DETERMINAN PAJAK PENGHASILAN BADAN PADA PERUSAHAAN SEKTOR INDUSTRI BARANG DAN KONSUMSI YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2016-2020
Keywords:
Capital Intensity; Firm Growth; Liquidity; Profitability
Abstract
One of the subjects that receives the most research is profitability. However, the outcomes of some studies vary. The goal of this study is to learn more about some factors that could have a big impact on profitability. The profitability of companies in the manufacturing sector that are listed on the Indonesia Stock Exchange (BEI) from 2016 to 2020 is the subject of this investigation, which looks at the effects of both internal and external factors. Multiple linear regression and secondary data are used in this study's quantitative approach. Firm size, age, liquidity, capital structure, firm growth, capital intensity, and a macroeconomic indicator are the independent variables in this study, with profitability serving as the dependent variable. Within the scope of the study, 789 observations were utilized. In three years, these observations covered 263 businesses. Profitability is significantly impacted by firm age, size, liquidity, growth, capital intensity, and macroeconomic indicators. Profitability is found to be negatively impacted by capital structure.
References
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Aharoni, Y. (1982). State-owned enterprise: An agent without a principal. In L. Jones (Author), Public Enterprise in Less Developed Countries (pp. 67-76). Cambridge: Cambridge University Press.doi:10.1017/CBO9780511752988.005
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Alarussi, A. S., & Alhaderi, S. M. (2018). Factors affecting profitability in Malaysia. Journal of Economic Studies.
Asimakopoulos, I., Samitas, A., & Papadogonas, T. (2009). Firm‐specific and economy wide determinants of firm profitability: Greek evidence using panel data. Managerial Finance, 35(11), 930-939.
Bhattacharyya, S., & Saxena, A. (2009). Does the firm size matter? An empirical enquiry into the performance of Indian manufacturing firms. An Empirical Enquiry into the Performance of Indian Manufacturing Firms (March 13, 2009).
Brigham, E. F., & Ehrhardt, M. C. (2011). Financial Management: Theory and Practice-13th.
Coad, A., Segarra, A., & Teruel, M. (2013). Like milk or wine: Does firm performance improve with age?. Structural Change and Economic Dynamics, 24, 173-189. Cowling, M. (2004). The growth–profit nexus. Small Business Economics, 22(1), 1-9.
Cyril, E. J., & Singla, H. K. (2020). Comparative analysis of profitability of real estate, industrial construction and infrastructure firms: evidence from India. Journal of Financial Management of Property and Construction.
Dioha, C., Mohammed, N. A., & Okpanachi, J. (2018). Effect of firm characteristics on profitability of listed consumer goods companies in Nigeria.
Doğan, M. (2013). Does firm size affect the firm profitability? Evidence from Turkey. Research Journal of Finance and Accounting, 4(4), 53-59.
Egbunike, C. F., & Okerekeoti, C. U. (2018). Macroeconomic factors, firm characteristics and financial performance. Asian Journal of Accounting Research, 3(2), 142-168.
Eljelly, A. M. (2004). Liquidity‐profitability tradeoff: An empirical investigation in an emerging market. International journal of commerce and management, 14(2), 48-61.
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Gedajlovic, E., & Shapiro, D. M. (2002). Ownership structure and firm profitability in Japan. Academy of management journal, 45(3), 565-575.
Geroski, P. A., Machin, S. J., & Walters, C. F. (1997). Corporate growth and profitability. The Journal of Industrial Economics, 45(2), 171-189.
Gill, A., Biger, N., & Mathur, N. (2011). The effect of capital structure on profitability: Evidence from the United States. International Journal of Management, 28(4), 3.
Goddard, J., Tavakoli, M., & Wilson, J. O. (2005). Determinants of profitability in European manufacturing and services: evidence from a dynamic panel model. Applied Financial Economics, 15(18), 1269-1282.
Grazzi, M., Jacoby, N., & Treibich, T. (2016). Dynamics of investment and firm performance: Comparative evidence from manufacturing industries. Empirical Economics, 51(1), 125-179.
Gujarati, D. N., & Porter D. (2008). Basic Econometrics (5th ed.). McGraw-Hill Education.
Hatem, B. S. (2014). Determinants of firm performance: a comparison of European countries. International Journal of Economics and Finance, 6(10), 243-249.
Heshmati, A., & Rashidghalam, M. (2018). Labour productivity in Kenyan manufacturing and service industries. In Determinants of economic growth in Africa (pp. 259-286). Palgrave Macmillan, Cham.
Ilaboya, O. J., & Ohiokha, I. F. (2016). Firm age, size and profitability dynamics: a test of learning by doing and structural inertia hypotheses. Business and Management Research, 5(1), 29-39.
