Analisis Pengaruh Kebijakan Keuangan Terhadap Profitabilitas dengan Kebijakan Penurunan Tarif PPh Badan Sebagai Variabel Moderasi
Main Article Content
Abstract
This study aims to examine the effect of financial management policies on profitability. Apart from that, the effect of each independent variable on the dependent was tested with a decrease in corporate income tax rates as a moderating variable. The population in this study are manufacturing companies listed on the Indonesia Stock Exchange (IDX) in 2020. There are 96 samples that meet the following criteria; manufacturing companies whose 2019 and 2020 financial statements are available on the IDX, manufacturing companies that do not suffer losses and manufacturing companies that do not have interest write-off income on debt restructuring. This research was analyzed using Multiple Regression Analysis. The results of this study state that the dividend distribution policy has a positive effect on profitability, an increase in debt has a negative effect on profitability, an increase in investment has a positive effect on profitability, a decrease in corporate income tax rates is not able to moderate the effect of dividend distribution policies on profitability, a decrease in corporate income tax rates can strengthen the effect of funding policy on profitability, lower corporate income tax rates weakened the effect of funding policy on profitability.
Downloads
Article Details
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
An author  who publishes in the  Jurnal Manajemen Teknologi agrees to the following terms:
- Author retains the  copyright and grants the journal the right of first publication of  the work simultaneously licensed under the Creative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
- Author is  able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book)with the  acknowledgement of its initial publication in this journal.
- Author is  permitted and encouraged to post his/her  work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of the published work (See The Effect of Open Access).
Jurnal Ekonomi Manajemen Teknologi (EMT) KITA by http://journal.lembagakita.org/index.php/emt/index is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
References
Alza, R. Z. (2018). Pengaruh Kebijakan Pendanaan, Kebijakan Investasi, dan Kebijakan Dividen terhadap Nilai Perusahaan dengan Risiko Bisnis Sebagai variabel Pemoderasi. Jurnal Riset Akuntansi Dan Bisnis Airlangga, 3(1), 396–415.
Cahyaningdyah, D., & Dian, R. Y. (2012). Pengaruh Kebijakan Manajemen Keuangan Terhadap Nilai perusahaan. Jurnal Dinamika Manajemen, 3(1), 20–28.
Chosiah, C., Purwanto, B., & Ermawati, W. J. (2019). Dividend policy, investment opportunity set, free cash flow, and company performance: Indonesian’s agricultural sector. Jurnal Keuangan Dan Perbankan, 23(3), 403–417.
Desiari, K. D., & Jati, I. K. (2012). Analisis Efisiensi Sebelum dan Sesudah Berlakunya Perubahan Tarif PPh Badan Tahun 2009 dan 2010. Jurnal Akunyansi Dan Bisnis, 7(2), 228–242.
Dewi, I. A. M. C., Sari, M. M. R., Budiasih, I. G. A. N., & Suprasto, H. B. (2019). Free cash flow effect towards firm value. International Research Journal of Management, IT and Social Sciences, 6(3), 108–116.
Fahmi, I. (2014). Analisis Kinerja Keuangan (3rd ed., Vol. 3). CV Alfabeta, Bandung.
Ghozali, I. (2012). Aplikasi Analisis Multivariate Dengan Program SPSS. Badan Penerbit Universitas Diponegoro, Semarang.
Harmono. (2018). Manajemen Keuangan Berbasis Balanced Scorecard Pendekatan Teori, Kasus, dan Riset Bisnis (7th ed.). Bumi Aksara, Bandung.
Ilyas, M., & Mohammad, S. (2014). Relationship between free cash flow and dividend: Moderating role of firm size. Research Journal of Finance and Accounting, 5(5), 16–23.
Kadioglu, E., Kilic, S., & Yilmaz, E. A. (2017). Testing the Relationship between Free Cash Flow and Company Performance in Borsa Istanbul. International Business Research, 10(5), 148–158.
