Analysis of the Effect of Tax Avoidance, Intellectual Capital, and Institutional Ownership on Firm Value with Firm Size as a Moderating Variable

This research examines the influence of tax avoidance, intellectual capital, and institutional ownership on firm value, moderated by firm size. The sample consists of 265 data points from energy companies listed on the Indonesia Stock Exchange (IDX) during the period 2018 to 2022, selected using purposive sampling.
The study employs multiple regression and moderated regression hypotheses, using ETR (Effective Tax Rate), VAIC (Value Added Intellectual Coefficient), and IO (Institutional Ownership) as measurements against Tobin’s Q, moderated by Firm Size. Result from the multiple regression model show that ETR has a positive effect on Tobin’s Q, while VAIC and IO have negative effects on Tobin’s Q. The moderated regression model result indicated that ETR has negative effect on Tobin’s Q with Firm Size as a moderating variable, whereas VAIC and IO have positive effects on Tobin’s Q with Firm Size as a moderating variable. The moderated performed by Firm Size successfully moderates the relationship between VAIC and IO on Tobin’s Q, but fails to moderated the relationship between ETR and Tobin’s Q.