Do Tax Aggressiveness And Dividend Policy Affect The Relationship Between Earnings Management And Cost Of Debt? Case In Energy Sector Indonesia
Keywords:
earnings management, tax aggressiveness, cost of debt
Abstract
Our study investigates how earnings management affects the cost of debt in energy sector firms on the Indonesian Stock Exchange (IDX) period 2015 to 2021. It further involves mediating and moderating the effect of tax aggressiveness and dividend policy. The Structural Equation Modeling (SEM) approach was used to analyze 315 panel data. We found a negative effect of earnings management and audit quality on the cost of debt. Earnings management is found to have a positive effect on tax aggressiveness, while tax aggressiveness has a negative impact on the cost of debt. Tax aggressiveness mediates earnings management-cost of debt effect exhibiting a negative correlation. Lastly, dividend policy is able to strengthen the effect of earnings management on the cost of debt. This research is intended to provide managerial implications for the companies and creditors regarding the asymmetry of financial report information. Policy implications, particularly for fiscal regulators pertaining to tax aggressiveness and financial services authorities concerned with assessing the capability of prospective debtors.
References
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Aleqab, M. M., & Ighnaim, M. M. (2021). The impact of board characteristics on earnings management. Journal of Governance and Regulation, 10(3). https://doi.org/10.22495/JGRV10I3ART1
Amidu, M., Coffie, W., & Acquah, P. (2019). Transfer pricing, earnings management and tax avoidance of firms in Ghana. Journal of Financial Crime, 26(1), 235–259. https://doi.org/10.1108/JFC-10-2017-0091
Amiram, D., Bauer, A. M., & Frank, M. M. (2019). Tax avoidance at public corporations driven by shareholder taxes: Evidence from changes in dividend tax policy. Accounting Review, 94(5), 27–55. https://doi.org/10.2308/accr-52315
Atkinson, A. A., Kaplan, R. S., Matsumura, E. M., & Young, S. M. . (2012). Management accounting: Information for decision making and strategy execution. In Pearson Education Limited: Vol. (6th ed., Issue). Pearson Education Limited. https://doi.org/10.5937/ekonhor1203207j
Bacha, S. (2019). Corporate Governance Practices and Audit Quality : Do They Matter for the Cost of Debt ? 2262–2282. https://doi.org/10.4236/tel.2019.97143
Beltrame, F., Floreani, J., Sclip, A. (n.d.). Earnings Quality and the Cost of Debt of SMEs. In: Chesini, G., Giaretta, E., Paltrinieri, A. (eds) Financial Markets, SME Financing and Emerging Economies. Palgrave Macmillan Studies in Banking and Financial Institutions. Palgrave Macmillan, Cham. https:
Benjamin, S. J., & Biswas, P. (2018). Board gender composition , dividend policy and COD : the implications of CEO duality. https://doi.org/10.1108/ARJ-02-2018-0035
Blaylock, B., Doyle, E., & Elemes, A. (2022). Tax-Motivated Income Shifting in Audit-Firm Networks: Comparing Big 4 and non-Big 4 Firms.
