PENGARUH CORPORATE INCOME TAX TERHADAP KINERJA PERUSAHAAN: PENDEKATAN ANALISIS PERSAMAAN SIMULTAN STUDI EMPIRIS PADA PERUSAHAAN LISTED BURSA EFEK INDONESIA TAHUN 2018 – 2024 (PERIODE PRE, DURING, DAN AFTER PANDEMI COVID-19)

DEWI AMALIA, - (2026) PENGARUH CORPORATE INCOME TAX TERHADAP KINERJA PERUSAHAAN: PENDEKATAN ANALISIS PERSAMAAN SIMULTAN STUDI EMPIRIS PADA PERUSAHAAN LISTED BURSA EFEK INDONESIA TAHUN 2018 – 2024 (PERIODE PRE, DURING, DAN AFTER PANDEMI COVID-19). Doktor thesis, UNIVERSITAS NEGERI JAKARTA.

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Abstract

Penelitian ini bertujuan untuk menguji pengaruh antara corporate income tax dan kinerja perusahaan dengan menggunakan pendekatan analisis persamaan simultan. Dengan menggunakan pendekatan empiris, penelitian ini mengambil sampel perusahaan listed Bursa Efek Indonesia (BEI) selama periode 2018 hingga 2024. Rentang waktu khusus ini memberikan latar belakang makroekonomi yang unik, sehingga penelitian akan dibagi menjadi tiga (3) lini masa : pre pandemi Covid-19 (2018–2019), during pandemi Covid-19 (2020–2022), dan after pandemi Covid-19 (2023–2024). Metode Two-Stage Least Squares (2SLS) digunakan untuk memastikan parameter yang dihasilkan kuat dan tidak bias. Corporate Income Tax dioperasionalkan melalui indikator Corporate Tax to Turnover Ratio (CTTOR), sedangkan kinerja perusahaan diukur menggunakan metrik berbasis akuntansi yaitu Return on Equity (ROE), dan menempatkan Debt to Equity Ratio (DER) sebagai variabel endogen. Hasil analisis data dan interpretasi menunjukkan bahwa [1] CTTOR memberikan dampak yang konsisten, positif, dan signifikan terhadap kinerja perusahaan di ketiga periode tersebut; [2] Hubungan antara corporate income tax terhadap DER terbukti positif dan signifikan pada periode pre pandemi Covid-19 yang menguatkan pandangan dari Trade-Off Theory; [3] Pengaruh DER terhadap ROE pada perusahaan listed Bursa Efek Indonesia menunjukkan pergeseran yang cukup dinamis terhadap perubahan stabilitas ekonomi Indonesia, di mana pada periode pre dan after pandemi Covid-19 ditemukan hubungan keduanya adalah positif. Sebaliknya, hubungan tersebut kemudian berubah arah menjadi negatif pada during pandemi Covid-19 . Analisis yang dibangun pada kerangka tiga (3) lini masa memperlihatkan bagaimana respon perusahaan terhadap perubahan tarif pajak yang mampu menggerakkan operasional perusahaan dengan mempertahankan nilai return on equity tetap terjaga baik. Oleh karena itu, temuan penelitian ini diharapkan dapat memberikan wawasan krusial bagi manajer perusahaan dalam mengoptimalkan strategi perpajakan di bawah tekanan makroekonomi, serta menyajikan bukti empiris bagi pembuat kebijakan dan Direktorat Jenderal Pajak (DJP) dalam mengevaluasi efektivitas jangka panjang dari peranan kebijakan fiskal after pandemi Covid-19. This study investigates relationship between corporate income tax and firm performance, utilizing a simultaneous equations analysis approach. This paper recognizes potential endogeneity—where capital structure concurrently influences firm performance strategies. Using an empirical approach, this study examines a comprehensive dataset of companies listed on the Indonesian Stock Exchange (IDX) spanning the years 2018 to 2024. This specific timeframe offers a unique macroeconomic backdrop to evaluate these dynamics across three distinct structural shifts: the pre-pandemic era (2018–2019), the height of the COVID-19 pandemic (2020–2022), and the post-pandemic recovery period (2023–2024). The simultaneous equation model is estimated using Two-Stage Least Squares (2SLS) to ensure robust and unbiased parameters. Corporate income tax is operationalized through measures such as Corporate Tax to Turnover Ratio (CTTOR), while firm performance is captured using accounting-based metric Return on Equity, and operationalized Debt to Equity Ratio as Endogenous Variable. The Data analysis and interpretation indicate that (1) CTTOR exerts consistent, positive and significant impact on firm performance across all three periods; (2) Relationship between corporate income tax and DER is a positive and significant was found during the pre-pandemic period (2018–2019), and supporting the Trade-Off Theory; (3) The effect of DER on ROE of companies listed on the Indonesian Stock Exchange also exhibits dynamic shifts contextualized by changes in economic stability. During the pre- and post-pandemic periods, this relationship was positive and significant. Conversely, the relationship between DER and ROE inverted to become negative and significant during the pandemic period. This reversal occurred amidst the extreme economic uncertainty of 2020 until 2022, despite the government providing fiscal incentives in the form of a corporate tax rate reduction to 22%. The structural break analysis reveals distinct shifts in corporate behavior regarding how Indonesian firms managed tax burdens relative to performance outcomes across the three periods The findings are expected to provide critical insights for corporate managers optimizing tax strategies under macroeconomic stress and offer empirical evidence for policymakers and the Indonesian Directorate General of Taxes (DJP) in evaluating the long-term efficacy of fiscal interventions post-COVID-19.

Item Type:	Thesis (Doktor)
Additional Information:	1). Prof. Dr. I Gusti Ketut Agung Ulupui, S.E., M.Si., Ak. 2). Prof. Dr. Harya Kuncara Wiralaga, S.E., M.Si.
Subjects:	Ilmu Sosial > Statistik Ilmu Sosial > Keuangan Negara Manajemen > Manajemen , Business
Divisions:	PASCASARJANA > S3 Ilmu Manajemen
Depositing User:	Dewi Amalia .
Date Deposited:	10 Aug 2026 07:05
Last Modified:	10 Aug 2026 07:05
URI:	http://repository.unj.ac.id/id/eprint/69149

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