analyzing Financial measure the company's ability to pay all of its
Performance obligations, both short and long term if the company
is dissolved (liquidated) ”. According to [32]Sartono
The performance appraisal of each company is (2015: 120) states that leverage is: "Leverage shows
different because of the scope of the business being the proportion of the use of debt to finance
carried out. According to Irham (2012), there are five

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 Melisa Maharani, Sharifuddin Husen, Iman S. Suriawinata.
The Effect Of Tax Planning On Company Value With Financial
investment. A company that does not have leverage to the equity held by the company or its shareholders.
means using its own capital ”. If the DER value is higher, it can be assumed that the
company has a higher risk of its ability to pay off
Purposes and Benefits of Leverage short-term debt.
The calculation of leverage provides many
benefits for various parties with an interest in the
company. The following are some of the goals and Firm Size
benefits of using a leverage ratio According to
[22]Kasmir (2015: 153), the goals of companies Brigham and Houston (2017: 4) company size is
as follows: "Company size is the size of a company
using leverage ratios include: (1). This is to
which is shown or valued by total assets, total sales,
determine the company's position on obligations to
other parties (creditors). (2). To assess the company's total profit, tax expense and others". According to
[15]Hartono (2015: 14) the size of the company (firm
ability to fulfill fixed obligations (such as loan
installments including interest). (3). To assess the size) is as follows: "the size of the company can be
measured by the total assets / size of the company's
balance between asset value, especially fixed assets
assets by using the logarithmic value of total assets"
and capital. (4). To assess how much the company's
assets are financed by debt. (5). To assess how much The size of the company according to Torang (2012:
93) is: "The size of the organization is to determine
influence the company's debt has on asset
the number of members associated with choosing
management. (6). To assess or measure how much
part of each rupiah of own capital is used as collateral how to control activities in an effort to achieve
goals". Then according to Heni and Wahidahwati
for long-term debt. (7). To assess how much loan
funds will soon be collected, there are several times (2014) said that: "company size can affect the social
performance of the company because large
your own capital.
companies have a further perspective, so they
The benefits of companies using the leverage participate more in growing the company's social
ratio according to [22]Kasmir (2015: 153) are as performance".
follows: (1). To analyze the ability of the company's
Firm Size Measurement
position to obligations to other parties. (2). To
analyze the company's ability to meet fixed Of the several indicators that affect the
obligations (such as loan installments including classification in company size, the indicators in this
interest). (3). To analyze the balance between asset study are limited to be more focused and the results
value, especially fixed assets and capital. (4). To achieved are in accordance with the expected
analyze how much the company's assets are financed assumptions. One of the indicators chosen to be used
by debt. (5). To analyze how much debt the company in this study is total assets. According to PSAK No. 1
has on asset management. (6). To analyze how much (2015: 2) what is meant by assets is: "All economic
of each rupiah of own capital is used as collateral for benefits that contain potential in something
long-term debt. (7). To analyze how many loan funds productive and are part of the company's operational
will be collected immediately, there are several times activities. Maybe also in the form of something that
the own capital. can be converted into cash or in the form of the
ability to reduce expenses cash, such as reduced costs
Leverage Measurement
resulting from alternative production processes. "
In this study, the authors used the measurement of
the Debt to Equity Ratio (DER). According to [44]Weygandt (2011: 510) which is translated by
Emil Salim is as follows: "Asset is a source of
[22]Kasmir (2013: 158) states that: "Debt to Equity
Ratio is a ratio used to assess debt to equity. This income on his own business, where the general
characteristic it has is to provide services or benefits
ratio is sought by comparing all debt, including
in the future. According to [26]Murhadi (2013), Firm
current debt, and total equity. This ratio is useful for
knowing the amount of funds provided by the Size is measured by transforming the company's total
assets into a natural logarithm. Company size is
borrower (creditor) and the company owner. In other
proxied by using the natural log of Total Assets in
words, this ratio serves to determine each rupiah of
own capital that is used as debt collateral. This Debt order to reduce excess data fluctuation. By using
natural logs, the number of assets with a value of
to Equity Ratio can be measured by the following
formula: hundreds of billions or even trillions will be
simplified, without changing the proportion of the
Debt to Equity Ratio = 𝑇𝑜𝑡𝑎𝑙 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠 actual total assets.
𝑇𝑜𝑡𝑎𝑙 𝑆ℎ𝑎𝑟𝑒ℎ𝑜𝑙𝑑𝑒𝑟′𝑠 𝐸𝑞𝑢𝑖𝑡𝑦 Firm Size = Ln (Total Asset)
This ratio is often used by analysts and investors Total Asset Turn Over (TATO)
to see how much debt the company owes compared