Chasbiandani, T., & Herlan, H. (2019). Tax Avoidance Jangka Panjang di Indonesia. AFRE (Accounting and Financial Review), 2(1), 73–80. https://doi.org/10.26905/afr.v2i1.3171
Drake, K. D., Hamilton, R., & Lusch, S. J. (2020). Are declining effective tax rates indicative of tax avoidance? Insight from effective tax rate reconciliations. Journal of Accounting and Economics, 70(1). https://doi.org/10.1016/j.jacceco.2020.101317
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Hasan, S., Kassim, A. A. M., & Hamid, M. A. A. (2020). the Impact of Audit Quality, Audit Committee and Financial Reporting Quality: Evidence From Malaysia. International Journal of Economics and Financial Issues, 10(5), 272–281. https://doi.org/10.32479/ijefi.10136
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Hussain, A., & Akbar, M. (2022a). Borsa _ Istanbul Review Dividend policy and earnings management : Do agency problem and financing constraints matter ? Borsa Istanbul Review, 22(5), 839–853. https://doi.org/10.1016/j.bir.2022.05.003
Hussain, A., & Akbar, M. (2022b). Dividend policy and earnings management: Do agency problem and financing constraints matter? Borsa Istanbul Review, 22(5), 839–853. https://doi.org/10.1016/j.bir.2022.05.003
Iriyadi, I. (2019). Prevention of Earnings Management through Audit Committee and Audit Quality in the Award-Winning and Non-Winning Companies. Journal of Accounting Research, Organization and Economics, 2(2), 155–169. https://doi.org/10.24815/jaroe.v2i2.14631
Islami, L. H., Jumono, S., Munandar, A., & Abdurrahman, A. (2022). The Effect of Institutional Ownership and Managerial Ownership on Financial Performance Moderated by Dividend Policy. Quantitative Economics and Management Studies, 3(6), 852–859. https://doi.org/10.35877/454ri.qems1109
Jeradu, E. F. (2021). Pengaruh Ukuran Perusahaan, Kebijakan Dividen, Dan Perencanaan Pajak Terhadap Manajemen Laba. Akmenika: Jurnal Akuntansi Dan Manajemen, 18(1), 520–526.
Jony. (2020). Analisis faktor-faktor yang mempengaruhi Effective Tax Rate pada Perusahaan yang terdaftar di BEI. Journal of Accounting & Management Innovation, 4(2), 76–90.
Karjalainen, J., Kasanen, E., Kinnunen, J., & Niskanen, J. (2020). Dividends and tax avoidance as drivers of earnings management : Evidence from dividend-paying private SMEs in Finland. Journal of Small Business Management, 00(00), 1–33. https://doi.org/10.1080/00472778.2020.1824526
Kitagawa, N., & Shuto, A. (2019). Management Earnings Forecasts and the Cost of Debt. https://doi.org/10.1177/0148558X19887312
Kovermann, J. H. (2018). Tax avoidance, tax risk, and the cost of debt in a bank-dominated economy. Managerial Auditing Journal, 33(8–9), 683–699. https://doi.org/10.1108/MAJ-12-2017-1734
Kurniawati, H., Cauwenberge, P. Van, & Bauwhede, H. Vander. (2019). Affiliation of Indonesian audit firms with Big4 and second-tier audit firms and the cost of debt. July 2017, 1–16. https://doi.org/10.1111/ijau.12167
Li, Y., Li, X., Xiang, E., & Geri Djajadikerta, H. (2020). Financial distress, internal control, and earnings management: Evidence from China. Journal of Contemporary Accounting and Economics, 16(3). https://doi.org/10.1016/j.jcae.2020.100210
Meiryani. (2021). PENENTUAN METODE ESTIMASI REGRESI DATA PANEL DALAM PENELITIAN ILMIAH. https://accounting.binus.ac.id/2021/08/13/penentuan-metode-estimasi-regresi-data-panel-dalam-penelitian-ilmiah/
Mollik, A. T., Mir, M., McIver, R., & Bepari, M. K. (2020). Effects of audit quality and audit committee characteristics on earnings management during the global financial crisis – evidence from Australia. Australasian Accounting, Business and Finance Journal, 14(4), 85–115. https://doi.org/10.14453/aabfj.v14i4.6
Mustika, R., Ananto, R. P., & Handayani, D. (2018). Analisis Tarif Pajak Efektif di Indonesia. Jurnal Akuntansi, Keuangan Dan Bisnis, 11(2), 1–8. http://jurnal.pcr.ac.id
Nurlinda, R. A., & Bertuah, E. (2019). Financial performance information as forming corporate failure model in Indonesia. Academy of Accounting and Financial Studies Journal, 23(Special Issue 1), 2635.
