.png)
PENGARUH TAX HOLIDAY DAN TAX ALLOWANCE TERHADAP INVESTASI DAN IMPLIKASINYA TERHADAP KEBERLANJUTAN PERUSAHAAN
Abstract
The Indonesian government provides tax incentives through tax holiday and tax allowance to encourage investment, although increased investment does not necessarily ensure corporate sustainability. This study aims to analyze the effects of tax holiday and tax allowance on investment and examine the mediating role of investment in their relationship with corporate sustainability. A quantitative explanatory approach was employed using secondary data from financial statements, annual reports, and sustainability reports of manufacturing companies listed on the Indonesia Stock Exchange in 2022–2024. Using purposive sampling, 14 companies comprising 42 observations were selected. Data were analyzed using path analysis and the Sobel test with SPSS. The results show that tax holiday and tax allowance have positive and significant effects on investment, while investment has a positive and significant effect on corporate sustainability. Investment also mediates the effects of both tax incentives on corporate sustainability.
ABSTRAK
Pemerintah Indonesia menerapkan insentif perpajakan berupa tax holiday dan tax allowance untuk mendorong investasi, tetapi peningkatan investasi belum tentu diikuti keberlanjutan perusahaan. Penelitian ini bertujuan menganalisis pengaruh tax holiday dan tax allowance terhadap investasi serta menguji peran investasi sebagai variabel mediasi terhadap keberlanjutan perusahaan. Penelitian menggunakan pendekatan kuantitatif eksplanatori dengan data sekunder dari laporan keuangan, laporan tahunan, dan laporan keberlanjutan perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2022–2024. Sampel dipilih melalui purposive sampling dan menghasilkan 14 perusahaan atau 42 observasi. Analisis dilakukan menggunakan path analysis dan uji Sobel dengan SPSS. Hasil menunjukkan tax holiday dan tax allowance berpengaruh positif dan signifikan terhadap investasi, sedangkan investasi berpengaruh positif dan signifikan terhadap keberlanjutan perusahaan. Investasi juga memediasi pengaruh kedua insentif perpajakan terhadap keberlanjutan perusahaan.
Keywords
Full Text:
PDFReferences
Akbar, S. R., & Kuntadi, C. (2023). Pengaruh tax holiday, tax allowance, dan inflasi terhadap foreign direct investment di Indonesia. Jurnal Akuntansi dan Pajak, 24(1), 1–12.
Bella, M. I., & Yudianto, I. (2021). The impact of tax incentives on foreign direct investment: The case of tax holiday and corporate income tax rates in Indonesia. Journal of Accounting Auditing and Business, 4(2), 32–48.
Bernardi, C., & Stark, A. W. (2018). Environmental, social and governance disclosure, integrated reporting, and the accuracy of analyst forecasts. The British Accounting Review, 50(1), 16–31.
Brigham, E. F., & Houston, J. F. (2019). Fundamentals of financial management (15th ed.). Cengage Learning.
Donaldson, T., & Preston, L. E. (1995). The stakeholder theory of the corporation: Concepts, evidence, and implications. Academy of Management Review, 20(1), 65–91.
Elkington, J. (1997). Cannibals with forks: The triple bottom line of 21st century business. Capstone Publishing.
Freeman, R. E. (1984). Strategic management: A stakeholder approach. Pitman Publishing.
Gholami, A., Murray, P. A., & Sands, J. (2022). Environmental, social, governance disclosure and firm performance. Journal of Cleaner Production, 330, 129–145.
Ghozali, I. (2021). Aplikasi analisis multivariate dengan program IBM SPSS dan SmartPLS. Universitas Diponegoro Press.
Global Reporting Initiative. (2021a). GRI 200: Economic topics. Global Reporting Initiative.
Global Reporting Initiative. (2021b). GRI 300: Environmental topics. Global Reporting Initiative.
Global Reporting Initiative. (2021c). GRI 400: Social topics. Global Reporting Initiative.
Global Reporting Initiative. (2021d). GRI standards 2021. Global Reporting Initiative.
Gujarati, D. N., & Porter, D. C. (2020). Basic econometrics (5th ed.). McGraw-Hill Education.
Hariadi, M. F., Syahrani, W., Nurain, & Pangestoeti, W. (2025). Analisis kebijakan insentif pajak terhadap investasi domestik di Indonesia. Ekopedia: Jurnal Ilmiah Ekonomi, 1(3).
Indriastuti, M., & Ardin, G. (2019). Pengaruh sustainability reporting terhadap kinerja keuangan dan nilai perusahaan. Jurnal Akuntansi Multiparadigma, 10(3), 1–15.
Indriastuti, M., & Ardin, G. (2024). The contribution of tax incentives during core tax administration system to enhance ESG performance in Indonesia. Indonesian Tax Review, 8(2), 267–284.
Kasmir. (2020). Analisis laporan keuangan. Rajawali Pers.
Khodijah, A. S. (2022). Pengaruh environmental, social, and governance (ESG) terhadap investasi asing. Jurnal Ekonomi dan Bisnis, 15(2), 45–56.
Marlina, R., Bahri, S., & Wiharjo, S. D. (2024). Pengaruh tax allowance terhadap efisiensi investasi perusahaan. Jurnal Perpajakan Indonesia, 8(1), 23–34.
Matondang, Y. (2024). Efektivitas tax allowance dalam meningkatkan investasi dan efisiensi operasional perusahaan. Jurnal Kebijakan Fiskal, 9(2), 55–68.
Salsabila, N. R., & Mahanani, S. (2025). Pengaruh tax holiday, tax allowance, dan tarif pajak terhadap investasi asing sektor manufaktur. Jurnal Ekonomi Pembangunan, 26(1), 12–25.
Siagian, V., & Sinaga, N. D. P. (2024). Sustainability and tax incentives. Jurnal Akuntansi dan Keuangan, 11(2), 78–90.
Sugiyono. (2022). Metode penelitian kuantitatif, kualitatif, dan R&D. Alfabeta.
Zhu, Q., Sarkis, J., & Lai, K. (2023). Green supply chain management and sustainability performance. International Journal of Production Economics, 250, 108–120.
DOI: https://doi.org/10.59818/kontan.v5i3.3281
Refbacks
- There are currently no refbacks.
Office Address
Jl. Adi Flora Raya, Cluster Magnolia Xiana No 27, Komplek Bumi Adipura, Kec. Gede Bage, Kota Bandung.
Phone: (022) 873 553 70 | Mobile: +62 81 57000 699
Payment Information
Bank Rakyat Indonesia (BRI)
Account Name: CV. Widina Media Utama
Account Number: 110701000573565
