Auditor Reputation Moderates the Impact of Tax Avoidance and Tax Compliance on Firm Value

https://doi.org/10.35912/gaar.v2i1.2539
Published: Nov 20, 2023

Abstract:

Purpose: This study tests and analyses the impact of tax avoidance and tax compliance on the value of firms with an auditor's reputation as a moderator in manufacturing firms listed on the Indonesia Stock Exchange in 2015-2019.

Methodology/approach: The sampling technique uses purposive sampling and produces a total sample of 106 companies, resulting in 530 observation samples. The data used is Secondary data were obtained from the Indonesian Stock Exchange website and Yahoo Finance. Multiple linear regression analysis was used in this study.

Results/findings: The study revealed that tax avoidance has a positive impact on firm value; tax compliance has a positive impact on firm value; the auditor's reputation does not strengthen the impact of tax avoidance on the value of the firm; and the auditor's reputation does not strengthen the impact of tax compliance on the value of the firm.

Limitations: This study is limited to manufacturing firms listed on the IDX for 2015-2019.

Contribution: This study contributes to investors’ investment decisions based on companies’ tax avoidance and compliance. The intensity of tax avoidance and tax compliance has been proven to affect firm value; therefore, these two variables can be used to predict firm value.

Keywords:
1. auditor reputation
2. firm value
3. tax avoidance
4. tax compliance
Authors:
1 . Suwaldiman Suwaldiman
2 . Adella Rheina
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How to Cite
Suwaldiman, S., & Rheina, A. (2023). Auditor Reputation Moderates the Impact of Tax Avoidance and Tax Compliance on Firm Value . Goodwood Akuntansi Dan Auditing Reviu, 2(1), 27–38. https://doi.org/10.35912/gaar.v2i1.2539
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Issue & Section
Vol. 2 No. 1 (2023): November
Articles
References

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    Anggoro, S. T., & Septiani, A. (2015). Analisis Pengaruh Perilaku Penghindaran Pajak Terhadap Nilai Perusahaan Dengan Transparansi Sebagai Variabel Moderating. Diponegoro Journal of Accounting, 4(4), 437–446.

    Anthony, R. N., & Govindarajan, V. (2009). Management Control System. Salemba Empat.

    Appolos, N. N., Kwarbai, J. D., & Ogundajo, G. (2016). Tax Planning and Firm Value: Empirical Evidence from Nigerian Consumer Goods Industrial Sector. Research Journal of Finance and AccountingOnline), 7(12), 2222–2847.

    Apsari, L., & Setiawan, P. E. (2018). Pengaruh Tax Avoidance terhadap Nilai Perusahaan dengan Kebijakan Dividen sebagai Variabel Moderasi. E-Jurnal Akuntansi Universitas Udayana, 23(3), 1765–1790. https://doi.org/https://doi.org/10.24843/EJA.2018.v23.i03.p06

    Arinta, K. D., & Adiwibowo, S. (2013). Analisis Faktor – Faktor Yang Mendorong Pergantian Kantor Akuntan Publik (KAP) Studi Pada Perusahaan Publik di Indonesia Tahun 2007 - 2012. Diponegoro Journal of Accounting, 2(4), 390–400.

    Assidi, S., Aliani, K., & Omri, M. A. (2016). Tax optimization and the firm’s value: Evidence from the Tunisian context. Borsa Istanbul Review, 16(3), 177–184. https://doi.org/10.1016/j.bir.2016.04.002

    Aumeerun, B., Jugurnath, B., & Soondrum, H. (2016). Tax evasion: Empirical evidence from sub-Saharan Africa. Journal of Accounting and Taxation, 8(7), 70–80. https://doi.org/10.5897/jat2016.0225

    Cecilia, Rambe, S., & Torong, M. Z. B. (2015). Analisis Pengaruh Corporate Social Responsibility, Profitabilitas dan Ukuran Perusahaan Terhadap Nilai Perusahaan pada Perusahaan Perkebunan yang Go Public di Indonesia, Malaysia, dan Singapura. Simposium Nasional Akuntansi.

    Chen, X., Hu, N., Wang, X., & Tang, X. (2014). Tax avoidance and firm value: evidence from China. Nankai Business Review International, 5(1), 25–42. https://doi.org/10.1108/NBRI-10-2013-0037

    Cook, K. A., Moser, W. J., & Omer, T. C. (2017). Tax avoidance and ex ante cost of capital. Journal of Business Finance and Accounting, 44(7–8), 1109–1136. https://doi.org/10.1111/jbfa.12258

    Dewi, D. A. S. (2011). Implementasi Pasal 23 A UUD Negara Republik Indonesia dalam Pengembalian Kelebihan Pembayaran Pajak. Jurnal Fakultas Hukum Universitas Muhammadiyah Magelang, 1–19.