Orazalin, N. (2018). Earnings management , audit quality , and cost of debt : evidence from a Central Asian economy. 2014. https://doi.org/10.1108/MAJ-12-2017-1730
Prasetya Margono, F., & Gantino, R. (2021). Influence of Firm Size, Leverage, Profitability, and Dividend Policy on Firm Value of Companies in Indonesia Stock Exchange. Copernican Journal of Finance & Accounting, 10(2), 45–61. https://doi.org/10.12775/cjfa.2021.007
Qawqzeh, H. K., Endut, W. A., Rashid, N., Johari, R. J., Hamid, N. A., & Rasit, Z. A. (2018). Auditor Tenure, Audit Firm Rotation and Audit Quality: A Literature Review. International Journal of Academic Research in Business and Social Sciences, 8(12). https://doi.org/10.6007/ijarbss/v8-i12/5229
Rahman, N. G. A., Flayyih, H. H., & Salih, J. I. (2021). An Empirical Analysis on the Impact of External Auditing Quality on the Earnings Management of the Iraqi Industrial Companies under financial for the period 2010 to 2017. Studies of Applied Economics, 39(11). https://doi.org/10.25115/eea.v39i11.5853
Ruslim, H., & Muspyta, R. (2021). The Effect of Profitability and Financial Leverage on Cost of Debt Moderated Earnings Management. Jurnal Ekonomi, 26(1), 35. https://doi.org/10.24912/je.v26i1.716
Safiq, M., Yustina, A. I., & Muhaqiyah, A. (2018). Dampak Earnings Management dalam Hubungan Kinerja dengan Cost of Debt (Studi Pada Perusahaan Manufaktur di Bursa Efek Indonesia). JAAF (Journal of Applied Accounting and Finance), 2(1), 64. https://doi.org/10.33021/jaaf.v2i1.331
Santosa, C., & Rasyid, S. (2022). Pengaruh Asimetri Informasi, Financial Distress, Dan Komite Audit Terhadap Manajemen Laba. Akrual : Jurnal Bisnis Dan Akuntansi Kontemporer, 15(1), 12–22.
Scott, R. W., & O’Brien, P. (2019). Financial Accounting Theory. In Pearson Prentice Hall: Toronto (8th ed.). Pearson Education.
Sulistyanto, S. (2017). Manajemen Laba (Teori & Model Empiris). Grasindo.
Suminar, D., & Nadi, L. (2020). PENGARUH TAX AVOIDANCE, EARNINGS MANAGEMENT, DAN KEPEMILIKAN MANAJERIAL TERHADAP COST OF DEBT. JURNAL ILMIAH WAHANA AKUNTANSI, 15(2), 153–162.
Thi, H., Le, T., Vinh, X., & Thuc, T. (2021). International Review of Financial Analysis Accruals quality and the cost of debt : Evidence from Vietnam. International Review of Financial Analysis, 76(March), 101726. https://doi.org/10.1016/j.irfa.2021.101726
Thu, P. A., Khanh, T. H. T., Ha, N. T. T., & Khuong, N. V. (2018). Perceived audit quality, earnings management and cost of debt capital: Evidence from the energy listed firms on Vietnam’s stock market. International Journal of Energy Economics and Policy, 8(6), 120–127. https://doi.org/10.32479/ijeep.6992
Tjondro, E., Halim, M. M., & Iskandar, A. W. (2020). Earning Management, Income Volatility, and Cost of Debt. 158(Teams), 384–391. https://doi.org/10.2991/aebmr.k.201212.054
Trong, N. N. (2020). Firm performance : the moderation impact of debt and dividend policies on overinvestment. https://doi.org/10.1108/JABES-12-2019-0128
Ullah, K., & Bagh, T. (2019). Finance and Management Scholar at Riphah International University Islamabad, Pakistan, Faculty of Management Sciences. 10(4), 49–58. https://doi.org/10.7176/RJFA
Al-Najjar, B., & Kilincarslan, E. (2019). What do we know about the dividend puzzle? – A literature survey. International Journal of Managerial Finance, 15(2), 205–235. https://doi.org/10.1108/IJMF-03-2018-0090
Aladwan, M. (2019). Accrual based and real earning management association with dividends policy “the case of Jordan.” Italian Journal of Pure and Applied Mathematics, 41, 691–707.
