Penghindaran Pajak Dan Efisiensi Investasi: Sertifikasi CFO Sebagai Pemoderasi
DOI:
https://doi.org/10.22219/jrak.v12i2.20265Keywords:
Taxation, Accounting, Corporate governance, Financial AccountingAbstract
Penelitian ini bertujuan untuk mengetahui pengaruh penghindaran pajak (tax avoidance) terhadap efisiensi investasi pada perusahaan di Indonesia dan melihat peran sertifikasi yang dimiliki oleh Chief Financial Officer (CFO) dalam memanfaatkan arus kas bebas yang berasal dari penghindaran pajak terhadap efisiensi investasi perusahaan. Penelitian ini menggunakan data sampel tahun 2016-2019 dengan analisis regresi data panel. Total sampel adalah 604 data observasi yang terdiri dari 151 perusahaan dari berbagai sektor industri di Bursa Efek Indonesia (BEI). Temuan penelitian ini adalah penghindaran pajak membuat investasi yang dilakukan oleh perusahaan menjadi tidak efisien karena perusahaan mengeluarkan biaya tambahan untuk membiayai investasi yang tidak perlu. Namun, Chief Financial Officer (CFO) bersertifikat dapat membuat perusahaan lebih efisien dalam memanfaatkan arus kas bebas ekstra untuk investasi.
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