Equity liquidity and tax aggressiveness in the Brazilian capital market

This study has investigated the potential relationship between equity liquidity and tax aggressiveness in the Brazilian capital market. Using a database of publicly traded Brazilian companies from 2010 to 2019 – not including the year 2020 due to the atypical effects of the COVID-19 pandemic – panel data models have been developed, the goal synthesis of which consisted in evaluating the longitudinal effects of equity liquidity, independent variable, on the book tax difference, dependent variable, and proxy of tax aggressiveness. Results have shown a statistically significant and economically positive relationship between the tax aggressiveness proxy and stockholding liquidity. Results suggests that companies with less volatile stocks, with larger relative stocks in B3 [(in full, B3 – Brasil Bolsa Balcão S.A.), formerly BMFBOVESPA, a stock exchange located at São Paulo, Brazil] businesses and lower trading costs tend to adopt a more aggressive tax planning. This article helps to demonstrate that in an emerging capital market such as the Brazilian one investor tend to belittle occasional increases in profits sparingly through more aggressive tax practices, however, which may result in future losses. Furthermore, this study helps to demonstrate the importance of disclosures about tax planning so that market agents can properly price financial assets.

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PENGARUH MANAJEMEN LABA, PROPORSI KOMISARIS INDEPENDEN, PROFITABILITAS, CAPITAL INTENSITY, DAN LIKUIDITAS TERHADAP TAX AGGRESSIVENESS (STUDI EMPIRIS PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2012-2016)

Jurnal Akuntansi Bisnis ◽

10.30813/jab.v11i2.1387 ◽

2018 ◽

Vol 11 (2) ◽

Author(s):

Leem Sufia ◽

Ernie Riswandari

Keyword(s):

Earnings Management ◽

Stock Exchange ◽

Control Variable ◽

Secondary Data ◽

Capital Intensity ◽

Tax Planning ◽

Manufacturing Companies ◽

Tax Aggressiveness ◽

Purposive Sampling ◽

Result Show

ABSTRACT: Taxes are the main source of state revenue. The greater amount of tax revenue attainment can support the national economy. However, on the other hand, taxes are a burden that can reduce income for taxpayer. This encourage taxpayer to make every effort to reduce the tax burden from legal tax planning to illegal. Excessive tax planning will result to tax aggressiveness. This study aims to examine, analyse, and obtain empirical evidence about the effect of earnings management, proportion of independent commissioners, profitability, capital intensity, and liquidity to tax aggressiveness. This research is also to compare the result of prior researches. The population in this research is 144 manufacturing companies that listed in Indonesian Stock Exchange from 2012 to 2016. Sample consist of 51 manufacturing companies, selected using one of nonprobability sampling method, which is purposive sampling type. The data type is secondary data which collected from IDX website. The statistical method used in this research is multiple regression analysis. These results indicates that earnings management and profitability have a significant influence to tax aggressiveness. While the proportion of independent commissioners, capital intensity, dan liquidity have no influence toward tax aggressiveness. But, if earnings management, proportion of independent commissioners, profitability, capital intensity, and liquidity simultantly tested with the control variable which are size and leverage the result show that there is significant association with the tax aggressiveness. Keyword : Tax aggressiveness, earnings management, proportion of independent commissioners, profitability, capital intensity, liquidity, size, leverage. ABSTRAK: Pajak merupakan sumber utama penerimaan negara. Semakin besar jumlah penerimaan pajak maka dapat mendukung perekonomian nasional. Namun, di sisi lain, pajak merupakan beban yang dapat mengurangi penghasilan bagi wajib pajak. Hal ini mendorong wajib pajak untuk melakukan segala upaya untuk menekan beban pajak mulai dari perencanaan pajak yang legal hingga ilegal. Perencanaan pajak yang berlebihan akan menimbulkan agresivitas pajak. Penelitian ini bertujuan untuk menguji, menganalisis, dan memperoleh bukti empiris mengenai pengaruh manajemen laba, proporsi komisaris independen, profitabilitas, capital intensity, dan likuiditas terhadap tax aggressiveness. Penelitian ini juga membandingkan hasil dengan penelitian sebelumnya. Populasi dari penelitian ini adalah 144 perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia dari tahun 2012 sampai dengan 2016. Sampel terdiri dari 51 perusahaan manufaktur yang dipilih menggunakan salah satu metode nonprobability sampling, yaitu tipe purposive sampling. Tipe data adalah data sekunder yang diperoleh dari situs IDX. Metode statistik yang digunakan adalah analisis regresi berganda. Hasil penelitian menunjukkan bahwa manajemen laba dan profitabilitas berpengaruh signifikan terhadap tax aggressiveness. Sedangkan proporsi komisaris independen, capital intensity, dan likuiditas tidak berpengaruh terhadap tax aggressiveness. Namun, jika manajemen laba, proporsi komisaris independen, profitabilitas, capital intensity, dan likuiditas diuji secara bersama-sama dengan variabel kontrol, yaitu ukuran perusahaan dan leverage menunjukkan terdapat pengaruh terhadap tax aggressiveness. Kata kunci: Agresivitas pajak, manajemen laba, proporsi komisaris independen, profitabilitas, capital intensity, likuiditas, ukuran perusahaan, leverage.