Aleqab, M. M., & Ighnaim, M. M. (2021). The impact of board characteristics on earnings management. Journal of Governance and Regulation, 10(3). https://doi.org/10.22495/JGRV10I3ART1
Amidu, M., Coffie, W., & Acquah, P. (2019). Transfer pricing, earnings management and tax avoidance of firms in Ghana. Journal of Financial Crime, 26(1), 235–259. https://doi.org/10.1108/JFC-10-2017-0091
Amiram, D., Bauer, A. M., & Frank, M. M. (2019). Tax avoidance at public corporations driven by shareholder taxes: Evidence from changes in dividend tax policy. Accounting Review, 94(5), 27–55. https://doi.org/10.2308/accr-52315
Atkinson, A. A., Kaplan, R. S., Matsumura, E. M., & Young, S. M. . (2012). Management accounting: Information for decision making and strategy execution. In Pearson Education Limited: Vol. (6th ed., Issue). Pearson Education Limited. https://doi.org/10.5937/ekonhor1203207j
Bacha, S. (2019). Corporate Governance Practices and Audit Quality : Do They Matter for the Cost of Debt ? 2262–2282. https://doi.org/10.4236/tel.2019.97143
Beltrame, F., Floreani, J., Sclip, A. (n.d.). Earnings Quality and the Cost of Debt of SMEs. In: Chesini, G., Giaretta, E., Paltrinieri, A. (eds) Financial Markets, SME Financing and Emerging Economies. Palgrave Macmillan Studies in Banking and Financial Institutions. Palgrave Macmillan, Cham. https:
Benjamin, S. J., & Biswas, P. (2018). Board gender composition , dividend policy and COD : the implications of CEO duality. https://doi.org/10.1108/ARJ-02-2018-0035
Blaylock, B., Doyle, E., & Elemes, A. (2022). Tax-Motivated Income Shifting in Audit-Firm Networks: Comparing Big 4 and non-Big 4 Firms.
Chasbiandani, T., & Herlan, H. (2019). Tax Avoidance Jangka Panjang di Indonesia. AFRE (Accounting and Financial Review), 2(1), 73–80. https://doi.org/10.26905/afr.v2i1.3171
Drake, K. D., Hamilton, R., & Lusch, S. J. (2020). Are declining effective tax rates indicative of tax avoidance? Insight from effective tax rate reconciliations. Journal of Accounting and Economics, 70(1). https://doi.org/10.1016/j.jacceco.2020.101317
Elizabeth, E., & Riswandari, E. (2022). TAX AGGRESSIVENESS IN INDONESIA AND MALAYSIA. BAKI (. Berkala Akuntansi Dan Keuangan Indonesia, 7 (1), 21–47. https://doi.org/10.20473/baki.v7i1.27290
Gandía, J. L., & Huguet, D. (2021). Combined Effects of Auditing and Discretionary Accruals on the Cost of Debt: Evidence From Spanish SMEs. In SAGE Open (Vol. 11, Issue 4). https://doi.org/10.1177/21582440211052558
Hair, J. F., Hult, G. T. M., Ringle, C. M., Sarstedt, M., Danks, N. P., & Ray, S. (2021). An Introduction to Structural Equation Modeling. https://doi.org/10.1007/978-3-030-80519-7_1
Hair Jr., J. F., Matthews, L. M., Matthews, R. L., & Sarstedt, M. (2017). PLS-SEM or CB-SEM: updated guidelines on which method to use. International Journal of Multivariate Data Analysis, 1(2), 107. https://doi.org/10.1504/ijmda.2017.10008574
Hasan, S., Kassim, A. A. M., & Hamid, M. A. A. (2020). the Impact of Audit Quality, Audit Committee and Financial Reporting Quality: Evidence From Malaysia. International Journal of Economics and Financial Issues, 10(5), 272–281. https://doi.org/10.32479/ijefi.10136
Hidayat, A. (2018). NoPenjelasan Metode Analisis Regresi Data Panel.