    Donaldson, T., & Preston, L. E. (1995). The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications. The Academy of Management Review, 20(1), 65–91.

    Dyreng, S., Hanlon, M., & Maydew, E. L. (2011). The Effects of Executives on Corporate Tax Avoidance. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.1158060

    Freeman, F. E. (1984). Strategic Management: A Stakeholder Approach. Pitman.

    Ghozali, I. (2012). Aplikasi Analisis Multivariate dengan Program SPSS. Semarang: Badan Penerbit Universitas Diponegoro.

    Graham, J. R., Hanlon, M., Shevlin, T., & Shroff, N. (2014). Incentives for Tax Planning and Avoidance: Evidence from the field. Accounting Review, 89(3), 991–1023. https://doi.org/10.2308/accr-50678

    Gunawan, B., & Halim, M. (2012). Pengaruh Ownership Retention, Reputasi Auditor, Laba Perusahaan, dan Underpricing terhadap Nilai Perusahaan dengan Kepemilikan Manajerial dan Institusional sebagai Variabel Pemoderasi. Jurnal Akuntansi Dan Investasi, 13(2), 99–115.

    Gunawan, C., & Hapsari, N. (2023). Analisis Fundamental untuk Menilai Saham dengan Metode Valuasi Relatif terhadap Keputusan Investasi . Studi Akuntansi, Keuangan, Dan Manajemen, 3(1 SE-Articles), 19–33. https://doi.org/10.35912/sakman.v3i1.2285

    Hani, S., & Lubis, M. L. (2010). Pengaruh Karakteristik Perusahaan Terhadap Kepatuhan Wajib Pajak. Jurnal Riset Akuntansi Dan Bisnis, 10(1), 67–82.

    Hardana, A. (2023). Pengaruh Struktur Kepemilikan terhadap Nilai Perusahaan dengan Kinerja Keuangan dan Kebijakan Hutang sebagai Variabel Intervening . Jurnal Akuntansi, Keuangan, Dan Manajemen, 4(4 SE-Articles), 263–272. https://doi.org/10.35912/jakman.v4i4.2300

    Harmono. (2009). Manajemen Keuangan Berbasis Balance Scorecard. Pendekatan Teori, Kasus dan Riset Bisnis. Bumi Aksara.

    Ilmiani, A., & Sutrisno, C. R. (2014). Pengaruh Tax Avoidance terhadap Nilai Perusahaan dengan Transparansi Perusahaan sebagai Variabel Moderating. Jurnal Ekonomi Dan Bisnis, 2(1), 30–39.

    James, S., & Alley, C. (2002). Tax compliance, self-assessment and tax administration. Journal of Finance and Management in Public Services, Vol.2(No.2), PP.27-42.

    Kristianti, I., & Herawaty, V. (2023). Analisis Pengaruh Ceo Turnover, Opini Audit dan Pertumbuhan Perusahaan terhadap Auditor Switching dengan Financial Distress sebagai Variabel Moderasi . Goodwood Akuntansi Dan Auditing Reviu, 1(2 SE-Articles), 143–152. https://doi.org/10.35912/gaar.v1i2.2167

    Lestari, N., & Wardhani, R. (2015). The Effect of the Tax Planning to Firm Value with Moderating Board Diversity. International Journal of Economics and Financial Issues, 5(February), 315–323.

    Ling, T. W., & Wahab, N. S. A. (2018). Roles of tax planning in market valuation of corporate social responsibility. Cogent Business and Management, 5(1), 1–16. https://doi.org/10.1080/23311975.2018.1482595

    Nasser, A. T. A., Wahid, E. A., Nazri, S. N. F. S. M., & Hudaib, M. (2006). Auditor-client relationship: The case of audit tenure and auditor switching in Malaysia. Managerial Auditing Journal, 21(7), 724–737. https://doi.org/10.1108/02686900610680512

    Ogundajo, G., & Onakoya, A. B. O. (2016). Tax Planning and Financial Performance of Nigerian Manufacturing Companies. International Journal of Advanced Academic Research Social & Management Sciences, 2(7), 64–80.

