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TAX03
OWNERSHIP CHARACTERISTICS, CORPORATE
GOVERNANCE, AND TAX AGGRESSIVENESS
Dwi Martani
Universitas Indonesia
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ABSTRACT
This study analyzes the links between family ownership, corporate governance, and
tax aggressiveness. It also examines the mediating effect of corporate governance to the
link of family ownership and tax aggressiveness. Examination was conducted for
manufacturing firms which registered in Indonesian Stock Exchange for year 2005-2008.
Although it failed to find significant association between family ownership, corporate
governance and tax aggressiveness, this study has given an early description that family
firm in Indonesia tend to have higher tax aggressiveness than non-family firm. Corporate
governance relative has negative relation with tax aggressiveness. And the link between
family ownership and tax aggressiveness is mediated by corporate governance, which
mediating effect is negative.
Keywords:
Ownership Characteristic, Family Ownership, Corporate Governance, Tax Aggressiveness
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Faculty of Economics Universitas Indonesia
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1. INTRODUCTION
Income tax that paid by a firm to government is the process of wealth transfer from
company side (especially the owners) to the government, so it could be stated that the
payment of income tax is a cost for the company and owner itself. Hence, the owner of
taxation (Chen et al. 2010). Tax aggressive is the action designed to reduce taxable income
with appropriate tax plan, which is classified or unclassified as a tax evasion (Frank et al.
2009). Although not all of the actions committed were against the rules, but the more a firm
The existence of an argument which states that tax will constitute a cost for a
company and its owner would not instantly render the company to take tax aggressive
action. This is cause of tax aggressive action can generate other additional cost, which is a
cost as result of agency problem. Agency problem is not always in same level for each
company. Chen et al. (2010) mentioned that level of tax aggressiveness in family firms
compared to non family firms is depend on effect of benefits or the cost arise from those
tax aggressiveness toward founding family of the firm (family owner), or as consequence
to manager persons in non family firm. Chen et al. (2010) showed that apparently tax
aggressiveness level of family firm is less significant than non family firm. This is happen
because family owners is seemed willing to pay higher tax cost, rather than to pay tax
penalties and face possibilities of firm’s reputation damage as consequence from audit by
tax officials.
Study of Chen et al. (2010) which indicated that non family firms had higher tax
aggressiveness level than family firms, showing that this situation probably happen because
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of an agency problem occurred more in non family firms. Once the ownership and
management are separated, inefficient process of job contract and control occurs. This
inefficiency will create a chance to manager for performing opportunistic actions, and
Connection between tax and corporate governance has frequently been studied by
number of researchers, such as Desai and Dharmapala (2006), Hanlon and Slemrod (2009),
and Sartori (2009). Research conducted by Desai and Dharmapala (2006) uncover that
connection between incentive compensation with tax evasion is negative. This negative
relation mostly occurs in corporations with low governance level, which opportunism is
assumed as dominant factor in managerial. Hanlon and Slemrod (2009) examined how the
market responded to the news of tax evasion actions by corporation, this research showed
that market countered negatively to the news. Nevertheless some variances of reaction will
be more positive to corporation with better governance. Sartori (2009) in his research
revealed that corporate governance has positive influence in level of corporate tax
There are researches examine the influence of family ownership factor and
corporate governance practice in Indonesia (see Siregar 2005, Aditomo 2005, and
Hermawan 2009). However, based on study of literature, there is no research which study
aggressiveness.
Therefore this research wants to examine how the influence of family ownership
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More specified, it will examine the influence of good corporate governance practice to the
This research differs with previous research because of; using sample of public
firms in Indonesia, this research links research of Chen et al. (2010) with some hypothesis
examined by Desai and Dharmapala (2006) and Yin and Cheng (2004). Refers to
comprehensive literatures, then some new things existed in this research are: (1) examining
industries); (2) examining the interaction between corporate governance and tax; and (3)
using the average tax planning as addition of alternative measuring to tax aggressive
actions.
