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TRIDARMA PERGURUAN TINGGI
PERPAJAKAN
Diskusi Forum Dosen Perpajakan
Agenda
1
Peran Perpajakan
2
Pajak dalam Kurikulum Profesi
3
Kurikulum Perpajakan D3 - S3
4
Penelitian Perpajakan
5
Pengabdian Masyarakat Perpajakan
2
PAJAK
Penerimaan
Negara
Kewajiban
individu
Pajak
Kewajiban
Badan
Kontrol
Rakyat
3
Pengajaran Perpajakan
• Mahasiswa mampu mengidentifikasi, menghitung dan
melaporkan kewajiban perpajakan secara individu.
• Mahasiswa mampu menyelesaikan kewajiban perpajakan entitas
(staf pajak) atau pihak lain (konsultan).
• Mahasiswa dapat mencatat, menyajikan dan mengungkapkan
kewajiban perpajakan tersebut dalam laporan keuangan
keuangan.
• Menumbuhkan budaya taat dalam memenuhi kewajiban pajak
• Mahasiswa mampu menjelaskan peran pajak dalam
perekonomian
4
Kurikulum akuntansi - IES
Kualifikasi sebagai akuntan profesional:
• Professional values
• Ethics
• Attitudes
Tiga bidang utama IES 2:
 Accounting, finance, and related knowledge
 Organizational and business knowledge
 Information technology knowledge and competence
Keahlian/Skill (IES 3):





Intellectual skills
Technical and functional skills
Personal skills
Interpersonal and communication skills
Organizational and business management skills
Accounting, finance, and related knowledge
a.
b.
c.
d.
e.
f.
g.
financial accounting and reporting;
management accounting and control;
taxation;
business and commercial law;
audit and assurance;
finance and financial management; and
professional values and ethics.
6
Pathways Chartered
Accountant Indonesia
*akan diatur lebih lanjut
Kompetensi CA
8
Manajemen perpajakan
1.
Overview KUP
2.
Overview PPh
3.
Overview PPN
4.
Pengertian Dasar Manajemen Pajak
5.
Pemilihan Sumber Pembiayaan (bagian 1)
6.
Pemilihan Sumber Pembiayaan (bagian 2)
7.
Tax Planning dan Pengendalian atas Penghasilan Usaha dan Penghasilan Lainnya
8.
Tax Planning dan Pengendalian atas Unsur-unsur Harga Pokok Penjualan dan Pengurang Penghasilan Bruto
9.
Tax Planning dan Pengendalian atas PPh Pasal 21
10. Tax Planning dan Pengendalian atas unsur-unsur objek withholding tax (selain PPh Pasal 21)
11. Tax Planning dan Pengendalian atas Pajak Pertambahan Nilai
12. Tax Planning dalam pemanfaatan tax incentives
13. Konsep dasar pajak internasional
14. Muatan Lokal
9
Kurikulum S2 Sains dan Terapan
S2 Sains
•
Mampu mengembangkan teori – teori
meliputi: akuntansi keuangan / auditing
/ perpajakan, / akuntansi manajemen /
sistem informasi akuntansi
•
Menguasai teori akuntansi keuangan /
auditing / perpajakan / akuntansi
manajemen / sistem informasi akuntansi
dan disiplin ilmu lain yang relevan.
•
Menguasai teori – teori dalam bidang
perpajakan berikut penerapannya serta
menguasai analisis implikasi ekonomi,
hukum, sosial, dan keperilakuan dari
pilihan teori perpajakan
S2 Terapan
•
Menguasai teori – teori dalam bidang
perpajakan berikut penerapannya serta
menguasai analisis implikasi ekonomi,
hukum, sosial, dan keperilakuan dari
pilihan teori perpajakan
•
Menguasai teori – teori dalam bidang
perpajakan berikut penerapannya serta
menguasai analisis implikasi ekonomi,
hukum, sosial, dan keperilakuan dari
pilihan teori perpajakan
10
Kurikulum S3 Sains
• Mampu mengembangkan filosofi teori akuntansi baru
melalui riset, hingga menghasilkan karya ilmiah yang
original, teruji dan kontributif.