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Total Asset Turn Over (TATO) or total asset two tax functions, namely the revenue function
turnover is part of the activity ratio. This ratio shows (budgeter) and the regulatory function (regularend).
how effective the investment is at the time of making
financial statements, so that it can be estimated
whether the company's management is able to make Tax Function
the existing capital effective so that later it can be
compared the number of sales that occur per unit of Taxes have an important role in the life of the
assets owned by using this ratio. The following is the state, especially in the implementation of
definition of Total Asset Turn Over (TATO) development because taxes are a source of state
according to experts: [41]Syamsudin (2011: 62) revenue to finance all expenditures including
states that Total Asset Turn Over is the level of development expenditures. There are two tax
efficiency in the use of all company assets in functions according to Official (2014: 3), namely:
producing a certain sales volume. The definition of (1). Budgetary Function (Source of State Finance).
Total Asset Turn Over (TATO) according to Brigham (2). Regular Function (Organizer).
and Houston (2017: 139), is a ratio that measures the Tax Planning
turnover of all company assets, and is calculated by
dividing sales by total assets. Furthermore, according Efforts to make tax savings legally can be done
to [34]Sitanggang (2014: 27), total asset turnover through tax management. However, keep in mind that
(Assets Turnover or Total Assets Turn Over or the legality of tax management depends on the
TATO) is a ratio that measures how all assets owned instrument used. The legality can only be known with
by the company are operationalized in support of certainty after a court ruling. According to [46]Zain
company sales. (2013: 27) tax planning is a structuring action related
to the potential tax consequences, which emphasizes
Factors Affecting Total Asset Turn Over (TATO) controlling every transaction that has tax
Irawati (2016: 52) there are several factors that consequences. The goal is how this control can
affect Total Asset Turnover (TATO), namely: (1). streamline the amount of tax to be transferred to the
Sales (sales). (2). Total assets consisting of: (a). government, through what is known as tax avoidance
Current.. Asset (current assets), including cash, and not tax evasion, which is a fiscal crime that will
marketable securities, accounts receivable and not be tolerated. Although these two methods sound
inventories. (b). Fixed Asset. Among them are Land the same connotation as a criminal act, one thing that
& building (land and buildings) and Machine is clearly different here is that tax evasion is a legal
(machines). The indicator for calculating Total Asset act that is still within the scope of taxation and does
Turn Over (TATO) is mentioned by [22]Kasmir not violate any provisions of taxation legislation,
(2015: 185) as follows: whereas tax smuggling is clearly an act illegal which
violates the provisions of tax laws and regulations.
Total Asset Turn Over = Sales
Suandy (2011) states that tax planning is the
Total Assets initial stage in tax savings. The tax savings strategy is
prepared at the time of planning, tax planning is a
Tax
legal effort that can be done by taxpayers. This action
[1]Adriani (2013: 2) taxes are public is legal because the tax savings are only done by
contributions to the state (forced) that are owed by using things that are not regulated (loopholes).
those who are obliged to pay them according to
general regulations (laws) with no return that can be Tax Planning Strategy
directly appointed and whose use is to finance The tax planning strategy according to [28]Pohan
expenses. general in connection with the state's duty (2017: 10) includes: (1). Tax Saving. (2). Tax
to organize the government. From this understanding Avoidance. (3). Postponement / Shift Payment of
it can be concluded that the characteristics inherent in Taxes. (4). Optimizing the Allowable Tax Credit. (5).
the definition of tax, namely: (1). Taxes are collected Avoid Violation of Tax Regulations.
based on law and implementing regulations which are
enforceable in nature. (2). Taxes are collected by the Tax Planning Benefits
state, both central and local governments, based on [28]Pohan (2017: 20), there are several benefits
laws and implementing regulations. (3). Taxes serve that can be obtained from careful tax planning: (1).
as a source of state financing (budgeter) and for the Savings in cash out, because the tax burden which is
purpose of regulating and implementing government an element of costs can be reduced. (2). Manage cash
policies in the socio-economic field (regularend). (4). flow in and out (cash flow), because with careful tax
In paying taxes, it cannot be shown that there are planning can estimate cash needs for taxes, and
individual contradictions by the government. As it is determine the time of payment so that the company
known the characteristics inherent in the notion of tax can compile a more accurate cash budget.
from various definitions, it can be seen that there are

