PENGARUH PAJAK TANGGUHAN DAN PERATAAN LABA TERHADAP PERINGKAT OBLIGASI DI INDONESIA

Abstract

Bond rating is an indicator for investor when they invest in bond market. Thus, bond rating indicates the degree of the risk and return of the bond investment. The central  research question about bond rating is why some bond has certain rating (such as AAA rating) and other does not? This study aims to determine the effect of deferred tax and income smoothing on bond ratings in Indonesia. The population in this study are all publicly traded companies that issued bonds. This research used 34 companies that meet the criteria of the samples listed in the Indonesia Stock Exchange. The sampling process is conducted by using purposive sampling method. Data for the study period 2007-2008. Base on the results of logit model, we found that the deferred tax and income smoothing does not affect the rating of the bonds in Indonesia. The practical and theoretical implications are discussed in detail.

Keywords: tax deferred, income smoothing, bond rating