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"Penelitian ini bertujuan untuk menginvestigasi pengaruh kepemilikan keluarga, kepemilikan institusional, kualitas audit, dan kualitas penerapan corporate governance negara terhadap hubungan antara pelaporan keuangan agresif dengan pelaporan pajak agresif, serta konsekuensi ekonomisnya. Dengan menggunakan data cross country mencakup perusahaan publik yang terdaftar pada bursa efek di 11 negara di kawasan Asia, penelitian ini menemukan bahwa pelaporan keuangan agresif berhubungan positif dengan pelaporan pajak agresif dan bersifat timbal balik, temuan ini mengindikasikan bahwa manajemen perusahaan tidak lagi menghadapi trade off antara keduanya. Kecenderungan pelaporan agresif tersebut dipengaruhi oleh faktor karateristik perusahaan dan karakteristik lingkungan institusional. Kepemilikan keluarga, kualitas audit, dan kualitas penerapan corporate governance negara terbukti memperlemah hubungan positip timbal balik antara pelaporan keuangan agresif dengan pelaporan pajak agresif. Kepemilikan institusional hanya memperlemah hubungan positif pelaporan keuangan agresif terhadap pelaporan pajak agresif, tetapi tidak signifikan memperlemah hubungan positif pelaporan pajak agresif terhadap pelaporan keuangan agresif. Pengujian konsekuensi ekonomis diperoleh hasil bahwa pelaporan keuangan agresif berpengaruh positif terhadap biaya modal ekuitas dan biaya modal utang, sedangkan pelaporan pajak agresif hanya signifikan berpengaruh positif terhadap biaya modal ekuitas, tetapi tidak signifikan berpengaruh terhadap biaya modal utang. Dengan mempertimbangkan faktor karakteristik perusahaan, terbukti bahwa kepemilikan keluarga, kepemilikan institusional, kualitas audit memperlemah pengaruh positif pelaporan keuangan agresif baik terhadap biaya modal ekuitas maupun biaya modal utang. Berkaitan dengan pelaporan pajak agresif hanya kepemilikan institusional yang signifikan memperlemah pengaruh positif pelaporan pajak agresif terhadap biaya modal ekuitas dan biaya modal utang, sedangkan faktor lainya tidak signifikan. Penelitian ini belum bisa membuktikan peran kualitas penerapan corporate governance pasar terhadap konsekuensi ekonomis dari pelaporan agresif.

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This research aims to investigate the influence of family ownership, institutional ownership, audit quality, and the quality of market corporate governance toward the relationship between aggressive financial and tax reporting, and their economic consequences. Using cross-country data of public listed companies from 11 countries in Asia, this study finds that aggressive financial reporting is associated positively with aggressive tax reporting and is reciprocal, indicating that managers may no longer face a trade-off between the two. It is evident that managers have conducted aggressive financial and tax reporting simultaneously for the reposting period. This simultaneous aggressive reporting is influenced by the control of families, institutional investors, audit quality, and the quality of corporate governance country level. Family ownership, audit quality, and the quality of market corporate governance have proven to weaken positive reciprocal relation between aggressive financial and tax reporting. Institutional ownership only weakens positive aggressive financial reporting relations on aggressive taxation reporting, but do not significantly weaken positive aggressive tax reporting relation on aggressive financial reporting. The economic consequence test showed that aggressive financial reporting positively influences the cost of equity capital and the cost of debt, whereas aggressive tax reporting only positively influences the cost of equity capital, and insignificantly influences cost of debt. By considering the characteristics of the company, it is proved that family ownership, institutional ownership, audit quality weaken positive influence of aggressive financial reporting on the both of cost of equity capital and cost of debt. In regard to aggressive tax reporting, only the institutional ownership is proved to weaken positive influence of aggressive tax reporting on the both of cost of equity capital and cost of debt, while other factors are not significant. This study has not been able to prove the effect of the quality of market corporate governance upon the economic consequences of aggressive reporting."

