Open AccessIMPLIKASI PERUBAHAN UNDANG–UNDANG PERPAJAKAN TERHADAP KEPUTUSAN STRATEGI LEVERAGE BAGI PERUSAHAAN YANG TERDAFTAR DI PT. BURSA EFEK JAKARTA
Author(s) -
Sapari Sapari
Publication year - 2018
Publication title -
ekuitas (jurnal ekonomi dan keuangan)
Language(s) - English
Resource type - Journals
eISSN - 2548-5024
pISSN - 1411-0393
DOI - 10.24034/j25485024.y2008.v12.i2.304
Subject(s) - leverage (statistics) , tax shield , depreciation (economics) , stock exchange , business , debt , variables , earnings before interest and taxes , accounting , monetary economics , economics , profit (economics) , finance , public economics , state income tax , microeconomics , tax reform , gross income , mathematics , statistics , capital formation , financial capital
This research examines the connection between non debt tax shield and the change of leverage, between level of effective company tax and the change of leverage, and between operation income before depreciation and the change of leverage. This research takes 17 samples of food and beverages companies listed in Jakarta Stock Exchange from 1st January 1994 till 31st December 1999. And this research uses data from 1994 – 1999 for the regression analysis. Multiple regression analysis is used to test hyphothesis 1 (H1), hyphothesis 2 (H2) and hyphothesis 3 (H3). Independent variables in the regression are level of effective company tax, non debt tax shield and operation income before depreciation, whilst independent variable in the regression is leverage.The result of this research proves that (1) non debt tax shield after the amendment of 1994 tax regulation (1995 – 1999) brings positive influence to the leverage change, (2) level of effective company tax after the amendment of 1994 tax regulation (1995 – 1999) brings negative influence to the leverage change, and (3) operation income before depreciation after the amendment of 1994 tax regulation (1995 – 1999) brings positive influence to the leverage change.