• Mampu mengambil keputusan atas berbagai pilihan riset
akuntansi yang bersifat holistik dengan pendekatan
interdisiplin, multidisiplin, transdisiplin,dan atau
multiparadigma.
• Mampu memimpin pengembangan riset akuntansi
berdasarkan filosofi yang relevan, sehingga bermanfaat
bagi ilmu pengetahuan dan kemaslahatan umat manusia.
• Mampu mempublikasikan hasil riset akuntansi secara
nasional maupun internasional
11
Agenda
1
Bidang Penelitian Perpajakan
2
Metodologi Penelitian
3
Perkembangan Penelitian Pajak terkini
4
Penelitian pajak di Indonesia
12
Penelitian Pajak
• Penelitian pajak sebelum pertengahan 1980 menurut
Shackelford dan Shevlin (2001) dikategorikan menjadi:
– legal research,  mengevaluasi efek pajak pada transaksi exogenous,
dan biasanya dipublikasikan pada jurnal hukum; dan
– policy studies,  mengevaluasi distribusi atau efisiensi efek pajak,
biasanya dipublikasikan di jurnal akuntansi publik.
• Riset banyak dijumpai dalam jurnal akuntansi seperti TAR, JAR,
JAE.
• Riset pajak bersifat multidisipliner sehingga dikaitkan dengan
makro ekonomi, perilaku, kebijakan publik  National Tax
Journal, Journal of Public Econmics, Journal of Accounting and
Public Policy
13
Penelitian Pajak
• Paper pajak dalam tiga jurnal akuntansi terkemuka.
14
Klasifikasi Penelitian Pajak
• Klasifikai penelitian pajak menurut Shevlin (1999)
– Riset kebijakan  bagaimana pajak meningkatkan aktivitas
ekonomi, mendistribusikan kekayaan dan bagaimana
meningkatkan pajak. Evaluai atas kebijakan pajak apakah
dapat mencapai tujuannya. (JATA & NTJ)
– Perencanaan pajak  bagaimana individu dan perusahaan
merespon peraturan pajak.
– Kepatuhan pajak  judgemnet and decision making
sehingg banyak dipengaruhi oleh bidang psikologi
15
Klasifikasi Penelitian Pajak
• Klasifikasi penelitian pajak menurut Shacklelford dan Shevlin
(2001)
– Trade off pajak dan non pajak  Perencanaan pajak mempengaruhi
pilihan akuntansi keuangan dan pertimbangan akuntansi keuangan
mempengaruhi perencanaan pajak (tidak independen)
• Pelaporan keuangan (inventory, intertemporal income shifting,
• Agency cost
– Pajak dan penilaian saham  dampak pajak atas M&A, capital
structure, pengaruh pajak investor terhadap harga saham
– Multijurisdictional  perusahaan multinasional dan perusahaan
multistate
16
Klasifikasi Penelitian Pajak
• Klasifikasi penelitian pajak menurut Hanlon dan Heitzman
(2010) :
– peran informasi beban pajak penghasilan  perbedaan antara laba
akuntansi dengan penghasilan kena pajak terkait dan implikasinya
terhadap pelaporan keuangan;
– tax avoidance (penghindaran pajak) perusahaan;
– efek pajak terhadap pengambilan keputusan perusahaan termasuk
investasi, struktur modal, dan bentuk organisasi, serta kebijakan pajak
mana yang efektif dilihat dari implikasi nyatanya terhadap keputusan
perusahaan.