"Penelitian ini membahas hubungan kausalitas antara agresivitas pajak dan agresivitas pelaporan keuangan pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia tahun 2008-2011 dengan menggunakan 108 perusahaan sampel sehingga total observasi berjumlah 432 observasi. Penelitian juga akan menganalisis dampak perubahan tarif pajak terhadap agresivitas pajak dan laporan keuangan. Hasil penelitian menunjukkan terdapat pengaruh positif antara agresivitas pajak dan agresivitas pelaporan keuangan. Hubungan ini bersifat resiprokal atau saling mempengaruhi. Agresivitas pajak pada periode sebelum penurunan tarif terbukti lebih besar dibandingkan periode lainnya, sedangkan agresivitas pelaporan keuangan justru terlihat pada periode setelah penurunan tarif. Profitabilitas dan ukuran perusahaan menunjukkan pengaruh negatif pada agresivitas pajak sedangkan kompensasi rugi fiskal dan keberadaan operasi di luar negeri menunjukkan pengaruh positif. Pada agresivitas pelaporan keuangan, profitabilitas dan leverage berpengaruh positif sedangkan ukuran perusahaan berpengaruh negatif.

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This research discusses the causal relationship between tax aggressiveness and aggressive financial reporting on the manufacturing company listed on the Indonesia Stock Exchange in 2008-2011 by using 108 companies as sample, result in 432 total observations. This research also analyzes the effect of tax rate reductions in tax aggressiveness and aggressive financial reporting. This research showed a positive relationship between tax aggressiveness and aggressive financial reporting. We find that tax aggressiveness in prior year before tax rate reduction is relatively higher while aggressive financial reporting is lower. Profitability ratio and size of company have negative effect on tax aggressiveness while loss carry forward and foreign operation have positive effect. Financial reporting aggressiveness is affected positively by leverage and profitability ratio while size of company has negative effect."

"ABSTRAKberbagai negara terutama negara anggota OECD yang bersaing untuk menarik aliran masuk Foreign Direct Investment (FDI) melalui adaptasi kebijakan tarif pajak sehingga dapat mendorong isu persaingan pajak. Tujuan dari penelitian ini adalah untuk mengetahui secaramendalam tentang pengaruh timbal balik (dua arah) antara Foreign Direct Investment (FDI) dan Tarif Pajak Statutori pada 20 Negara anggota OECD. Penelitian ini menggunakan data sekunder dengan teknik dokumentasi dan content analysis. Sampel yang diambil dalam penelitian ini terdiri dari 20 Negara anggota OECD dengan periode penelitian selama 30 tahun dimulai dari tahun 1989 hingga 2018. Pengujian dilakukan dengan analisis grangercausality untuk melihat hubungan kausalitas (timbal balik) antara Statutory Tax Rate (STR) dengan arus masuk Foreign Direct Investment (IFDI). Data diolah menggunakan software STATA 12.0. Hasil granger causality test menunjukkan bahwa terdapat pengaruh timbal balik (dua arah) atau biasa disebut dengan hubungan kausalitas antara Statutory Tax Rate (STR) dengan arus masuk Foreign Direct Investment (IFDI). Kebijakan negara dalammenentukan tarif pajak dapat menjadi nilai tambah untuk menunjang keputusan investor melakukan FDI di suatu negara

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ABSTRACT

This research is motivated by the global trends that indicate many countries (especially OECD member countries) are competing to attract Foreign Direct Investment (FDI) inflows through the adaptation of the tax rate policies that encourage harmful tax competition issues.

