Pengaruh Reformasi Tarif Pajak Penghasilan Badan, Ukuran Perusahaan, dan Profitabilitas terhadap Harga Saham pada Perusahaan Subsektor Paper yang Terdaftar di Bursa Efek Indonesia Periode 2019 -2024
DOI:
https://doi.org/10.31334/wp9jf656Keywords:
Harga Saham, Reformasi Pajak Penghasilan Badan, Ukuran Perusahaan, ProfitabilitasAbstract
Penelitian ini bertujuan menganalisis pengaruh reformasi tarif Pajak Penghasilan (PPh) badan, ukuran perusahaan, dan profitabilitas terhadap harga saham perusahaan subsektor paper yang terdaftar di Bursa Efek Indonesia (BEI) periode 2019 - 2024. Latar belakang penelitian ini didasarkan pada adanya inkonsistensi hasil empiris sebelumnya serta dinamika reformasi tarif PPh badan yang diharapkan menjadi sinyal positif bagi investor. Penelitian menggunakan pendekatan kuantitatif dengan data panel, mencakup empat
emiten subsektor paper, yaitu INKP, TKIM, INRU, dan INTD. Variabel independen terdiri dari reformasi tarif PPh badan (dummy), ukuran perusahaan (log total aset), dan profitabilitas (ROA). Pemilihan model regresi ditentukan melalui uji Chow, Hausman, dan Lagrange Multiplier yang menunjukkan Fixed Effect Model (FEM) sebagai model terbaik. Hasil penelitian menunjukkan bahwa reformasi tarif PPh badan berpengaruh signifikan negatif terhadap harga saham. Ukuran perusahaan dan profitabilitas tidak berpengaruh signifikan secara statistik, walaupun secara praktis pasar tetap merespons profitabilitas ekstrem. Secara simultan, ketiga variabel berpengaruh signifikan terhadap harga saham dengan nilai R² sebesar 72,13%. Temuan ini menegaskan bahwa kebijakan fiskal melalui reformasi tarif PPh badan belum sepenuhnya diterjemahkan pasar sebagai sinyal positif, sehingga faktor internal perusahaan tetap lebih dominan dalam membentuk harga saham subsektor paper. Penelitian ini berkontribusi pada literatur kebijakan fiskal dan pasar modal di Indonesia, dengan implikasi praktis bagi investor, manajemen perusahaan, dan pembuat
kebijakan fiskal.
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