Isik, O., & Tasgin, U. F. (2017). Profitability and its determinants in Turkish manufacturing industry: Evidence from a dynamic panel model. International Journal of Economics and Finance, 9(8), 66-75.
Lazăr, S. (2016). Determinants of firm performance: evidence from Romanian listed companies. Review of Economic and Business Studies, 9(1), 53-69.
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Lee, J. (2009). Does size matter in firm performance? Evidence from US public firms. international Journal of the economics of Business, 16(2), 189- 203.
Lim, H., & Rokhim, R. (2020). Factors affecting profitability of pharmaceutical company: an Indonesian evidence. Journal of Economic Studies.
Loderer, C., & Waelchli, U. (2010). Firm age and performance. MPRA Paper No. 26450.
Lu, F., Song, G., Tang, J., Zhao, H., & Liu, L. (2008). Profitability of China's industrial firms (1978–2006). China Economic Journal, 1(1), 1-31.
McDonald, J. T. (1999). The determinants of firm profitability in Australian manufacturing. Economic Record, 75(2), 115-126.
Mwangi, F. K. (2013). The effect of macroeconomic variables on financial performance of aviation industry in Kenya (Doctoral dissertation, University of Nairobi).
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of financial economics, 13(2), 187-221.
Nakatani, R. (2019). Firm performance and corporate finance in New Zealand. Applied Economics Letters, 26(13), 1118-1124.
Nanda, S., & Panda, A. K. (2018). The determinants of corporate profitability: an investigation of Indian manufacturing firms. International Journal of Emerging Markets, 13, 66- 86.
Nanda, S., & Panda, A. K. (2019). A quantile regression approach to trail financial performance of manufacturing firms. Journal of Applied Accounting Research.
Nguyen, T. N. L., & Nguyen, V. C. (2019). The determinants of profitability in listed enterprises: a study from Vietnamese stock exchange. The Journal of Asian Finance, Economics, and Business, 7(1), 47-58.
Novotná, M., Leitmanová, I. F., Alina, J., & Volek, T. (2020). Capital Intensity and Labour Productivity in Waste Companies. Sustainability, 12(24), 10300.
Pervan, M., Pervan, I., & Ćurak, M. (2019). Determinants of firm profitability in the Croatian manufacturing industry: evidence from dynamic panel analysis. Economic researchEkonomska istraživanja, 32(1), 968- 981.
Qureshi, M. A., & Yousaf, M. (2014). Determinants of profit heterogeneity at firm level: evidence from Pakistan. International Journal of Commerce and Management.
Rehman, M. Z., Khan, M. N., & Khokhar, I. (2015). Investigating liquidityprofitability relationship: Evidence from companies listed in Saudi stock exchange (Tadawul). Journal of Applied Finance and Banking, 5(3), 159.
Republik Indonesia. Kementerian Keuangan. (2020). Ancaman Resesi Tak Dapat Dihindari, 92% Negara di Dunia Mengalaminya. https://www.kemenkeu.go.id/publikasi /berita/ancaman-resesi-tak-dapatdihindari-92-negara-di-duniamengalaminya/
Samosir, F. C. (2018). Effect of cash conversion cycle, firm size, and firm age to profitability. Journal of Applied Accounting and Taxation, 3(1), 50-57.
Shuanglin, L. I. N., & Wei, R. O. W. E. (2006). Determinants of the profitability of China's regional SOEs. China economic review, 17(2), 120-141.
Shubita, M. F., & Alsawalhah, J. M. (2012). The relationship between capital structure and profitability. International Journal of Business and Social Science, 3(16), 104-112.
SouthWestern Cengage Learning. Cheong, C., & Hoang, H. V. (2021). Macroeconomic factors or firmspecific factors? An examination of the impact on corporate profitability before, during and after the global financial crisis. Cogent Economics & Finance, 9(1), 1959703.
Tarziján, J., & Ramirez, C. (2010). Firm, industry and corporation effects revisited: A mixed multilevel analysis for Chilean companies. Applied Economics Letters, 18(1), 95-100.
Tsiapa, M. (2021). Performance of large firms in Greece during the unstable period of 2011–2016: lessons from the weak parts of Europe. European Journal of Management and Business Economics.
Tyagi, S., & Nauriyal, D. K. (2017). Firm level profitability determinants in Indian drugs and pharmaceutical industry. International Journal of Pharmaceutical and Healthcare Marketing.
Van Biesebroeck, J. (2005). Firm size matters: Growth and productivity growth in African manufacturing. Economic Development and Cultural Change, 53(3), 545-583.
Vintilă, G., & Nenu, E. A. (2016). Liquidity and profitability analysis on the Romanian listed companies. Journal of Eastern Europe research in business & economics, 2016, 1-8.
Yadav, I. S., Pahi, D., & Gangakhedkar, R. (2021). The nexus between firm size, growth and profitability: new panel data evidence from Asia–Pacific markets. European Journal of Management and Business Economics.
