SUSTAINABLE TAX STRATEGY AND FIRM VALUE: CASE OF INDONESIA SHARIA STOCK INDEX
Keywords:
Sustainable Tax Strategy, Nilai Perusahaan, Effective Tax Rate, Indeks Saham SyariahAbstract
Penelitian ini bertujuan menganalisis pengaruh Sustainable Tax Strategy (STS) terhadap nilai perusahaan pada perusahaan yang tergabung dalam Indeks Saham Syariah Indonesia (ISSI). Berbeda dengan penelitian terdahulu yang umumnya menggunakan Effective Tax Rate (ETR) satu periode sebagai proksi strategi pajak, penelitian ini mengadopsi konsep Sustainable Tax Strategy yang mengukur konsistensi strategi perpajakan melalui stabilitas Effective Tax Rate selama periode 2022–2025. Penggunaan periode tersebut didasarkan pada pemberlakuan tarif Pajak Penghasilan Badan sebesar 22% sejak tahun 2022 sehingga pengukuran STS tidak dipengaruhi oleh perubahan tarif pajak. Penelitian menggunakan data perusahaan ISSI tahun 2025 dengan sampel sebanyak 172 perusahaan. Analisis dilakukan menggunakan metode Ordinary Least Squares (OLS) dengan mengendalikan Effective Tax Rate tahun berjalan, Effective Tax Rate tahun sebelumnya, ukuran perusahaan, umur perusahaan, return on assets, net profit margin, dan leverage.
Hasil penelitian menunjukkan bahwa pada kelompok perusahaan dengan nilai STS ? 22%, STS berpengaruh positif terhadap nilai perusahaan, sedangkan ETR tahun berjalan dan ETR tahun sebelumnya tidak berpengaruh. Sebaliknya, pada kelompok perusahaan dengan nilai STS > 22%, STS tidak berpengaruh terhadap nilai perusahaan, sedangkan ETR tahun sebelumnya berpengaruh negatif terhadap nilai perusahaan. Temuan ini menunjukkan bahwa investor lebih menghargai konsistensi strategi perpajakan dibandingkan efisiensi pajak jangka pendek ketika perusahaan mampu mempertahankan strategi pajak yang berkelanjutan. Namun, ketika keberlanjutan strategi pajak menurun, investor lebih merespons informasi pajak jangka pendek. Penelitian ini memperluas literatur mengenai strategi perpajakan dengan memperkenalkan Sustainable Tax Strategy sebagai ukuran alternatif berbasis konsistensi jangka panjang serta memberikan implikasi bahwa keberlanjutan strategi perpajakan merupakan faktor penting dalam meningkatkan nilai perusahaan.
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