THE EFFECT OF CASH HOLDING, TAX AVOIDANCE, FINANCIAL LEVERAGE, AND PROFITABILITY ON INCOME SMOOTHING IN FOOD AND BEVERAGE SUB-SECTOR MANUFACTURING COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE FOR THE 2021–2024 PERIOD
Keywords:
Cash Holding, Financial Leverage, Income Smoothing, Profitability, Tax Avoidance
Abstract
This study aims to analyze the effect of cash holding, tax avoidance, financial leverage, and profitability on income smoothing. The research employs a quantitative approach, with the population consisting of manufacturing companies in the consumer goods sub-sector (food and beverage) listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. The sampling technique used in this study is purposive sampling, resulting in a total sample of 68 companies. The data analysis technique applied is logistic regression, while hypothesis testing is conducted using SPSS software. The results of the hypothesis testing indicate that: (1) cash holding has a negative effect on income smoothing; (2) tax avoidance does not have a positive effect on income smoothing; (3) financial leverage does not have a negative effect on income smoothing; and (4) profitability does not have a negative effect on income smoothing.Downloads
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References
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Inayah, M., & Izzaty, K. N. (2021). The influence of cash holding, profitability, and institutional ownership on income smoothing. International Journal Accounting Tax and Business, 2(01), 51-67.
Istikasari, N., & Wahidahwati, W. (2022). Pengaruh asimetri informasi dan financial leverage terhadap income smoothing dengan good corporate governance sebagai pemoderasi. Reviu Akuntansi Dan Bisnis Indonesia, 6(2), 125-145. doi:https://doi.org/10.18196/rabin.v6i2.16045
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Mushtaq, A., Sultan, H., & Ijaz, F. (2016). Income smoothing and Islam: evidence from Pakistan Shari ‘ah compliant companies. Journal of Islamic thought and civilization, 6(2), 77-93.
Nurlaelah, N., & Daniarti, Y. (2025). Pengaruh cash holding, nilai perusahaan dan leverage terhadap income smoothing pada perusahaan sektor properties dan real estate yang terdaftar di Bursa Efek Indonesia. Journal of Accounting, Management, Economics, and Business (ANALYSIS), 3(2), 89-102. doi:https://doi.org/10.56855/analysis.v3i2.1671
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Oktavinawati, O., & Herawaty, V. (2022). Pengaruh cash holding, bonus plan, dan profitabilitas terhadap income smoothing dengan kualitas audit sebagai variabel moderasi: Indonesia. Jurnal Ekonomi Trisakti, 2(2), 515-528.
Opler, T., Pinkowitz, L., Stulz, R., & Williamson, R. (1999). The determinants and implications of corporate cash holdings. Journal of financial economics, 52(1), 3-46. doi:https://doi.org/10.1016/S0304-405X(99)00003-3
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Rahma, N. E., & Nurcholisah, K. (2026). Pengaruh cash holding terhadap income smoothing. Bandung Conference Series: Accountancy, 6(1), 205-214. doi:https://doi.org/10.29313/bcsa.v6i1.22867
Sari, E. N. (2025). Analisis hubungan penerapan teori akuntansi positif dan teori keagenan dalam praktik manajemen laba. Jurnal Studi Multidisipliner, 9(1), 243-251.
Solichah, I., & Sudarsi, S. (2022). Pengaruh profitabilitas, ukuran perusahaan, dan financial leverage terhadap pengaruh laba pada perusahaan industri manufaktur yang terdaftar di Bursa Efek Indonesia tahun 2018-2020. Management Studies and Entrepreneurship Journal (MSEJ), 3(4), 2473-2485. doi:https://doi.org/10.37385/msej.v3i4.915
Stiglitz, J. E. (1985). The general theory of tax avoidance. National Tax Journal, 38(3), 325-337. doi:https://doi.org/10.1086/NTJ41792029
Susmitha, R. I., & Zulaikha, Z. (2021). Pengaruh struktur kepemilikan, ukuran perusahaan, profitabilitas, dan financial leverage terhadap income smoothing. Diponegoro Journal of Accounting, 11(1).