Any separation between owners and corporate management can lead to problems,
for example manager possibilities to perform actions which inappropriate with principal
interests or needs. These emerging problems are commonly called as agency problems
Agency problems are not just happened between principal and management, but also
occur between majority shareholders and minority shareholders. Arifin (2003) found that if
there were minority ownership in firm, then it will lead to new agency problems, the
aggressive used by Frank et al. (2009), which is an action purposed to reduce taxable
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income through tax planning as well as using methods that classified or unclassified as tax
evasion. Although, not all of the actions committed were against the rules, more multiple
methods used by company will make a company is being assumed to be more aggressive.
Hite and McGill (1992) and Murphy (2004) also state that an aggressiveness of tax
reporting is a situation when company conduct particular tax policy and one day it might be
a possibility that tax policy will not being audited or disputed by law, however this action
still has risks potential of uncertain final resolution (of law obedience or disobedience).
When decide to conduct a tax aggressive action, decision maker (manager) will
advantages of tax aggressive action that will be elaborated here. (1) Advantage of tax
efficiency that paid by corporate to the authority, thus cash benefit for owners or
shareholders becomes larger. (2) Advantage (direct or indirect) to manager for obtaining
compensations from owners and shareholders for their tax aggressive actions. (3)
Advantage of opportunities for manager to perform rent extraction. (Chen et al. 2010).
sanction or penalties from tax officials, and decline of company’s stock price. Probability
of stock price going down, is caused by others shareholder recognize that tax aggressive
actions organized by manager is purposed for rent extraction (Desai and Dharmapala,
2006)
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Tax Aggressive
For determining whether tax aggressive action of family firm is higher or lower
than non family firm, is depend on how high the gain or loss tribute to family member who
involved in firm management (family owners) or managers in non family firm. Compare to
managers in non family firm, family owners have larger shares, longer investment periods,
and have higher concern to corporate goodwill and reputations. Therefore, Chen et al.
(2010) stated that advantage and cost of tax aggressive action will be higher for family
firms.
Research of Chen et al. (2010) which is conducted to detect whether family firm
more aggressive in their tax action rather than non family firms; shows that for the
companies listed in S&P 1500 index (1996-2000 period), family firms have tax
aggressiveness level less than non family firms. This matter is estimated occurs as compare
to non family firms, family owners are willing to pay higher tax cost, rather than to pay tax
penalties and facing possibilities of firm’s reputation damage after audit by tax officials.
In international level, interaction between corporate governance and tax has starting
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Friese et al. (2008) stated that tax and corporate governance can relate in some
aspects, and this interaction can be in one or two ways. In Indonesia, example of tax
regulation No 43/PMK.03/2008 (DJP-2008). This regulation mentioned that tax payer can
use the book value in business expansion if tax payer or business unit as result of that
expansion will conduct initial public offering. From these regulations is seemed that
corporations. While sample of corporate governance principle that can influence corporate
taxation decision making is the principle of openness and transparency. With this
information transparent, then it is expected that corporation will tend to take free risk
taxation actions.
as follows:
research that shows corporate governance influence to tax. Desai and Dharmapala (2006)
was using company data from S&P Compustat Database (period 1993-2001), has examined
Answering their research questions, Desai and Dharmapala (2006) divide research
sample into two groups (well governed company and poorly governed) based on level of
corporate governance practice for each companies. From the test, Desai and Dharmapala
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evasion action is differs between company with good corporate governance practice and
compensation/incentive with tax evasion action gives more negative effect to company
Chen et al. (2010) research shows that level of family firm tax aggressiveness is
less than non family firm, and result of the research by Desai and Dharmapala (2006)
which proves that practice of corporate governance good or bad can make difference of
influence of a determinant to tax evasion action. Hence, this research proposes third
3. Research Methodology
Samples in this research are entire public companies which are classified as
period of 2005 – 2008. Index data of Corporate Governance is sourced from Research
Report on Indonesian Corporate Governance Scorecard (IICD), 2007 and 2009), financial
data of companies is obtained from BEI website, www.idx.co.id as 11 May 2010, price of
stock is obtained from OSIRIS data center, and corporate ownership data is gathered from
ICMD.
such company will be excluded from sample. Next is category as discussed: (1) Company
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with incomplete data; or company accomplishes no activity in certain year. (2) Company
with negative income, because this will create distortion on score of effective tax rate
(Richardson and Lanis 2007; Zimmerman 1983), (3) Company with score of effective tax
rate more than one, cause this matter will create problem in model estimation (Gupta and
Newberry 1997).
company sample, then this research conducts variant test using ANOVA analysis. While
for hypothesis testing, this research will conduct regression test using panel data model.