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TATA KELOLA, KOMPENSASI CEO, KARAKTERISTIK CEO, ACCOUNTING IRREGULARITIES DAN TAX AGGRESSIVENESS

Jurnal Akuntansi Trisakti ◽

10.25105/jat.v6i2.5451 ◽

2019 ◽

Vol 6 (2) ◽

pp. 285

Author(s):

Ririn Juliawaty ◽

Christina Dwi Astuti

Keyword(s):

Corporate Governance ◽

Ceo Compensation ◽

Stock Exchange ◽

Secondary Data ◽

Analysis Model ◽

Tax Aggressiveness ◽

Ceo Tenure ◽

Negative Effect ◽

Independent Variable ◽

Positive Effect

The purpose of this research is to examine the effect of corporate governance, CEO characteristic, CEO compensation, and accounting irregularities on tax aggressiveness. The dependent variable in this research is tax aggressiveness, while the independent variable in this research are corporate governance, characteristic CEO and CEO compensation.This study used secondary data with entire population manufacture companies listed at the Indonesia Stock Exchange (BEI) for 2015 -2017. The research sample are consists of 37 companies. The sampling method used to determine the sample is purposive sampling. The analysis model used in this research is multiple regression of panel data.Based on analytical results concluded that independent director have a significant and negative effect on tax aggressiveness while accounting irregularities has a significant and positive effect on tax aggressiveness. The board size, CEO compensation, age, and CEO tenure have no significant effect on tax aggressiveness.

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TIMELINESS LAPORAN KEUANGAN DI INDONESIA (STUDI EMPIRIS TERHADAP EMITEN BURSA EFEK JAKARTA)

Media Riset Akuntansi Auditing & Informasi ◽

10.25105/mraai.v8i2.975 ◽

2008 ◽

Vol 8 (2) ◽

pp. 97

Author(s):

Michell Suharli ◽

Sofyan S. Harahap

Keyword(s):

Logistic Regression ◽

Data Analysis ◽

Capital Market ◽

Stock Exchange ◽

The Other ◽

Financial Statement ◽

Fine Scale ◽

Accounting Firm ◽

Big 4 ◽

Independent Variable

<div class="Section1">This Research examines variables which are predicted influencing timeliness finandal statement in Indonesia. Factors that are predicted influencing timeliness in this research are focused on 4 factors: firm scale, profitability, big 4 worldwide accounting firm , and securities return . This research can examines financial statement of 30 companies are listed Jakarta Stock Exchange for period ended December31, 2002 until December31, 2003. Data is collected from Jakarta Stock Exchange and Indonesia Capital Market Directory 2004. In this research uses two variable that is dependent variable and independent variable. To find out influence independent variable to dependent variable used SPSS. Data analysis uses logistic regression and the result of this research that profitability and big 4 worldwide accounting fin can give significant influence to timeliness, and while the other factors: fine scale and securities return do not.Keyword: Timeliness, firm scale, profitability, big 4 worldwide accounting fin , securities retum.</div>

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ANALISIS PENGARUH PENGUMUMAN DIVIDEN TERHADAP PERUBAHAN HARGA SAHAM (RETURN) SEBELUM DAN SESUDAH EX-DIVIDEND DATE DI BURSA EFEK JAKARTA (BEJ)

JURNAL INFORMASI, PERPAJAKAN, AKUNTANSI, DAN KEUANGAN PUBLIK ◽

10.25105/jipak.v1i2.4417 ◽

2019 ◽

Vol 1 (2) ◽

pp. 73

Author(s):

Wibowo Wibowo ◽

Melati Adorini

Keyword(s):