Sutisna, D., Nirwansyah, M., Ningrum, S. A., & Anwar, S. (2024). Studi literatur terkait peranan teori agensi pada konteks berbagai issue di bidang akuntansi. Karimah Tauhid, 3(4), 4802-4821.
Trisanti, T. (2014). Income smoothing practices and empirical testing using discretionary accounting changes. Journal of Economics, Business, and Accountancy Ventura, 17(1), 117-126. doi:https://doi.org/10.14414/jebav.v17i1.271
Whynne, V., Evilia, E., Felicia, Z., Vioneta, C., & Bwarleling, T. H. (2025). Pengaruh tingkat hutang, sustainability reporting, dan profitabilitas terhadap penghindaran pajak pada perusahaan jasa keuangan. Innovative: Journal Of Social Science Research, 5(1), 5504-5519. doi:https://doi.org/10.31004/innovative.v5i1.17283
Widiastuti, N. P. D., Endiana, I. D. M., & Dewi, K. I. K. (2025). Analisis faktor-faktor yang mempengaruhi income smoothing pada perusahaan sub sektor perbankan yang terdaftar di Bursa Efek Indonesia (BEI) Tahun 2021-2023. Kumpulan Hasil Riset Mahasiswa Akuntansi (KHARISMA), 7(1), 171-183.
Yesy. (2025). Pengaruh Cash Holding, Firm Value terhadap Income Smoothing pada Perusahaan Sektor Indutrial di Bursa Efek Indonesia. MABIS, 16(1). doi:https://doi.org/10.66003/mabis.v16i01.10496
Ahmad, N., Sinulingga, W. N. B. R., Aminah, A., Aspuri, M., & Dalimunthe, I. P. (2024). Pengaruh cash holding dan financial leverage terhadap income smoothing (studi empiris perusahaan sektor transportasi dan logistik yang terdaftar di bei tahun 2019-2023). Jurnal Ekonomi Manajemen Dan Bisnis (JEMB), 4(1), 20-28. doi:https://doi.org/10.47233/jemb.v4i1.2491
Akbar, R. A., Sundarta, M. I., & Syukur, R. D. A. (2025). Pengaruh cash holding dan profitabilitas terhadap harga pasar saham. eCo-Fin, 7(2), 561-574. doi:https://doi.org/10.32877/ef.v7i2.1805
Anita, R., Abdillah, M. R., & Suseno, G. (2023). Leverage on firm value: The role of financial performance mechanisms. Jurnal Aplikasi Bisnis Dan Manajemen, 9(3), 751-751. doi:https://doi.org/10.17358/jabm.9.3.751
Asraruddin, Z., Zhang, A., & Ayu, F. S. (2023). Pengaruh firm size dan leverage terhadap financial performance pada perusahaan Indonesia sektor perbankan. Jurnal Ekonomi Bisnis, Manajemen dan Akuntansi (JEBMA), 3(3), 606-611. doi:https://doi.org/10.47709/jebma.v3i3.2863
Clarissa, N., & Dewi, S. P. (2022). Faktor-faktor yang memengaruhi income smoothing dengan mediasi effective tax rates. Jurnal Paradigma Akuntansi, 4(2), 767-777. doi:https://doi.org/10.24912/jpa.v4i2.19569
Fatimah, F., Danial, R. D. M., & Faizal Mulia, Z. (2019). Analisis perataan laba pada perusahaan industri makanan dan minuman. Jurnal Ekonomi Dan Bisnis, 20(2), 19. doi:https://doi.org/10.30659/ekobis.20.2.19-29
Febiyanto, F. A., Karnila, & Khoiroh, S. (2024). Pengaruh profitabilitas dan solvabilitas terhadap income smoothing dengan good corporate governance sebagai variabel moderating pada PT. Bank Muamalat Indonesia Tbk. Jurnal Manajemen Diversifikasi, 4(2), 425-438. doi:https://doi.org/10.24127/diversifikasi.v4i2.3748
Ferdous, L. (2019). Capital structure theories in finance research: A historical review. Australian Finance & Banking Review, 3(1), 11-19. doi:https://doi.org/10.46281/afbr.v3i1.244
Gonedes, N. J. (1972). Income-smoothing behavior under selected stochastic processes. The Journal of Business, 45(4), 570-584.
