Sales Growth, Leverage, and Tax Avoidance: Institutional Ownership as a Moderator in Indonesian Manufacturing Companies Listed on IDX, 2022–2025
Main Article Content
Abstract
This study examines the effects of sales growth and leverage on tax avoidance and investigates the moderating role of institutional ownership in manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2022–2025 period. The study employed a quantitative approach using secondary data obtained from annual reports and audited financial statements. The sample consisted of 84 manufacturing companies selected through purposive sampling, resulting in 336 firm-year observations. Data were analyzed using multiple linear regression and Moderated Regression Analysis (MRA). The findings indicate that sales growth and leverage have positive and statistically significant relationships with the tax avoidance measure. Institutional ownership does not significantly moderate the relationship between sales growth and tax avoidance. However, institutional ownership significantly moderates the relationship between leverage and tax avoidance. These findings highlight the relevance of corporate sales performance and financing decisions in understanding corporate tax-related behavior. They also suggest that institutional ownership plays a differentiated role in corporate monitoring, particularly in relation to financing policies. This study contributes to the literature by providing empirical evidence on the interaction between financial characteristics and institutional ownership in explaining tax-related outcomes among Indonesian manufacturing companies.
Article Details
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
References
Alshabibi, B., Pria, S., & Hussainey, K. (2022). Nationality diversity in corporate boards and tax avoidance: Evidence from Oman. Administrative Sciences.
Andriyani, Y., & Mu’arif, S. (2024). Pengaruh pertumbuhan penjualan, umur perusahaan, dan kepemilikan institusional terhadap tax avoidance. Jurnal Akuntansi dan Pajak, (2).
Aprianto, M., & Dwimulyani, S. (2019). Pengaruh sales growth dan leverage terhadap tax avoidance dengan kepemilikan institusional sebagai variabel moderasi.
Astuti, Sembiring, L. D., Supitriayani, Azwar, K., & Susanti, E. (2021). Analisis laporan keuangan. Media Sains Indonesia.
Ayuningtia, M., & Pramiana, O. (2024). The influence of thin capitalization, capital intensity and sales growth on tax avoidance with institutional ownership as a moderating variable in manufacturing companies registered as Indonesian Sharia Stock Index companies. International Journal of Pertapsi, 2(2), 58–68.
Brealey, R. A., Myers, S. C., Allen, F., & Edmans, A. (2025). Principles of corporate finance. McGraw-Hill Education.
Chandra, Y., & Oktari, Y. (2021). Pengaruh sales growth, profitabilitas, ukuran perusahaan, dan karakteristik eksekutif terhadap tax avoidance (studi empiris pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia). Jurnal Ilmiah Akuntansi dan Teknologi, 13.
Choi, J., & Park, H. (2022). Tax avoidance, tax risk, and corporate governance: Evidence from Korea. Sustainability, 14(1). https://doi.org/10.3390/su14010469
Cornett, M. M., Marcus, A. J., Saunders, A., & Tehranian, H. (2003). The impact of institutional ownership on corporate operating performance. Journal of Banking & Finance, 6, 1771–1794.
Direktorat Jenderal Pajak. (2022). Laporan kinerja Direktorat Jenderal Pajak 2022.
Direktorat Jenderal Pajak. (2023a). Laporan kinerja Direktorat Jenderal Pajak 2023.
Direktorat Jenderal Pajak. (2023b). Laporan kinerja DJP tahun 2023. Kementerian Keuangan Republik Indonesia.
Direktorat Jenderal Pajak. (2024). Laporan kinerja Direktorat Jenderal Pajak 2024.
Direktorat Jenderal Pajak. (2025). Laporan kinerja Direktorat Jenderal Pajak 2025.
Dwi Agustiana, S., & Kusumawati, E. (2022). The effect of profitability, leverage, sales growth, independent commissioners, and institutional ownership on tax avoidance. Procedia of Social Sciences and Humanities.
Dyreng, S., Hanlon, M., & Maydew, E. L. (2019). When does tax avoidance result in tax uncertainty? The Accounting Review, 2, 179–203.
Egbunike, F. C., Gunardi, A., Ugochukwu, U., & Hermawan, A. (2021). Internal corporate governance mechanisms and corporate tax avoidance in Nigeria: A quantile regression approach. Jurnal Ilmiah Akuntansi dan Bisnis, 16(1), 20.
