Siti Dalpa Adawiyatun Nisa, A. Asrorudin

The Influence of Tax Planning, Debt Policy and Information Transparency on Company Value

Introduction

The influence of tax planning, debt policy and information transparency on company value. Explore the impact of tax planning, debt policy, and information transparency on company value in Indonesian real estate firms (2019-2023). Quantitative study shows simultaneous effects.

Abstract

This study aims to explore the relationship between debt policy, tax planning, and information transparency and corporate value. This study used a quantitative descriptive model and secondary data from the company's annual financial records. The study's population consists of real estate and property companies listed on the Indonesia Stock Exchange for the 2019–2023 period. The samples were selected using purposive sampling, and 45 data points from nine organizations that were monitored for five years were obtained. The panel data regression technique is used as a data analysis tool in this paper. The results showed that tax planning, debt policy, and information transparency all simultaneously affect firm value. The worth of Therefore, partial tax planning and transparency have no effect on the company, whereas debt policy has a partial impact on firm value.

Review

This study addresses a highly relevant topic in corporate finance, exploring the interplay between tax planning, debt policy, information transparency, and their influence on company value. The chosen context of Indonesian real estate and property companies offers a valuable regional and industry-specific perspective, particularly for stakeholders interested in emerging markets. The application of a quantitative descriptive model utilizing secondary financial data and panel data regression is an appropriate methodological framework for investigating these complex relationships, setting a foundational structure for empirical analysis. While the general methodological approach is sound, the abstract highlights several areas that would benefit from further elaboration. The sample size, consisting of 45 data points from nine companies over a five-year period, is quite modest for panel data regression, potentially limiting the statistical power and generalizability of the findings. More critically, the abstract omits details regarding the operationalization and measurement of the key variables—tax planning, debt policy, information transparency, and company value. Specifying the proxies used (e.g., specific financial ratios, indices) is essential for assessing the validity and reliability of the study's measures. Additionally, clarifying the criteria for "purposive sampling" would enhance the transparency and rigor of the sample selection process. The reported results present a somewhat contradictory narrative that requires considerable clarification. Initially stating a simultaneous effect of all three independent variables on firm value, the abstract then asserts that "partial tax planning and transparency have no effect on the company, whereas debt policy has a partial impact on firm value." This phrasing is ambiguous and needs to be reconciled in the full paper to provide a coherent understanding of the findings. Furthermore, the abstract lacks a discussion of the practical and theoretical implications of these results for corporate management, investors, and policymakers within the Indonesian context. Future iterations of this work would be significantly strengthened by a clearer interpretation of the mixed findings, a thorough discussion of the study's limitations, and a robust articulation of its contributions and actionable recommendations.

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