This study aims to empirically examine the influence of tax planning, profitability, and capital intensity on firm value, and to analyze the role of Good Corporate Governance (GCG) as a moderating variable. The population for this research consists of manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2019-2023 period. Using a purposive sampling method, a final sample of 52 companies was obtained, resulting in 260 valid observations for analysis. Data were processed using panel data regression with the Panel EGLS (Cross-section random effects) method via EViews software.
The results demonstrate that tax planning has a significant negative effect on firm value, indicating that tax efficiency efforts are not always perceived positively by the market. Profitability was found to have a significant positive effect on firm value, suggesting that increased profit generation enhances investor confidence. Conversely, capital intensity shows a significant negative effect on firm value, reflecting that high investment in fixed assets tends to lower valuation in the eyes of investors. Furthermore, the moderation analysis reveals that GCG is unable to moderate the influence of tax planning or capital intensity on firm value, but it is capable of strengthening the positive relationship between profitability and firm value.
The implications of this study suggest that the government should evaluate the supervision of tax planning practices to prevent potential losses in state revenue. For companies, it is recommended to conduct responsible tax management and strengthen corporate governance to enhance market trust. For investors, these findings serve as a basis for evaluating earnings quality and fixed asset investment policies as key indicators of firm value stability when making investment decisions.