46
 Melisa Maharani, Sharifuddin Husen, Iman S. Suriawinata.
The Effect Of Tax Planning On Company Value With Financial
Tax Planning Purpose while in Indonesia only recognizes tax burdens. ETR
cash can be calculated with the following formula:
The main objectives to be achieved from good tax
management / tax planning according to [28]Pohan Tax Payment
(2017: 21) are: (1). Minimizing payable tax burden. 𝐶𝑎𝑠ℎ ETR = Profit before tax
(2). Maximizing profit after tax. (3). Minimizing the
occurrence of tax surprises (tax surprise) in the event
of a tax audit by the tax authorities. (4). Fulfill its tax Consequences of Tax Avoidance
obligations correctly, efficiently and effectively, in Profit before tax
accordance with tax regulations.
Tax avoidance has a number of potential
Motivation for Tax Planning consequences. The direct consequence, namely
The motivation that underlies a tax planning taking a deduction for non-deductible expenses
[36](Suandy, 2011) generally comes from three increases cash flow and investor wealth, or indirectly,
elements of taxation, namely: (1). Tax Policy (tax namely an increase in deduction reduces the marginal
policy). (2). Taxation Law (tax law). benefit of interest taxes and can change the decision
of the company's capital structure (Graham and
Tax Avoidance Tucker, 2006). One potential consequence is that the
company could be identified by the tax authorities
Dyreng (2010) states that tax avoidance is as
and forced to pay additional taxes and possibly
follows: Tax avoidance is an attempt to reduce the
interest and penalties, representing a decrease in the
tax debt that the company must pay by not violating investor's cash flow and wealth.
existing laws. [13, 14]Hanlon and Heitzman (2010)
provide a brief definition of tax avoidance which is a RESEARCH METHODS
reduction from the explicit tax value through a tax-
saving strategy in the legal to illegal range in which This study aims to determine the causal
the degree of aggressiveness is determined by the relationship (correlation) between 2 or more
party in control. Tax avoidance is inseparable from variables, namely the independent or independent
costs, some costs must also be borne in implementing variable on the dependent or dependent variable
tax avoidance, including the sacrifice of time and [38,39,40](Sugiyono, 2016: 39). Meanwhile, based
energy, as well as risks if tax avoidance actions are on the type of data, this study is categorized as a
revealed, for example, such as interest and fines, or quantitative study, namely research to describe the
even loss of company reputation that threatens the state of the company which is carried out by analysis
company's survival [4]( Armstrong, et. Al. 2015). based on the data obtained. This type of research
used in this research is quantitative research, namely
Steps to do Tax Avoidance data that is expressed by numbers indicating the
value of the variable under study. This type of
In the research of [18]Hoque, et. al. (2011),
research method used is descriptive method. The
disclosed several ways companies do tax avoidance
population used in this study are manufacturing
that violate applicable regulations, namely as follows:
companies listed on the Indonesia Stock Exchange
(1). Displays the profit from operating activities as a
for the period 2014-2018. In this study the sampling
return on capital, thereby reducing the company's net technique used was purposive sampling. Purposive
income and tax debt. (2). Recognizes capital
sampling according to [38,39,40]Sugiyono (2010:
expenditures as operating expenses and charges the
218), a technique for determining research samples
same on net income, thereby reducing the company's with certain considerations that aim to make the data
tax debt. (3). Charges personal expenses as business
obtained later can be more representative.
expenses thereby reducing net income. (4). Imposes
[7]Chandrarin (2017: 127) states that purposive
excessive depreciation of production thereby
sampling is a method of staining based on certain
reducing taxable profit. (5). Recording excessive
criteria.
waste from raw materials in the manufacturing
industry thereby reducing taxable profits. The criteria for the authors in taking samples by
purposive sampling in this study are as follows: (1).
Tax Avoidance Measurement
Manufacturing companies listed on the Indonesia
This study uses a tax avoidance measure with Stock Exchange during the 2014-2018 period that
Cash ETR, because this measure is often used as a issued financial reports in succession. (2).
proxy for tax avoidance in various tax studies and is Manufacturing companies that were delisted during
in accordance with taxation regulations in Indonesia. the 2014-2018 period. (3). Manufacturing company
Taxation in the United States has many types of that published its audited financial statements for the
applicable state tax burdens, for example current period ended December 31, 2014-2018. (4). The
federal tax expense and current foreign tax expense, company did not book a loss during the 2014-2018
period The data source used in this research is

