Electronic Theses and Dissertation

Penelitian ini bertujuan untuk menganalisis pengaruh financial constraints, intensitas aset tetap, dan kepemilikan institusional terhadap tax avoidance pada perusahaan non-keuangan yang terdaftar di Bursa Efek Indonesia periode 2020–
2023. Penelitian ini menggunakan pendekatan kuantitatif dengan data sekunder berupa laporan keuangan tahunan. Populasi penelitian berjumlah 851 perusahaan non-keuangan. Jumlah sampel ditentukan menggunakan rumus Slovin, diperoleh sebanyak 89 perusahaan, yang selanjutnya dipilih menggunakan teknik purposive sampling berdasarkan kriteria keterdaftaran, profitabilitas, dan kebijakan dividen, sehingga diperoleh 356 observasi (panel seimbang, 89 perusahaan × 4 tahun). Financial constraints diukur menggunakan Kaplan-Zingales Index (KZ Index), intensitas aset tetap diukur melalui rasio aset tetap terhadap total aset, kepemilikan institusional diukur melalui proporsi saham yang dimiliki investor institusional, sedangkan tax avoidance diukur menggunakan selisih antara tarif pajak statutori (22%) dengan Cash Effective Tax Rate (CETR). Data dianalisis menggunakan regresi data panel dengan bantuan perangkat lunak EViews, di mana model Random Effect Model (REM) terpilih sebagai model estimasi terbaik berdasarkan Uji Chow, Uji Hausman, dan Uji Lagrange Multiplier. Hasil penelitian menunjukkan bahwa financial constraints, intensitas aset tetap, dan kepemilikan institusional secara simultan berpengaruh terhadap tax avoidance. Secara parsial, financial constraints berpengaruh signifikan namun dengan arah yang berlawanan dari hipotesis, sedangkan intensitas aset tetap dan kepemilikan institusional tidak berpengaruh signifikan terhadap tax avoidance.



Kata Kunci: financial constraints, intensitas aset tetap, kepemilikan institusional, tax avoidance, data panel

This study aims to analyze the effect of financial constraints, fixed asset intensity, and institutional ownership on tax avoidance in non-financial companies listed on the Indonesia Stock Exchange during the 2020–2023 period. This study employs a quantitative approach using secondary data in the form of annual financial statements. The research population consists of 851 non-financial companies. The sample size was determined using the Slovin formula, resulting in 89 companies, which were subsequently selected using a purposive sampling technique based on listing status, profitability, and dividend policy criteria, resulting in 356 observations (balanced panel, 89 companies × 4 years). Financial constraints are measured using the Kaplan-Zingales Index (KZ Index), fixed asset intensity is measured through the ratio of fixed assets to total assets, institutional ownership is measured through the proportion of shares held by institutional investors, while tax avoidance is measured as the difference between the statutory tax rate (22%) and the Cash Effective Tax Rate (CETR). Data were analyzed using panel data regression with the assistance of EViews software, in which the Random Effect Model (REM) was selected as the best estimation model based on the Chow Test, Hausman Test, and Lagrange Multiplier Test. The results show that financial constraints, fixed asset intensity, and institutional ownership simultaneously affect tax avoidance. Partially, financial constraints have a significant effect but in the opposite direction from the hypothesis, while fixed asset intensity and institutional ownership have no significant effect on tax avoidance. Kata Kunci: financial constraints, fixed asset intensity, institutional ownership, tax avoidance, panel data