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Abstrak :
Penelitian ini bertujuan untuk menguji pengaruh CSR terhadap penghindaran pajak dan manajemen laba serta peran hubungan politik dalam memoderasi pengaruh CRS terhadap penghindaran pajak dan manajemen laba. Dengan menggunakan sampel perusahaan non keuangan yang terdaftar pada Bursa Efek Indonesia tahun 2014-2016, penelitian ini menemukan bukti bahwa CSR berpengaruh positif terhadap penghindaran pajak, manajemen laba riil, dan manajemen laba agregat. Sedangkan pengaruh CSR terhadap manajemen laba akrual tidak terbukti berpengaruh signifikan yang kemungkinan disebabkan faktor yang mempengaruhi CSR dan praktik manajemen laba akrual tidak saling berkaitan. Hasil penelitian ini membuktikan bahwa pengungkapan CSR yang lebih luas dilakukan dengan motivasi strategis yaitu untuk menutupi tindakan oportunistik serta menjaga legitimasi dan reputasi perusahaan di mata para pemangku kepentingan. Namun, untuk hubungan politik, secara umum tidak terbukti berpengaruh signifikan dalam memoderasi pengaruh CSR terhadap penghindaran pajak dan manajemen laba. Penelitian ini diharapkan dapat memberi masukan kepada para pengguna laporan keuangan, khususnya investor, untuk tidak hanya menilai etika suatu perusahaan berdasarkan isi pengungkapan CSR saja, tetapi perlu juga melakukan penilaian adanya indikasi praktik tidak etis, seperti penghindaran pajak dan manajemen laba. Selain itu, pemerintah juga diharapkan dapat membuat peraturan yang memastikan bahwa isi pengungkapan yang dibuat oleh perusahaan telah sesuai dengan praktik di lapangan, bukan hanya green wash statement bagi para pemangku kepentingan. ...... This study aims to examine the effect of CSR towards tax avoidance and earnings management as well as the role of political connections to moderate the effect of CRS towards tax avoidance and earnings management. Using non financial firms listed on the Indonesia Stock Exchange from 2014 2016, this study finds evidence that CSR has a positive effect toward tax avoidance, real earnings management, and aggregate earnings management. While the effect of CSR towards accrual earnings management is not been proven to have a significant effect due to factors affecting CSR and accrual earnings management practices are not interrelated. The results of this study indicate that broader CSR disclosure is done with strategic motivation to cover opportunistic behaviors and maintain the legitimacy and corporate image in the eyes of the stakeholders. However, for political connections, it is generally not proven to have a significant role in moderating the effect of CSR towards tax avoidance and earnings management. This research is expected to provide input to users of financial statements, especially investors, to not only assess the ethics of a company only from the content of CSR disclosure, but also to assess the indications of unethical practices such as tax avoidance and earnings management. Besides, the government is also expected to make regulations to ensure that the content of disclosures made by the company is in line with actual practice, not just a green wash statement for stakeholders.