Purpose of empirical model which will be described as follows is meant for testing
empirical model:
TaxAggit is measured using effective tax rate (ETRit), cash effective tax rate
score 1 if proportion of family ownership > 50% and score 0 if on the contrary; CGit is
dummy variable, whereas it has score 1 if index score CG > 0,6 and score 0 on the
opposite; ROAit is Return on assets for company i, year t, is calculated with divide
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operating income to total assets (t-1); LEVit is leverage for company i, year t, is calculated
with divide long term debt to total asset (t-1); NOLit has score 1 if company has loss carry
forward at beginning of year t; NOLit is change of loss carry forward score for company i,
year t, is divided with value of total asset (t-1); PPEit is value of property, plant, and
equipment for company i, year t, is divided to value of total asset (t-1); SIZEit is natural
logarithm score of market value of equity for company i, in beginning of year t, MBit is the
market-to-book ratio for company i, in beginning of year t, is calculated with divide market
value of equity to book value of equity; BTDit is book-tax difference, for company i, year t-
1;
To triangulate the result, this research uses five measurements in calculating level
of tax aggressive action. For ease of read, calculation detail of each measurement is
presented in appendix 1.
ETR is used because it can reflect fixed difference between book revenue
calculations with fiscal revenue (Frank et al. 2009). While CETR is used because it is
expected to identify corporate tax planning aggressiveness which is performed using fixed
To obtain triangulation, this research uses three types book-tax difference, such as
Dharmapala (2006), book-tax difference can come out because of existence of tax planning
activity and revenue management, and then residual value from regression value of book-
tax difference and total accrual value are expected to be pure as reflection of tax planning
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activity. While value of tax planning (TAXPLAN) is used for explaining level of tax
If level of family corporate tax aggressive is higher than non family corporate, then
this research expects variable coefficient FAMILY (β1) has negative value if the calculation
of tax aggressive is using effective tax rates (ETRit and CETRit), and has positive value if
This research is using family definition as used by Arifin (2003), that is all
individual and corporate with registered ownership (own > 5% is must registered), not
public company, state, financial institution, and public (individual with no necessity to
While for measuring Corporate Governance (CG) practice, this research uses CG
index released by IICD (Indonesian Institute for Corporate Directorship). Because the
evaluation of Indonesian Corporate Governance Scorecard for year 2009 reports the
governed, researcher use own justification whereas company with index value of CG >
60% will include into well governed category, while company with value of CG < 60%
research will include variable of Return on Assets (ROA), leverage (LEV), fiscal loss
compensation (NOL), and change of sum fiscal loss compensation (NOL) into tested
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regression model. Anderson and Reeb (2003) stated that company with better profitability
and company with less fiscal loss compensation value, is seemed to has higher effective tax
rates (ETRs). While for leverage variable, interest cost will reduce tax cost, then higher
value of company long term obligation so value of ETRs of company will be lower.
(Richardson and Lanis 2007). PPE Variable is also controlled because of the difference
between depreciation method for commercial report and fiscal make the value of book-tax
difference for family company with fixed asset investment type (capital-intensity) will
Richardson and Lanis (2007, Siegfried (1972) stated that larger company will lead
to lower ETRs, this was caused by larger company is better in using its resource to form a
good tax planning (political power theory). However, somewhat company is not always
able to use its power to perform tax planning, because of the barrier of the possibility to
become attention or target of regulator’s policy – Political Cost Theory (Watts and
In other side, level of company’s business growth (Proxy with market-to-book ratio
– MB) is also controlled because Manzon and Plesko (2002) state that growing company
prefers to invest in tax-favored assets. Growing company can freely choose its type of
investment, contrary to company with limited budget. For avoiding the influence of
this research controls lagged book-tax difference (value of book-tax difference year t-1)
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4. Data Analysis
4.1. Sample
In ICMD year of 2005, 2006, 2007, and 2008 is recognized that there were only 135
manufactured companies which are still listed in period of 2005-2008. Observation period
is along four year and based on sample selection, thus total 160 samples of companies are
obtained (40 companies, 4 periods). Detailed sample selection can be seen on Appendix 2
Table 1.
