PENGARUH ALOKASI PAJAK ANTAR PERIODA BERDASARKAN PSAK No. 46 TERHADAP KOEFISIEN RESPON LABA AKUNTANSI
Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya
Starting on January, 1st, 1999, Indonesian public companies must be applied accounting for income taxes based on PSAK No.46. The objective of this study is to examine: (1) the difference of stock price change in the period before and after PSAK No.46 was implemented; (2) the effect of interperiod tax allocation based on PSAK No.46 on the earning response coefficient (ERC); and (3) the ERC difference between companies which reported deferred tax income and companies which reported deferred tax expenses.
This study used the sample of 111 manufacturing companies listed at the Jakarta Stock Exchange. This study used time-series data during 1997-2002 for the first and second model regression analysis, and used cross-sectional data on 2002 for the third model regression analysis. The first model regression analysis measured earnings response coefficient (ERC), with cummulative abnormal return as independent variable and unexpected earnings as dependent variable. The ERC was used as dependent variable in the third model regression analysis. The second model regression analysis was used to test H1, and the third model was used to test H2 and H3. Independent variables of the third model regression analysis were interperiod tax allocation, earnings persistance, earnings growth, capital structure, and firm size.
The result of this study provide empirical evidence that: (1) stock price change in the period after implementing of the PSAK No.46 are higher than the period before the PSAK No.46 was implemented; (2) interperiod tax allocation based on the PSAK No.46 have negative effects on the ERC; and (3) earnings response coefficient (ERC) for companies which reported deferred tax income were not differ from companies which reported deferred tax expenses. The result of this study indicate that interperiod tax allocation based on the PSAK No.46 was succesfully improve the income statement informativeness and earnings quality. However, interperiod tax allocation based on the PSAK No.46 generate perceive noise embedded in the reported earnings. Therefore, additional disclosures are needed, particularly for economic substance of deferred tax income and deferred tax expenses reported in income statement.
Keywords: earnings response coefficient, interperiod tax allocation, deferred tax income, deferred tax
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