Abstrak :
Secara historis, beberapa literatur telah menjelaskan tentang perilaku random walk dalam harga saham yang berkaitan dengan efficient market hypothesis dan menemukan bahwa harga saham mengikuti perilaku mean reversion dimana terdapat kecenderungan harga saham bergerak kembali ke jalur tren dari waktu ke waktu. Tujuan dari penelitian ini adalah untuk menyelidiki apakah terdapat tren mean reversion pada harga saham perusahaan dengan koneksi politik di ASEAN-3 (Indonesia, Malaysia, dan Thailand). Selain itu, tujuan penelitian ini juga untuk menyelidiki dampak koneksi politik pada kinerja perusahaan. Tujuan pertama dianalisis menggunakan metode panel unit root test, sedangkan tujuan kedua menggunakan regresi data panel pada 264 perusahaan non-keuangan selama periode 2013-2017. Hasil panel unit root test menunjukkan bahwa terdapat mean reversion pada harga saham perusahaan dengan koneksi politik di negara ASEAN-3. Hasil penelitian mengenai dampak koneksi politik terhadap kinerja perusahaan menunjukkan bahwa di negara ASEAN-3 memiliki dampak positif tetapi tidak signifikan. Penelitian ini memberikan perbandingan yang menarik dengan penelitian sebelumnya mengenai bagaimana perilaku harga saham dan dampak koneksi politik pada kinerja perusahaan khususnya di ASEAN-3. ...... Previous studies have investigated the random walk behavior in stock prices related to the efficient market hypothesis and found that stock prices follow mean reversion behavior means that the stock price return moves to the direction of a reversion level as a reaction to a prior change in the market return. The purpose of this study is to investigate whether a mean reversion trend exists in the stock price of firms with political connections in Association of Southeast Asian Nations (ASEAN)-3 countries (i.e., Indonesia, Malaysia, and Thailand). In addition, it also examines the impact of political connections on firm performance in 264 non-financial firms. The results show a mean reversion trend in the stock price of firms with political connections in ASEAN-3 countries. Also, the results show that there is no significant effect of political connections on firm performance. This study provides an interesting finding on the behavior of stock prices and the impact of political connection on non-financial firms, especially in ASEAN-3.

Abstrak :
[ABSTRAKbr Penelitian ini menguji pengaruh koneksi politik terhadap agresivitas pajak perusahaan. Sampel yang digunakan dalam penelitian yaitu perusahaan yang terdaftar di Bursa Efek Indonesia tahun 2013. Hasil penelitian menunjukkan bahwa terdapat pengaruh positif dan signifikan antara koneksi politik dengan agresivitas pajak yang diukur dengan menggunakan proksi Book Tax Difference. Sedangkan koneksi politik tidak terbukti signifikan berpengaruh terhadap agresivitas pajak yang diukur dengan menggunakan proksi diskresi perbedaan permanen.;This Research examines the influence of political connections on tax aggresiveness of a company. The sample used for this research are the company listed in Indonesian Stock Exchange in 2013. This research shows that there is a positive relationship between a firm's political connections and tax aggresiveness, and proven to affect significantly measured with the Book Tax Difference proxy However, the political connections are not proven significantly to affect the tax aggresiveness measured with the discretionary permanent differences proxy., This Research examines the influence of political connections on tax aggresiveness of a company. The sample used for this research are the company listed in Indonesian Stock Exchange in 2013. This research shows that there is a positive relationship between a firm's political connections and tax aggresiveness, and proven to affect significantly measured with the Book Tax Difference proxy However, the political connections are not proven significantly to affect the tax aggresiveness measured with the discretionary permanent differences proxy.]

Abstrak :
Penelitian ini bertujuan untuk menginvestigasi pengaruh keberadaan hubungan politik dan efektivitas Dewan Komisaris serta efektivitas Komite Audit terhadap fee audit. Penelitian ini menggunakan sampel seluruh perusahaan publik di Indonesia kecuali industri finansial yang mengungkapkan besarnya fee audit dalam laporan tahunannya selama periode tahun 2012-2015. Hasil dari penelitian ini menemukan bahwa keberadaan hubungan politik di dalam perusahaan memiliki pengaruh positif terhadap biaya audit hal ini disebabkan karena keberadaan hubungan politik di dalam perusahaan dapat meningkatkan risiko inheren yang dinilai oleh auditor. Selain itu, penelitian ini juga menemukan bahwa efektivitas Dewan Komisaris serta Komite Audit dapat memiliki pengaruh positif terhadap fee audit karena keberadaan Dewan Komisaris dan Komite Audit yang efektif di dalam perusahaan akan meningkatkan permintaan mereka atas kualitas audit yang lebih baik. ......This research aims to investigate the impact of political connection and effectiveness of board of commissioner and audit committee on audit fees. This research uses samples of all public companies listed in Indonesia Stock Exchange excluding Financial Industry for the year 2012 2015 that disclose the information of their audit fees. There are two findings of this research. First, it proves that political connection can positively influence audit fees because the existence of political connection within the firm can increase firm rsquo s inherent risk that assessed by the auditor. Second, this research also finds that effectiveness of board of commissioner and audit committee can positively influence audit fees because the board of commissioner and audit committee who are more effective will demand higher audit quality from the auditor.