The focus of this study is to analyze the impact of reciprocal influence or causality relationship (two-way) between Foreign Direct Investment (FDI) and Statutory Tax Rate (STR) in 20 OECD member countries. This study uses secondary data with documentation techniques and content analysis. The sample in this study is consists of 20 OECD member countries with a research period of 30 years, starting from 1989 to 2018. The test is conducted

by analyzing granger causality to see the causality (reciprocity) relationship between Foreign Direct Investment (FDI) and Statutory Tax Rate (STR). Processing data is using STATA 12.0 software. The results of the Granger causality test shows that there is a reciprocal influence (two-way) or commonly referred to as the causality relationship between Foreign Direct Investment and Statutory Tax Rate. The governments policy in determining the tax rate becomes an added value to support the investors decision on transferring FDI to the country."

"The research aimed to discuss the determining factors and the economic consequences of financial reporting quality in Indonesian capital market. Those determining factors are innate, performance, company risk and industry risk. The financial reporting quality was measured on the following attributes: relevance, timeliness, and conservatism, whereas the economic consequence was measured on the asymmetric information. The research employed three steps of test: (1) test whether the attributes of financial reporting quality are different with each other; (2) analyze the determining factors of financial reporting quality; (3) test the effect of financiai reporting quality in the stock market, in terms of the relationship between asymmetric information and the financial reporting quality. The result of the first test showed that all of the attributes of financial reporting quality are different with each other. The analysis of determining factors showed that sales volatility, firm performance, and classification of the industry had a significant relationship with the attributes of financial reporting quality. The other variables, such as operation cycle, firm size, company risk, liquidity, and leverage, had no significant relationship with the attributes of financial reporting quality. The economic consequence test resulted that the attributes of financial reporting quality had a significant relationship with the asymmetric information"

"Tesis ini menguji hubungan antara struktur modal dan return saham, yang ditetapkan sebagai variabel laten endogen. serta faktor-faktor determinan apa saja yang mempengaruhi keduanya. Penentuan faktor-faktor determinan tersebut dila1.-ukan secara simultan dengan menggunakan program LISREL dengan sampel sebanyak !6! perusahaan yang terdaf\ar di Bursa Efek Indonesia (BEJ) pada periode 2008. Variabel Iaten eksogen yang digunakan pada penelitian ini adalah growth, size, profitability, asset structure, uniqueness, industry classification, value, dan liquidity. Hasi1 peneHtian menunjukkan bahwa fak:tor determinan dari struktur modal perusahaan adaiab asset slntcture dan size. Sedangkan faktor determinan yang berpengaruh terhadap return saham adalah size, value, liquidity, dan industry classification. Hasil penelitian juga memperlihatkan bahwa struktur modal dan return saham tidak berpengaruh satu sama lain secara signifikan.

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The focus of this thesis is to examine the relationship between capital structure and stock returns, as two endogenous variables, and find out their determinants as welL Those determinants will be decided simultaneously by using LISREL program with the use of 161 firms listed in Bursa Efek Indonesia (BEl) of year 2008 as sample. Th.is research uses growth, size, profitability, asset structure, uniqueness., industry classification, value, and liquidity as exogenous latent variables. The results show that asset structure and size are the determinants of capita1 structure. While the determinants of stock returns are size, value, liquidity, and industry classification. The results also indicate that capital structure and stock returns have no significant influence on each other."

"Penelitian ini membahas hubungan antara agresivitas pajak dan agresivitas pelaporan keuangan serta pengaruh kepemilikan keluarga dan tata kelola perusahaan terhadap agresivitas pajak dan agresivitas pelaporan keuangan. Penelitian ini menggunakan perusahaan manufaktur dan non manufaktur yang terdaftar dalam Bursa Efek Indonesia selama periode 2008-2012 sebanyak 101 perusahaan sehingga terdapat 505 total observasi.Hasil penelitian menunjukkan terdapat hubungan positif antara agresivitas pajak dan agresivitas pelaporan keuangan. Kepemilikan keluarga terbukti berpengaruh positif terhadap agresivitas pajak namun tidak berpengaruh terhadap agresivitas pelaporan keuangan. Sementara tata kelola perusahaan tidak berpengaruh baik terhadap agresivitas pelaporan keuangan maupun agresivitas pajak.