Kementerian Keuangan Republik Indonesia. (2021). Undang-Undang Nomor 7 Tahun 1983 tentang Pajak Penghasilan sebagaimana telah beberapa kali diubah terakhir dengan Undang-Undang Nomor 7 Tahun 2021 tentang Harmonisasi Peraturan Perpajakan dan peraturan perundang-undangan perpajakan lainnya yang terkait (1st ed., Vol. 1). Kementerian Keuangan Republik Indonesia, Jakarta.
Khan, A. W., & Zain, U. (2019). Relationship Between Free Cash Flow And Dividend A Study Of The Cement Sector Of Pakistan. Journal Of Management, 5(2), 2–12.
Laporan Keuangan dan Tahunan. (2019). Bursa Efek Indonesia. https://www.idx.co.id/. (11 Februari 2022)
Lokollo, A., & Muchamad, S. (2013). Pengaruh Manajemen Modal Kerja dan Rasio Keuangan Terhadap profitabilitas pada Industri Manufaktur yang Terdaftar di Bursa Efek Indonesia (BEI) Tahun 2011. Jurnal Akuntansi Fakultas Ekonomika Dan Bisnis Universitas Diponegoro, 2(2), 1–13.
Oktaviane, R. (2019). Dampak Perubahan Tarif Pajak Badan Terhadap Tax Avoidance di Indonesia. Jurnal Fairness, 9(1), 1–20.
Pertumbuhan Produksi Industri Manufaktur. (2020). Badan Pusat Statistik. https://www.bps.go.id/. (01 Desember 2021)
Prasetyorini, B. F. (2013). Pengaruh Ukuran Perusahaan, Leverage, Princeton Earning Ratio dan Profitabilitas Terhadap Nilai Perusahaan. Jurnal Ilmu Manajemen, 1(1), 183–196.
Riduan. (2018). Metode dan Teknik Menyusun Tesis (Z. Akdon dan Arifin, Ed.; Vol. 1). CV Alfabeta, Bandung.
Rochaety, E. (2013). Metodologi Penelitian Bisnis Dengan Aplikasi SPSS (Vol. 2). Mitra Wacana Media, Bogor.
Rochmah, H. N., & Ardianto, A. (2020). Catering dividend: Dividend premium and free cash flow on dividend policy. Cogent Business and Management, 7(1), 1–16.
Senata, M. (2016). Pengaruh Kebijakan Dividen terhadap Nilai Perusahaan yang Tercatat Pada Indeks LQ-45 Bursa Efek Indonesia. Jurnal Wira Ekonomi Mikroskil, 6(1), 10–12.
Shindu, M. I., & Jinnah, A. M. (2014). Relationship Between Free Cash Flow And Dividend: Moderating Role Of Firm Size. Research Journal of Finance and Accounting, 5(5), 16–23.
Subramanyam, K. R., & Wild, J. (2012). Analisis Laporan Keuangan (Tim Salemba Empat, Ed.; 10th ed., Vol. 1). Mc Graw Hill Education, Jakarta.
Sugiharti, & Winarni. (2012). Analisis Laporan Keuangan. CV Alfabeta, Bandung
Sugiyono. (2018a). Metode Penelitian Kuantitatif, Kualitatif. CV Alfabeta, Bandung.
Sugiyono. (2018b). Metode Penelitan, Kuantitatif, Kualitatif, dan R&D (28th ed.). CV Alfabeta, Bandung.
Sukamulja, S. (2019). Analisis Laporan Keuangan sebagai Dasar Pengambilan Kebijakan (J. Deviyanti, Ed.). Penerbit Andi, Surabaya.
Tijjani, B., & Sani, A. (2016a). An Empirical Analysis of Free Cash Flow and Dividend Policy in the Nigerian Oil and Gas Sector. Research Journal of Finance and Accounting, 7(12), 154–160.
Wahyudin, A., & Salsabila Khansa. (2019). Firm Size Moderates the Effect of Free Cash Flow, Firm Growth, and Profitability on Debt Policy. Jurnal Dinamika Akuntansi, 11(1), 89–97.
Widyanti, N., & Widyasari. (2019). Factors Affecting Free-Cash-Flow (FCF) with Dividend Policy as a Mediating Variabl. Advances in Economics, Business and Management Research, 145(1). 340-345.