THE EFFECTS OF DIVIDEND TAX POLICY ON CORPORATE DIVIDEND BEHAVIOR AND INVESTMENT ALLOCATION: EVIDENCE FROM THE 2021 DIVIDEND TAX EXEMPTION UNDER THE JOB CREATION ACT

LUBIS, MHD. RICKY KARUNIA (2023) THE EFFECTS OF DIVIDEND TAX POLICY ON CORPORATE DIVIDEND BEHAVIOR AND INVESTMENT ALLOCATION: EVIDENCE FROM THE 2021 DIVIDEND TAX EXEMPTION UNDER THE JOB CREATION ACT. Skripsi thesis, Politeknik Keuangan Negara STAN.

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Abstract

Kebijakan pembebasan pajak dividen diterapkan pada tahun 2021 sebagai bagian dari reformasi ekonomi yang diusung oleh pemerintah demi meningkatkan efisiensi pada perekonomian. Salah satu jalur kebijakan pajak ini dapat meningkatkan efisiensi adalah melalui realokasi modal di pasar. Kebijakan ini hanya akan efektif jika perusahaan merespon kebijakan tersebut dengan menaikkan pembayaran dividen mereka. Penelitian ini bertujuan untuk menguji apakah perusahaan merespon kebijakan pembebasan pajak dividen dengan menaikkan pembayaran dividen serta apakah masalah keagenan memperlemah respons tersebut. Penelitian ini menggunakan pendekatan difference-in-difference (DiD) sebagai strategi empiris utama dengan 250 perusahaan pembayar dividen sebagai sampel selama 16 kuartal. Penelitian ini menemukan bahwa perusahaan menaikkan pembayaran dividen pasca kebijakan pembebasan pajak dividen, tetapi masalah keagenan memperlemah dampak tersebut, sehingga menimbulkan heterogenitas pada respons antarperusahaan. Selain itu, penelitian ini juga menemukan bahwa pandangan lama (old view) tidak berlaku di Indonesia sehingga memunculkan keraguan tentang efektivitas kebijakan pajak tersebut terhadap efisiensi. Hasil penelitian ini perlu menjadi perhatian para pengambil kebijakan, khususnya otoritas pajak, agar evaluasi berkala dapat dilakukan guna mencapai pemajakan dividen yang optimal. The dividend tax exemption policy was enacted in 2021 as part of the economic reform promoted by the government in pursuit of efficiency in the economy. One channel through which such a policy can improve efficiency in the economy is the reallocation of capital. This policy can come into effect only if firms respond to the tax reform by increasing their dividend payments. This study aims to examine whether firms respond to the dividend tax reform by raising their dividends and test whether agency issues mute such a response. This study uses the difference-in�difference (DiD) approach as its main empirical strategy with 250 dividend-paying firms as the core sample during 16 quarters. This study finds that firms do increase their dividends in response to the dividend tax exemption policy, but agency issues mute the magnitude, thus leading to heterogeneity in firms’ responses. In addition, this study also finds that the “old view” does not hold in the case of the dividend tax reform in Indonesia, thereby casting doubt on the effectiveness of such a policy on efficiency. The findings of this study should be of great attention to policymakers, especially the tax authority, so regular assessments can be conducted to achieve optimal dividend taxation.

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