Comparison average value (mean) from each measurement of tax aggressive action
(ETR, CETR, BTD_MP, BTD_DD, and TAXPLAN) for each group sample (family firm and
non family firm), and between well governed company and poorly governed can be seen on
of tax aggressive action (except ETR) between sample group of family firm and non family
firm is differs significantly. For effective tax rates (ETR and CETR), mean score of family
firm is lower than non family firm. While mean score of book-tax difference of family firm
is higher than non family firm. This gives preliminary indication that level of tax
action between well governed company and poorly governed company, it indicates that
companies with good CG practice tend to have lower tax aggressive action than companies
with bad CG practice. This matter is figured in score of ETR (CETR) for well governed
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companies which are exceed 0,03 (0,07) than poorly governed companies. This prediction
is also supported by score of BTD_MP (BTD_DD ) of well governed companies which are
less 0,051 (0,05) than poorly governed companies. Expect TAXPLAN, average score of tax
In sensitivity test also has been accomplished two additional variance test over
average score of tax aggressive action, that is (1) between family firm with good CG
practice (well-governed) and family firm with bad CG practice (poorly-governed), and (2)
between well governed non family firm and poorly governed non family firm. Test result
shows support to the result in Appendix 2 (table 2, Panel B), that is the good corporate
governance practice will weaken company’s tax aggressive action (sensitivity test result
aggressive action for entire company samples. That panel shows in overall that the score of
tax aggressive action of sampling companies are relatively unchanged. This is seemed from
Appendix 2 (Table 2, Panel D) shows the correlation among five measurements tax
aggressive action, high level family ownership company and corporate governance
practice. Except CETR, all coefficient correlation show score which minimum significant
at level of 5%, seemed correlation between effective tax rates is positive, and correlation
Correlation score between variable BTD_MP and BTD_DD is very high, but this can be
accepted because score of BTD_DD is residual score from regression of BTD_MP with
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total accrual score Healy (1985). Use of various measurement of tax aggressive action is
The connection between family ownership company and variable of tax aggressive
action is almost all show significant score. The correlation with effective tax rates (ETR
and CETR) shows negative trend, while correlation with book-tax difference (BTD_MP,
practice with effective tax rates (ETR and CETR) shows a positive trend with significant
score, and the connection of corporate governance with book-tax difference (BTD_MP and
BTD_DD) has a negative trend with significant score too. From trend of coefficient
correlation, connection between tax aggressive action with variable of family ownership
and corporate governance is inline with preliminary prediction. That is the family
ownership related positively with tax aggressive action, and practice of corporate
of family firms and non family firms can be found in Appendix 2 (Table 3, Panel A). On
that panel is seemed that the characteristic, measurement, and level of family firms’s
growth and non family firms are not differ significantly. Significant difference is only
represented in average score of ROA, whereas average score shows that non family firms
independent variables. It is consistent with result in Appendix 2 (Table 3, Panel A), the
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indicator of family firms show negative relation with variable ROA. From Appendix 2
(Table 3, Panel B), although correlation between variable CG and variable CG*FAM is
quite high, but value of coefficient correlation among other independent variable is
insignificant (<0,4), so it can be concluded that problem of multi co-linier is not seriously
happened.
5.1. Analysis Relationship between Tax Aggressive Action and Family Ownership
variable FAMILY which shows negative trend to ETR and CETR, and positive trend to
BTD_MP, BTD_DD and TAXPLAN, indicate the tendency of family firm to conduct
aggressive tax action. This is contrast with proposed Hypothesis 1 (H1), that family
ownership is estimated has negative relation with tax aggressive action. However, output of
this regression is supporting output of descriptive statistical analysis which show level of
From description above is seemed that result of this research is contrary to research
by Chen et al. (2010). Reason that might explain why this happens is, it might be for
Indonesian companies the revenue as tax saving and rent extraction, higher than loss
possibility to get sanction/penalties from tax officials. This phenomenon may also occur
because of the effects of cultural externality of business and culture of tax inspection in
Indonesia. As Çule and Fulton (2009), in circumstances where corruption and fraudulent
activity is considered an ordinary thing, then such action would be more acceptable and
cost of such action would be lesser. The survey results PERC (Political & Economic Risk
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Consultancy), which was released on March 8, 2010 stated that out of 16 countries as
investment destinations in Asia Pacific, Indonesia is a most corrupt country (edj, 2010). If
associated with the survey results are then Çule and Fulton (2009) statement is probably
running in Indonesia.