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This research discusses the relationship of tax aggressiveness and financial reporting aggresiveness and the effect of family ownership and corporate governance towards tax aggressiveness and financial reporting aggressiveness. This research is using 101 firms (manufacture and non-maufacture) that are listed in Indonesian Stock Exchange from 2008-2012 period as sample and resulting 505 observations in total.

This research shows a positive relationship between tax aggressiveness and financial reporting aggressiveness. Family ownership is proven to have a direct positive effect towards tax aggressiveness but no significant relationship towards financial reporting aggressiveness. Meanwhile, corporate governance has no relationship neither with financial reporting aggressiveness nor with tax aggressiveness."

"Tujuan utama dari penelitian ini adalah menganalisis pengaruh agresivitas pajak dan agresivitas pelaporan keuangan dengan menggunakan proksi diskresi perbedaan permanen (DPERM) oleh Frank et al (2009) dan abnormal book tax differences (ABTD) oleh Tang dan Fifth (2012). Sampel yang digunakan dalam penelitian ini adalah perusahaan manufaktur dan non manufaktur yang terdaftar di Bursa Efek Indonesia pada periode tahun 2010-2014.Hasil pengujian menunjukkan bahwa terdapat hubungan positif dan resiprokal antara agresivitas pajak dan agresivitas pelaporan keuangan. Hal ini menunjukkan bahwa tidak terdapat trade off dalam pengambilan keputusan terkait manajemen laba dan pajak perusahaan. Hasil penelitian juga menunjukkan bahwa proksi ABTD mampu mengukur agresivitas pajak perusahaan dan menunjukkan hasil yang konsisten dengan proksi DPERM.

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The main objective of this research is to analyze the relationship between tax aggressiveness and tax reporting aggressiveness using discretionary permanent differences (DPERM) and abnormal book tax differences (ABTD) as the proxies. The sample used in this study were manufacturing and non manufacturing company listed on the Indonesia Stock Exchange in the period 2010-2014.

The test results in this research indicate that there is a positive, significant and reciprocal correlation between aggressiveness of tax and financial reporting aggressiveness . This shows that there is no trade off in decisions related to earnings management and tax management. The results also show that ABTD able to measure tax aggressiveness and showed consistent results with proxy DPERM."

"Tujuan penelitian ini adalah untuk menguji faktor-faktor yang memengaruhi tingkat komplementer agresivitas pelaporan keuangan dan pajak, serta menguji konsekuensi ekonomisnya terhadap biaya modal utang. Penelitian ini mempertimbangkan keberagaman cost dan benefit yang dihadapi oleh perusahaan ketika menyusun laporan keuangan dan pajak secara agresif pada saat yang bersamaan. Penelitian ini mengestimasi hubungan tersebut dengan two-stage estimator method. Dengan menggunakan sampel yang terdiri dari 8.529 perusahaan-tahun dari 15 negara yang berada di kawasan Asia Timur dan Eropa pada periode pengamatan 2014-2016, penelitian ini menemukan bahwa semakin tinggi book-tax conformity dan semakin kuat law enforcement di suatu negara, perusahaan cenderung memiliki tingkat komplementer agresivitas pelaporan keuangan dan pajak yang rendah, karena tingkat kemungkinan risiko terdeteksi (cost) yang dihadapi oleh perusahaan semakin tinggi.Penelitian ini juga menemukan bahwa perusahaan yang menghadapi kendala keuangan cenderung memiliki tingkat komplementer agresivitas pelaporan keuangan dan pajak yang tinggi, karena perusahaan tersebut akan mendapatkan benefit ketika memutuskan untuk agresif dalam pelaporan keuangan dan pelaporan pajaknya. Adanya tax benefit berupa kompensasi kerugian dapat memperkecil kecenderungan perusahaan yang menghadapi kendala keuangan untuk memiliki tingkat komplementer agresivitas pelaporan keuangan dan pajak yang tinggi. Namun demikian, penelitian ini tidak dapat membuktikan bahwa book-tax conformity, law enforcement, dan corporate governance berpengaruh terhadap hubungan antara kendala keuangan perusahaan dan tingkat komplementer agresivitas pelaporan keuangan dan pajak. Hasil ini mengindikasikan bahwa karakteristik perusahaan dan negara dapat memengaruhi keputusan manajer dalam menyusun laporan keuangan dan pajak secara agresif pada saat bersamaan atau tidak. Terakhir, penelitian ini menunjukkan bahwa semakin tinggi tingkat komplementer agresivitas pelaporan keuangan dan pajak, semakin tinggi biaya modal utang.

