EARNINGS MANAGEMENT, ASSET GROWTH, AND TAX AVOIDANCE: THEIR EFFECT ON FIRM VALUE ON THE INDONESIA STOCK EXCHANGE
(An Empirical Study of IDX Kompas 100 Companies, 2021-2024)
DOI:
https://doi.org/10.15575/jb.v5i2.58682Keywords:
Earnings Management, Asset Growth, Tax Avoidance, Firm Value, IDX Kompas 100.Abstract
Investor confidence in a company is largely shaped by how reliable the signals embedded in its financial statements are perceived to be. Because the manipulation of financial reports remains a recurring problem in Indonesia, doubts about the trustworthiness of disclosed information continue to surface, which makes careful scrutiny of such signals essential before any investment decision is made. This study examines how Earnings Management (X1), Asset Growth (X2), and Tax Avoidance (X3) affect Firm Value (Y) among companies listed in the IDX Kompas 100 index during 2021-2024. Adopting a quantitative approach, the research draws on secondary data taken from corporate annual reports, yielding 132 firm-year observations chosen through purposive sampling. Multiple linear regression using SPSS version 26 was applied to examine both the partial and simultaneous relationships among the variables. The results show that Earnings Management and Tax Avoidance each exert a significant partial effect on Firm Value, whereas Asset Growth does not; taken together, however, the three variables produce a significant simultaneous effect. These findings lend support to signaling theory, demonstrating that the manner in which firms manage earnings and structure their tax strategy functions as an important signal for investors evaluating corporate credibility, while also offering managers practical guidance for designing policies that enhance firm value.
References
Alomair, A. (2025). Financial Reporting Quality: A Review of Its Applications and Measurements. Journal of King Faisal University, 26(7613), 55–62. https://doi.org/10.37575/h/mng/240040
Arieftiara, D. (2022). Tax avoidance latent variable score (TAXLVS) sebagai pengukuran penghindaran pajak perusahaan secara komprehensif. Widina Bhakti Persada Bandung.
BEI. (2024). Laporan Tahunan BEI tahun 2024. BEI.
Das, N. A., Lukviarman, N., Rahim, R., & Alfarisi, M. F. (2025). The effect of two-tier board characteristics on firm value: The mediating role of corporate reputation in Indonesia. Investment Management and Financial Innovations, 22(4), 449-461. https://doi.org/10.21511/imfi.22(4).2025.33
Dao, F., Asaff, R., Aris, A. L., & Syam, S. (2022). Pengaruh Pertumbuhan Aset, Ukuran Perusahaan, Nilai Tukar, dan Suku Bunga Terhadap Nilai Perusahan Pada Perusahaan Food & Beverage di Bursa Efek Indonesia. Jimea: Jurnal Ilmiah Mea (Manajemen, Ekonomi, dan Akuntansi), 5, 83–93. http://dx.doi.org/10.35914/jemma.v5i1.1041
Das, N. Anggreni, Sukraini, J., & Putri, W. R. (2025). Pengaruh Capital Intensity Dan Inventory Intensity Terhadap Tax Avoidance (Studi Empiris Pada Perusahaan Sektor Industri Yang Terdaftar Di Bei Periode 2018-2022). Jurnal Reflesia Akuntansi, 11, 266–272.
Hakimah, Y., Ratar, M., Ardan, M., & Setiawan, A. (2024). Analisis Data Statistik. Media Penerbit Indonesia.
Haruna Abubakar, A., Mansor, N., & Adilah Wan-Mohamad, W. I. (2021). Corporate Tax Avoidance, Free Cash Flow and Real Earnings Management: Evidence drom Nigeria. Universal Journal of Accounting and Finance, 9(1), 86–97. https://doi.org/10.13189/ujaf.2021.090109
Henry, J., Aqsa, Muhammad Ali, Agusven, T., Herman, H., & Sulfitri, V. (2024). Manajemen Keuangan. Jakarta: Azka Pustaka.
Hakimah, Y., Ratar, M., Ardan, M., & Setiawan, A. (2024). Analisis Data Statistik (Panduan Komprehensif Untuk Interpretasi Data). Medan: Media Penerbit Indonesia.
Ilahiyah, E., Yahya, D. R., Mildawati, T., & Khan, M. A. (2025). Literatur Review the Good and Bad of Earning Management on Accountant Integrity. International Journal of Current Science Research and Review, 08(01), 428–434. https://doi.org/10.47191/ijcsrr/V8-i1-45
Irman, M., Anjani, S. P., & Wati, Y. (2023). Manajemen laba dan kecurangan laporan keuangan: industri pariwisata dan rekreasi di Indonesia. Jurnal Reviu Akuntansi dan Keuangan, 13(2), 392-411. https://doi.org/10.22219/jrak.v13i2.26500
Juliana, F., & Wijaya, H. (2022). Manajemen laba terhadap nilai perusahaan: Peranan tata kelola perusahaan dan kualitas audit sebagai variabel pemoderasi. Jurnal Finansial Dan Perbankan, 1(2), 150-170.
Jaya, I. A. L. M. (2021). Earning Management. Purwokerto: Pena Persada.