47
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secondary data. Secondary data can be obtained by From the data population of 125 companies, the
reading, studying and understanding through other selected sample is 25 companies. The following are
media sourced from literature and library books or the names of the companies selected to be the object
data obtained from companies related to the problem of research. Table 2. Sample Company Name
under study. The data used are obtained from
financial reports related to the topic of the problem No. Company Name Kode Entity
under study, namely data on tax planning (CETR),
financial performance (ROA), firm value (Tobins'Q), 1 PT. Argha Karya Prima Industry Tbk. AKPI
Leverage (DER), company size (Log Natural Total
Asset), and TATTOOS. The data used are annual 2 PT. Alkindo naratama Tbk. ALDO
financial reports published for 5 years, from 2014-
2018. 3 PT. Arwana Citramulia Tbk. ARNA

In this study the data will be presented in tabular

4 PT. Charoen Pokphand Indonesia Tbk. CPIN
form, both processed and output tables using
Microsoft Excel 2010 and Stata version 16 with the 5 PT. Duta Pertiwi Nusantara Tbk. DPNS
SEM (Structural Equation Model) method because
this study uses Intervening Variables. Data analysis 6 PT. Champion Pacific Indonesia Tbk. IGAR
techniques include descriptive analysis, classical
assumption tests which include heteroscedasticity, 7 PT. Indal Aluminium Industry Tbk. INAI
autocorrelation, and multicollinearity which aim to
check the accuracy of the model so that it is unbiased 8 PT. Intanwijaya Internasional Tbk. INCI
and efficient, Structural Equation Modeling (SEM),
Structural Equation, Statistical Hypothesis Testing 9 PT. Indofood Sukses Makmur Tbk. INDF
and Testing. Coefficient of Determination.
10 PT. Impack Pratama Industri Tbk. IMPC

11 PT. Indocement Tunggal Prakarsa Tbk. INTP

RESULTS OF RESEARCH AND DISCUSSION
This study uses data sourced from the financial 12 PT. Indopoly Swakarsa Industry Tbk. IPOL
statements of companies that have gone public and
have been audited during the 2014-2018 period. 13 PT. Steel Pipe Industry of Indonesia Tbk. ISSP
Based on the sample determination criteria, a total
sample of 25 companies were selected that had data 14 PT. Japfa Comfeed Indonesia Tbk. JPFA
according to the specified criteria. The data
processing was carried out using the Microsoft Excel 15 PT. Kedawung Setia Industrial Tbk. KDSI

program and the Stata 16 program. The sample

16 PT. Lionmesh Prima Tbk. LMSH
criteria were as follows:
Table 1. Sample Selection. 17 PT. Lion Metal Works Tbk. LION

Number of 18 PT. Pelangi Indah Canindo Tbk. PICO

Criteria Companies
19 PT. Semen Baturaja (Persero) Tbk. SMBR
Number of manufacturing companies listed on 125
the IDX 20 PT. Semen Indonesia (Persero) Tbk. SMGR
Companies not listed on the IDX since 2014 -14
21 PT. Sri Rejeki Isman Tbk. SRIL
Companies that did not publish financial
statements ended December 31, -23 22 PT. Tunas Alfin Tbk. TALF
2014,2015,2016, 2017 and 2018
Companies that issue negative tax payments -23 23 PT. Surya Toto Indonesia Tbk. TOTO