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The purposes of this study are to examine the factors affecting the complementary level of financial and tax aggressiveness, and to examine the impact on cost of debt. This study considers the diversity of cost and benefit faced by firms when presenting financial and tax reporting aggressively at the same time. This study estimates these relationships with two-stage estimator method. Using 8.529 firm-year samples in East Asia and Europe from 2014 to 2016, this study finds that firms from countries with higher book-tax conformity and stronger law enforcement tend to engage in a lower complementary level of financial and tax aggressiveness, because they will face a higher level of detection risk (cost).

This study also finds that firms with financial constraint tend to engage in a higher complementary level of financial and tax aggressiveness, because they will derive significant benefit from aggressive financial and tax reporting activities. Tax benefit in the form of tax loss carryforward can reduce the tendency of firms with financial constraint to engage in a higher complementary level of financial and tax aggressiveness. However, this study cannot prove that book-tax conformity, law enforcement, and corporate governance influence the relationship between financial constraint and complementary level of financial and tax aggressiveness.

These results suggest that firm and country characteristics influence managers decisions to present financial statements and tax reporting aggressively at the same time or not. Finally, this study shows that the higher complementary level of financial and tax aggressiveness, the higher cost of debt."

"ABSTRAKPenelitian ini bertujuan untuk mengetahui hubungan timbal balik antara strukturmodal dan posisi persaingan berdasarkan strategi yang tepat untuk diterapkandalam perusahaan manufaktur sub sektor food and drug retailers yang terdaftar diBEI tahun 2007-2014. Sampel yang digunakan dalam penelitian inimempertimbangkan persaingan dalam kondisi cournot ataupun bertrand. Analisisyang dilakukan dibedakan dalam tiga hal yaitu perusahaan yang dianggap tidakberada dalam kondisi persaingan apapun, perusahaan yang berada dalampersaingan kondisi cournot dan perusahaan yang berada dalam persaingan kondisibertrand, kemudian pengukuran struktur modal dibedakan dalam dua proksi yaituleverage TDA dan leverage TDM. Metode yang digunakan 2 SLS karenapersamaan yang digunakan simultan, terdapat exogeneous dan endogeneousvariabel sehingga hasil OLS bias. Data diperoleh dari datastream FEUI, hasilpenelitian menunjukan bahwa pengaruh antara pangsa pasar terhadap strukturmodal adalah signifikan dan positif terjadi pada perusahaan yang berada dalampersaingan kondisi bertrand.

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ABSTRACTThis study aims is to determine the mutual relationship between capital structureand competitive position based on an appropriate strategy to be applied in themanufacturing sub-sectors of food and drug retailers listed on the Stock Exchangein 2007-2014. The sample used in this study considering the conditions ofcompetition in cournot or bertrand. Analysis conducted differentiated in threethings: Companies that are considered not to be in any competitive conditions,companies that are in competition conditions cournot and companies that are incompetition bertrand condition, then the measurement of capital structure isdivided into two proxy leverage TDA and leverage TDM. 2 SLS method used forequations that are used simultaneously, there is exogeneous and endogeneousvariables so that the OLS bias. Data obtained from the datastream FEUI, researchshows that the influence of the market share on the capital structure is asignificant and positive happens to companies that are in competition conditionsbertrand."