[ABSTRAK
Penelitian ini bertujuan untuk menganalisa pengaruh tax aggressivenes terhadaptingkat utang perusahaan dengan moderasi perubahan tarif pajak dan outsidedirectors. Penelitian ini menggunakan sampel perusahaan publik industrimanufaktur di Indonesia periode 2008-2012. Hasil dari penelitian inimenunjukkan bahwa tax aggressiveness memiliki pengaruh signifikan negatifterhadap tingkat utang perusahaan (Debt Subtitution effect). Pada periode sebelumpenurunan tarif pajak, pengaruh tax aggressiveness terhadap tingkat utangsemakin besar. Penulis juga menemukan bahwa adanya outside directors diperusahaan memperbesar efek subtitusi utang perusahaan.

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ABSTRACT
This study aims to analyze the influence of tax aggressiveness against corporatedebt moderated by tax rate changes and outside directors. This study usedsample of public companies in Indonesia Manufacturing industry during 2008-2012. The results of this study indicate that tax aggressiveness has a significantnegative effect on the level of corporate debt (Debt Substitution effect). In theperiod before the tax rate reduction, the influence of tax aggressiveness on thelevel of debt increases. The authors also found that the presence of outsidedirectors magnify the debt substitution effect.;This study aims to analyze the influence of tax aggressiveness against corporatedebt moderated by tax rate changes and outside directors. This study usedsample of public companies in Indonesia Manufacturing industry during 2008-2012. The results of this study indicate that tax aggressiveness has a significantnegative effect on the level of corporate debt (Debt Substitution effect). In theperiod before the tax rate reduction, the influence of tax aggressiveness on thelevel of debt increases. The authors also found that the presence of outsidedirectors magnify the debt substitution effect., This study aims to analyze the influence of tax aggressiveness against corporatedebt moderated by tax rate changes and outside directors. This study usedsample of public companies in Indonesia Manufacturing industry during 2008-2012. The results of this study indicate that tax aggressiveness has a significantnegative effect on the level of corporate debt (Debt Substitution effect). In theperiod before the tax rate reduction, the influence of tax aggressiveness on thelevel of debt increases. The authors also found that the presence of outsidedirectors magnify the debt substitution effect.]