    Partha, I. G. A., & Noviari, N. (2016). Pengaruh Penghindaran Pajak Jangka Panjang Pada Nilai Perusahaan Dengan Transparansi Informasi Sebagai Variabel PemoderasI. E-Jurnal Akuntansi Universitas Udayana, 3, 2336–2362.

    Pawitri, N., & Yadnyana, K. (2015). Pengaruh Audit Delay, Opini Audit, Reputasi Auditor Dan Pergantian Manajemen Pada Voluntary Auditor Switching. E-Jurnal Akuntansi Universitas Udayana, 10(1), 214–228.

    Permadi, P. K. A. R., & Yasa, G. W. (2017). Reputasi Auditor sebagai Pemoderasi Pengaruh Informasi Keuangan dalam Prospektus pada Tingkat Underpricing Penawaran Saham Perdana. E-Journal Akuntansi Universitas Udayana, 21(3), 1963–1992.

    Pohan, ?Chairil A. (2013). Manajemen Perpajakan. PT. Gramedia Pustaka.????

    Pradnyana, I. B. G. P., & Noviari, N. (2017). Pengaruh Perencanaan Pajak Terhadap Nilai Perusahaan Dengan Transparansi Perusahaan Sebagai Variabel. E-Jurnal Akuntansi, 18(2), 1398–1425.

    Ramdhan, R. M., & Rachman, A. A. (2023). The effect of the awareness of taxpayer and tax socialization on taxpayer compliance for motor vehicles. International Journal of Financial, Accounting, and Management, 5(2 SE-Articles), 133–148. https://doi.org/10.35912/ijfam.v5i2.393

    Rhoades, S. C. (1999). The impact of multiple component reporting on tax compliance and audit strategies. Accounting Review, 74(1), 63–85. https://doi.org/10.2308/accr.1999.74.1.63

    Ross, S. A. (1973). The economic theory of agency: the principal’s problem. American Economic Review, 63(2), 134–139.

    Ross, S. A. (1977). Determination of Financial Structure: the Incentive-Signalling Approach. The Bell Journal of Economics, 8(1), 23–40. https://doi.org/10.2307/3003485

    Salawu, R. O., Ogundipe, L. O., & Yeye, O. (2017). Granger Causality between Corporate Tax Planning and Firm Value of Non- Financial Quoted Companies in Nigeria. International Journal of Business and Social Science, Vol 8(No 9), Hal 91-103.

    Saputra, R., Masril, M., & Safrizal, S. (2023). Pengaruh Keputusan Investasi, Keputusan Pendanaan dan Kebijakan Dividen terhadap Nilai Perusahaan Manufaktur Sub Sektor Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Tahun 2019-2022 . Goodwood Akuntansi Dan Auditing Reviu, 1(2 SE-Articles), 153–163. https://doi.org/10.35912/gaar.v1i2.2002

    Septiani, E., Holiawati, & Ruhiyat, E. (2019). Environmental Performance, Intellectual Capital, Praktik Penghindaran Pajak dan Nilai Perusahaan. Jurnal Bisnis Dan Akuntansi, 21(1), 61–70.

    Siahaan, F. O. P. (2005). Faktor-Faktor yang Memepengaruhi Perilaku kepatuhan Tax Professional dalam Pelaporan Pajak Badan pada Perusahaan Industri Manufaktur di Surabaya. Universitas Airlangga.

    Sidauruk, T. D., & Putri, N. T. P. (2022). Pengaruh Komisaris Independen, Karakter Eksekutif, Profitabiltas dan Ukuran Perusahaan terhadap Tax Avoidance . Studi Akuntansi, Keuangan, Dan Manajemen, 2(1 SE-Articles), 45–57. https://doi.org/10.35912/sakman.v2i1.1498

    Siew Yee, C., Sharoja Sapiei, N., & Abdullah, M. (2018). Tax Avoidance, Corporate Governance and Firm Value in The Digital Era. Journal of Accounting and Investment, 19(2). https://doi.org/10.18196/jai.190299

    Sinarwati, N. K. (2010). Mengapa Perusahaan Manufaktur yang Terdaftar di BEI Melakukan Pergantian Kantor Akuntan Publik? Simposium Nasional Akuntansi XII Purwokerto.

    Spence, M. (1973). Job Market Signaling. Quarterly Journal of Economics, 87(3), 355–374.

    Tarmidi, D. (2019). Tax Compliance and Uncompliance Entity: A Comparative Study of Investor Reaction. International Journal of Academic Research in Accounting, Finance and Management Sciences, 9(1). https://doi.org/10.6007/ijarafms/v9-i1/5823

    Weston, F., & Copeland, T. E. (1997). Manajemen Keuangan, Edisi Kesembilan, Jilid 2. Binarupa Aksara.

