Tax Efficiency, Leverage, and Financial Performance of FMCG Companies in Indonesia

Dhio Dimas Alibfiansya; Juniati Gunawan

doi:10.31004/riggs.v5i2.10590

Authors

Dhio Dimas Alibfiansya Universitas Trisakti
Juniati Gunawan Universitas Trisakti

DOI:

https://doi.org/10.31004/riggs.v5i2.10590

Keywords:

Tax Efficiency, Leverage, Return on Assets, Return on Equity

Abstract

Kinerja keuangan merupakan indikator penting yang mencerminkan kemampuan perusahaan dalam mengelola sumber daya untuk menghasilkan laba dan mempertahankan daya saing, terutama pada sektor Fast Moving Consumer Goods (FMCG) yang memiliki tingkat persaingan tinggi, kebutuhan modal kerja besar, serta sangat dipengaruhi oleh kondisi ekonomi dan daya beli masyarakat. Dalam konteks tersebut, efisiensi pajak dan keputusan pendanaan melalui leverage menjadi faktor yang diduga memengaruhi kinerja keuangan perusahaan. Penelitian ini bertujuan untuk menganalisis pengaruh tax efficiency dan leverage terhadap financial performance pada perusahaan sektor FMCG yang terdaftar di Bursa Efek Indonesia periode 2020–2024. Penelitian menggunakan pendekatan kuantitatif dengan data sekunder yang diperoleh dari laporan keuangan tahunan perusahaan. Sampel dipilih menggunakan teknik purposive sampling sehingga diperoleh 43 perusahaan dengan total 215 observasi selama periode penelitian. Analisis data dilakukan menggunakan regresi data panel dengan bantuan perangkat lunak E-Views 14. Hasil penelitian menunjukkan bahwa tax efficiency yang diproksikan dengan Effective Tax Rate (ETR) berpengaruh negatif dan signifikan terhadap Return on Assets (ROA) maupun Return on Equity (ROE). Sementara itu, leverage yang diproksikan menggunakan Debt to Equity Ratio (DER) berpengaruh negatif namun tidak signifikan terhadap ROA, sedangkan terhadap ROE menunjukkan pengaruh positif dan signifikan. Temuan ini mengindikasikan bahwa pengelolaan beban pajak yang efisien serta penggunaan struktur modal yang optimal merupakan faktor penting dalam meningkatkan kinerja keuangan perusahaan FMCG, sehingga dapat menjadi pertimbangan bagi manajemen maupun investor dalam pengambilan keputusan keuangan.

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