Does Corporate Governance Have a Role in The Association Between Tax Avoidance, Tax Aggressiveness, And Tax Risk Increase Corporate Risk In Indonesia?

Wahyudi Febrian, Amrie Firmansyah

Abstract


Many companies reduce the tax expenses to as low as possible, leading to tax planning behavior. Tax efficiency is carried out to optimize company profits through various policies. Meanwhile, implementing certain tax policies can increase the company's risk because it triggers uncertainty in cash flows and profits. This study examines the effect of tax avoidance, tax aggressiveness, and tax risk on firm risk. In addition, this study also examines the moderating role of corporate governance, testing the independent and dependent variables. The data used in this study are from manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2016-2019 observation period, sourced from Indonesia Stock Exchange's official website, the company websites, www.finance.yahoo.com and www.bloomberg.com. This study resulted in a sample of 216 firm-years based on purposive sampling. Hypothesis testing is employed by multiple linear regression linear analysis for panel data. The results suggest that tax avoidance and tax risk are positively associated with firm risk, while tax aggressiveness is not associated with firm risk. Furthermore, this study also finds that corporate governance does not have a moderating effect in testing the independent and dependent variables. This study contributes novelty to tax planning activities testing related to firm risk, which is still rarely conducted in previous studies.

Banyak perusahaan mengurangi beban pajak serendah mungkin, yang memunculkan perilaku perencanaan pajak. Efisiensi pajak dilakukan untuk mengoptimalkan keuntungan perusahaan melalui berbagai kebijakan. Sementara itu, penerapan kebijakan perpajakan tertentu dapat meningkatkan risiko perusahaan karena memicu ketidakpastian arus kas dan laba. Penelitian ini bertujuan untuk menguji pengaruh penghindaran pajak, agresivitas pajak, dan risiko pajak terhadap risiko perusahaan. Selain itu, penelitian ini juga menguji peran moderasi dari corporate governance pengujian variabel independen dan variabel dependen. Data yang digunakan dalam penelitian ini adalah perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) selama periode pengamatan 2016-2019 yang bersumber dari situs web resmi Bursa Efek Indonesia, situs web perusahaan, www.finance.yahoo.com dan www.bloomberg.com. Berdasarkan purposive sampling, penelitian ini menghasilkan total sampel sebanyak 260 firm-year. Pengujian hipotesis dilakukan dengan menggunakan analisis linier regresi linier berganda untuk data panel. Hasil penelitian menunjukkan bahwa penghindaran pajak dan risiko pajak berhubungan positif dengan risiko perusahaan, sedangkan agresivitas pajak tidak berhubungan dengan risiko perusahaan. Selanjutnya, penelitian ini juga menemukan bahwa tata kelola perusahaan tidak memiliki efek moderasi dalam pengujian variabel independen dan variabel dependen. Penelitian ini memberikan kebaruan terkait dengan aktivitas pengujian perencanaan pajak terkait dengan risiko perusahaan yang masih jarang dilakukan dalam penelitian sebelumnya.

Keywords


firm risk; idiosyncratic risk; tax avoidance; tax aggressiveness; tax risk; corporate governance

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