Companies that have negative book value of 24 PT. Chandra Asri Petrochemical Tbk. TPIA
equity and profit in 2014-2018 -40
Total Sample 25 25 PT. Wijaya Karya Beton Tbk. WTON
Observations per sample 5 Sumber: Indonesian Capital Market, www.idx.co.id
4.1 Desctiptive Statistic
Total observations 125
In this study, descriptive analysis was used to
Sumber : Indonesian Capital Market, www.idx.co.id describe all the research variables of the sample

48
 Melisa Maharani, Sharifuddin Husen, Iman S. Suriawinata.
The Effect Of Tax Planning On Company Value With Financial
companies during the study period. The results of The autocorrelation test aims to test whether in the
descriptive statistics are presented in the table below: linear regression model there is a correlation between
confounding errors in a certain period and errors in
Table 3. Descriptive Statistics Results the previous period. If there is a correlation, it is
called an autocorrelation problem. Regression models
Variable Mean Std. Dev. Min. Max. are performed using the test. Durbin Watson. The
following is the autocorrelation test in the table
TOBIN’S Q 1.5044 1.1905 0.3041 7.7843 below:
CETR 0.2471 0.1105 .0061 0.9241 Table 5. Autocorrelation Test
ROA 0.0715 0.0668 0.0049 0.4911 DU 1.7241

Rp 11,434 Rp 1.9949 Rp 133 Rp

DW 0.5612
SIZE (Milyar)
Milyar Milyar Milyar 96,537 4-DU 2.2759
Milyar
Resources : The results of Stata 16 data processing,
DER 0.9365 0.8644 0.0769 5.1524
secondary data are processed (2020)
TATO 0.9395 0.4126 0.3066 2.1088
Based on the table above, it can be seen that the
Resources : The results of Stata 16 data processing, Durbin-Watson (DW) value of the regression model
secondary data are processed (2020) is 0.5612 smaller than the value of du = 1.7241 and
DW is smaller than the value (4-du) = 2.2759, so it
Classic Assumption Test can be concluded that there is an autocorrelation
1. Multicollinearity Test problem in the model.

The multicollinearity test aims to test whether the 3. Hetheroscedasticity Test

regression model found a high or perfect correlation In this study, the Heteroscedasticity Test was
between the independent variables. A good carried out using the Breusch Pagan Test, if the
regression model should not have a correlation probability value of chi-square is> than 0.05, there is
between the independent variables. The no heteroscedasticity problem. The following are the
multicollinearity test between variables can be results of the heteroscedasticity test in the table
identified by using the correlation value between below:
independent variables. The model is declared free of
multicollinearity if the VIF value is <10. The Table 6. Hetheroscedasticity Test Results
following are the multicollinearity test results in the * Breusch-Pagan Lagrange Multiplier Panel Heteroscedasticity Test
table below.
Ho: Panel Homoscedasticity - Ha: Panel Heteroscedasticity
Table 4. Multicollinearity Test Results
Lagrange Multiplier LM 293.2743
Test
Variable VIF 1/VIF Degrees of Freedom 24.0
SIZE 1.11 0.9039 P-Value > Chi2(24) 0.0000
ROA 1.09 0.9160 Resources : The results of Stata 16 data processing,
secondary data are processed (2020)
DER 1.09 0.9169
It can be seen from the results of the output above
TATO 1.08 0.9264
that the probability value is 0.0000 <0.05, which
CETR 1.02 0.9818 means that the data analyzed in this study based on
the Breusch Pagan test has a heteroscedasticity
Mean VIF 1.08 problem.
a Resources : The results of Stata 16 data processing, Structural Equation Model (SEM)
secondary data are processed (2020)
Determination Coefficient Test
Based on the table above, it shows that the
centered VIF value is below 10, thus, The next result of the path analysis is the
multicollinearity does not occur between the coefficient of determination of each dependent
independent variables. variable. This value shows the influence of the
independent variable on the dependent variable.
2. Autocorrelation Test
Table 7. Determination Coefficient Test