Abstrak :
Kemiringan bersyarat dari distribusi pengembalian saham, yang merupakan jenis risiko penurunan asimetris, disebut sebagai risiko jatuhnya harga saham. Prospek jatuhnya harga saham telah menarik minat investor dalam beberapa tahun terakhir, terutama sejak krisis keuangan global tahun 2008, ketika lebih banyak investor menjadi khawatir tentang kemungkinan jatuhnya harga saham. Di Indonesia, kehadiran hubungan politik dan perusahaan milik keluarga selalu menonjol dalam industri manufaktur, yang mengarahkan penelitian ini untuk menganalisis dampak hubungan politik dengan kepemilikan keluarga sebagai variabel moderating terhadap risiko jatuhnya harga saham perusahaan publik. perusahaan manufaktur yang terdaftar di pasar Indonesia. Studi ini menggunakan data panel dengan data yang berasal dari lebih dari 43 perusahaan manufaktur publik selama rentang waktu 5 tahun dari 2016-2020, memungkinkan studi ini untuk menganalisis kemungkinan dampak COVID-19 juga. Menggunakan model unbalanced data panel dinamis dengan GMM sebagai metode regresi yang dipilih, penelitian ini menganalisis pertama, apakah koneksi politik memiliki hubungan positif dengan risiko jatuhnya harga saham dan kedua, apakah kepemilikan keluarga mengurangi hubungan positif antara koneksi politik dan saham risiko jatuhnya harga. Studi ini menemukan bahwa hubungan politik tidak signifikan terhadap risiko crash harga saham perusahaan manufaktur di Indonesia, dan kepemilikan keluarga juga tidak signifikan sebagai variabel moderasi dalam mengurangi hubungan positif antara koneksi politik dan risiko crash harga saham. Studi ini percaya bahwa hal itu terjadi karena prevalensi masalah agensi tipe 2 di Indonesia, daripada masalah agensi tipe 1, yang kepemilikan keluarga cenderung memiliki efek yang tidak signifikan. ......The conditional skewness of the stock's return distribution, which is a type of asymmetrical downside risk, is referred to as stock price crash risk. The prospect of a stock price crash has piqued investors' interest in recent years, particularly since the global financial crisis of 2008, when more investors became concerned about the possibility of a stock price crash. In Indonesia, the presence of political connections and family-owned firms is ever prominent within the manufacturing industry, which leads this study to analyze the impact which political connections with family ownership as a moderating variable may have towards the stock price crash risk of a publicly listed manufacturing firm within the Indonesian market. This study utilizes panel data with the data coming from over 43 publicly listed manufacturing firms throughout the span of 5 years from 2016-2020, allowing this study to analyze the possible impact of COVID-19 as well. Using an unbalanced dynamic panel data model with the GMM as its chosen method of regression, this study analyzes first, whether political connections have a positive relationship with stock price crash risk and second, whether family-ownership reduces the positive relationship between political connections and stock price crash risk. This study finds that political connections are insignificant to the stock price crash risk of manufacturing firms in Indonesia, and the familyownership is also insignificant as the moderating variable in reducing the positive relationship between political connections and stock price crash risk. This study believes such occurred due to the prevalence of type 2 agency issues in Indonesia, rather than type 1 agency issues, which familyownership tends to have an insignificant effect to.

