Apakah Insentif Pajak Memengaruhi Struktur Modal? Bukti dari Implementasi PP No. 9 Tahun 2022 pada Perusahaan Konstruksi Indonesia
DOI:
https://doi.org/10.38035/dar.v3i4.3480Keywords:
PP No. 9 Tahun 2022, Struktur Modal, Debt to Equity Ratio, Profitabilitas, Ukuran Perusahaan, Struktur AsetAbstract
Penelitian ini bertujuan untuk menganalisis pengaruh implementasi Peraturan Pemerintah (PP) Nomor 9 Tahun 2022 terhadap struktur modal perusahaan konstruksi yang terdaftar di Bursa Efek Indonesia periode 2019–2024. Struktur modal diproksikan menggunakan Debt to Equity Ratio (DER), sedangkan implementasi PP No. 9 Tahun 2022 diukur dengan variabel dummy sebelum dan sesudah kebijakan. Penelitian menggunakan pendekatan kuantitatif dengan data panel yang diperoleh dari laporan keuangan tahunan perusahaan. Sampel penelitian terdiri atas delapan perusahaan konstruksi dengan total 48 observasi yang dipilih menggunakan purposive sampling dan melalui proses identifikasi outlier. Analisis dilakukan menggunakan regresi data panel dengan model Pooled Ordinary Least Squares (Pooled OLS). Karena ditemukan heteroskedastisitas, pengujian signifikansi parameter dilakukan menggunakan HC3 Robust Standard Errors. Hasil penelitian menunjukkan bahwa implementasi PP No. 9 Tahun 2022 tidak berpengaruh signifikan terhadap struktur modal perusahaan konstruksi. Profitabilitas, ukuran perusahaan, dan struktur aset juga tidak menunjukkan pengaruh yang signifikan terhadap DER. Sebaliknya, struktur modal periode sebelumnya berpengaruh positif dan signifikan terhadap struktur modal periode berjalan. Temuan ini mengindikasikan bahwa perubahan tarif PPh Final jasa konstruksi belum mampu mendorong perubahan keputusan pendanaan perusahaan secara signifikan, sementara struktur modal perusahaan cenderung bersifat persisten dan lebih dipengaruhi oleh kebijakan pendanaan historis.
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