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All Journal Jurnal Management Risiko dan Keuangan
Negara, Noor Adi Sukma
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Decision Sciences, Operations Research & Management

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Analysis of the Effect of Financial Performance Before and After the Implementation of the Harmonization of Tax Regulations Negara, Noor Adi Sukma; Handrito, Radityo Putro
Jurnal Management Risiko dan Keuangan Vol. 4 No. 3 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2025.04.3.09

Abstract

Purpose – This study aims to analyze differences in the financial performance of cigarette subsector companies before and after the implementation of the Tax Regulation Harmonization Law (UU HPP), based on liquidity, activity, solvency, and profitability ratios.     Design/methodology/approach – This quantitative study uses secondary data from the financial statements of five cigarette subsector companies listed on the Indonesia Stock Exchange for the 2021–2022 period. Financial performance was evaluated using the current ratio, receivable turnover, inventory turnover, debt-to-equity ratio, return on equity, operating profit margin, and net profit margin. Data were analyzed using descriptive statistics with IBM SPSS version 24.   Findings – The results indicate that the implementation of the Tax Regulation Harmonization Law (UU HPP) does not lead to significant changes in liquidity, activity, solvency, or profitability. None of the examined financial ratios show a statistically significant difference before and after the enactment of the regulation.   Originality/value  – This study provides empirical evidence on the short-term financial impact of the Tax Regulation Harmonization Law (UU HPP) on Indonesia’s cigarette subsector, contributing to the literature on taxation policy and corporate financial performance.
Co-Authors Radityo Putro Handrito