Associated with tax aggressive action and corporate governance, although the
results of regression showed a negative association, but this study found no significant
correlation between them (see Appendix 2, Table 4). Therefore, the statement in the second
hypothesis (H2) that corporate governance is expected to negatively affect the company's
(2006). In its examination, Desai and Dharmapala (2006) found that the worse the level of
corporate governance in a company, the higher the tax avoidance action by the company,
Ownership Relationship.
Hypothesis 3 (H3), states that the effect of family ownership on the tax aggressive
still show the trend of multiple relations, and overall values are not significant (see
Appendix 2, Table 4). Thus the third hypothesis (H3) is not proven (rejected).
The results of this research are different from the results found by Desai and
Dharmapala (2006). In his research, Desai and Dharmapala (2006) found that the relation
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effect on companies with bad corporate governance practices level. Reasons that might
explain why this happens are because the implementation of corporate governance in
companies tend to only limited to comply with regulations IDX / Bapepam-LK. This is
seemed from the average value of all components of the Indonesian Corporate Governance
Although different research objects, but the results of this study is similar to
research results by Arsjah (2005) and Rahadian (2007) who found no relation between
From Appendix 2 (Table 4), regression output indicates that the relation between
control variables with a proxy variable of tax aggressive showed varied results. Control
variable that have significant value and in accordance with earlier predictions for all proxy
variables of the tax aggressive is, NOL, SIZE, and BTD. This shows that firms with higher
tax loss compensation are more likely to pay less tax. Meanwhile, the larger the company
will make better the company's ability to make a tax plan (political power theory). And the
value of corporate book-tax difference from one year to the next which tend to increase
indicating the business environment in Indonesia is relatively stable, so that firms tend to
continually invest in profitable areas of the tax (tax-Favored Investment). The results of
this research provide support for research by Anderson and Reeb (2003), Manzon and
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Advantages of the use of RE models are able to know the approximate average
amount of tax aggressive for each individual if the independent variable changes. From the
value of each individual effect regression output (Appendix 3) shows that company which
has average largest ETR changes are TBLA, while company which has an average of the
lowest ETR changes are RMBA. To CETR, the average value of the biggest changes is
shown by MTDL and the average score of the smallest change indicated by AUTO. While
for BTD_DD BTD_MP and the average value of biggest change is indicated by the RDTX,
and the average value of the smallest change indicated by TOTO. For TAXPLAN average
value of biggest change is indicated by the INTP, and the average value of the smallest
5.6 Summary
This research is aimed to determine the effect of family ownership to the corporate
tax aggressive; analyze the influence of corporate governance practices on the level of
manufacturing industry listed in Indonesia Stock Exchange during the period 2005 - 2008
Differences in this research compare to previous studies because this research used
(i.e. average tax planning). As far as the writer, in Indonesia there has been no research
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The results have not been able to give strong evidence for the hypothesis proposed,
but has given preliminary description of how the influence of ownership characteristic and
corporate governance to corporate tax aggressive. The figure shows the family ownership
tends to be more aggressive in tax than non-family firms, and corporate governance
practices negatively affect to the tax aggressive. Although the regression coefficient is not
significant, but the trend of corporate governance variables provides an illustration of these
variables can weaken the relation of tax aggressive with family ownership.
The result of this research empirically shows that the effect of the adoption of good
corporate governance has not been impacted significantly on the Indonesian company.