Aharoni, Y. (1982). State-owned enterprise: An agent without a principal. In L. Jones (Author), Public Enterprise in Less Developed Countries (pp. 67-76). Cambridge: Cambridge University Press.doi:10.1017/CBO9780511752988.005
Akben Selçuk, E. (2016). Does firm age affect profitability? Evidence from Turkey. International Journal of Economic Sciences, 5(3).
Alarussi, A. S., & Alhaderi, S. M. (2018). Factors affecting profitability in Malaysia. Journal of Economic Studies.
Asimakopoulos, I., Samitas, A., & Papadogonas, T. (2009). Firm‐specific and economy wide determinants of firm profitability: Greek evidence using panel data. Managerial Finance, 35(11), 930-939.
Bhattacharyya, S., & Saxena, A. (2009). Does the firm size matter? An empirical enquiry into the performance of Indian manufacturing firms. An Empirical Enquiry into the Performance of Indian Manufacturing Firms (March 13, 2009).
Brigham, E. F., & Ehrhardt, M. C. (2011). Financial Management: Theory and Practice-13th.
Coad, A., Segarra, A., & Teruel, M. (2013). Like milk or wine: Does firm performance improve with age?. Structural Change and Economic Dynamics, 24, 173-189. Cowling, M. (2004). The growth–profit nexus. Small Business Economics, 22(1), 1-9.
Cyril, E. J., & Singla, H. K. (2020). Comparative analysis of profitability of real estate, industrial construction and infrastructure firms: evidence from India. Journal of Financial Management of Property and Construction.
Dioha, C., Mohammed, N. A., & Okpanachi, J. (2018). Effect of firm characteristics on profitability of listed consumer goods companies in Nigeria.
Doğan, M. (2013). Does firm size affect the firm profitability? Evidence from Turkey. Research Journal of Finance and Accounting, 4(4), 53-59.
Egbunike, C. F., & Okerekeoti, C. U. (2018). Macroeconomic factors, firm characteristics and financial performance. Asian Journal of Accounting Research, 3(2), 142-168.
Eljelly, A. M. (2004). Liquidity‐profitability tradeoff: An empirical investigation in an emerging market. International journal of commerce and management, 14(2), 48-61.
Fuertes-Callen, Y., & Cuellar-Fernandez, B. (2019). Inter-relationship between firm growth and profitability in a context of economic crisis (No. ART-2019- 111279).
Gedajlovic, E., & Shapiro, D. M. (2002). Ownership structure and firm profitability in Japan. Academy of management journal, 45(3), 565-575.
Geroski, P. A., Machin, S. J., & Walters, C. F. (1997). Corporate growth and profitability. The Journal of Industrial Economics, 45(2), 171-189.
Gill, A., Biger, N., & Mathur, N. (2011). The effect of capital structure on profitability: Evidence from the United States. International Journal of Management, 28(4), 3.
Goddard, J., Tavakoli, M., & Wilson, J. O. (2005). Determinants of profitability in European manufacturing and services: evidence from a dynamic panel model. Applied Financial Economics, 15(18), 1269-1282.
Grazzi, M., Jacoby, N., & Treibich, T. (2016). Dynamics of investment and firm performance: Comparative evidence from manufacturing industries. Empirical Economics, 51(1), 125-179.
Gujarati, D. N., & Porter D. (2008). Basic Econometrics (5th ed.). McGraw-Hill Education.
Hatem, B. S. (2014). Determinants of firm performance: a comparison of European countries. International Journal of Economics and Finance, 6(10), 243-249.
Heshmati, A., & Rashidghalam, M. (2018). Labour productivity in Kenyan manufacturing and service industries. In Determinants of economic growth in Africa (pp. 259-286). Palgrave Macmillan, Cham.
Ilaboya, O. J., & Ohiokha, I. F. (2016). Firm age, size and profitability dynamics: a test of learning by doing and structural inertia hypotheses. Business and Management Research, 5(1), 29-39.
Isik, O., & Tasgin, U. F. (2017). Profitability and its determinants in Turkish manufacturing industry: Evidence from a dynamic panel model. International Journal of Economics and Finance, 9(8), 66-75.
Lazăr, S. (2016). Determinants of firm performance: evidence from Romanian listed companies. Review of Economic and Business Studies, 9(1), 53-69.
Lee, C. C., Chen, M. P., & Ning, S. L. (2017). Why did some firms perform better in the global financial crisis?. Economic research-Ekonomska istraživanja, 30(1), 1339-1366.
Lee, J. (2009). Does size matter in firm performance? Evidence from US public firms. international Journal of the economics of Business, 16(2), 189- 203.
Lim, H., & Rokhim, R. (2020). Factors affecting profitability of pharmaceutical company: an Indonesian evidence. Journal of Economic Studies.
