Pengaruh Green Investment, Kebijakan Dividen dan Perencanaan Pajak terhadap Nilai Perusahaan
DOI:
https://doi.org/10.37481/jmeb.v6i3.2298Keywords:
Green Investment, Dividend Policy, Tax Planning, Firm Value, Basic MaterialsAbstract
Firm value is an important consideration for investors, particularly in the Basic Materials sector, where environmental expenditures, dividend decisions, and tax management may influence market perceptions. This study aims to examine the effect of green investment, dividend policy, and tax planning on firm value in Basic Materials companies listed on the Indonesia Stock Exchange during 2021-2025. This study uses a quantitative approach with secondary data obtained from annual reports and sustainability reports. Using purposive sampling, eight companies were selected, resulting in 40 firm-year observations. Panel data regression was estimated using EViews 14, with the Random Effects Model selected based on the Chow, Hausman, and Lagrange Multiplier tests. Firm value is measured by the logarithm of Price to Book Value (PBV), while green investment is measured by environmental costs relative to total assets, dividend policy by Dividend Payout Ratio (DPR), and tax planning by Effective Tax Rate (ETR). The results show that green investment has a negative and significant effect on firm value. Dividend policy has a negative but statistically insignificant effect, while tax planning has a positive but statistically insignificant effect. Simultaneously, the three independent variables significantly affect firm value, although the model explains 21.38% of its variation. These findings suggest that the individual effects of environmental investment, dividend policy, and tax management differ in explaining firm value.
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