Abstrak :
[ABSTRAK
Penelitian ini bertujuan untuk mempelajari pengaruh political connections, corporate governance, dan blockholders ownership terhadap corporate cash holdings sebagai proxy dari agency problem. Penelitian dilakukan menggunakan data panel dari 141 data observasi pada periode 2005, 2008 dan 2011 di Indonesia. Political connections diukur menggunakan variabel dummy. Perusahaan diidentifikasi memiliki political connections apabila terdapat setidaknya satu pemegang saham besar atau top officers yang menjadi anggota parlemen, menteri, atau menjalin hubungan dekat dengan politikus terkemuka atau partai. Corporate governance diukur menggunakan Corporate Governance Index dari Indonesian Institute for Corporate Directorship. Blockholders ownership diukur menggunakan variabel continuous berupa jumlah kepemilikan saham serta menggunakan variabel dummy yang merupakan pengelompokan untuk kepemilikan blockholders rendah, moderat, dan tinggi. Hasil penelitian menunjukkan bahwa political connections dan corporate governance terbukti berpengaruh negatif signifikan terhadap corporate cash holdings. Keberadaan hubungan politis pada perusahaan dapat meminimalkan agency problem karena para politisi yang terlibat dalam perusahaan memanfaatkan jabatan dan kekuatan politiknya untuk keuntungan perusahaan. Penelitian ini juga memperkuat argumen bahwa implementasi corporate governance yang baik dapat meminimalkan agency problem dalam perusahaan. Blockholders ownership tidak terbukti signifikan berpengaruh terhadap corporate cash holdings baik secara linier maupun non linier. Hal ini dapat terjadi karena definisi blockholders yang kurang mencerminkan kepemilikan yang spesifik.

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ABSTRACT
The purpose of this study is to investigate the impact of political connections, corporate governance, and blockholders ownership on corporate cash holdings as a proxy of agency problems. The study was conducted using panel data from 141 firm year observation during 2005, 2008 and 2011 in Indonesia. Political connections are measured by using dummy variables. A company identified as politically connected firm if there is at least one large shareholder or top officers who are members of parliament, ministers, or a particularly close relationship with known politicians or parties. Corporate governance is measured using Corporate Governance Index. Blockholders ownership is measured by using a continuous variable (percentage of shares owned) and dummy variables (grouping of low, moderate, and high ownership). The results show that political connections and corporate governance have significant negative effect on corporate cash holdings. The existence of political relations in the company can minimize firm?s agency problems because the politicians involved in the company abusing their political power for firm?s advantage. This study also reinforces argument that the implementation of good corporate governance can minimize firm?s agency problems. The impact of blockholders ownership on corporate cash holdings both linear and non linear is not significantly proven.;The purpose of this study is to investigate the impact of political connections, corporate governance, and blockholders ownership on corporate cash holdings as a proxy of agency problems. The study was conducted using panel data from 141 firm year observation during 2005, 2008 and 2011 in Indonesia. Political connections are measured by using dummy variables. A company identified as politically connected firm if there is at least one large shareholder or top officers who are members of parliament, ministers, or a particularly close relationship with known politicians or parties. Corporate governance is measured using Corporate Governance Index. Blockholders ownership is measured by using a continuous variable (percentage of shares owned) and dummy variables (grouping of low, moderate, and high ownership). The results show that political connections and corporate governance have significant negative effect on corporate cash holdings. The existence of political relations in the company can minimize firm?s agency problems because the politicians involved in the company abusing their political power for firm?s advantage. This study also reinforces argument that the implementation of good corporate governance can minimize firm?s agency problems. The impact of blockholders ownership on corporate cash holdings both linear and non linear is not significantly proven.;The purpose of this study is to investigate the impact of political connections, corporate governance, and blockholders ownership on corporate cash holdings as a proxy of agency problems. The study was conducted using panel data from 141 firm year observation during 2005, 2008 and 2011 in Indonesia. Political connections are measured by using dummy variables. A company identified as politically connected firm if there is at least one large shareholder or top officers who are members of