Global Journal of Economic and Finance Research

This study aims to analyze the effect of profitability and leverage on tax planning, with firm value as a moderating variable, in energy sub-sector companies listed on the Indonesia Stock Exchange during the 2021–2024 period. This study employed a quantitative approach using secondary data obtained from annual reports. The sampling technique used was purposive sampling, resulting in 63 observations. Data analysis was conducted using multiple linear regression and Moderated Regression Analysis (MRA) with SPSS version 26. The results indicate that profitability, proxied by Return on Assets (ROA), does not significantly affect tax planning, proxied by the Effective Tax Rate (ETR). Meanwhile, leverage, proxied by the Debt to Equity Ratio (DER), has a negative and significant effect on tax planning. Simultaneously, profitability, leverage, and firm value significantly affect tax planning, with an R Square value of 0.542. Furthermore, firm value, measured by Tobin’s Q, is not able to moderate the relationship between profitability and tax planning nor between leverage and tax planning. These findings suggest that leverage is an important factor in determining corporate tax planning strategies, while profitability and firm value do not significantly influence tax planning decisions.

Profitability, Leverage, Tax Planning, Firm Value, Energy Companies Indonesia

1. Agustina. V Dan Fidiana (2025). Pengaruh Tax Planning, Leverage Dan Profitabilitas Terhadap Nilai Perusahaan, Vol 14 No 8 (2025): Jurnal Ilmu Dan Riset Akuntansi.Https://Jurnalmahasiswa.Stiesia.Ac.Id/Index.Php/Jira/Article/View/6348
2. Chairunnisa, V., & Arisman, A. (2026). Pengaruh Ukuran Perusahaan Dan Profitabilitas Terhadap Tax Planning Perusahaan Infrastruktur Bei. Riggs: Journal Of Artificial Intelligence And Digital Business, 5(1), 4954–4964.Https://Doi.Org/10.31004/Riggs.V5i1.6819
3. Damayanti. H.E, Dan Retna,E.D. (2024). Pengaruh Profitabilitas, Struktur Modal, Dan Keputusan Investasi Terhadap Nilai Perusahaanhttps://Jurnalmahasiswa.Stiesia.Ac.Id/Index.Php/Jira/Article/View/5890
4. Saragih, Y. B. C. Sembiring, And M. B. R. F. Purba. (2023) “Pengaruh Leverage, Profitability, Ukuran Perusahaan Dan Proporsi Kepemilikan Institusional Terhadap Tax Planning,” Vol. 9, No. 1.
5. Fitriana, R., & Atiningsih, S. (2025). Pengaruh Profitabilitas, Likuiditas, Leverage Dan Pertumbuhan Penjualan Terhadap Perencanaan Pajak Yang Dimoderasi Oleh Manajemen Laba Riil. Jambura Accounting Review, 6(2), 734 - 747. Https://Doi.Org/10.37905/Jar.V6i2.209
6. Gumelar, A., Susanto, H., & Sukayat, H. (2024). Effect Of Profitability, Leverage, Firm Size On Tax Avoidance: Case Study On Banking Companies Listed On The Idx 2023 Period. Jurnal Ilmiah Akuntansi Kesatuan, 12(3), 341–350. Https://Doi.Org/10.37641/Jiakes.V12i3.1435
7. Hartono, Trisnawati. E Dan Verawati (2025). Firm Value: The Influence Of Tax Planning, Tax Avoidance, And Corporate Transparency.Https://Www.Researchgate.Net/Publication/390187594_Firm_Value_The_Influence_Of_Tax_Planning_Tax_Avoidance_And_Corporate_Transparency
8. Heryana, Regina & Luthfi, Dwi & Fitriana, Fitriana & Santoso, Rachmat. (2024). Analisis Pengaruh Profitabilitas Dan Leverage Terhadap Tax Avoidance Pada Artikel Terindeks Sinta. Jurnal Revenue: Jurnal Ilmiah Akuntansi. 5. 511-532. 10.46306/Rev.V5i1.453.Https://Www.Researchgate.Net/Publication/384096685
9. Janah, N., & Munandar, A. (2022). Pengaruh Perencanaan Pajak Dan Profitabilitas Terhadap Nilai Perusahaan Dengan Ukuran Perusahaan Sebagai Variabel Moderasii. Jurnal Ilmiah Mea, 6(2).
10. Laurencia S & Veny. (2022). Pengaruh Profitability, Firm Size, Dan Leverage Terhadap Tax Management Perusahaan Manufaktur Yang Terdaftar Di Bei. Https://Ojs.Uph.Edu/Index.Php/Kia9/Issue/View/324
11. N. K. U. Dewi and D. A. E. Wulandari, “Pengaruh Tax Planning, Tax Avoidance, Dan Firm Size Terhadap Nilai Perusahaan”, Riggs, Vol. 4, No. 2, Pp. 486–492, May 2025. 
12. Natalie, C. W., & Pratiwi, D. (2023). Pengaruh Leverage, Free Cash Flow, Ukuran Perusahaan Dan Perencanaan Pajak Terhadap Manajemen Laba. Accounting Profession Journal (Apaji), 5(2), 15 - 29. Https://Doi.Org/10.35593/Apaji.V5i2.109
