Pengaruh Tax Avoidance, Sales Growth, Dan Ukuran Perusahaan Terhadap Nilai Perusahaan

(Pada Perusahaan Sektor Consumer Non-Cyclicals sub Sektor Perusahaan Makanan dan Minuman di Bursa Efek Indonesia Tahun 2019 - 2023)

Abstract

This study aims to analyze the effect of tax avoidance, sales growth, and company size on
firm value in food and beverage companies within the non-cyclical consumer sector listed
on the Indonesia Stock Exchange (IDX) during the 2019–2023 period. The total
population consisted of 95 companies, and the sample was selected using a purposive
sampling method based on specific criteria, resulting in 16 companies as the research
sample. With an observation period of five years, the number of observations analyzed
amounted to 80. The data used were secondary data obtained from audited annual reports
and sustainability reports published between 2019 and 2023 and accessed from the
official IDX website. The research applied an associative method with a quantitative
approach, while the analysis technique employed statistical methods and panel data
regression using EViews 12 and Microsoft Excel software. The results of the study show
that tax avoidance, sales growth, and company size simultaneously affect firm value,
confirming the collective influence of financial strategies and company characteristics on
market perceptions. However, the partial test results reveal varied effects: tax avoidance
has a positive effect on firm value, indicating that companies implementing tax-saving
strategies tend to be perceived as more profitable and attractive to investors; sales growth
has a negative effect on firm value, suggesting that rapid expansion may create
operational risks and additional costs that reduce investor confidence; while company
size shows no significant effect, meaning that a larger scale alone does not guarantee
higher valuation in the capital market. These findings underscore the complexity of
interactions between tax strategies, growth performance, and firm characteristics in
shaping firm value, while also providing important implications for investors, regulators,
and company management in developing effective strategies to strengthen
competitiveness and enhance market trust.

Keywords: Tax Avoidance, Sales Growth, Company Size, Company Value