Effect of Investment Decision and Tax Management on Stock Liquidity

Roristua Pandiangan and Etty Murwaningsari
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Roristua Pandiangan: Department of Economics and Business, Trisakti University, Jakarta, Indonesia
Etty Murwaningsari: Department of Economics and Business , Trisakti University, Jakarta, Indonesia

International Journal of Finance & Banking Studies, 2020, vol. 9, issue 3, 64-77

Abstract: The purpose of this study investigate effect of investment decisions, tax management on stock liquidity and investigate the effect of investment decisions, tax management on stock liquidity which moderated by liquidity. Novelty in the study is on the measurement of tax management variables, the contribution of this study is to introduce a new measurement of tax management and to provide information about investor responses and prospective investors in the stock market on taxmanagement by companies in the context of Indonesia. The population of this study is manufacturing companies listed on the Indonesia Stock Exchange, determination of study samples using purposive sampling method with the criteria listed before 2015, complete data and non-delisting so as to obtain 127 manufacturing companies with 5 years observation year (2014-2018) and obtained 635 company years data, multiple regression analysis and moderate regression analysis(MRA) were used in this study. Research findings: 1) Investment Decisions, Tax Management simultaneously influences and significant affects Stock Liquidity. 2) Investment Decisions have an effect and significant on Stock Liquidity. 3) Tax Management has an effect and is not significant on Stock Liquidity. 4) The effect of Investment Decisions on Stock Liquidity is not moderated by liquidity. 5) The effect of Tax Management on Stock Liquidity is not moderated by liquidity.

Keywords: Stock Liquidity; Investment Decisions; Tax Management; Liquidity; Indonesia (search for similar items in EconPapers)
Date: 2020
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