The
transportation and logistics sector serves as the backbone of the Indonesian
economy, yet financial management remains critical for maintaining firm value
in the eyes of investors. Recent research by Suci Ramadhani, Enggar Diah Puspa
Arum, Wiralestari, and Ilham Wahyudi from the Universitas Jambi in 2026 reveals
that a firm's strategic management of debt and tax planning has a direct impact
on its market value.
Why
Do Tax and Debt Management Matter?
In
the investment world, firm value is a primary indicator of business success.
For capital-intensive logistics companies, financial decisions—such as leverage
(debt usage) and tax planning—are not merely operational issues; they serve as
signals to investors regarding the company's future.
"Thin
capitalization" (the dominance of debt in capital structure) and efficient
tax planning are often viewed as strategies to optimize post-tax profits.
However, the effectiveness of these strategies on market value in the
transportation sector remains a compelling subject of study, particularly in
the post-pandemic economic recovery era.
Research
Approach
The
research team conducted a quantitative analysis of 11 transportation and
logistics companies listed on the Indonesia Stock Exchange (IDX) during the
2020–2024 period. Utilizing 55 units of analysis from annual financial reports,
the study tested the influence of the Debt to Equity Ratio (DER) as a proxy for
debt, and the Effective Tax Rate (ETR) as a proxy for tax planning, against
firm value as measured by Tobin's Q ratio.
Key
Findings: Positive Signals for Investors
The
analysis yielded significant results:
·
Debt Has a Positive Impact: Debt usage (DER) has a positive and significant
influence on firm value. This indicates that investors view debt as a signal of
management’s confidence in future cash flows, while also benefiting from the
"tax shield" effect.
·
Tax Efficiency is Profitable: Effective tax planning—characterized by a lower
ETR—positively affects firm value. Management capable of reducing the tax
burden legally is considered efficient, thereby increasing the net profit
available to shareholders.
·
Simultaneous Influence: Combined, effective debt management and tax planning
explain 55.9% of the variation in firm value within this sector.
Implications
for Business
The
research underscores that for companies in the logistics sector, maintaining
debt ratios in accordance with regulations—such as Minister of Finance
Regulation No. 169/PMK.010/2015—can be seen as a competitive advantage.
Investors tend to respond positively to firms capable of balancing debt as a
growth capital while simultaneously optimizing tax planning. These findings
provide a strategic guide for corporate management to make more informed
financial decisions to increase market attractiveness.
Author
Profile:
- Suci
Ramadhani – Researcher, Universitas
Jambi.
- Enggar
Diah Puspa Arum – Researcher,
Universitas Jambi.
- Wiralestari – Researcher, Universitas Jambi.
- Ilham
Wahyudi – Researcher, Universitas Jambi.
Research
Source:
Ramadhani, S., Arum, E. D. P., Wiralestari, & Wahyudi, I. (2026). "The Effect of Thin Capitalization and Tax Planning on Firm Value in Transportation and Logistics Sector Companies Listed on the Indonesia Stock Exchange 2020-2024". International Journal of Integrated Science and Technology (IJIST), 4(5), 300-309. DOI: https://doi.org/10.59890/ijist.v4i5.10
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