Tax Planning, Tax Avoidance, Leverage, and Firm Value: Moderating Role of Corporate Transparency in IDX Food and Beverage Firms

Research Aims: Previous studies show inconsistent results regarding the effect of tax planning, tax avoidance, and leverage on firm value. Most of these studies do not consider corporate transparency as a factor that may influence how investors assess these strategies, especially in emerging markets. Therefore, this study aims to examine the effect of tax planning, tax avoidance, and leverage on firm value, with corporate transparency as a moderating variable in food and beverage companies listed on the Indonesia Stock Exchange (IDX) during 2020–2024. Design/methodology/approach: This study uses a quantitative approach with secondary data obtained from annual reports and financial statements. The population consists of 132 food and beverage companies listed on the IDX. Using purposive sampling, 39 companies were selected, resulting in 195 firm-year observations. Data were analyzed using multiple linear regression with SPSS version 26. Research Findings: The results of this study indicate that (1) Tax planning does not significantly affect firm value. (2) Tax avoidance does not significantly affect firm value. (3) Leverage has a significant effect on company value in the Company. (4) Tax planning has a significant effect on company value with company transparency as a moderating variable in the Company. (5) Tax avoidance does not have a significant effect on company value with Company Transparency as a moderating variable. (6) Leverage has a significant effect on company value with Company Transparency as a moderating variable. Theoretical Contribution/Originality: This study contributes to the literature by highlighting the role of corporate transparency in influencing firm value and provides practical implications for management and investors in evaluating corporate financial strategies in the food and beverage sub-sector.