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"Abstract. The first objective of this study is to analyze what kind of sector industry which is selected by foreign investorin Indonesia. Second, to analyze what kind of financial firm characteristic of stocks which is selected by foreign investor.This study used a quantitative approach by using secondary data from financial reports and historical data from IndonesianStock Exchange. Researcher used multivariate regression to analyze the correlation between stocks selected by foreigninvestor with financial firm characteristic. Based on the result, foreign investor are overweight stocks from ConsumerGoods Industry. Dividend yield, beta, and book to market are financial firm characteristic which is significantly influencethe stock selection by foreign investor."

"[Penelitian ini meneliti tentang pengaruh kepentingan investor asing dan kualitas informasi internal terhadap penghindaran pajak dengan sampel perusahaan non keuangan yang tercatat di BEI pada periode 2010-2014. Kepentingan investor asing dilihat dengan menggunakan tiga proxy. Hasil penelitian menunjukan bahwa proporsi kepemilikan saham asing di perusahaan memilki pengaruh negatif terhadap penghindaran pajak. Kepemilikan saham asing yang signifikan di perusahaan berpengaruh positif terhadap penghindaran pajak. Wakil direksi asing menunjukkan hasil tidak signifikan dengan penghindaran pajak. Sedangkan, kualitas informasi internal dilihat dengan menggunakan empat proxy. Hasil penelitian menunjukkan rentang waktu pengumuman laba memiliki pengaruh negatif terhadap penghindaran pajak. Akurasi proyeksi manajemen dalam jangka pendek memiliki pengaruh positif terhadap penghindaran pajak, akan tetapi dalam jangka panjang memiliki pengaruh negatif terhadap penghindaran pajak. Penggunaan ERP memiliki pengaruh positif terhadap penghindaran pajak dan Tidak adanya restatement memiliki pengaruh negatif terhadap penghindaran pajak.

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This study examines the impact of interest for foreign investors and internal information quality on tax avoidance using non financial company listed in BEI 2010-2014 as samples. Foreign invenstors’ interest is measured with three proxies. From these three proxies, the results showed that the proportion of shares owned by foreign investors is negatively correlated with tax avoidance. The significant foreign shareholding, nonetheless, is positively correlated with tax avoidance. Moreover, the proportion of foreign directors on the board is not considerably associated with tax avoidance. However, internal information quality is measured with four proxies. From these four proxies, the result indicated that earnings announcement speed is negatively correlated with tax avoidance. Management forecast accuracy in the short period of time is positively influenced by tax avoidance; on the other hand, for the longterm period is negatively influenced by tax avoidance. For the ERP, it is positively correlated with tax avoidance. No error restatement is negatively correlated with tax avoidance.

, This study examines the impact of interest for foreign investors and internal information quality on tax avoidance using non financial company listed in BEI 2010-2014 as samples. Foreign invenstors’ interest is measured with three proxies. From these three proxies, the results showed that the proportion of shares owned by foreign investors is negatively correlated with tax avoidance. The significant foreign shareholding, nonetheless, is positively correlated with tax avoidance. Moreover, the proportion of foreign directors on the board is not considerably associated with tax avoidance. However, internal information quality is measured with four proxies. From these four proxies, the result indicated that earnings announcement speed is negatively correlated with tax avoidance. Management forecast accuracy in the short period of time is positively influenced by tax avoidance; on the other hand, for the longterm period is negatively influenced by tax avoidance. For the ERP, it is positively correlated with tax avoidance. No error restatement is negatively correlated with tax avoidance.

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"ABSTRAKPenelitian ini bertujuan untuk meneliti tentang potensi underpricing padalelang Surat Utang Negara serta faktor-faktor yang mempengaruhi levelunderpricing, khususnya transaction imbalance pada masing-masing kelompokinvestor. Dengan menggunakan data lelang periode tahun 2010 sampai dengan2014, secara empiris ditemukan adanya underpricing pada lelang SUN denganrata-rata level sebesar 47 bps. Underpricing sebagai selisih antara harga lelangSUN pada saat setelmen dengan harga rata-rata tertimbang (WAP) hasil lelangsetelah disesuaikan dengan holding cost, dipengaruhi oleh faktor-faktor persentasekemenangan asing dalam lelang, sebaran opini (tail), tingkat risiko kredit (CDS),serta net beli investor asing dan Dana Pensiun di pasar sekunder.

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ABSTRACTThis study analyzes underpricing on Government Debt Securities auctionand its factors which affect underpricing level, especially transaction imbalancefrom each investor group. Using auction data from 2010 to 2014, the results showan average of 47 bps underpricing on Governement Debt Securities auction.Underpricing defined as spread between bond prices on settlement day andweighted average prices of auction result adjusted by holding cost. This studyshows that total volume won by foreign investors, opinion dispersion (tail), creditrisk (CDS) and net buy of foreign investors and Pension Funds in secondarymarket have significantly impact on underpricing on Government Debt Securitiesauction."

"ABSTRAKTax holiday merupakan salah satu insentif pajak yang diberikan oleh pemerintah dalam menarik investor asing. Meskipun bukan merupakan faktor utama yang mendorong investasi, tax holiday masih menjadi pilihan utama. Namun hal ini memicu timbulnya isu harmful tax competition di suatu kawasan regional. Tujuan penelitian ini untuk mengetahui implemetasi kebijakan di Indonesia dan Malaysia serta menganalisis potensi harmful tax practices di kedua negara bersangkutan. Penelitian menggunakan pendekatan kualitatif dengan wawancara mendalam serta studi literatur. Hasil penelitian ini menunjukkan kedua negara memiliki potensi harmful tax practices meskipun tidak berpotensi pada tax evasion yang serius. Kedua negara tetap memiliki kedaulatan atas kebijakan pajak dengan melakukan koordinasi pajak bersama negara-negara satu kawasan regional.

 

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ABSTRACT

Tax holiday is one of the tax incentives provided by the government in attracting foreign investors. Although it is not the main factor that drives investment, the tax holiday is still the main choice. However, this creates a harmful tax competition issue in a regional. The purpose of this study was to determine policy implementation in Indonesia and Malaysia and to analyze the harmful tax practices in the both countries concerned. The study used a qualitative approach with in-depth interviews and literature studies. The results of this study indicate that both countries have the potential for harmful tax practices but have no potential for serious tax evasion. Both of countries still have sovereignty over tax policy by carrying out tax coordination with others countries in the same region.

 

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