PENGARUH SKOR ESG, STRATEGI PAJAK, DAN UKURAN PERUSAHAN TERHADAP BIAYA UTANG (STUDI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2019-2023)

MIGHTYN, ALFA (2025) PENGARUH SKOR ESG, STRATEGI PAJAK, DAN UKURAN PERUSAHAN TERHADAP BIAYA UTANG (STUDI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2019-2023). S2 thesis, Universitas Mercu Buana Jakarta.

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Abstract

The cost of debt is one of the key components of capital structure as it reflects the credit risk perceived by creditors. In the context of external financing, environmental factors, tax strategies, and firm characteristics can influence the level of borrowing costs borne by companies. This study aims to analyze the effect of ESG scores, tax strategies, and firm size on the cost of debt in manufacturing companies listed on the Indonesia Stock Exchange during the 2019–2023 period. The research employs panel data regression with purposive sampling of manufacturing firms. The ESG score is proxied by the number of environmental certifications, tax strategy by the Cash Effective Tax Rate (CETR), firm size by the natural logarithm of total assets, and cost of debt by the Interest Coverage Ratio (ICR). The results show that ESG scores have a negative effect on the cost of debt, tax strategies also have a negative effect, while firm size, on the contrary, has a positive effect on the cost of debt. These findings indicate that corporate sustainability and tax compliance can reduce the credit risk perceived by creditors, whereas larger firm size does not always guarantee lower financing costs. The contextual approach of using environmental certifications and CETR provides a more practical understanding of the determinants of the cost of debt, emphasizing that sustainability and fiscal governance are relevant financial strategies for the manufacturing sector in Indonesia. Keywords: ESG, tax strategy, firm size, cost of debt, Interest Coverage Ratio, Indonesian manufacturing. Biaya utang merupakan salah satu komponen penting dalam struktur modal karena mencerminkan risiko kredit yang dipersepsikan oleh kreditur. Dalam konteks pembiayaan eksternal, faktor lingkungan, strategi pajak, dan karakteristik perusahaan dapat memengaruhi tingkat biaya utang yang harus ditanggung. Penelitian ini bertujuan untuk menganalisis pengaruh skor ESG, strategi pajak, dan ukuran perusahaan terhadap biaya utang pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2019–2023. Metode penelitian menggunakan regresi data panel dengan purposive sampling terhadap perusahaan manufaktur. Skor ESG diproksi dengan jumlah sertifikasi lingkungan, strategi pajak dengan Cash Effective Tax Rate (CETR), ukuran perusahaan dengan log natural total aset, dan biaya utang dengan Interest Coverage Ratio (ICR). Hasil penelitian menunjukkan bahwa skor ESG berpengaruh negatif terhadap biaya utang, strategi pajak juga berpengaruh negatif terhadap biaya utang, sedangkan ukuran perusahaan justru berpengaruh positif terhadap biaya utang. Temuan ini memperlihatkan bahwa keberlanjutan perusahaan dan kepatuhan pajak dapat menurunkan risiko kredit yang dipersepsikan kreditur, sementara ukuran perusahaan yang besar tidak selalu menjamin biaya pendanaan yang lebih rendah. Pendekatan kontekstual melalui penggunaan sertifikasi lingkungan dan CETR memberikan pemahaman yang lebih praktis mengenai faktor penentu biaya utang, serta menekankan bahwa keberlanjutan dan tata kelola fiskal merupakan strategi finansial yang relevan bagi sektor manufaktur di Indonesia. Kata kunci: ESG, strategi pajak, ukuran perusahaan, biaya utang, Interest Coverage Ratio, manufaktur Indonesia

Item Type: Thesis (S2)
NIM/NIDN Creators: 55521120047
Uncontrolled Keywords: ESG, strategi pajak, ukuran perusahaan, biaya utang, Interest Coverage Ratio, manufaktur Indonesia
Subjects: 600 Technology/Teknologi > 650 Management, Public Relations, Business and Auxiliary Service/Manajemen, Hubungan Masyarakat, Bisnis dan Ilmu yang Berkaitan > 657 Accounting/Akuntansi > 657.4 Specific Fields of Accounting/Bidang Akuntansi Tertentu > 657.42 Cost Accounting/Akuntansi Biaya
600 Technology/Teknologi > 650 Management, Public Relations, Business and Auxiliary Service/Manajemen, Hubungan Masyarakat, Bisnis dan Ilmu yang Berkaitan > 657 Accounting/Akuntansi > 657.4 Specific Fields of Accounting/Bidang Akuntansi Tertentu > 657.46 Tax Accounting/Akuntansi Pajak
600 Technology/Teknologi > 650 Management, Public Relations, Business and Auxiliary Service/Manajemen, Hubungan Masyarakat, Bisnis dan Ilmu yang Berkaitan > 658 General Management/Manajemen Umum > 658.01-658.09 [Management of Enterprises of Specific Sizes, Scopes, Forms; Data Processing]/[Pengelolaan Usaha dengan Ukuran, Lingkup, Bentuk Tertentu; Pengolahan Data]
600 Technology/Teknologi > 670 Manufacturing/Manufaktur, Pabrik-pabrik
Divisions: Pascasarjana > Magister Akuntansi
Depositing User: khalimah
Date Deposited: 11 Feb 2026 06:46
Last Modified: 11 Feb 2026 06:46
URI: http://repository.mercubuana.ac.id/id/eprint/100891

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