Capital Market ◽

Abnormal Return ◽

Stock Return ◽

Stock Exchange ◽

Paired Sample ◽

Before And After ◽

Independent Variable ◽

Return Difference ◽

The Impact ◽

Observation Period

The objective of this research was to analyze the impact of ex-dividend date announcement in Jakarta Stock Exchange (JSX) on stock return during the period of 2000- 2004. This research takes 25 corporation samples which are divided into two groups, namely increasing dividend group and decreasing dividend group. The method used in this research is event study that observed the stock return movement in capital market. The observation period was during 15 days before and 15 days after ex-dividend date. In order to examine the existence of price reaction, the abnormal return was conducted during the event period towards the increasing dividend group and decreasing dividend group. The independent variable used was dividend declaration (increasing dividend and decreasing dividend) and dependent variable used was stock return. The calculation of this research using paired sample t test, was to prove if there is any stock return differences between before and after ex-dividend date announcement with the presence of increasing dividend declaration and decreasing dividend declaration in Jakarta Stock Exchange (JSX). The result of this research had shown two conclutions that for the increasing dividend group, there were no stock return (abnormal return) diffrerence between before and after ex-dividend date due to the increasing dividend declaration in Jakarta Stock Exchange (JSX) and for the decresing dividend group there was stock return (abnormal return) difference between before and after ex-dividend date due to decresing dividend declaration in Jakarta Stock Exchange (JSX).

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PENGARUH KEBIJAKAN KAS, LIQUIDITY, LEVERAGE DAN EARNING PER SHARE TERHADAP KEBIJAKAN DEVIDEN PADA PERUSAHAAN MANUFACTUR LISTED DI BURSA EFEK INDONESIA

10.37090/jpb.v1i2.28 ◽

2017 ◽

Vol 1 (1) ◽

pp. 38-49

Author(s):

SURAD SURAD ◽

Keyword(s):

Capital Market ◽

Sampling Method ◽

Stock Exchange ◽

Research Result ◽

Secondary Data ◽

Analysis Model ◽

Current Ratio ◽

Public Corporation ◽

Independent Variable ◽

Manufacture Company

This research aims is to analized the influence of Cash Ratio, Current Ratio, Debt to Total Aset (DTA), and Earning Per Share (EPS) to the Devidend police, which measure by Dividend Payout Ratio, to the manufacture company listed in Jakarta Stock Exchange, with the period of research is 2008 to 2011. The samples were collected panel data and it has resulting n = 40. The analysis model is using linier regression analysis to 10 go public corporation selected by purposive sampling method in Indonesian Stock Exchange with secondary data of Indonesian Capital Market Directory (ICMD). The research result partially found, that independent variable ( Cash Ratio, Current Ratio, Debt to Total Asset Ratio, and Earning per Share ) are influence to the Devident Payout Ratio, and according to Cash Ratio is significant domination influence to the Devident Payout Ratio. The research stimultant results is variable independent are influence to Divident Payout Ratio with significanty result of F 0,031 > 0,050. The adjusted R square (R2) value is 23,3 % mean while the others are 76,7 % influence by the other factors which is not included to the alalysis linier regression model. Key words : Deviden Payout Ratio, Cash ratio, Current Ratio, DTA, and EPS.

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PENGARUH LINDUNG NILAI, FINANCIAL LEVERAGE, DAN MANAJEMEN LABA TERHADAP AGRESIVITAS PAJAK

Media Riset Akuntansi Auditing & Informasi ◽

10.25105/mraai.v17i1.2039 ◽

2017 ◽

Vol 17 (1) ◽

pp. 31

Author(s):

Furqon Nurhandono ◽

Amrie Firmansyah

Keyword(s):

Panel Data ◽

Earnings Management ◽

Empirical Evidence ◽

Tax Evasion ◽

Significant Relationship ◽

Stock Exchange ◽

Tax Planning ◽

Financial Leverage ◽

Tax Aggressiveness ◽

Taxable Income

This research is aimed to provide empirical evidence about relationship between hedging, financial leverage, and earnings management on tax aggressiveness. Frank and Rego (2009) defines tax aggressiveness as the act of manipulation to reduce the amount of taxable income through tax planning efforts either it can or can not be categorized as an act of tax evasion. Using purposive sampling this research selected 24 firms that are listed in Indonesian Stock Exchange from 2011-2015 as samples. The result of multiple regression of panel data shows that there is positively significant relationship between financial leverage and tax aggressiveness as well as earnings management and tax aggressiveness. While there is no significant relationship between hedging and tax aggresiveness.

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THE INFLUENCE OF MANAGERIAL OWNERSHIP, EARNINGS MANAGEMENT, INTELLECTUAL CAPITAL, AND TAX AGGRESSIVENESS TO FIRM VALUE

JIAFE (Jurnal Ilmiah Akuntansi Fakultas Ekonomi) ◽

10.34204/jiafe.v4i1.1074 ◽

2019 ◽

Vol 4 (1) ◽

pp. 19-28

Author(s):

Mutia Zahra ◽

Rosita Wulandari ◽

Syafrizal Syafrizal

Keyword(s):

Earnings Management ◽

Intellectual Capital ◽

Firm Value ◽

Stock Exchange ◽

Secondary Data ◽

Industrial Sector ◽

Managerial Ownership ◽

Data Types ◽

Tax Aggressiveness ◽

Independent Variable

This study aims to examine the factors that Affect the value of the company. The independent variable used is Managerial Ownership, Profit Management, Intellectual Capital and Aggressive Tax Action.This research method uses secondary data types. The sample of this research is manufacturing company of industrial sector of consumer goods listed in the Indonesia Stock Exchange. The sample was chosen by purposive sampling. The number of companies taken as the sample is 10 companies 2011-2015 period. To test the hypothesis, this study uses a significant level of 0:05, it shows that managerial ownership, management and aggressive tax earnings measures have no significant effect on firm value, while intellectual capital has a positive and significant influence on firm value.