    Widarjo, W. (2010). Pengaruh Ownership Retention, Reputasi Auditor, Laba Perusahaan, dan Underpricing terhadap Nilai Perusahaan dengan Kepemilikan Manajerial dan Institusional sebagai Variabel Pemoderasi. Universitas Sebelas Maret Surakarta.

    Young, A., Lei, L., Wong, B., & Kwok, B. (2016). Individual tax compliance in China: a review. International Journal of Law and Management, 58(5), 562–574. https://doi.org/10.1108/IJLMA-12-2015-0063

  1. Abdul Wahab, N. S., & Holland, K. (2012). Tax planning, corporate governance and equity value. British Accounting Review, 44(2), 111–124. https://doi.org/10.1016/j.bar.2012.03.005
  2. Anggoro, S. T., & Septiani, A. (2015). Analisis Pengaruh Perilaku Penghindaran Pajak Terhadap Nilai Perusahaan Dengan Transparansi Sebagai Variabel Moderating. Diponegoro Journal of Accounting, 4(4), 437–446.
  3. Anthony, R. N., & Govindarajan, V. (2009). Management Control System. Salemba Empat.
  4. Appolos, N. N., Kwarbai, J. D., & Ogundajo, G. (2016). Tax Planning and Firm Value: Empirical Evidence from Nigerian Consumer Goods Industrial Sector. Research Journal of Finance and AccountingOnline), 7(12), 2222–2847.
  5. Apsari, L., & Setiawan, P. E. (2018). Pengaruh Tax Avoidance terhadap Nilai Perusahaan dengan Kebijakan Dividen sebagai Variabel Moderasi. E-Jurnal Akuntansi Universitas Udayana, 23(3), 1765–1790. https://doi.org/https://doi.org/10.24843/EJA.2018.v23.i03.p06
  6. Arinta, K. D., & Adiwibowo, S. (2013). Analisis Faktor – Faktor Yang Mendorong Pergantian Kantor Akuntan Publik (KAP) Studi Pada Perusahaan Publik di Indonesia Tahun 2007 - 2012. Diponegoro Journal of Accounting, 2(4), 390–400.
  7. Assidi, S., Aliani, K., & Omri, M. A. (2016). Tax optimization and the firm’s value: Evidence from the Tunisian context. Borsa Istanbul Review, 16(3), 177–184. https://doi.org/10.1016/j.bir.2016.04.002
  8. Aumeerun, B., Jugurnath, B., & Soondrum, H. (2016). Tax evasion: Empirical evidence from sub-Saharan Africa. Journal of Accounting and Taxation, 8(7), 70–80. https://doi.org/10.5897/jat2016.0225
  9. Cecilia, Rambe, S., & Torong, M. Z. B. (2015). Analisis Pengaruh Corporate Social Responsibility, Profitabilitas dan Ukuran Perusahaan Terhadap Nilai Perusahaan pada Perusahaan Perkebunan yang Go Public di Indonesia, Malaysia, dan Singapura. Simposium Nasional Akuntansi.
  10. Chen, X., Hu, N., Wang, X., & Tang, X. (2014). Tax avoidance and firm value: evidence from China. Nankai Business Review International, 5(1), 25–42. https://doi.org/10.1108/NBRI-10-2013-0037
  11. Cook, K. A., Moser, W. J., & Omer, T. C. (2017). Tax avoidance and ex ante cost of capital. Journal of Business Finance and Accounting, 44(7–8), 1109–1136. https://doi.org/10.1111/jbfa.12258
  12. Dewi, D. A. S. (2011). Implementasi Pasal 23 A UUD Negara Republik Indonesia dalam Pengembalian Kelebihan Pembayaran Pajak. Jurnal Fakultas Hukum Universitas Muhammadiyah Magelang, 1–19.
  13. Donaldson, T., & Preston, L. E. (1995). The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications. The Academy of Management Review, 20(1), 65–91.
  14. Dyreng, S., Hanlon, M., & Maydew, E. L. (2011). The Effects of Executives on Corporate Tax Avoidance. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.1158060
  15. Freeman, F. E. (1984). Strategic Management: A Stakeholder Approach. Pitman.
  16. Ghozali, I. (2012). Aplikasi Analisis Multivariate dengan Program SPSS. Semarang: Badan Penerbit Universitas Diponegoro.