Eugene, B. F., Joel F., H., Sallama, N., Kusumastuti, F., & M., M. (2018). Dasar-dasar manajemen keuangan (14th ed.). Salemba Empat
Fahmi, I. (2011). Analisis kinerja keuangan: Panduan bagi akademisi, manajer dan investor untuk menilai dan menganalisis bisnis dari aspek keuangan. Alfabeta.
Fauzi, M., Tarmidi, D., & Herliansyah, Y. (2023). Profitabilitas, sales growth, leverage, ukuran perusahaan, dan penghindaran pajak: Bukti dari perusahaan sektor industri barang konsumsi. Jurnal Akuntansi dan Bisnis Krisnadwipayana, 10(2), 1261.
Finnerty, C. J., & Merks, P. (2007). Fundamentals of international tax planning. IBFD.
Freeman, R. E. (1983). Stockholders and stakeholders: A new perspective on corporate governance. California Management Review.
Ghozali, I. (2020). 25 teori besar ilmu manajemen, akuntansi dan bisnis.
Gunawan, J., & Wijaya, H. (2020). Pengaruh kepemilikan manajerial, kepemilikan institusional, dan ukuran perusahaan terhadap kinerja keuangan perusahaan manufaktur. Jurnal Multiparadigma Akuntansi Tarumanagara, 2, 1718–1727.
Hidayah, N., & Ernandi, H. (2022). Pengaruh leverage, ukuran perusahaan, profitabilitas, dan intensitas modal terhadap penghindaran pajak melalui tata kelola perusahaan sebagai variabel moderasi (studi pada perusahaan manufaktur subsektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia tahun 2017–2021). Innovative Technologica: Methodical Research Journal, 1(2).
Hidayat, W. W. (2018a). Dasar-dasar analisa laporan keuangan. Uwais Inspirasi Indonesia.
Hidayat, W. W. (2018b). Pengaruh profitabilitas, leverage dan pertumbuhan penjualan terhadap penghindaran pajak: Studi kasus perusahaan manufaktur di Indonesia. Jurnal Riset Manajemen dan Bisnis, 3(1).
Horne, J. C. Van, Wachowicz, J. M., & Jr. (2012). Prinsip-prinsip manajemen keuangan. Salemba Empat.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, (4), 305–360. http://hupress.harvard.edu/catalog/JENTHF.html
Kasmir. (2019). Analisis laporan keuangan. Rajawali Pers.
Kementerian Keuangan Republik Indonesia. (2025). APBN 2025 untuk Indonesia adaptif dan responsif menghadapi tantangan.
Kovermann, J., & Velte, P. (2019). The impact of corporate governance on corporate tax avoidance—A literature review. Journal of International Accounting, Auditing and Taxation.
Lanis, R., & Richardson, G. (2013). Corporate social responsibility and tax aggressiveness: A test of legitimacy theory. Accounting, Auditing & Accountability Journal, 26(1), 75–100.
Lintang, T. A., Napitupulu, I. H., Siregar, D. A., & Syahputra, R. (2023). Pengaruh profitabilitas, pertumbuhan penjualan dan leverage terhadap penghindaran pajak perusahaan manufaktur yang terdaftar di BEI. JAKP: Jurnal Akuntansi, Keuangan dan Perpajakan, 6(1).
Mahdiana, M. Q., & Amin, M. N. (2020). Pengaruh profitabilitas, leverage, ukuran perusahaan, dan sales growth terhadap tax avoidance. Jurnal Akuntansi Trisakti, 7(1), 127–138.
Mardiasmo. (2023). Perpajakan. Andi.
Mulyani, S., Kusmuriyanto, & Suryarini, T. (2017). Analisis determinan tax avoidance pada perusahaan manufaktur di Indonesia. Jurnal Riset Akuntansi Keuangan, 2(3).
Neuman, W. L. (2013). Social research methods: Qualitative and quantitative approaches (7th ed.). Pearson Education.
Norsiah, S., & Pratiwi, A. P. (2025). Pengaruh thin capitalization, sales growth, capital intensity terhadap tax avoidance dengan kepemilikan institusional sebagai moderasi. Jurnal Ekonomi, Akuntansi, dan Perpajakan, 2(4), 41–56.
Nurhayati, R. (2026). Metode penelitian kualitatif, kuantitatif, dan gabungan. Anak Hebat Indonesia.