Loderer, C., & Waelchli, U. (2010). Firm age and performance. MPRA Paper No. 26450.
Lu, F., Song, G., Tang, J., Zhao, H., & Liu, L. (2008). Profitability of China's industrial firms (1978–2006). China Economic Journal, 1(1), 1-31.
McDonald, J. T. (1999). The determinants of firm profitability in Australian manufacturing. Economic Record, 75(2), 115-126.
Mwangi, F. K. (2013). The effect of macroeconomic variables on financial performance of aviation industry in Kenya (Doctoral dissertation, University of Nairobi).
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of financial economics, 13(2), 187-221.
Nakatani, R. (2019). Firm performance and corporate finance in New Zealand. Applied Economics Letters, 26(13), 1118-1124.
Nanda, S., & Panda, A. K. (2018). The determinants of corporate profitability: an investigation of Indian manufacturing firms. International Journal of Emerging Markets, 13, 66- 86.
Nanda, S., & Panda, A. K. (2019). A quantile regression approach to trail financial performance of manufacturing firms. Journal of Applied Accounting Research.
Nguyen, T. N. L., & Nguyen, V. C. (2019). The determinants of profitability in listed enterprises: a study from Vietnamese stock exchange. The Journal of Asian Finance, Economics, and Business, 7(1), 47-58.
Novotná, M., Leitmanová, I. F., Alina, J., & Volek, T. (2020). Capital Intensity and Labour Productivity in Waste Companies. Sustainability, 12(24), 10300.
Pervan, M., Pervan, I., & Ćurak, M. (2019). Determinants of firm profitability in the Croatian manufacturing industry: evidence from dynamic panel analysis. Economic researchEkonomska istraživanja, 32(1), 968- 981.
Qureshi, M. A., & Yousaf, M. (2014). Determinants of profit heterogeneity at firm level: evidence from Pakistan. International Journal of Commerce and Management.
Rehman, M. Z., Khan, M. N., & Khokhar, I. (2015). Investigating liquidityprofitability relationship: Evidence from companies listed in Saudi stock exchange (Tadawul). Journal of Applied Finance and Banking, 5(3), 159.
Republik Indonesia. Kementerian Keuangan. (2020). Ancaman Resesi Tak Dapat Dihindari, 92% Negara di Dunia Mengalaminya. https://www.kemenkeu.go.id/publikasi /berita/ancaman-resesi-tak-dapatdihindari-92-negara-di-duniamengalaminya/
Samosir, F. C. (2018). Effect of cash conversion cycle, firm size, and firm age to profitability. Journal of Applied Accounting and Taxation, 3(1), 50-57.
Shuanglin, L. I. N., & Wei, R. O. W. E. (2006). Determinants of the profitability of China's regional SOEs. China economic review, 17(2), 120-141.
Shubita, M. F., & Alsawalhah, J. M. (2012). The relationship between capital structure and profitability. International Journal of Business and Social Science, 3(16), 104-112.
SouthWestern Cengage Learning. Cheong, C., & Hoang, H. V. (2021). Macroeconomic factors or firmspecific factors? An examination of the impact on corporate profitability before, during and after the global financial crisis. Cogent Economics & Finance, 9(1), 1959703.
Tarziján, J., & Ramirez, C. (2010). Firm, industry and corporation effects revisited: A mixed multilevel analysis for Chilean companies. Applied Economics Letters, 18(1), 95-100.
Tsiapa, M. (2021). Performance of large firms in Greece during the unstable period of 2011–2016: lessons from the weak parts of Europe. European Journal of Management and Business Economics.
Tyagi, S., & Nauriyal, D. K. (2017). Firm level profitability determinants in Indian drugs and pharmaceutical industry. International Journal of Pharmaceutical and Healthcare Marketing.
Van Biesebroeck, J. (2005). Firm size matters: Growth and productivity growth in African manufacturing. Economic Development and Cultural Change, 53(3), 545-583.
Vintilă, G., & Nenu, E. A. (2016). Liquidity and profitability analysis on the Romanian listed companies. Journal of Eastern Europe research in business & economics, 2016, 1-8.
Yadav, I. S., Pahi, D., & Gangakhedkar, R. (2021). The nexus between firm size, growth and profitability: new panel data evidence from Asia–Pacific markets. European Journal of Management and Business Economics.
Published
2023-01-26
How to Cite
Marnala, A. S., & Sihotang, R. B. (2023). DETERMINAN PAJAK PENGHASILAN BADAN PADA PERUSAHAAN SEKTOR INDUSTRI BARANG DAN KONSUMSI YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2016-2020. Jurnal Saintifik (Multi Science Journal), 21(1), 1-10. https://doi.org/10.58222/js.v21i1.98
Section
Articles