parliament, ministers, or a particularly close relationship with known politicians or parties. Corporate governance is measured using Corporate Governance Index. Blockholders ownership is measured by using a continuous variable (percentage of shares owned) and dummy variables (grouping of low, moderate, and high ownership). The results show that political connections and corporate governance have significant negative effect on corporate cash holdings. The existence of political relations in the company can minimize firm?s agency problems because the politicians involved in the company abusing their political power for firm?s advantage. This study also reinforces argument that the implementation of good corporate governance can minimize firm?s agency problems. The impact of blockholders ownership on corporate cash holdings both linear and non linear is not significantly proven.;The purpose of this study is to investigate the impact of political connections, corporate governance, and blockholders ownership on corporate cash holdings as a proxy of agency problems. The study was conducted using panel data from 141 firm year observation during 2005, 2008 and 2011 in Indonesia. Political connections are measured by using dummy variables. A company identified as politically connected firm if there is at least one large shareholder or top officers who are members of parliament, ministers, or a particularly close relationship with known politicians or parties. Corporate governance is measured using Corporate Governance Index. Blockholders ownership is measured by using a continuous variable (percentage of shares owned) and dummy variables (grouping of low, moderate, and high ownership). The results show that political connections and corporate governance have significant negative effect on corporate cash holdings. The existence of political relations in the company can minimize firm?s agency problems because the politicians involved in the company abusing their political power for firm?s advantage. This study also reinforces argument that the implementation of good corporate governance can minimize firm?s agency problems. The impact of blockholders ownership on corporate cash holdings both linear and non linear is not significantly proven.;The purpose of this study is to investigate the impact of political connections, corporate governance, and blockholders ownership on corporate cash holdings as a proxy of agency problems. The study was conducted using panel data from 141 firm year observation during 2005, 2008 and 2011 in Indonesia. Political connections are measured by using dummy variables. A company identified as politically connected firm if there is at least one large shareholder or top officers who are members of parliament, ministers, or a particularly close relationship with known politicians or parties. Corporate governance is measured using Corporate Governance Index. Blockholders ownership is measured by using a continuous variable (percentage of shares owned) and dummy variables (grouping of low, moderate, and high ownership). The results show that political connections and corporate governance have significant negative effect on corporate cash holdings. The existence of political relations in the company can minimize firm’s agency problems because the politicians involved in the company abusing their political power for firm’s advantage. This study also reinforces argument that the implementation of good corporate governance can minimize firm’s agency problems. The impact of blockholders ownership on corporate cash holdings both linear and non linear is not significantly proven., The purpose of this study is to investigate the impact of political connections, corporate governance, and blockholders ownership on corporate cash holdings as a proxy of agency problems. The study was conducted using panel data from 141 firm year observation during 2005, 2008 and 2011 in Indonesia. Political connections are measured by using dummy variables. A company identified as politically connected firm if there is at least one large shareholder or top officers who are members of parliament, ministers, or a particularly close relationship with known politicians or parties. Corporate governance is measured using Corporate Governance Index. Blockholders ownership is measured by using a continuous variable (percentage of shares owned) and dummy variables (grouping of low, moderate, and high ownership). The results show that political connections and corporate governance have significant negative effect on corporate cash holdings. The existence of political relations in the company can minimize firm’s agency problems because the politicians involved in the company abusing their political power for firm’s advantage. This study also reinforces argument that the implementation of good corporate governance can minimize firm’s agency problems. The impact of blockholders ownership on corporate cash holdings both linear and non linear is not significantly proven.]

