PENGARUH TAX AVOIDANCE DAN KINERJA KEUANGAN TERHADAP NILAI PERUSAHAAN DENGAN KEPEMILIKAN INSTITUSIONAL SEBAGAI PEMODERASI

Abstract

This research is meant to examine the influence of Tax Avoidance which is measured by using Cash ETR, and financial performance which proxy with ROA and DER to the firm value which is measured by using Tobin’s Q with the institutional ownership as moderate. The sample of this research is obtained by using purposive sampling method at manufacturing company which is listed in Indonesia Stock Exchange (IDX) in 2012-2016 periods and based on determined criteria it obtained 47 companies therefore the amount of the research observation is 235 observations. The data analysis technique has been carried out by using multiple linear regressions analysis with Moderated Regression Analysis (MRA) method with application instrument of SPSS 23. The result of this research shows that tax avoidance gives negative influence to the firm value with coefficient regressions is -2,594 and the significance level is 0,004, ROA gives positive influence to the firm value with coefficient regressions is 15,650 and the significance level is 0,000, DER gives negative influence to the firm value with coefficient regressions is -0,426 and the significance level is 0,031, intitutional ownership is able to maderate the influence of tax avoidance to the firm value with coefficient regressions is 2,473 and the significance level is 0,049, meanwhile the intitutional ownership does not able to moderate the influence of ROA to the firm value with coefficient regressions is -6,205 and the significance level is 0,187 and the institutional ownership does not able to moderate the influence of DER to the firm value with coefficient regressions is -1,428 and the significance level is 0,612.
Keywords: Tax avoidance, ROA, DER, Institusional Ownership, Firm Value.