FIRM SIZE AND DEBT AS DETERMINANTS OF TAX AGGRESSIVENESS: THE MODERATING EFFECT OF DIVIDEND POLICY
Published:
2026-10-30Downloads
Abstract
This study aimed to analyze the effect of firm size and leverage on tax aggressiveness, with dividend policy as a moderating variable, in consumer non-cyclical sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. The study employed a quantitative approach with an associative-causal design. The population consisted of 128 consumer non-cyclical companies, and a sample of 23 companies was selected through purposive sampling after outlier treatment, resulting in 115 observations over five years. Secondary data were collected from annual financial statements. The data were analyzed using panel data regression and Moderated Regression Analysis with the assistance of Microsoft Excel and EViews version 12. The results showed that firm size had no significant effect on tax aggressiveness, with a probability value of 0.170. Leverage had a significant negative effect on tax aggressiveness, with a regression coefficient of −0.120 and a significance value of 0.034. Dividend policy did not moderate the effect of firm size on tax aggressiveness, with a significance value of 0.740, but significantly moderated the effect of leverage on tax aggressiveness, with a regression coefficient of 0.570 and a significance value of 0.000. The F-test confirmed that firm size and leverage simultaneously affected tax aggressiveness with a significance value of 0.001. These findings implied that leverage served as a key determinant of tax aggressiveness, and that dividend policy strengthened the relationship between leverage and tax aggressiveness by encouraging companies to manage tax expenses more strategically.
Keywords:
Tax Aggressiveness Firm Size Leverage Dividend PolicyReferences
Amalia, D. (2021). Pengaruh likuiditas, leverage dan intensitas aset. Jurnal Akuntansi, 12(2), 232–240.
Erawati, T., & Sularso, A. (2022). Pengaruh leverage, profitabilitas, ukuran perusahaan, kebijakan deviden dan capital intensity ratio terhadap agresivitas pajak. Jurnal Economica, 10(1), 41–55.
Febrianti, G., & Febriyanto, F. C. (2025). Pengaruh leverage, dewan komisaris independen dan intensitas modal terhadap agresivitas pajak. Jurnal Akuntansi, 4(3), 3604–3609.
Herliyana, D., & Wenten, I. K. (2025). Pengaruh leverage, ukuran perusahaan dan capital intensity terhadap agresivitas pajak. Economic Reviews Journal, 4(1), 286–299. https://doi.org/10.56709/mrj.v4i1.646
Iriyanti, & Latif, A. S. (2025). Pengaruh sales growth, intensitas persediaan dan kebijakan hutang terhadap agresivitas pajak perusahaan: Studi empiris pada perusahaan properties dan real estate yang terdaftar di Bursa Efek Indonesia tahun 2018–2022. Postgraduate Management Journal, 4(2), 59–74.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360.
Kemenkeu. (2025). Kinerja pendapatan negara tahun 2024 tumbuh positif. Kementerian Keuangan Republik Indonesia. https://www.kemenkeu.go.id
Liani, A. V., & Saifudin. (2020). Likuiditas, leverage, profitabilitas, ukuran perusahaan dan capital intensity: Implikasinya terhadap agresivitas pajak. Majalah Ilmiah Solusi, 18(2), 1–18. https://doi.org/10.26623/slsi.v18i2.2301
Maulana, T., Putri, A. A., Marlina, E., & Riau, U. M. (2022). Pengaruh capital intensity, inventory intensity. Jurnal Akuntansi, 17(1), 48–60.
Prawiro, E., & Njit, T. F. (2022). Pengaruh intensitas persediaan dan faktor-faktor lainnya terhadap agresivitas pajak perusahaan manufaktur di BEI. E-Jurnal Akuntansi TSM, 2(2), 855–866.
Rochmah, E. R. N., & Oktaviani, R. M. (2021). Pengaruh leverage, intensitas aset tetap dan ukuran perusahaan terhadap agresivitas pajak. Jurnal Akuntansi, 14(2), 417–427.
Romdhon, M., Kartiko, E., & Nurjamilah, S. (2021). Pengaruh firm size dan leverage terhadap agresivitas pajak dengan pengungkapan corporate social responsibility sebagai variabel pemoderasi. Jurnal Wacana Ekonomi, 20(2), 104–114. https://doi.org/10.52434/jwe.v20i2.1143
Soelistiono, S., & Adi, P. H. (2022). Pengaruh leverage, capital intensity, dan corporate social responsibility terhadap agresivitas pajak. Jurnal Akuntansi, 18(1), 38–51.
Solikin, A., & Slamet, K. (2022). Pengaruh koneksi politik, struktur kepemilikan, dan kebijakan dividen terhadap agresivitas pajak. Jurnal Pajak dan Keuangan Negara (PKN), 3(2), 270–283. https://doi.org/10.31092/jpkn.v3i2.1521
Sujarweni, V. W. (2025). Metodologi penelitian lengkap, praktis, dan mudah dipahami. Pustaka Baru Press.
Waluyo, A. S. W., & Sahara, L. I. (2025). Pengaruh intensitas modal, struktur kepemilikan manajerial, kebijakan dividen terhadap agresivitas pajak. Jurnal Ilmiah Ekonomi, Manajemen, Bisnis dan Akuntansi, 2(4), 756–765.
Yahya, A., Agustin, E. G., & Nurastuti, P. (2022). Firm size, capital intensity dan inventory intensity terhadap agresivitas pajak. Jurnal Eksplorasi Akuntansi (JEA), 4(3), 574–588.
License
Copyright (c) 2026 Mariasi Octavia Dewi, I Ketut Wenten
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