13. Noviana, M. N., & Afridayani, A. (2025). Pengaruh Penghindaran Pajak, Perencanaan Pajak, Dan Struktur Modal Terhadap Nilai Perusahaan. Riggs: Journal Of Artificial Intelligence And Digital Business, 4(4), 2186–2192. Https://Doi.Org/10.31004/Riggs.V4i4.3337 Https://Journal.Ilmudata.Co.Id/Index.Php/Riggs/Article/View/3337
14. Putri, R. A., & Kartika, T. P. D. (2025). Faktor-Faktor Yang Mempengaruhi Tax Avoidance Pada Perusahaan Sektor Energy Di Bei Tahun 2018-2022. Jurnal Akuntansi Akunesa, 13(2), 162–172. Https://Doi.Org/10.26740/Akunesa.V13n2.P162-172
15. Putri, T.C & Nurhayati, N (2025) Pengaruh Profitabilitas Dan Leverage Terhadap Tax Avoidance Pada Perusahaan Food Beverage. Https://Doi.Org/10.29313/Jra.V5i2.8323
16. Rizky, S.R & Andayani, S. (2025) Pengaruh Profitabilitas Dan Leverage Terhadap Tax Avoidance Pada Perusahaan Pertambangan Yang Terdaftar Di Bei Periode 2021-2023 https://Ejurnal.Unmuhjember.Ac.Id/Index.Php/Jiai/Article/View/4030
17. S Santoso, D Pratiwi. (2023). The Influence of Tax Planning, Leverage, Profitability, And Firm Value
18. Santo, V. A., & Nastiti, C. D. (2023). Pengaruh Financial Distress, Leverage Dan Capital Insenty Terhadap Tax Avoidance. Akurasi: Jurnal Riset Akuntansi Dan Keuangan, 5(1), 1-10. Https://Doi.Org/10.36407/Akurasi.V5i1.848
19. Sari, A. N., Mahwiyah, M., & Maulana, I. (2025). The Influence of Tax Planning and Tax Avoidance On Firm Value (Evidence from The Manufacturing Sector In Indonesia). Jurnal Multidisiplin Sahombu, 5(5), 1305–1316.Https://Ejournal.Seaninstitute.Or.Id/Index.Php/Jms/Article/View/7089
20. Sari, M. C., & Hartanti, R. (2025). Pengaruh Firm Size, Profitability, Leverage Dan Tax Planning Terhadap Earnings Management. Journal Of Comprehensive Science, 4(8), 2348–2360.Https://Doi.Org/10.59188/Jcs.V4i8.3512
21. Sembiring, E.S, & Sa’adah,L.(2021). Pengaruh Ukuran Perusahaan, Profitabilitas, Dan Pertumbuhan Penjualan Terhadap Tax Avoidance. Jurnal Manajemen Dirgantara, Vol. 14, No. 2, Desember 2021 |188 
22. Septiana, A., & Zulkifli. (2024). Analisis Pengaruh Profitabilitas Dan Leverage Terhadap Nilai Perusahaan Dengan Ukuran Perusahaan Sebagai Variabel Moderasi. Https://Doi.Org/10.30596/17716
23. Setiawan T, Selly L.J, Harianto D. (2022). Pengaruh Good Corporate Governance, Profitability, Millennial Leadership, Family Ownership, Dan Firm Size Terhadap Firm Value (Pada Perusahaan Terbuka Yang Terdaftar Pada Corporate Governance Perception Index Periode 2017-2020). Http://Dx.Doi.Org/10.30813/Jbam.V15i1.3306
24. Setiawan, T., Idawati, W., Aryati, T., Putra, D.P., & Bwarleling, T. H. (2024). Mahir Akuntansi Dasar: Metodologi Penelitian Akuntansi. Joel Publishing.
25. Size On Firm Value (Empirical Study Of Food And Beverage Sub-Sector Manufacturing Companies Listed On The Indonesia Stock Exchange In The 2019-2021 Period) - Journal Of Accounting And Finance Management. Https://Doi.Org/10.38035/Jafm.V4i1
26. Susanty, Caroline & Yuniarwati,. (2025). The Effect Of Employee Benefit Liabilities And Earnings Management On Tax Avoidance Moderated By Firm Size. Research Horizon. 5. 2361-2376. 10.54518/Rh.5.6.2025.973.
27. Suyanto, Emilia, R., Pratama, Y. H., & Putri, F. K. (2025). The Effect Of Tax Planning And Profitability On Company Value With Good Corporate Governance As A Moderating Variable. Jasa (Jurnal Akuntansi, Audit Dan Sistem Informasi Akuntansi), 9(3), 495–502.Https://Doi.Org/10.36555/Jasa.V9i3.2920
28. Va Santo, C Theadora, Dh Adrian, J Mario. (2025). Influence Profitability, ;Everage And Company Size On Firm Value Of Consumption Sector Company.  Https://Www.Researchgate.Net/Profile/Venyny.Pdf
29. Wiguna, M. A. K., & Sinarwati, N. K. (2025). Pengaruh Profitabilitas, Leverage Dan Transfer Pricing Terhadap Tax Planning Pada Perusahaan Idxq30 Tahun 2020-2024. Jurnal Ilmiah Akuntansi Dan Humanika, 15(2), 345-356.
30. Wijayanti, F., & Wafiroh, N. L. (2025). The Influence Of Profitability, Leverage, Capital Intensity, And Tax Haven On Tax Avoidance In Mining Companies Listed On The Indonesia Stock Exchange In 2019-2023. Jurnal Akuntansi Akunesa, 13(2), 191–209. Https://Doi.Org/10.26740/Akunesa.V13n2.P191-209