<![CDATA[The firm value of oil palm plantation companies fluctuates in response to commodity price movements, export and taxation policies, and sustainability-related pressures, while empirical evidence regarding the roles of tax planning and profitability remains inconclusive. This study aimed to examine the effects of tax planning and profitability on firm value and investigate the moderating role of firm size in these relationships. A quantitative explanatory research design was employed, involving 15 oil palm plantation companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2025 period. The sample was selected through purposive sampling, yielding 75 firm-year observations. Tax planning was proxied by the effective tax rate (ETR), profitability was measured using return on assets (ROA), firm value was assessed using Tobin's Q, and firm size was measured by the natural logarithm of total assets. Panel data regression incorporating interaction terms for moderated regression analysis (MRA) was conducted using EViews 13. The findings indicated that tax planning did not have a statistically significant relationship with firm value, whereas profitability exhibited a statistically significant positive relationship. Firm size did not significantly moderate the relationship between tax planning and firm value; however, it significantly weakened the positive relationship between profitability and firm value. The regression model explained approximately 33.3% of the variation in firm value. These findings suggested that corporate management should prioritize asset productivity, operational efficiency, and earnings quality rather than relying primarily on tax efficiency as a value-creation strategy. Furthermore, investors should consider the moderating role of firm size when interpreting profitability indicators and assessing the market valuation of large-scale oil palm plantation companies.]]>
Copyrights © 2026
