PENGARUH KEPERCAYAAN DIRI BERLEBIHAN MANAJER TERHADAP NILAI PERUSAHAAN: PERAN MEDIASI MODAL ORGANISASI DAN PENGHINDARAN PAJAK

Herwanda, Reyhan (2025) PENGARUH KEPERCAYAAN DIRI BERLEBIHAN MANAJER TERHADAP NILAI PERUSAHAAN: PERAN MEDIASI MODAL ORGANISASI DAN PENGHINDARAN PAJAK. Skripsi thesis, Politeknik Keuangan Negara STAN.

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Abstract

ABSTRAK Nilai perusahaan merupakan ukuran penting dalam melihat efisiensi dan efektivitas operasional perusahaan sehingga manajer akan menentukan strategi bisnis yang tepat. Namun, pada kenyataannya manajer tidak selalu bersikap rasional. Hal ini dikarenakan manajer dapat memiliki kepercayaan diri berlebihan dalam mengambil keputusan strategis, termasuk keputusan keuangan. Penelitian ini bertujuan untuk menganalisis pengaruh kepercayaan diri berlebihan manajer, modal organisasi, dan penghindaran pajak terhadap nilai perusahaan, serta menganalisis peran modal organisasi dan penghindaran pajak sebagai variabel mediasi dalam hubungan kepercayaan diri berlebihan manajer dengan nilai perusahaan. Objek penelitian ini adalah perusahaan sektor manufaktur yang terdaftar di Bursa Efek Indonesia periode 2021-2023. Data yang digunakan adalah data sekunder dari laporan keuangan dan laporan tahunan perusahaan. Sampel yang digunakan pada penelitian ini berjumlah sebanyak 207 observasi, melalui metode purposive sampling. Hasil penelitian menunjukkan bahwa kepercayaan diri berlebihan manajer berpengaruh negatif signifikan terhadap nilai perusahaan, sementara modal organisasi dan penghindaran pajak berpengaruh positif signifikan terhadap nilai perusahaan. Kepercayaan diri berlebihan manajer juga berpengaruh negatif signifikan terhadap modal organisasi, namun berpengaruh positif signifikan terhadap penghindaran pajak. Selain itu, modal organisasi dan penghindaran pajak memediasi secara signifikan pengaruh kepercayaan diri berlebihan manajer terhadap nilai perusahaan. Penelitian ini menyarankan agar perusahaan memperkuat tata kelola perusahaan dengan pengawasan ketat terhadap keputusan manajerial. Selain itu, pemerintah diharapkan memperkuat regulasi perpajakan untuk membatasi praktik penghindaran pajak yang berlebihan. Regulator akuntansi juga disarankan untuk mempertimbangkan pengembangan standar pengakuan dan pengukuran modal organisasi dalam laporan keuangan guna meningkatkan transparansi dan akuntabilitas perusahaan. Kata kunci: Kepercayaan diri berlebihan manajer, modal organisasi, penghindaran pajak, nilai perusahaan, mediasi xiv ABSTRACT The value of a firm serves as an important measure in assessing its operational efficiency and effectiveness, enabling managers to formulate appropriate business strategies. However, in practice, managers do not always act rationally. This is due to the possibility of managers exhibiting overconfidence in making strategic decisions, including financial decisions. This study aims to examine the impact of managerial overconfidence, organizational capital, and tax avoidance on firm value, as well as to investigate the role of organizational capital and tax avoidance as mediating variables in the relationship between managerial overconfidence and firm value. The research focuses on manufacturing companies listed on the Indonesia Stock Exchange for the period of 2021-2023. The data utilized in this study are secondary data obtained from the financial statements and annual reports of the companies. The sample comprises 207 observations, selected using purposive sampling. The findings reveal that managerial overconfidence has a significant negative effect on firm value, whereas organizational capital and tax avoidance have a significant positive effect on firm value. Additionally, managerial overconfidence significantly negatively impacts organizational capital, but significantly positively affects tax avoidance. Furthermore, both organizational capital and tax avoidance significantly mediate the relationship between managerial overconfidence and firm value. This study recommends that companies enhance corporate governance by implementing stringent oversight of managerial decisions. Additionally, it is suggested that the government strengthen tax regulations to limit excessive tax avoidance practices. Accounting regulators are also encouraged to consider the development of standards for the recognition and measurement of organizational capital in financial statements to improve transparency and accountability in companies. Keywords: Managerial overconfidence, organizational capital, tax avoidance, firm value, mediation

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