ANALISIS DAMPAK PAJAK TERHADAP KEPUTUSAN PEMBIAYAAN PERUSAHAAN : STUDI LITERATUR

Abstract

Taxes play a pivotal role in corporate financing decisions, particularly in capital structure, which encompasses a combination of equity and debt capital. This study employs a literature review method to examine the impact of taxes on corporate financing decisions from an empirical perspective. Through a comprehensive analysis of diverse academic sources, this study ascertains that tax policies, such as tax avoidance, can influence the proportion of debt firms utilize. The findings indicate that firms that engage in aggressive tax reporting tend to exhibit higher levels of short-term debt, while instances of tax avoidance can result in reduced debt costs. In addition to the role of taxes, corporate policies and government regulations also influence financing decisions. Other factors influencing the decision between debt and equity include market conditions, specific financing objectives, and risk perceptions by management and shareholders. This study underscores the necessity of a comprehensive understanding of the interplay between tax and financing decisions to formulate more effective strategies for capital structure management. By incorporating a comprehensive understanding of these multifaceted interactions into their decision-making processes, companies can enhance efficiency, optimize capital allocation, and maximize shareholder value