Hanlon, M., & Heitzman, S. (2010). A review of tax research. Journal of accounting and Economics, 50(2-3), 127-178. doi:https://doi.org/10.1016/j.jacceco.2010.09.002
Inayah, M., & Izzaty, K. N. (2021). The influence of cash holding, profitability, and institutional ownership on income smoothing. International Journal Accounting Tax and Business, 2(01), 51-67.
Istikasari, N., & Wahidahwati, W. (2022). Pengaruh asimetri informasi dan financial leverage terhadap income smoothing dengan good corporate governance sebagai pemoderasi. Reviu Akuntansi Dan Bisnis Indonesia, 6(2), 125-145. doi:https://doi.org/10.18196/rabin.v6i2.16045
Lesmono, B., & Siregar, S. (2021). Studi literatur tentang agency theory. Ekonomi, Keuangan, Investasi Dan Syariah (EKUITAS), 3(2), 203-210. doi:https://doi.org/10.47065/ekuitas.v3i2.1128
Miftah, M., Oktaviani, F. D., & Supriadi, Y. N. (2023). A review of income smoothing through company size, profitability, and managerial ownership. International Journal of Business, Technology and Organizational Behavior (IJBTOB), 3(3), 232-246. doi:https://doi.org/10.52218/ijbtob.v3i3.278
Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. The American economic review, 48(3), 261-297.
Moniaga, R. A., & Tanusdjaja, H. (2025). Pengaruh profitabilitas, leverage, dan ukuran perusahaan terhadap nilai perusahaan (studi empiris pada perusahaan property dan real estate yang terdaftar di Bursa Efek Indonesia periode 2019-2022). Jurnal Paradigma Akuntansi, 7(3), 917-927. doi:https://doi.org/10.24912/jpa.v7i3.34291
Muliati, H., & Yanti, L. D. (2023). Pengaruh profitabilitas, ukuran perusahaan, financial leverage dan cash holding terhadap income smoothing. eCo-Fin, 5(2), 65-79. doi:https://doi.org/10.32877/ef.v5i2.705
Mushtaq, A., Sultan, H., & Ijaz, F. (2016). Income smoothing and Islam: evidence from Pakistan Shari ‘ah compliant companies. Journal of Islamic thought and civilization, 6(2), 77-93.
Nurlaelah, N., & Daniarti, Y. (2025). Pengaruh cash holding, nilai perusahaan dan leverage terhadap income smoothing pada perusahaan sektor properties dan real estate yang terdaftar di Bursa Efek Indonesia. Journal of Accounting, Management, Economics, and Business (ANALYSIS), 3(2), 89-102. doi:https://doi.org/10.56855/analysis.v3i2.1671
Oktaviani, N., Wahyudi, T., & Relasari, R. (2024). Pengaruh tax avoidance dan manajemen laba terhadap nilai perusahaan pada perusahaan sektor consumer goods yang terdaftar di Bursa Efek Indonesia Tahun 2018–2022. Management Studies and Entrepreneurship Journal (MSEJ), 5(2), 7404–7414.
Oktavinawati, O., & Herawaty, V. (2022). Pengaruh cash holding, bonus plan, dan profitabilitas terhadap income smoothing dengan kualitas audit sebagai variabel moderasi: Indonesia. Jurnal Ekonomi Trisakti, 2(2), 515-528.
