Pengaruh Penerapan Employee Stock Ownership Plan, Corporate Governance, Pajak Perusahaan Terhadap Sustainable Growth Rate Pada Perusahaan Manufaktur

Supina Supiyanti; Rohma Septiawati; Hendri Nur Ardiansyah

doi:10.58794/bns.v6i1.2331

Authors

Supina Supiyanti Universitas Buana Perjuangan Karawang
Rohma Septiawati Universitas Buana Perjuangan Karawang
Hendri Nur Ardiansyah Universitas Buana Perjuangan Karawang

DOI:

https://doi.org/10.58794/bns.v6i1.2331

Keywords:

Sustainable Growth Rate, Employee Stock Ownership Plan, Corporate Governance, Pajak Perusahaan, Bursa Efek Indonesia

Abstract

Sustainable Growth Rate (SGR) berfungsi sebagai indikator penting untuk menilai potensi pertumbuhan perusahaan tanpa bergantung pada pendanaan eksternal, khususnya di sektor manufaktur makanan dan minuman yang terdaftar di Bursa Efek Indonesia. Penelitian ini bertujuan untuk mengukur pengaruh Employee Stock Ownership Plan (ESOP), Corporate Governance yang diukur melalui proporsi komisaris independen, dan Pajak Perusahaan yang diukur melalui Effective Tax Rate (ETR) terhadap Sustainable Growth Rate (SGR) pada perusahaan manufaktur makanan dan minuman yang terdaftar di Bursa Efek Indonesia selama periode tahun 2020-2024. Penelitian ini menerapkan metode kuantitatif menggunakan data sekunder yang diperoleh dari laporan annual report. Sampel penelitian terdiri dari 22 perusahaan yang dipilih menggunakan teknik purposive sampling melalui observasi data; analisis data dilakukan menggunakan perangkat lunak SmartPLS 4.0 dengan pengujian outer model, inner model, serta uji hipotesis. Hasil penelitian menunjukkan bahwa ESOP memiliki pengaruh positif yang tidak signifikan terhadap Sustainable Growth Rate karena koefisien jalur sebesar 0,034, tingkat p-value mencapai 0,020. Corporate Governance memiliki pengaruh positif yang tidak signifikan terhadap Sustainable Growth Rate karena koefisien jalur sebesar 0,047, tingkat p-value mencapai 0,021. Sedangkan pajak perusahaan, yang diukur dengan Effective Tax Rate (ETR), memiliki pengaruh negatif signifikan terhadap Sustainable Growth Rate (SGR) karena koefisien jalur sebesar 0,895 dengan nilai p-value mencapai 0,928 lebih besar dari 0,05.

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