  17. Graham, J. R., Hanlon, M., Shevlin, T., & Shroff, N. (2014). Incentives for Tax Planning and Avoidance: Evidence from the field. Accounting Review, 89(3), 991–1023. https://doi.org/10.2308/accr-50678
  18. Gunawan, B., & Halim, M. (2012). Pengaruh Ownership Retention, Reputasi Auditor, Laba Perusahaan, dan Underpricing terhadap Nilai Perusahaan dengan Kepemilikan Manajerial dan Institusional sebagai Variabel Pemoderasi. Jurnal Akuntansi Dan Investasi, 13(2), 99–115.
  19. Gunawan, C., & Hapsari, N. (2023). Analisis Fundamental untuk Menilai Saham dengan Metode Valuasi Relatif terhadap Keputusan Investasi . Studi Akuntansi, Keuangan, Dan Manajemen, 3(1 SE-Articles), 19–33. https://doi.org/10.35912/sakman.v3i1.2285
  20. Hani, S., & Lubis, M. L. (2010). Pengaruh Karakteristik Perusahaan Terhadap Kepatuhan Wajib Pajak. Jurnal Riset Akuntansi Dan Bisnis, 10(1), 67–82.
  21. Hardana, A. (2023). Pengaruh Struktur Kepemilikan terhadap Nilai Perusahaan dengan Kinerja Keuangan dan Kebijakan Hutang sebagai Variabel Intervening . Jurnal Akuntansi, Keuangan, Dan Manajemen, 4(4 SE-Articles), 263–272. https://doi.org/10.35912/jakman.v4i4.2300
  22. Harmono. (2009). Manajemen Keuangan Berbasis Balance Scorecard. Pendekatan Teori, Kasus dan Riset Bisnis. Bumi Aksara.
  23. Ilmiani, A., & Sutrisno, C. R. (2014). Pengaruh Tax Avoidance terhadap Nilai Perusahaan dengan Transparansi Perusahaan sebagai Variabel Moderating. Jurnal Ekonomi Dan Bisnis, 2(1), 30–39.
  24. James, S., & Alley, C. (2002). Tax compliance, self-assessment and tax administration. Journal of Finance and Management in Public Services, Vol.2(No.2), PP.27-42.
  25. Kristianti, I., & Herawaty, V. (2023). Analisis Pengaruh Ceo Turnover, Opini Audit dan Pertumbuhan Perusahaan terhadap Auditor Switching dengan Financial Distress sebagai Variabel Moderasi . Goodwood Akuntansi Dan Auditing Reviu, 1(2 SE-Articles), 143–152. https://doi.org/10.35912/gaar.v1i2.2167
  26. Lestari, N., & Wardhani, R. (2015). The Effect of the Tax Planning to Firm Value with Moderating Board Diversity. International Journal of Economics and Financial Issues, 5(February), 315–323.
  27. Ling, T. W., & Wahab, N. S. A. (2018). Roles of tax planning in market valuation of corporate social responsibility. Cogent Business and Management, 5(1), 1–16. https://doi.org/10.1080/23311975.2018.1482595
  28. Nasser, A. T. A., Wahid, E. A., Nazri, S. N. F. S. M., & Hudaib, M. (2006). Auditor-client relationship: The case of audit tenure and auditor switching in Malaysia. Managerial Auditing Journal, 21(7), 724–737. https://doi.org/10.1108/02686900610680512
  29. Ogundajo, G., & Onakoya, A. B. O. (2016). Tax Planning and Financial Performance of Nigerian Manufacturing Companies. International Journal of Advanced Academic Research Social & Management Sciences, 2(7), 64–80.
  30. Partha, I. G. A., & Noviari, N. (2016). Pengaruh Penghindaran Pajak Jangka Panjang Pada Nilai Perusahaan Dengan Transparansi Informasi Sebagai Variabel PemoderasI. E-Jurnal Akuntansi Universitas Udayana, 3, 2336–2362.
  31. Pawitri, N., & Yadnyana, K. (2015). Pengaruh Audit Delay, Opini Audit, Reputasi Auditor Dan Pergantian Manajemen Pada Voluntary Auditor Switching. E-Jurnal Akuntansi Universitas Udayana, 10(1), 214–228.
  32. Permadi, P. K. A. R., & Yasa, G. W. (2017). Reputasi Auditor sebagai Pemoderasi Pengaruh Informasi Keuangan dalam Prospektus pada Tingkat Underpricing Penawaran Saham Perdana. E-Journal Akuntansi Universitas Udayana, 21(3), 1963–1992.
  33. Pohan, ?Chairil A. (2013). Manajemen Perpajakan. PT. Gramedia Pustaka.????