Opler, T., Pinkowitz, L., Stulz, R., & Williamson, R. (1999). The determinants and implications of corporate cash holdings. Journal of financial economics, 52(1), 3-46. doi:https://doi.org/10.1016/S0304-405X(99)00003-3
Purba, A. S., Saerang, I. S., & Untu, V. N. (2024). The influence of cash holding, cash holding, and debt to equity ratio on firm valuein the IDX30 stock index on the Indonesian Stock Exchange. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis dan Akuntansi, 12(3). doi:https://doi.org/10.35794/emba.v12i03
Rahma, N. E., & Nurcholisah, K. (2026). Pengaruh cash holding terhadap income smoothing. Bandung Conference Series: Accountancy, 6(1), 205-214. doi:https://doi.org/10.29313/bcsa.v6i1.22867
Sari, E. N. (2025). Analisis hubungan penerapan teori akuntansi positif dan teori keagenan dalam praktik manajemen laba. Jurnal Studi Multidisipliner, 9(1), 243-251.
Solichah, I., & Sudarsi, S. (2022). Pengaruh profitabilitas, ukuran perusahaan, dan financial leverage terhadap pengaruh laba pada perusahaan industri manufaktur yang terdaftar di Bursa Efek Indonesia tahun 2018-2020. Management Studies and Entrepreneurship Journal (MSEJ), 3(4), 2473-2485. doi:https://doi.org/10.37385/msej.v3i4.915
Stiglitz, J. E. (1985). The general theory of tax avoidance. National Tax Journal, 38(3), 325-337. doi:https://doi.org/10.1086/NTJ41792029
Susmitha, R. I., & Zulaikha, Z. (2021). Pengaruh struktur kepemilikan, ukuran perusahaan, profitabilitas, dan financial leverage terhadap income smoothing. Diponegoro Journal of Accounting, 11(1).
Sutisna, D., Nirwansyah, M., Ningrum, S. A., & Anwar, S. (2024). Studi literatur terkait peranan teori agensi pada konteks berbagai issue di bidang akuntansi. Karimah Tauhid, 3(4), 4802-4821.
Trisanti, T. (2014). Income smoothing practices and empirical testing using discretionary accounting changes. Journal of Economics, Business, and Accountancy Ventura, 17(1), 117-126. doi:https://doi.org/10.14414/jebav.v17i1.271
Whynne, V., Evilia, E., Felicia, Z., Vioneta, C., & Bwarleling, T. H. (2025). Pengaruh tingkat hutang, sustainability reporting, dan profitabilitas terhadap penghindaran pajak pada perusahaan jasa keuangan. Innovative: Journal Of Social Science Research, 5(1), 5504-5519. doi:https://doi.org/10.31004/innovative.v5i1.17283
Widiastuti, N. P. D., Endiana, I. D. M., & Dewi, K. I. K. (2025). Analisis faktor-faktor yang mempengaruhi income smoothing pada perusahaan sub sektor perbankan yang terdaftar di Bursa Efek Indonesia (BEI) Tahun 2021-2023. Kumpulan Hasil Riset Mahasiswa Akuntansi (KHARISMA), 7(1), 171-183.
Yesy. (2025). Pengaruh Cash Holding, Firm Value terhadap Income Smoothing pada Perusahaan Sektor Indutrial di Bursa Efek Indonesia. MABIS, 16(1). doi:https://doi.org/10.66003/mabis.v16i01.10496
Published
2026-09-23
How to Cite
Rhonovan, R. (2026, September 23). THE EFFECT OF CASH HOLDING, TAX AVOIDANCE, FINANCIAL LEVERAGE, AND PROFITABILITY ON INCOME SMOOTHING IN FOOD AND BEVERAGE SUB-SECTOR MANUFACTURING COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE FOR THE 2021–2024 PERIOD. Jurnal Akuntansi Dan Keuangan (JAK), 31(1), 82-94. https://doi.org/https://doi.org/10.23960/jak.v31i1.4914
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