PENGARUH AGRESIVITAS PAJAK, PROFITABILITAS, DAN UKURAN PERUSAHAAN TERHADAP STRUKTUR MODAL PADA PERUSAHAAN YANG TERDAFTAR DALAM INDEKS LQ 45 TAHUN 2021-2024
DOI:
https://doi.org/10.23969/jp.v11i01.42434Keywords:
Tax aggressiveness, profitability, firm size, capital structure, LQ45 Index.Abstract
Determining an optimal capital structure is a strategic decision for companies because it is closely related to financial risk, cost of capital, and firm value in the eyes of investors. This study aims to analyze the effect of tax aggressiveness, profitability, and firm size on capital structure in companies listed in the LQ45 Index on the Indonesia Stock Exchange for the 2021–2024 period. Capital structure is proxied by the Debt to Equity Ratio (DER), tax aggressiveness is proxied by the Effective Tax Rate (ETR), profitability is proxied by Return on Assets (ROA), and firm size is measured using the logarithm of total assets. This research employs a quantitative approach using secondary data from the annual financial statements of LQ45 companies selected through purposive sampling, and is analyzed using multiple linear regression and classical assumption tests with the aid of SPSS 26 software. The results show that, partially, profitability and firm size have a significant effect on capital structure, while tax aggressiveness does not have a significant effect. Tax aggressiveness, profitability, and firm size simultaneously have a significant effect on capital structure, indicating that these variables are able to explain the variation in capital structure of LQ45 companies during the study period. These findings are expected to serve as a reference for management, investors, and academics in evaluating financing policies and their implications for corporate financial stability and performance.
Downloads
References
Alfandia, N. (2018). Pengaruh effective tax rate terhadap struktur modal perusahaan. Jurnal Akuntansi Multiparadigma, 9(2), 312–325. https://doi.org/10.18202/jamal.2018.04.9018
Asiah, N., Mulyani, S., & Firmansyah, A. (2022). Effective tax rate dan perencanaan pajak terhadap kebijakan pendanaan perusahaan. Jurnal Akuntansi dan Keuangan Indonesia, 19(1), 1–15. https://doi.org/10.21002/jaki.2022.01
Budiarto, D. S., Prabowo, M. A., & Firmansyah, A. (2025). Tax aggressiveness and corporate financial decisions: Evidence from Indonesia. Asian Journal of Accounting Research, 10(1), 45–60. https://doi.org/10.1108/AJAR-09-2024-0156
Cahyanti, R. (2025). Struktur modal dan faktor-faktor penentunya pada perusahaan publik Indonesia. Jurnal Keuangan dan Perbankan, 29(1), 88–101. https://doi.org/10.26905/jkdp.v29i1.10231
Diantari, P. R. (2021). Pengaruh agresivitas pajak terhadap struktur modal. E-Jurnal Akuntansi Universitas Udayana, 31(6), 1564–1576. https://doi.org/10.24843/EJA.2021.v31.i06.p15
Efendi, F., Nabila, A., & Marpaung, E. I. (2021). Profitabilitas, ukuran perusahaan, dan struktur modal. Jurnal Akuntansi dan Auditing Indonesia, 25(2), 134–147. https://doi.org/10.20885/jaai.vol25.iss2.art5
Ekinanda, R., Pratiwi, A., & Wijaya, H. (2021). Effective tax rate dan leverage perusahaan. Jurnal Ilmiah Akuntansi, 6(1), 55–69. https://doi.org/10.23887/jia.v6i1.28761
Firmansah, A., Septiananda, R., & Nuridah, S. (2022). Determinan struktur modal perusahaan Indonesia. Jurnal Akuntansi dan Keuangan, 24(2), 101–115. https://doi.org/10.9744/jak.24.2.101-115
Firmansyah, A., Widyawati, D., & Ferli, O. (2024). Tax planning, profitability, and firm value. Journal of Asian Finance, Economics and Business, 11(3), 235–247. https://doi.org/10.13106/jafeb.2024.vol11.no3.0235
Ghozali, I. (2016). Aplikasi analisis multivariate dengan program IBM SPSS 23. Badan Penerbit Universitas Diponegoro.
Kamela, N. (2023). Profitabilitas dan struktur modal: Pendekatan pecking order theory. Jurnal Akuntansi Kontemporer, 15(1), 44–57. https://doi.org/10.33508/jako.v15i1.3891
Marpaung, E. I., Meisyha, R., & Pangesti, A. (2020). Capital structure and firm performance. International Journal of Innovation, Creativity and Change, 13(7), 450–462. https://www.ijicc.net/images/vol13iss7/13745_Marpaung_2020.pdf
Meisyha, R., Efendi, F., & Nuridah, S. (2021). Return on assets and capital structure decisions. Jurnal Akuntansi dan Bisnis, 21(2), 159–171. https://doi.org/10.20961/jab.v21i2.574
Muharramah, R., Oktaviarni, F., & Saragi, H. (2021). Firm size and firm value. Jurnal Keuangan dan Manajemen, 17(1), 23–35. https://doi.org/10.31294/jkm.v17i1.10256
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions. Journal of Financial Economics, 13(2), 187–221. https://doi.org/10.1016/0304-405X(84)90023-0
Nabila, A., Efendi, F., & Saragi, H. (2023). Tax avoidance and capital structure. Jurnal Riset Akuntansi dan Keuangan, 11(1), 77–92. https://doi.org/10.17509/jrak.v11i1.53214
Nusi, A., Pratiwi, D., & Wijaya, R. (2025). Firm size measurement in financial research. International Journal of Financial Studies, 13(1), 1–15. https://doi.org/10.3390/ijfs13010001
Oktaviarni, F., Muharramah, R., & Saragi, H. (2019). Firm value determinants. Jurnal Keuangan dan Perbankan, 23(2), 178–189. https://doi.org/10.26905/jkdp.v23i2.3021
Purnasari, D. (2020). Ukuran perusahaan dan profitabilitas. Jurnal Akuntansi Multiparadigma, 11(3), 520–533. https://doi.org/10.18202/jamal.2020.12.031
Saragi, H., Nabila, A., & Efendi, F. (2020). Capital structure and firm size. Journal of Accounting and Investment, 21(3), 411–425. https://doi.org/10.18196/jai.2103157
Septiananda, R., Firmansah, A., & Nuridah, S. (2023). Tax aggressiveness and leverage. Jurnal Akuntansi dan Auditing Indonesia, 27(1), 45–59. https://doi.org/10.20885/jaai.vol27.iss1.art4
Susilowati, D., Ferli, O., & Widyawati, D. (2024). Profitability analysis of LQ45 firms. Jurnal Manajemen dan Bisnis, 21(2), 98–112. https://doi.org/10.38043/jmb.v21i2.4892
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Pendas : Jurnal Ilmiah Pendidikan Dasar
This work is licensed under a Creative Commons Attribution 4.0 International License.
