The Effect Of Thin Capitalization And Tax Planning On Firm Value In Transportation And Logistics Sector Companies Listed On The Indonesia Stock Exchange 2020–2024
DOI:
https://doi.org/10.59890/ijist.v4i5.10Keywords:
Thin Capitalization, Tax Planning, Firm Value, DER, ETR, Tobin’s QAbstract
This study aims to analyze the effect of thin capitalization proxied by the Debt to Equity Ratio (DER) and tax planning proxied by the Effective Tax Rate (ETR) on firm value measured by Tobin’s Q in transportation and logistics sector companies listed on the Indonesia Stock Exchange (IDX) for the period 2020–2024. The population consists of all transportation and logistics companies listed on the IDX, with a sample of 11 companies selected using purposive sampling, yielding 55 units of analysis. Secondary data from annual financial reports were employed. Multiple linear regression was used as the analytical method. The results indicate that: (1) thin capitalization (DER) has a positive and significant effect on firm value (t = 6.184; p < 0.05); (2) tax planning (ETR) has a negative and significant effect on firm value (t = −6.748; p < 0.05); (3) simultaneously, DER and ETR significantly influence firm value (F = 32.962; p < 0.05) with a coefficient of determination (R²) of 55.9%. These findings suggest that higher leverage generates a tax shield that enhances market value, while effective tax planning that reduces ETR signals managerial efficiency and raises firm value.
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