Penelitian ini bertujuan untuk menguji pengaruh agresivitas pajak terhadap nilai perusahaan dimoderasi transparansi dan kepemilikan institusional. Agresivitas pajak diukur menggunakan Long Run Cash Effective Tax Rate (LCETR) selama tiga tahun, nilai perusahaan diukur menggunakan rasio Tobin’s Q, transparansi diukur menggunakan item transparansi berdasarkan peraturan BAPEPAM LK Nomor KEP/431/BI/2012, dan kepemilikan institusional diukur menggunakan perbandingan antara jumlah saham institusi dengan jumlah saham beredar. Sampel penelitian sebanyak 66 perusahaan manufaktur yang terdaftar di BEI, dipilih menggunakan teknik purposive sampling. Hasil penelitian menunjukkan bahwa agresivitas pajak berpengaruh negatif terhadap nilai perusahaan. Kemudian, transparansi mampu memoderasi pengaruh agresivitas pajak terhadap nilai perusahaan. Sedangkan, kepemilikan institusional tidak mampu memoderasi pengaruh agresivitas pajak terhadap nilai perusahaan.

Kata Kunci: Agresivitas Pajak, Nilai Perusahaan, Transparansi, Kepemilikan Institusional

This study aims to examine the effect of tax aggressiveness on firm value with transparency and institutional ownership as moderating variable. Tax aggressiveness was measured by Long Run Cash Effective Tax Rate (LCETR) for three years, firm value was measured by Tobin's Q, transparency was measured by item transparency based on BAPEPAM LK regulations Number KEP/431/BI/2012, and institutional ownership was measured by total of institutional shares divide with total of outstanding shares. The research sample was selected by purposive sampling and there was 66 manufacturing companies listed on the Indonesia Stock Exchange. The results indicate that tax aggressiveness affects negative on firm value. Then, transparency is moderating affects of tax aggressiveness on firm value. Meanwhile, institutional ownership is can not moderating affects of tax aggressiveness on firm value.

Keywords: Tax Aggressiveness, Firm Value, Transparency, Institutional Ownership