Analisis pengaruh book-tax diferences terhadap peringkat obligasi : studi kasus empiris pada perusahaan go public di Bursa Efek Indonesia

Deskripsi

This research is aimed to analyze the influence of book-tax differences on bond ratings of PEFINDO in Indonesia for six years observation period (2003-2008) using ordinal logit regression method. Variables used to proxy book-tax differences are deferred taxes and tax-to-book ratios. The model of this research is divided into two models. Model I is aimed to analyze the influence of deferred taxes and company characteristics on bond ratings. Model II is aimed to analyze the influence of tax-to-book ratios and company characteristics on bond ratings. Contrary with Crabtree and Maher (2009) who found book-tax differences have a negative and significant influence on bond ratings. This research shows that book-tax differences measured by large positive deferred taxes have a positive and no significant influence whereas large negative book-tax differences have a negative and significant influence on bond ratings in Model II. Then book-tax differences measured by large tax-to-book ratios and small tax-to-book ratios have positive and no significant influences on bond ratings in Model III. Thus, the hypothesis of the research is not empirically supported for each model. Ada tabel