Juliani, S., Yuniarti, R., Hernadianto, & Riswandi, P. (2023). Majemen Laba Terhadap Nilai Perusahaan Dengan Corporate Governance Sebagai Variabel Moderasi. Jurnal Akuntansi Edukasi Nusantara ICMA, 01(01), 30–34.
Maharani, A., Putri, D. R., & Firasati, A. (2025). Internal Factors that encourage Tax Avoidance in LQ45 Companies on the IDX 2020-2023. Jurnal Ekuisci, 2(6), 463-481. https://doi.org/10.62885/ekuisci.v2i6.772
Manikasari, N. M. C., & Wirajaya, I. G. A. (2025). Assessing the Role of Capital Structure, Investment Policy, Profitability, and Growth in Determining Firm Value in Technology Companies Listed on the Indonesia Stock Exchange in 2020-2022. Journal of Management, Accounting, General Finance and International Economic Issues, 10(2809–8013), 1099–1113.
Mappadang, A. (2021). Efek Tax Avoidance & Manajemen Laba Terhadap Nilai Perusahaan. Pena Persada.
Mayardi, M., & Djorhar, C. (2022). Pengaruh Perencanaan Pajak, Manajemen Laba, Dan Pertumbuhan Penjualan Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Subsektor Barang Konsumen Primer yang Terdaftar di Bursa Efek Indonesia Tahun 2016-2020. Jurnal Akuntan Publik, 3(2), 442–454.
Nilamsari, I. N., Sugiharto, & Kurniawan, Y. D. (2025). Pengaruh Kualitas Audit, Sales Growth dan Profitabilitas terhadap Manajemen Laba pada Perusahaan IDX30 Tahun 2021-2023. Equivalent: Journal of Economic, Accounting and Management, 3(2), 1000-1012. https://doi.org/10.61994/equivalent.v3i2.1155
Ningrum, E. P. (2022). Nilai Perusahaan (konsep dan aplikasi). Penerbit Adab.
Nugraha, S. Y., & Firmansyah, A. (2025). Transfer pricing and tax avoidance: The moderating role of thin capitalization. Journal of Governance, Risk Management, Compliance and Sustainability, 5(1), 55-65.
Nugroho, N. A., & Hersugondo, H. (2022). Analisis pengaruh environment, social, governance (esg) disclosure terhadap kinerja keuangan perusahaan. E-Bisnis: Jurnal Ilmiah Ekonomi Dan Bisnis, 15(2), 233-243.
Nursafitri, F., Yantri, O., & Kurniawati, E. (2022). Pengaruh Struktur Modal, Kinerja Keuangan Dan Pertumbuhan Aset Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur Subsektor Logam Dan Sejenisnya Yang Terdaftar di Bursa Efek Indonesia Tahun 2017-2021. Zona Akuntansi: Program Studi Magister Akuntansi Universitas Batam, 12(1), 32–45.
Riani, N., & Indarti, S. M. (2024). Penentuan Prediksi Investasi Didasarkan Candlestick Grafik Melalui Teknikal Indikator: Kompas Indeks 100 Periode 2022-2024. Journal of Interdisciplinary Science and Education, 4(2), 11–18. https://doi.org/10.70371/jise.v4i2.263
Saragih, M. R., & Rusdi, R. (2024). Pengaruh Manajemen Laba, Pertumbuhan Aset Dan Tax Avoidance Terhadap Nilai Perusahaan (Studi Empiris pada Perusahaan Aneka Industri yang Terdaftar di Bursa Efek Indonesia Tahun 2016-2020). Scientific Journal of Reflectio, 7(1), 127–137. https://doi.org/10.37481/sjr.v7i1.789
Valency, S., Prapanca, D., & Sriyono. (2024). Pertumbuhan Aset, Ukuran Perusahaan Dan Keputusan Investasi Terhadap Nilai Perusahaan: Studi Perusahaan Makanan Dan Minuman Yang Terdaftar di Bursa Efek Indonesia (BEI) 2020 - 2023. Management Studies and Entrepreneurship Journal, 5(2), 5770–5785.
Widodo, T., & Firmansyah, A. (2021). Does Investors Respond to Tax Avoidance and Tax Risk? Stewardship Perspective. Bina Ekonomi, 25(1), 1–18.
Yudistira, I. G. Y., Mendra, N. P. Y., & Saitri, P. W. (2021). Pengaruh Pertumbuhan Aset, Profitabilitas, Kepemilikan Institusional, Dan Kebijakan Dividen Terhadap Nilai Perusahaan. Kharisma: Kumpulan Hasil Riset Mahasiswa Akuntansi, 1(1), 239–249.
Zaenda, F. S. (2025, August). Pengaruh Kinerja Keuangan dan Manajemen Laba terhadap Nilai Perusahaan. In Bandung Conference Series: Business and Management (Vol. 5, No. 2, pp. 1141-1150).
Zawitri, S., Yuliana, E. S., & Kurniasih, N. (2024). Dampak Insentif Tarif Pajak Badan Pasca Covid’19 pada Pengaruh Tax Avoidance terhadap Nilai Perusahaan (Studi Empiris Perusahaan LQ-45). Simposium Nasional Akuntansi Vokasi (SNAV) XII, 12, 357-371.
Downloads
Published
How to Cite
Issue
Section
Citation Check
License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