Hussain, A., & Akbar, M. (2022a). Borsa _ Istanbul Review Dividend policy and earnings management : Do agency problem and financing constraints matter ? Borsa Istanbul Review, 22(5), 839–853. https://doi.org/10.1016/j.bir.2022.05.003
Hussain, A., & Akbar, M. (2022b). Dividend policy and earnings management: Do agency problem and financing constraints matter? Borsa Istanbul Review, 22(5), 839–853. https://doi.org/10.1016/j.bir.2022.05.003
Iriyadi, I. (2019). Prevention of Earnings Management through Audit Committee and Audit Quality in the Award-Winning and Non-Winning Companies. Journal of Accounting Research, Organization and Economics, 2(2), 155–169. https://doi.org/10.24815/jaroe.v2i2.14631
Islami, L. H., Jumono, S., Munandar, A., & Abdurrahman, A. (2022). The Effect of Institutional Ownership and Managerial Ownership on Financial Performance Moderated by Dividend Policy. Quantitative Economics and Management Studies, 3(6), 852–859. https://doi.org/10.35877/454ri.qems1109
Jeradu, E. F. (2021). Pengaruh Ukuran Perusahaan, Kebijakan Dividen, Dan Perencanaan Pajak Terhadap Manajemen Laba. Akmenika: Jurnal Akuntansi Dan Manajemen, 18(1), 520–526.
Jony. (2020). Analisis faktor-faktor yang mempengaruhi Effective Tax Rate pada Perusahaan yang terdaftar di BEI. Journal of Accounting & Management Innovation, 4(2), 76–90.
Karjalainen, J., Kasanen, E., Kinnunen, J., & Niskanen, J. (2020). Dividends and tax avoidance as drivers of earnings management : Evidence from dividend-paying private SMEs in Finland. Journal of Small Business Management, 00(00), 1–33. https://doi.org/10.1080/00472778.2020.1824526
Kitagawa, N., & Shuto, A. (2019). Management Earnings Forecasts and the Cost of Debt. https://doi.org/10.1177/0148558X19887312
Kovermann, J. H. (2018). Tax avoidance, tax risk, and the cost of debt in a bank-dominated economy. Managerial Auditing Journal, 33(8–9), 683–699. https://doi.org/10.1108/MAJ-12-2017-1734
Kurniawati, H., Cauwenberge, P. Van, & Bauwhede, H. Vander. (2019). Affiliation of Indonesian audit firms with Big4 and second-tier audit firms and the cost of debt. July 2017, 1–16. https://doi.org/10.1111/ijau.12167
Li, Y., Li, X., Xiang, E., & Geri Djajadikerta, H. (2020). Financial distress, internal control, and earnings management: Evidence from China. Journal of Contemporary Accounting and Economics, 16(3). https://doi.org/10.1016/j.jcae.2020.100210
Meiryani. (2021). PENENTUAN METODE ESTIMASI REGRESI DATA PANEL DALAM PENELITIAN ILMIAH. https://accounting.binus.ac.id/2021/08/13/penentuan-metode-estimasi-regresi-data-panel-dalam-penelitian-ilmiah/
Mollik, A. T., Mir, M., McIver, R., & Bepari, M. K. (2020). Effects of audit quality and audit committee characteristics on earnings management during the global financial crisis – evidence from Australia. Australasian Accounting, Business and Finance Journal, 14(4), 85–115. https://doi.org/10.14453/aabfj.v14i4.6
Mustika, R., Ananto, R. P., & Handayani, D. (2018). Analisis Tarif Pajak Efektif di Indonesia. Jurnal Akuntansi, Keuangan Dan Bisnis, 11(2), 1–8. http://jurnal.pcr.ac.id
Nurlinda, R. A., & Bertuah, E. (2019). Financial performance information as forming corporate failure model in Indonesia. Academy of Accounting and Financial Studies Journal, 23(Special Issue 1), 2635.