Abstrak :
Tesis ini disusun guna menganalisis dampak dari keberadaan koneksi politik pada perusahaan terhadap aktivitas pengungkapan anti-korupsi melalui penyampaian laporan aktivitas anti-korupsi di Indonesia, dengan pemanfaatan variabel pemoderasi gender wanita di jajaran direksi selama periode tahun 2015-2017 pada perusahaan-perusahaan non-finansial yang tercatat di Bursa Efek Indonesia. Penelitian ini diharapkan dapat memberikan kontribusi bagi penyusunan teori mengenai dampak dari keberadaan koneksi politik yang dimiliki oleh suatu perusahaan dengan pengungkapan anti-korupsi, serta pengaruh dari gender wanita pada komposisi jajaran direksi di Perusahaan terhadap tingkat pengungkapan anti-korupsi. Metode penelitian yang digunakan adalah analisa terhadap data-data laporan keuangan beserta disclosure-nya dari setiap perusahaan non-finansial yang tercatat di Bursa Efek Indonesia, pengumpulan data-data profil pemangku kepentingan di Perusahaan yang terdiri dari status jabatan dan profil koneksi politik yang dimiliki oleh para pemangku kepentingan. Pada penelitian ini juga dilakukan identifikasi data-data terkait dengan jajaran direksi perusahaan yang terdiri dari data status jabatan dan status gender dari para anggota direksi perusahaan. Atas data-data laporan perusahaan dan disclosure-nya tersebut dilakukan penyusunan indeks anti-korupsi perusahaan yang terdiri dari 7 kategori indeks dengan total 43 sub-kategori indeks pengungkapan anti-korupsi, untuk digunakan dalam analisis regresi dan estimasi korelasi hubungan dengan tujuan untuk mengetahui dampak dari keberadaan koneksi politik yang dimiliki perusahaan terhadap pengungkapan anti-korupsi, serta pengaruh dari keberadaan gender wanita di jajaran direksi terhadap hubungan tersebut. Hasil penelitian ini menunjukkan bahwa keberadaan koneksi politik yang dimiliki oleh CEO berdampak negatif terhadap pengungkapan anti-korupsi pada perusahaan non-finansial di Indonesia selama periode tahun 2015-2017. Pada hasil penelitian ini juga ditemukan bahwa meskipun keberadaan gender wanita pada jajaran direksi perusahaan tidak secara langsung berdampak pada pengungkapan anti-korupsi, namun apabila keberadaan gender wanita ditempatkan dalam posisi sebagai pemberi pengaruh bagi keberadaan koneksi politik di perusahaan, maka CFO dengan gender wanita di perusahaan mampu yang memperlemah dampak dari keberadaan koneksi politik terhadap penyampaian laporan aktivitas anti-korupsi di perusahaan.

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This thesis analyzed the impact from political connections existence to anti-corruption disclosure activities through the submission of anti-corruption reports from non-financial companies which were listed on the Indonesia Stock Exchange during the 2015-207 period, by considering also female gender in board as moderating variable in the study. The research was expected to give contribution to the theory developments related to the impact from political connections existence to anti-corruption disclosure activities, as well as the influence of female gender on board on the level of anti-corruption disclosure. Study methodology used were data analysis of financial statement (include its discosure statements) from all the non-financial companies listed on the Indonesia Stock Exchange, data collection of shareholders, independent commissioners, and CEO regarding to their positions status and their political connection profiles. Another study methodology used were identification of board of director data which consisted of boards position status and boards gender status. With regards to data analysis of financial statements (include its discosure statements), a company anti-corruption index was developed, which consists of 7 categories and a total of 43 anti-corruption sub-categories index. The index were used in regression analysis and correlation estimation to find the impact from political connections existence to anti-corruption disclosure activities, as well as the influence of female gender on board on the impact from political connections existence to anti-corruption index. The results of this study indicate that the existence of political connections owned by the CEO has a negative impact on the disclosure of anti-corruption in non-financial companies in Indonesia during the period 2015-2017. This study also found that the presence of female gender in the board did not directly affect the disclosure of anti-corruption. However, should the presence of female gender was placed as an influencer for the political connections existence in the company, the study could found that the CFO with female gender were able to diminished the impact from the existence of political connections to anti-corruption disclosure in the company.