Pengaruh Capital Intensity, Company Size, dan Agresivitas Pajak terhadap Nilai Perusahaan
DOI:
https://doi.org/10.37481/jmeb.v6i3.2293Keywords:
Capital Intensity, Company Size, Tax Aggressiveness, Firm Value, Energy SectorAbstract
The energy sector has shown strong market performance in Indonesia, yet firm value among energy companies listed on the Indonesia Stock Exchange has remained volatile. This condition indicates the need to examine financial factors that may influence investors’ assessment of firm value. This study aims to examine the effect of capital intensity, company size, and tax aggressiveness on firm value, both simultaneously and partially. A quantitative approach was employed using secondary data obtained from annual reports and financial statements of energy sector companies listed on the Indonesia Stock Exchange during 2020–2024. Using purposive sampling, 15 companies with 75 firm-year observations were selected. Firm value was measured using Tobin’s Q, while capital intensity, company size, and tax aggressiveness were measured using their respective financial indicators. Panel data regression was performed using EViews 13, with the Random Effect Model selected as the estimation model. The results show that capital intensity, company size, and tax aggressiveness jointly affect firm value, although their explanatory contribution is limited, with an adjusted R-squared of 8.53%. Partially, capital intensity has a significant negative effect on firm value, whereas company size and tax aggressiveness do not have significant effects.
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