Orazalin, N. (2018). Earnings management , audit quality , and cost of debt : evidence from a Central Asian economy. 2014. https://doi.org/10.1108/MAJ-12-2017-1730
Prasetya Margono, F., & Gantino, R. (2021). Influence of Firm Size, Leverage, Profitability, and Dividend Policy on Firm Value of Companies in Indonesia Stock Exchange. Copernican Journal of Finance & Accounting, 10(2), 45–61. https://doi.org/10.12775/cjfa.2021.007
Qawqzeh, H. K., Endut, W. A., Rashid, N., Johari, R. J., Hamid, N. A., & Rasit, Z. A. (2018). Auditor Tenure, Audit Firm Rotation and Audit Quality: A Literature Review. International Journal of Academic Research in Business and Social Sciences, 8(12). https://doi.org/10.6007/ijarbss/v8-i12/5229
Rahman, N. G. A., Flayyih, H. H., & Salih, J. I. (2021). An Empirical Analysis on the Impact of External Auditing Quality on the Earnings Management of the Iraqi Industrial Companies under financial for the period 2010 to 2017. Studies of Applied Economics, 39(11). https://doi.org/10.25115/eea.v39i11.5853
Ruslim, H., & Muspyta, R. (2021). The Effect of Profitability and Financial Leverage on Cost of Debt Moderated Earnings Management. Jurnal Ekonomi, 26(1), 35. https://doi.org/10.24912/je.v26i1.716
Safiq, M., Yustina, A. I., & Muhaqiyah, A. (2018). Dampak Earnings Management dalam Hubungan Kinerja dengan Cost of Debt (Studi Pada Perusahaan Manufaktur di Bursa Efek Indonesia). JAAF (Journal of Applied Accounting and Finance), 2(1), 64. https://doi.org/10.33021/jaaf.v2i1.331
Santosa, C., & Rasyid, S. (2022). Pengaruh Asimetri Informasi, Financial Distress, Dan Komite Audit Terhadap Manajemen Laba. Akrual : Jurnal Bisnis Dan Akuntansi Kontemporer, 15(1), 12–22.
Scott, R. W., & O’Brien, P. (2019). Financial Accounting Theory. In Pearson Prentice Hall: Toronto (8th ed.). Pearson Education.
Sulistyanto, S. (2017). Manajemen Laba (Teori & Model Empiris). Grasindo.
Suminar, D., & Nadi, L. (2020). PENGARUH TAX AVOIDANCE, EARNINGS MANAGEMENT, DAN KEPEMILIKAN MANAJERIAL TERHADAP COST OF DEBT. JURNAL ILMIAH WAHANA AKUNTANSI, 15(2), 153–162.
Thi, H., Le, T., Vinh, X., & Thuc, T. (2021). International Review of Financial Analysis Accruals quality and the cost of debt : Evidence from Vietnam. International Review of Financial Analysis, 76(March), 101726. https://doi.org/10.1016/j.irfa.2021.101726
Thu, P. A., Khanh, T. H. T., Ha, N. T. T., & Khuong, N. V. (2018). Perceived audit quality, earnings management and cost of debt capital: Evidence from the energy listed firms on Vietnam’s stock market. International Journal of Energy Economics and Policy, 8(6), 120–127. https://doi.org/10.32479/ijeep.6992
Tjondro, E., Halim, M. M., & Iskandar, A. W. (2020). Earning Management, Income Volatility, and Cost of Debt. 158(Teams), 384–391. https://doi.org/10.2991/aebmr.k.201212.054
Trong, N. N. (2020). Firm performance : the moderation impact of debt and dividend policies on overinvestment. https://doi.org/10.1108/JABES-12-2019-0128
Ullah, K., & Bagh, T. (2019). Finance and Management Scholar at Riphah International University Islamabad, Pakistan, Faculty of Management Sciences. 10(4), 49–58. https://doi.org/10.7176/RJFA
Published
2023-11-17
How to Cite
Sitorus, K., Abdurrahman, A., Bertuah, E., & Jumono, S. (2023). Do Tax Aggressiveness And Dividend Policy Affect The Relationship Between Earnings Management And Cost Of Debt? Case In Energy Sector Indonesia. Asian Journal of Management, Entrepreneurship and Social Science, 3(04), 1165-1195. Retrieved from http://ajmesc.com/index.php/ajmesc/article/view/580
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