The Effect of Working Capital to Total Assets and Corporate Governance on Tax Avoidance in Manufacturing Companies in the Consumer Goods Industry Sector, Food and Beverage Sub-Sector, Listed on the Indonesia Stock Exchange
Abstract
This study aims to determine and analyze the effect of working capital to total asset and corporate governance on tax avoidance, both partially and simultaneously, in consumer goods sector manufacturing companies, specifically in the food and beverage sub-sector, listed on the Indonesia Stock Exchange for the period 2019–2023. This is a quantitative study using secondary data obtained from annual financial statements. The sample was selected using purposive sampling technique, consisting of 11 companies observed over five years. Data analysis was conducted using multiple linear regression with SPSS. The partial test (t-test) results showed that working capital to total asset has no significant effect on tax avoidance with a t-value of -2.377 < t-table 1.99394 and a significance value of 0.020 < 0.05. Meanwhile, corporate governance has a positive and significant effect on tax avoidance with a t-value of 2.643 > t-table 1.99394 and a significance value of 0.010 < 0.05. The simultaneous test (F-test) results indicated that both variables significantly affect tax avoidance with an F-value of 8.015 > F-table 3.13 and a significance value of 0.001 < 0.05. The coefficient of determination (R²) is 0.186, indicating that 18.6% of the variation in tax avoidance is explained by working capital to total asset and corporate governance, while the remaining 81.4% is explained by other variables not included in this study, such as capital structure, leverage, profitability, and company growth.
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