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PERSONAL INVESTMENTS IN INVESTMENT FUNDS LISTED ON BANJA LUKA STOCK EXCHANGE

STED JOURNAL ◽

10.7251/sted2002082g ◽

2020 ◽

Vol 2 (1) ◽

Author(s):

Jovana Galić

Keyword(s):

Capital Market ◽

Stock Exchange ◽

Legal Framework ◽

Current Status ◽

Financial Assets ◽

Investment Fund ◽

Fund Management ◽

Investment Funds ◽

Banja Luka

The goal of this research is to determine possibility of investing individual personal financial assets in investments funds in Republic of Srpska and does households have financial assets that can be invested. In this research capital market of Republic of Srpska is represented, the structure and organization of Banja Luka Stock Exchange, and legal framework for investment fund management companies. The volume of activity in investment funds is shown in presentation of activity Banja Luka Stock Exchange, following with the assumed reasons of current status.

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Pengaruh Return On Asset (ROA) dan Debt To Equity Ratio (DER) Terhadap Harga Saham

Journal of Economic Bussines and Accounting (COSTING) ◽

10.31539/costing.v4i2.1660 ◽

2021 ◽

Vol 4 (2) ◽

pp. 524-530

Author(s):

Bayu Ramadhan ◽

Nursito Nursito

Keyword(s):

Capital Market ◽

Stock Prices ◽

Stock Price ◽

Quantitative Research ◽

Stock Exchange ◽

Manufacturing Companies ◽

Quantitative Research Methods ◽

Equity Ratio ◽

Independent Variable ◽

Component Manufacturing

The capital market has an important role in increasing the efficiency of the financial system and is one of the vital financial intermediation institutions in the modern economy of a country. This study aims to examine the effect of ROA and DER on stock prices in automotive and component manufacturing companies listed on the Indonesia Stock Exchange for the period 2014-2019. Purposive sampling was used to collect samples from the population, obtained 5 automotive sub-sector companies and components from 13 automotive sub-sector companies and components as samples. So that the number of samples studied was 30 data counted by 6 years. The research method used is descriptive and verification quantitative research methods. Based on the results of research conducted by the author using SPSS 24 for partial and simultaneous tests, namely: ROA has no effect on stock prices, DER is significant positive on stock prices. Simultaneously ROA, DER affect stock prices. Based on the determinant coefficient test, the independent variable affects the dependent variable by 40.7% and there are still 59.3% factors from the variables outside this study. Keywords: ROA, DER, Stock Price

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Determinan Struktur Modal Pada Perusahaan LQ45 Yang Terdaftar Di Bursa Efek Indonesia Periode Tahun 2011-2015

Jurnal Ilmu Manajemen Advantage ◽

10.30741/adv.v1i1.14 ◽

2017 ◽

Vol 1 (1) ◽

pp. 14-25

Author(s):

Mochamad Fatikhudin

Keyword(s):

Capital Structure ◽

Firm Size ◽

Capital Market ◽

Sampling Method ◽

Stock Exchange ◽

Secondary Data ◽

Total Sample ◽

Negative Influence ◽

Sales Growth ◽

Independent Variable

The purpose of this research is to determine the effect of profitability, liquidity, sales growth, and the firm size in a partial and simultaneous to capital structure in LQ45 company. The population in this study is LQ45 companies listed on the Indonesian Stock Exchange period 2011-2015. This research is use purposive sampling method, and get the total sample of 21 companies. The data used is secondary data derived from Annual Report and Indonesian Capital Market Directory (ICMD). Data analysis that use in this research is multiple regrestion. Result of this research showed profitability has a negative influence to capital structure. Although liquidty profitability where as the variable of liquidity, growth of sales and firm size are not influential to capital structure. Simultatily the profitability, liquidity, growth of sales and firm size are influencial to capital structure. The amount of adjusted R square is 0,239 it means 23,9 percentage dependent variable of capital structure can be explained by four independent variable, they are profitability, liquidity, growth of sales, and firm size, but 76,1 percentage capital structure explained by other variable outside (node).

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