Pengaruh Profitabilitas, Leverage, Firm Size, dan Capital Intensity terhadap Manajemen Pajak pada Perusahaan Sub-Sektor Properti dan Real Estate di Bursa Efek Indonesia Periode 2021–2024

Abstract

This study examines whether profitability, leverage, firm size, and capital intensity explain tax management among property and real estate companies listed on the Indonesia Stock Exchange (IDX) in 2021–2024. Tax management is proxied by the cash effective tax rate (CETR), so a lower value signals stronger tax management. Purposive sampling produced 13 companies and 52 firm-year observations drawn from annual financial statements. The data were analyzed with multiple linear regression in SPSS 25, using a square-root transformation to satisfy the normality assumption for the residuals. Profitability (ROA) has a negative and significant effect on CETR (B = −1.439; p < 0.001), as does leverage (DAR) (B = −0.577; p < 0.001): companies that earn more and borrow more pay a smaller share of their pre-tax profit in cash. Firm size (B = 0.003; p = 0.522) and capital intensity (B = 0.115; p = 0.296) have no significant effect. Jointly, the four variables are significant (F = 20.269; p < 0.001) and explain 63.3 percent of the variation in CETR (adjusted R² = 0.602). The results are consistent with agency and trade-off explanations for earnings- and debt-related tax management, while the weak roles of size and fixed assets suggest that, in this sector, earnings and financing choices matter more than scale or depreciation. Because the sample is small and CETR is sensitive to final income tax and to very small pre-tax profits, the findings should be read with caution.