ANALISIS PENGARUH PERBEDAAN PERLAKUAN PAJAK TERHADAP PEMBAYARAN DIVIDEN DAN KAPITALISASI PASAR: STUDI PADA PERUSAHAAN TERBUKA DI SINGAPURA DAN INDONESIA

SANDA ADITIYA A, Vogy Gautama Buanaputra S.E., M.Sc., Ph.D., AFHEA

2022 | Tesis | MAGISTER AKUNTANSI

Hasil penelitian terdahulu mengenai pengaruh perubahan tarif pajak dividen dan korporasi menjadi diskusi menarik karena terdapat perbedaan pandangan dan hasil. Namun, penelitian dengan tema ini jarang dilakukan karena peristiwa tersebut jarang terjadi. Melalui Undang-Undang Nomor 11 Tahun 2020 dan Undang-undang Nomor 7 Tahun 2021, terjadi perubahan tarif pajak di Indonesia. PPh dividen secara bersyarat dihapuskan, sedangkan PPh badan diturunkan. Karena baru berlaku efektif untuk tahun pajak 2021, perubahan kebijakan ini belum terbukti mampu memengaruhi perilaku perusahaan dan investor. Sementara itu, perusahaan di Singapura sudah lama menikmati pembebasan pajak dividen dan tarif PPh badan 17%. Penelitian ini bertujuan untuk menguji pengaruh perbedaan pajak dividen dan tarif pajak efektif terhadap kebijakan pembayaran dividen dan kapitalisasi pasar perusahaan dengan menggunakan teori arus kas bebas. Sampel penelitian adalah perusahaan yang terdaftar di bursa efek Indonesia dan Singapura selama kurun waktu 2015–2019. Untuk menemukan pengaruhnya, dilakukan uji beda dan uji regresi terhadap perusahaan terbuka di Indonesia dan Singapura. Berdasarkan hasil penelitian ini, perbedaan perlakuan pajak dividen di kedua negara menghasilkan perbedaan signifikan. Secara rata-rata, pembebasan pajak dividen menghasilkan dividend payout ratio yang lebih besar. Akan tetapi, pembebasan pajak dividen menghasilkan rata-rata nilai kapitalisasi pasar yang lebih kecil. Sementara itu, Pembebasan Pajak Dividend berpengaruh positif signifikan terhadap dividend payout ratio. Hal ini sejalan dengan pandangan tradisional dan berbagai penelitian empiris yang mendukungnya. Akan tetapi, Pembebasan Pajak Dividend tidak berpengaruh signifikan terhadap nilai kapitalisasi pasar. Selanjutnya, tarif pajak efektif berpengaruh positif signifikan terhadap dividend payout ratio. Hasil ini bertentangan dengan penelitian terdahulu. Akan tetapi, tarif pajak efektif bepengaruh negatif signifikan terhadap market capitalization yang sejalan dengan pandangan tradisional.

The results of previous studies about the effect of changes in dividend and corporate tax rates became an interesting discussion since there were differences in views and results. However, research on this theme is rarely done because these events rarely happen. Through Law Number 11 of 2020 and Law Number 7 of 2021, there has been changes in tax rates in Indonesia. Dividend income tax is conditionally exempted while corporate income tax is reduced. Because it is only effective for the 2021 fiscal year, this policy change has not been proven to be able to influence the behavior of companies and investors. Meanwhile, companies in Singapore have long enjoyed the dividend tax exemption and the 17% corporate income tax rate. This study aims to determine the difference in the effect of dividend tax and effective tax rate on dividend payment policy and the company's market capitalization. The research samples are companies listed on the Indonesia and Singapore stock exchanges during the 2015-2019 period. To determine the effect, different tests and correlation tests were conducted on publicly listed companies in Indonesia and Singapore. Based on the results of this study, the difference in dividend tax treatment in the two countries resulted in a significant difference. On average, the tax dividend exemption generates larger dividend payout ratio. However, the dividend tax exemption results smaller average market capitalization value. Meanwhile, the tax dividend exemption has a significant positive effect on the dividend payout ratio. This is in line with the traditional view and various empirical studies that support it. However, the Tax Dividend Exemption has no significant effect on the market capitalization value. Furthermore, the Effective Tax Rate has a significant positive effect on the dividend payout ratio. This result contradicts with previous research. However, the Effective Tax Rate has a significant negative effect on Market Capitalization which is in line with the traditional view.

Kata Kunci : pembebasan pajak dividen, tarif pajak efektif, dividend payout ratio, kapitalisasi pasar