  34. Pradnyana, I. B. G. P., & Noviari, N. (2017). Pengaruh Perencanaan Pajak Terhadap Nilai Perusahaan Dengan Transparansi Perusahaan Sebagai Variabel. E-Jurnal Akuntansi, 18(2), 1398–1425.
  35. Ramdhan, R. M., & Rachman, A. A. (2023). The effect of the awareness of taxpayer and tax socialization on taxpayer compliance for motor vehicles. International Journal of Financial, Accounting, and Management, 5(2 SE-Articles), 133–148. https://doi.org/10.35912/ijfam.v5i2.393
  36. Rhoades, S. C. (1999). The impact of multiple component reporting on tax compliance and audit strategies. Accounting Review, 74(1), 63–85. https://doi.org/10.2308/accr.1999.74.1.63
  37. Ross, S. A. (1973). The economic theory of agency: the principal’s problem. American Economic Review, 63(2), 134–139.
  38. Ross, S. A. (1977). Determination of Financial Structure: the Incentive-Signalling Approach. The Bell Journal of Economics, 8(1), 23–40. https://doi.org/10.2307/3003485
  39. Salawu, R. O., Ogundipe, L. O., & Yeye, O. (2017). Granger Causality between Corporate Tax Planning and Firm Value of Non- Financial Quoted Companies in Nigeria. International Journal of Business and Social Science, Vol 8(No 9), Hal 91-103.
  40. Saputra, R., Masril, M., & Safrizal, S. (2023). Pengaruh Keputusan Investasi, Keputusan Pendanaan dan Kebijakan Dividen terhadap Nilai Perusahaan Manufaktur Sub Sektor Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Tahun 2019-2022 . Goodwood Akuntansi Dan Auditing Reviu, 1(2 SE-Articles), 153–163. https://doi.org/10.35912/gaar.v1i2.2002
  41. Septiani, E., Holiawati, & Ruhiyat, E. (2019). Environmental Performance, Intellectual Capital, Praktik Penghindaran Pajak dan Nilai Perusahaan. Jurnal Bisnis Dan Akuntansi, 21(1), 61–70.
  42. Siahaan, F. O. P. (2005). Faktor-Faktor yang Memepengaruhi Perilaku kepatuhan Tax Professional dalam Pelaporan Pajak Badan pada Perusahaan Industri Manufaktur di Surabaya. Universitas Airlangga.
  43. Sidauruk, T. D., & Putri, N. T. P. (2022). Pengaruh Komisaris Independen, Karakter Eksekutif, Profitabiltas dan Ukuran Perusahaan terhadap Tax Avoidance . Studi Akuntansi, Keuangan, Dan Manajemen, 2(1 SE-Articles), 45–57. https://doi.org/10.35912/sakman.v2i1.1498
  44. Siew Yee, C., Sharoja Sapiei, N., & Abdullah, M. (2018). Tax Avoidance, Corporate Governance and Firm Value in The Digital Era. Journal of Accounting and Investment, 19(2). https://doi.org/10.18196/jai.190299
  45. Sinarwati, N. K. (2010). Mengapa Perusahaan Manufaktur yang Terdaftar di BEI Melakukan Pergantian Kantor Akuntan Publik? Simposium Nasional Akuntansi XII Purwokerto.
  46. Spence, M. (1973). Job Market Signaling. Quarterly Journal of Economics, 87(3), 355–374.
  47. Tarmidi, D. (2019). Tax Compliance and Uncompliance Entity: A Comparative Study of Investor Reaction. International Journal of Academic Research in Accounting, Finance and Management Sciences, 9(1). https://doi.org/10.6007/ijarafms/v9-i1/5823
  48. Weston, F., & Copeland, T. E. (1997). Manajemen Keuangan, Edisi Kesembilan, Jilid 2. Binarupa Aksara.
  49. Widarjo, W. (2010). Pengaruh Ownership Retention, Reputasi Auditor, Laba Perusahaan, dan Underpricing terhadap Nilai Perusahaan dengan Kepemilikan Manajerial dan Institusional sebagai Variabel Pemoderasi. Universitas Sebelas Maret Surakarta.
  50. Young, A., Lei, L., Wong, B., & Kwok, B. (2016). Individual tax compliance in China: a review. International Journal of Law and Management, 58(5), 562–574. https://doi.org/10.1108/IJLMA-12-2015-0063