AbstrakPenelitian ini bertujuan untuk menguji pengaruh manajemen laba akrual atau manajemen laba riil terhadap kemungkinan perusahaan terlibat dalam aktivitas tax shelter dengan menggunakan sanksi pajak berdasarkan Surat Ketetapan Pajak Kurang Bayar (SKPKB) untuk mengidentifikasi perusahaan yang terindikasi melakukan aktivitas tax shelter. Dengan menggunakan sampel perusahaan yang menerima dan mendapatkan ketetapan final SKPKB pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2001-2010, hasil penelitian menunjukkan perusahaan cenderung menggunakan manajemen laba akrual untuk menurunkan kemungkinan perusahaan terlibat dalam kegiatan tax shelter. Temuan tersebut tidak sesuai dengan dugaan penelitian. Temuan yang sesuai dengan dugaan penelitian adalah manajemen laba riil melalui diskresi arus kas operasi dan biaya produksi menaikkan kemungkinan perusahaan terlibat dalam kegiatan tax shelter. Studi ini juga menemukan bahwa penggunaan manajemen laba akrual atau riil dalam aktivitas tax shelter dapat saling bersubstitusi.Kata kunci: tax shelter, Surat Ketetapan Pajak Kurang Bayar (SKPKB), sanksi pajak, manajemen laba akrual, manajemen laba riil. PENDAHULUANAktivitas tax shelter diklaim merupakan salah satu bentuk biaya keagenan karena aktivitas tersebut dapat mendorong inefisiensi organisasi yang diakibatkan oleh beragam masalah insentif perusahaan (manajer) yang melakukan tax shelter (Shackelford dan Shevlin 2001). Melalui modus pembebanan biaya fiktif, hedging fiktif dengan backdated transaction, dan transfer pricing melalui paper company di luar negeri, Asian Agri Group (AAG) harus menanggung inefisiensi. AAG diwajibkan membayar dua kali lipat dari tax saving yang berasal dari tax shelter yang dilakukannya selama tahun

This study aims to examine the effect of managerial skills in moderating the relationship between sustainability reports and financial performance of Indonesian companies. The population of this study is companies listed in the Indonesian Stock Exchange which are participating in the Sutainability Reporting Award (SRA) between 2008 and 2015 (110 observations). The data is analysed by using moderated regression analysis (MRA) method. This study indicates that the disclosure of economic, environmental, labor and product responsibility affects the companies's financial performance. Aditionally the managerial skill strengthens the positive influence of sustainability reports on company performance. The implication of this study is that companies should consider the skills of managers who are able to manage company assets efficiently. On the one hand the skillful managers can improve the company's sustainability reports and on the other hand they can also improve the company performance. ABSTRAK Penelitian ini bertujuan untuk menguji pengaruh kecakapan manajerial dalam memoderasi hubungan antara laporan keberlanjutan dengan kinerja keuangan perusahaan di Indonesia. Populasi penelitian ini adalah perusahaan yang terdaftar di Bursa Efek Indonesia yang juga berpartisipasi dalam Sutainability Reporting Award (SRA) antara tahun 2008 dan 2015 (110 observasi). Data dianalisis dengan menggunakan moderated regression analysis (MRA). Hasil penelitian ini menunjukkan bahwa pengungkapan kinerja ekonomi, lingkungan, tenaga kerja, dan tanggung jawab produk yang mempengaruhi kinerja keuangan perusahaan. Kecakapan manajerial terbukti dapat memperkuat pengaruh positif laporan keberlanjutan terhadap kinerja perusahaan. Implikasi hasil penelitian ini adalah, perusahaan sebaiknya mempertimbangkan kecakapan manajer yang mampu mengelola aset perusahaan secara efisien, sehingga pada satu sisi dapat meningkatkan laporan keberlanjutan perusahaan dan di sisi lain meningkatkan kinerja perusahaan.

The technological advancement in learning has made it possible for students to study beyond space and time restrictions, known as online learning. Impacted by the pandemic for an extended period, most students have adapted to online learning and, even more, have realized the vast benefits of online learning despite all the minor disadvantages. As a result, worldwide institutions, including Indonesia, are now offering online degrees and courses. Previous studies have shown contradictory results of cost factor effects on online courses, from the least important to the most critical factor for student achievements. Therefore, deciding the online course rates has been a major concern for online course providers. This research aims to answer the fundamental question of designing costs for online learning by analyzing online course preferences and ensuring sustainability by proposing a framework for the E-learning Pricing Model Policy in Higher Education using literature studies and qualitative approaches. The results show four main phases: the preparation phase, which conducts market research to understand consumer demand and behavior; the implementation phase, which includes marketing expenses and tutor fees; evaluation phase, which includes the course content material and video production revisions for further implementation. In addition, the infrastructure phase as the Learning Management System's virtual space is added with the Cloud Expenses. However, as a limitation of this research, countless factors influence online course rates, and no exact number can determine those rates. Nevertheless, the course cost can be estimated by considering the factors that affect the overall cost and the number of learners who take the course. As a result, this framework acts as an essential foundation for institutions to determine sustainable online course rates.

The objective of this study was to analyze the quality of mandatory and voluntary risk disclosure in Indonesia during the period of 2011 and 2012. The risk disclosure quality is defined as the quality of risk information that are disclosed by firms in term of relative quantity (adjusted by type of sub-industry and firm size), depthness (the potential impact of risk disclosed on firm’s future performance), the coverage within every type of risk, and the outlook profile of firm’s risk management. This study used samples of 48 firm-years of infrastructure companies that were listed in Indonesia Stock Exchange. Infrastructure industry was chosen due to the strategic role of this industry to support the acceleration and expansion of Indonesia's economic development. By using a descriptive qualitative method, the result showed that firms were still emphasizing on relative quantity dimension compared to the other three dimensions: coverage, depth, and outlook profile of firm risk management. In addition, the quality of mandatory risk disclosure was better than voluntary risk disclosure either for depth, coverage, or an outlook profile of firm risk management dimension. In other words, financial risk items (mandatory risk disclosure items) have better quality rather than non-financial risk items (voluntary risk disclosure items).

This study aims to examine the value relevance of liquidity risk disclosure of Indonesia listed state owned enterprises after Indonesia Statement of Financial Accounting Standard, Disclosure of Financial Instruments (Revised in 2010 and 2014). This study uses 20 Indonesia listed state owned enterprises during period of 2012-2017 or 115 firm years as final samples. Using panel data analysis, this study shows that liquidity risk disclosure is relevant information for investors in Indonesia stock exchange. Investors response differently on liquidity risk disclosure before and after the announcement windows period of financial reports. The main contribution of this is examining the value relevance of liquidity risk disclosure of Indonesia listed state owned enterprises.