Family ownership is also likely positively related to aggressive tax planning. The existence
caution, because in the long term as the current conditions would be bad impact for the
company. Besides the possibility of audit inspection and tax sanction, this action would
also damage the reputation of the company. As for tax officials, the research showed that
companies with high family ownership tends to take tax aggressive as possibility of the risk
/ cost as consequence of those tax aggressive being detected is smaller than the benefits
received, indicating the existence of negative externalities factor of cultural business and
cultural examination of tax in Indonesia. Therefore, tax officers should give more attention
to factors externalities of tax enforcement that is currently implemented, and kept trying to
make improvements. More specifically, in the review process, tax officials should give
more attention on family firms because these firms potentially perform tax aggressive
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There are several limitations encountered in this research. (1) Less precision of
sample selection procedures. In the sample selection, if there is company that has negative
earnings on one year of observation, then the firm is directly removed from the sample.
Although previous research using the same sample selection procedure (see: Chen et al.
2010; Richardson and Lanis 2007; Zimmerman 1983), but the sample selection procedure
like this create a selected number of samples each year will be same number and entirely of
the companies have positive earnings value , so that research results can not be generalized.
procedures based on per company per year. (2) The use of multiple tax aggressive
measurement. Too many use of tax aggressive proxies, could be the cause of
inconsistencies in the significance and trend of the coefficient of the independent variables.
Subsequent research could develop this research by conducting factor analysis, and / or
interview process.
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http://www.pajak.go.id/index.php?option=com_peraturan&Itemid=205&lgkp=1&idp
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APPENDIX
= measured using effective tax rate (ETRit), cash effective tax rate (CETRit),
FAMILYit = dummy variable, has score 1 if proportion of family ownership > 50% and
CGit = dummy variable, whereas it has score 1 if index score CG > 0,6 and score
0 on the opposite.
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LEVit = Leverage for company i, year t, is calculated with divide long term debt to
NOLit = has score 1 if company has loss carry forward at beginning of year t.
Appendix 1(Continued)
NOLit = Change of loss carry forward score for company i, year t, is divided with
PPEit = Value of property, plant, and equipment for company i, year t, is divided to
beginning of year t.
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Appendix 2: Table
Table 1
Sample Selection
Appendix 2 (Continued)
Table 2
Descriptive Statistics of Tax Aggressiveness Measurement
Panel A: Comparison of descriptive statistics of tax aggressiveness measurement between family firms and
non-family firms.
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ETR (Effective Tax Rates), CETR (Cash Effective Tax Rates), BTD_MP (Book-tax difference Manzon-
Plesko), BTD_DD (Book-tax difference Desai-Dharmapala) dan TAXPLAN (average of three years firm’s
tax planning). FAMILY = 1 if high family owned firm, and 0 if contrary; CG or Well-governed if firm’s CG
index > 0,6, and poorly-governed if contrary. Subject in paranthesis showing p-values, where: *** significant
in 1%; ** significant in 5%; * significant in 10%.
Appendix 2 (continued)
Table 3
anel A:
Statistic descriptive characteristics comparison of tax aggressiveness measurement between family firms
and non-family firms.
Family Firms Non-family Firms Differenti
al test*
N Mean Med. Min. Maks. N Mean Med. Min. Maks. Mean
Opportunity to do tax planning and book-tax differences.