Putri, A. A., Azmi, Z., & Arsa, J. (2021). Apakah sales growth, leverage dan capital intensity mempengaruhi tax avoidance? Jurnal Akuntansi dan Ekonomika, 11.
Rahadatul A’isyi, R., & Budyastuti, T. (2024). Pengaruh profitabilitas, ukuran perusahaan, sales growth dan leverage terhadap tax avoidance (studi empiris pada perusahaan property dan real estate yang terdaftar di Bursa Efek Indonesia tahun 2019–2023). Indo-Fintech Intellectuals: Journal of Economics and Business, 4(5), 2342–2356.
Riyanto, B. (1992). Dasar-dasar pembelanjaan perusahaan. Badan Penerbit dan Publikasi.
Rizkiana, R., & Suripto, S. (2022). The effect of audit quality and accounting conservatism on tax avoidance in companies that are members of the Sri Kehati Index. JASa (Jurnal Akuntansi, Audit dan Sistem Informasi Akuntansi), 6(3), 345–355.
Rosalin, R. F., & Chrismastuti, A. A. (2023a). The impact of company growth, size, profitability, and leverage on tax avoidance with good corporate governance as a moderating variable. Jurnal Informatika Ekonomi Bisnis, 950–958.
Rosalin, R. F., & Chrismastuti, A. A. (2023b). The impact of company growth, size, profitability, and leverage on tax avoidance with good corporate governance as a moderating variable. Jurnal Informatika Ekonomi Bisnis, 950–958.
Ross, S. A. (1977). The determination of financial structure: The incentive-signalling approach. The Bell Journal of Economics, 8(1).
Safitri, N., & Damayanti, T. W. (2021). Sales growth dan tax avoidance dengan kepemilikan institusional sebagai variabel pemoderasi. Center for Accounting Development and Research, 4(2).
Sanchez, G. R., & Mulyani, S. D. (2020). Pengaruh leverage dan kepemilikan institusional terhadap tax avoidance dengan profitabilitas sebagai variabel moderasi. KOCENIN Serial Konferensi, 10(1).
Setyaningsih, F., Nuryati, T., Rossa, E., & Marinda Machdar, N. (2023). Pengaruh profitabilitas, leverage, dan capital intensity terhadap tax avoidance. SINOMIKA Journal: Publikasi Ilmiah Bidang Ekonomi dan Akuntansi, 2(1), 35–44.
Spence, M. (1977). Job market signaling. The Quarterly Journal of Economics.
Suandy, E. (2016). Perencanaan pajak (6th ed.). Salemba Empat.
Sutedi, A. (2011). Good corporate governance. Sinar Grafika.
Syahirah, N. P., & Sugiyarti, L. (2024a). Pengaruh sales growth dan kepemilikan institusional terhadap tax avoidance dengan leverage sebagai pemoderasi. Jurnal Bisnis Net, 7(2).
Syahirah, N. P., & Sugiyarti, L. (2024b). Pengaruh sales growth dan kepemilikan institusional terhadap tax avoidance dengan leverage sebagai pemoderasi. Jurnal Bisnis Net, 7 (Desember).
Undang-Undang Republik Indonesia Nomor 16 Tahun 2009 tentang Ketentuan Umum dan Tata Cara Perpajakan.
Wahyuni, A. D., & Mulyadi, M. (2023). Pengaruh sales growth dan intensitas modal terhadap tax avoidance dengan kepemilikan institusional sebagai variabel moderasi pada perusahaan sektor barang baku yang terdaftar di Bursa Efek Indonesia periode 2018–2021. Inisiatif: Jurnal Ekonomi, Akuntansi dan Manajemen, 2(4), 293–309.
Waluyo. (2016). Akuntansi pajak (6th ed.). Salemba Empat.
Xu, Z., Chen, Z., Deng, L., & Yu, Y. (2022). The impact of mandatory deleveraging on corporate tax avoidance: Evidence from a quasi-experiment in China. Australian Accounting Review, 32(3), 352–366.
Zarkasyi, M. W. (2008). Good corporate governance pada badan usaha manufaktur, perbankan, dan jasa keuangan lainnya: Pedoman praktis bagi dewan komisaris, dewan direksi, komite audit, auditor internal, auditor independen, sekretaris korporasi. Alfabeta.