[ABSTRAK
Penelitian ini bertujuan untuk menguji pengaruh transparansi terhadap agresivitaspajak (CETR, LCETR dan PBTD) serta pengaruh transparansi sebagai variabelmoderasi antara penghindaran pajak dan nilai perusahaan (Tobin?s Q). Sampelpenelitian terdiri dari 79 perusahaan manufaktur yang terdaftar di Bursa EfekIndonesia selama tahun 2011-2014, dengan total observasi 266 firms-yearsdengan pengujian data panel. Hasil penelitian menunjukkan bahwa padaperusahaan yang transparan, kenaikan agresivitas pajak perusahaan akanmeningkatkan nilai perusahaan tersebut secara jangka pendek, signifikan padalevel 5%. Namun secara jangka panjang, pada perusahaan yang transparan,kenaikan agresivitas pajak perusahaan akan menurunkan nilai perusahaan tersebutsecara signifikan.;

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ABSTRACT
The purpose of this study is to examine the effect of transparency on TaxAgressiveness (CETR, LCETR and PBTD) and its effect as moderating variablebetween Tax Avoidance and firm value (Tobin?s Q). The sample of this studyconsists of 79 manufacture firms that listed for period of 2011-2014, with 266firms-years total observation using panel data. The empirical results of this studyshow that in transparent firm, tax aggressiveness has positif effect to increase firmvalue annually. However, in the long term, tax aggressiveness will decrease firm?svalue, in transparent company,

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ABSTRACT
The purpose of this study is to examine the effect of transparency on TaxAgressiveness (CETR, LCETR and PBTD) and its effect as moderating variablebetween Tax Avoidance and firm value (Tobin’s Q). The sample of this studyconsists of 79 manufacture firms that listed for period of 2011-2014, with 266firms-years total observation using panel data. The empirical results of this studyshow that in transparent firm, tax aggressiveness has positif effect to increase firmvalue annually. However, in the long term, tax aggressiveness will decrease firm’svalue, in transparent company]