ROA 68 0,15 0,13 0,04 0,64 92 0,20 0,17 -0,65 0,64 0,03**
LEV 68 0,08 0,00 0,00 0,43 92 0,09 0,02 0,00 0,58 0,73
NOL 68 0,24 0,00 0,00 1,00 92 0,17 0,00 0,00 1,00 0,34
DNOL 68 -0,001 0,00 -0,04 0,06 92 -0,01 0,00 -0,41 0,04 0,20
PPE 68 0,36 0,33 0,09 1,29 92 0,35 0,29 0,05 0,97 0,79
Size and Firm’s Growth
SIZE 68 11,86 11,66 10,52 13,42 92 12,01 11,90 10,17 14,04 0,25
MB 68 1,70 1,41 -25,54 14,18 92 2,61 1,55 -10,67 21,26 0,15
BTD Persistency
BTD 68 -0,024 -0,03 -0,13 0,18 92 -0,02 -0,06 -0,20 1,02 0,73
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Appendix 2 (Continued)
Dependent Variables
Predicted Sign ETR CETR BTD_MP BTD_DD TAXPLAN
ETR (BTD)
Intercept 0,71 0,51 -0,12 -0,07 -0,02
(0,00) (0,06) (0,01) (0,15) (0,01)
FAMILY +(-) -0,004 -0,01 0,02 0,02 0,01
(0,91) (0,85) (0,15) (0,14) (0,01)***
CG +(-) 0,03 0,09 -0,02 -0,02 0,002
(0,35) (0,15) (0,16) (0,16) (0,13)
CG* +(-) -0,01 -0,09 0,004 -0,005 -0,004
FAMILY (0,78) (0,27) (0,77) (0,74) (0,27)
ROA +(-) 0,03 -0,34 -0,27 -0,26 -0,003
(0,59) (0,01)*** (0,00)*** (0,00)*** (0,27)
LEV -(+) 0,06 0,17 0,04 0,04 0,01
(0,41) (0,24) (0,12) (0,10)* (0,01)***
NOL -(+) -0,06 -0,02 0,02 0,03 0,01
(0,004)*** (0,60) (0,00)*** (0,00)*** (0,00)***
NOL +(-) -0,01 0,51 -0,88 -0,88 0,06
(0,96) (0,23) (0,00)*** (0,00)*** (0,00)***
PPE -(+) -0,03 -0,11 0,04 0,04 -0,00
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17 HEXA 0.003 JPRS (0.002) MLBI 0.001 MLBI 0.001 MLBI 0.001
18 SOBI 0.002 DLTA (0.007) MERK (0.001) MERK (0.001) HEXA 0.000
19 MLBI 0.002 MLBI (0.009) UNVR (0.003) UNVR (0.003) MYOR 0.000
20 AKRA 0.002 GGRM (0.010) KBLI (0.004) KAEF (0.003) ARNA (0.001)
21 LMSH (0.001) HEXA (0.016) ARNA (0.004) KBLI (0.004) UNTR (0.001)
22 LION (0.003) UNTR (0.017) KAEF (0.004) ARNA (0.004) SCCO (0.001)
23 EKAD (0.003) MERK (0.019) LION (0.004) LION (0.004) LION (0.001)
24 ASII (0.004) TCID (0.023) SCCO (0.004) GGRM (0.004) UNVR (0.001)
25 ARNA (0.007) RMBA (0.025) GGRM (0.005) SCCO (0.004) MERK (0.001)
26 TSPC (0.009) LTLS (0.030) DVLA (0.006) DVLA (0.006) TCID (0.001)
27 DLTA (0.011) FAST (0.034) TCID (0.006) TCID (0.006) GGRM (0.002)
28 CLPI (0.012) CLPI (0.036) SMSM (0.006) SMSM (0.006) CLPI (0.002)
29 MRAT (0.012) LION (0.036) MTDL (0.007) SOBI (0.006) BTON (0.002)
30 FAST (0.013) SMGR (0.036) SOBI (0.007) MTDL (0.007) KLBF (0.002)
31 ASGR (0.014) EKAD (0.040) INTP (0.007) INTP (0.007) SOBI (0.003)
32 JPRS (0.015) ARNA (0.041) MYOR (0.011) MYOR (0.011) TBLA (0.003)
Appendix 3 (Continued)
33 MERK (0.018) DVLA (0.044) LMSH (0.012) LMSH (0.012) MTDL (0.003)
34 RDTX (0.024) RDTX (0.048) BTON (0.012) BTON (0.013) LTLS (0.004)
35 BTON (0.027) TBLA (0.049) UNTR (0.014) SMGR (0.014) KAEF (0.004)
36 AUTO (0.031) SMAR (0.065) SMGR (0.014) UNTR (0.015) DVLA (0.005)
37 LTLS (0.035) MRAT (0.066) AKRA (0.017) AKRA (0.017) LMSH (0.005)
38 UNVR (0.037) KBLI (0.075) AQUA (0.019) AQUA (0.019) AQUA (0.005)
39 SMAR (0.038) ASII (0.095) KLBF (0.023) KLBF (0.022) SMGR (0.005)
40 RMBA (0.077) AUTO (0.108) TOTO (0.024) TOTO (0.025) TOTO (0.006)
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