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Equation-level goodness of fit Resources : The results of Stata 16 data processing,

Variance secondary data are processed (2020)
depvars fitted residual R- mc mc2
predicted
squared Tabel 9. Indirect Effects
(Std. Err. adjusted for 5 clusters in year)
Observed
Coef. Robust z p>|z|
roa 0.0046 0.0002 0.0043 0.0535 0.2314 0.0535
Std. Err.
tobin’s q 1.4716 0.2178 1.2537 0.1480 0.3847 0.1480 Structural
overall 0.1808 Roa

Resources : The results of Stata 16 data cetr 0 (no path)

processing, secondary data are processed (2020) tobinsq

Based on the table above, the results are: (1). The roa 0 (no path)
R Squared value of the ROA equation is 0.0535, this size 0 (no path)
shows that the influence of the CETR equation on der 0 (no path)
ROA is 5.35% and the rest is influenced by other
equations of 94.65% which are not explained in this tato 0 (no path)
research model. (2). The R Squared value of Tobin's cetr -0.1773 0.1320 -1.34 0.179
Q equation is 0.1480, this shows that the Resources : The results of Stata 16 data processing,
simultaneous influence of the CETR, ROA, DER, secondary data are processed (2020)
SIZE and TATO equations on Tobin's Q is 14.8%
and the rest is influenced by other equations of 85.2% Table 10. Total Effects
which are not explained in this research model. (3). (Std. Err. adjusted for 5 clusters in year)
From the results of the analysis of the coefficient of Coef. Robust z p>|z|
determination above, it can be concluded that the Std. Err.
factors that influence the Tobin's Q equation can
Structural
cause the effect of the ROA, CETR, DER, SIZE,
TATO equations of 18.08% of the variability of the Roa
Tobin's Q variable value. cetr -0.1101 0.0320 -3.43 0.001
Hypothesis Test tobinsq

After obtaining a good model and used to test the roa 1.6103 0.9265 1.74 0.082
research hypothesis, it will then be estimated to size 0.2014 0.0355 5.68 0.000
obtain a significance value as a tool to test the der -0.2187 0.0335 -6.52 0.000
hypothesis, if a significance value is obtained <α 1%,
tato -0.0325 0.3378 -0.10 0.923
5%, and 10% then the independent variable has a
significant influence on the dependent variable, cetr -1.3121 0.0937 -13.99 0.000
conversely, if a significance value> α 1%, 5%, and Resources : The results of Stata 16 data processing,
10% is obtained, it is stated that the independent secondary data are processed (2020)
variable does not have a significant effect on the
dependent variable. Here are the estimation: Based on the table above, the following research
results can be obtained:
Table 8. Direct Effects
(Std. Err. adjusted for 5 clusters in year) 1. Testing the first hypothesis (H1) which
states that there is a direct effect of tax planning
Robust (CETR) on firm value (Tobin's Q) results in a
Coef. z p>|z|
coefficient value of - 1.3121 which has a probability
Std. Err.
value of 0.000, thus the hypothesis is accepted.
Structural Where the tax planning (CETR) variable affects the
Roa firm value variable (Tobin's Q) with a significance
cetr -0.1101 0.0320 -3.43 0.001 level of 1%.
tobinsq 2. Testing the second hypothesis (H2) which
roa 1.6103 0.9265 1.74 0.082
states that there is an indirect effect of tax planning
(CETR) on firm value (Tobin's Q) with financial
size 0.2014 0.0355 5.68 0.000 performance as an intervening variable is not
der -0.2187 0.0335 -6.52 0.000 accepted, because it produces a coefficient value of -
tato -0.0325 0.3378 -0.10 0.923 0.1773 with a probability value of 0.179.
cetr -1.1347 0.1551 -7.31 0.000

50
 Melisa Maharani, Sharifuddin Husen, Iman S. Suriawinata.
The Effect Of Tax Planning On Company Value With Financial
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