– pajak investor (investor level taxes) dan penilaian aset (asset pricing) –
terkait riset mengenai dampak dari pajak dividen untuk investor dan
pajak atas capital gains
17
Klasifikasi Penelitian Pajak
• Klasifikasi penelitian akuntasi pajak menurut Graham et al
(2012) :
– earnings management  valuation allowance, diskresi
pelaporan beban pajak,pendapan
– hubungan antara perbedaan nilai buku dengan nilai pajak
(book-tak differences) dengan karakteristik/kualitas laba;
dan
– Pengaruh informasi pajak terhapda nilai saham
18
Metodologi Penelitian Pajak
• Coyne (2010)
– Analitis
– Archival / empiris
– Eksperimental
– Metode lainnya
• Klasifikasi lain
– teoritis, normatif
– Behavioral / judgement and decision making
– Review / deskriptif
– Survey; studi lapangan
19
Book Tax Different / Gap
PSAK
Undang-Undang
AKUNTANSI
PAJAK
PERBEDAAN
Permanen
Penelitian:
Book tax Gap
Eff Tax Rate
Tax Avoidance
Temporer
Pajak Tangguhan:
 Aktiva/utang
 Beban/Pendapatan
20
A Review of Tax Research
Michelle Hanlon and Shane Heitzman,
Journal of Accounting and Economics
(2010) (50) 127-178.
Review Tax Research
The informational
role of accounting
for income taxes
Taxes, book-tax
tradeoffs, and real
corporate decisions
Review Tax
Research
corporate tax
avoidance
Taxes and asset
pricing
Introduction
• Shackelford and Shevlin (2001) limit their review to research
published in accounting outlets and describe the development of
the relatively young archival, microeconomic-based income tax
literature that arose from the Scholesand Wolfson framework.
• Maydew(2001) emphasizes the need for tax researchers in
accounting to think more broadly and to incorporate more theory
and evidence from economics and finance.
• Tax research has along history in many disciplines.
• The goal in this paper is to integrate the theoretical and empirical
tax research from accounting, economics, and finance, to
summarize what is known and unknown, and to offer suggestions
for future research.
Informational role of AFIT
A taxonomy of the literature
and review of the evidence
• Inferences from book-tax
differences about current and
future earnings.
• Are earnings managed
through the tax accounts?
• Do changes in the valuation
allowance reveal manager’s
private information about
future performance?
Book-tax conformity
Sources of
differences
between book and
taxable income
The informational role
of accounting for
income taxes
Summary and
suggestions for the
future
Tax Avoidance
Theory of corporate tax
avoidance
•
•
•
•
•
•
Measuring tax avoidance
Effective tax rate measures
Effective tax rate measures
Long-run effective tax rates
Book-tax differences
Discretionary or ‘‘abnormal’’
measures of tax avoidance
Unrecognized tax
Tax shelter firms benefits
(UTB)
Determinants of tax
avoidance
corporate tax
avoidance
The consequences
of tax avoidance
Summary and
suggestions for the
future
Pengukuran Tax Avoidance
Metode
Pengukuran
GAAP ETR
Cara Perhitungan
Keterangan
Total tax expense per dollar of
pre-tax book income
Current ETR
Current tax expense per dollar
of pre-tax book income
Cash ETR
Cash tax paid per dollar of pretax book income
Long-run cash
Sum of taxes paid per over n
ETR
years divided by the sum of pretax earnings over n years
ETR Differential Statutory ETR- GAAP ETR
The differences of between the
statutory ETR and the firm´s
GAAP ETR
DTAX
Error term from following regression : ETR differential The unexplained portion of the
x Pre-tax book income = a +b x controls + e
ETR differential
𝑤𝑜𝑟𝑙𝑑𝑤𝑖𝑑𝑒 𝑡𝑜𝑡𝑎𝑙 𝑖𝑛𝑐𝑜𝑚𝑒 𝑡𝑎𝑥 𝑒𝑥𝑝𝑒𝑛𝑠𝑒
𝑤𝑜𝑟𝑙𝑑𝑤𝑖𝑑𝑒 𝑡𝑡𝑎𝑙 𝑝𝑟𝑒 − 𝑡𝑎𝑥 𝑎𝑐𝑐𝑜𝑢𝑛𝑡𝑖𝑛𝑔 𝑖𝑛𝑐𝑜𝑚𝑒
𝑤𝑜𝑟𝑙𝑑𝑤𝑖𝑑𝑒 𝑐𝑢𝑟𝑟𝑒𝑛𝑡 𝑖𝑛𝑐𝑜𝑚𝑒 𝑡𝑎𝑥 𝑒𝑥𝑝𝑒𝑛𝑠𝑒
𝑤𝑜𝑟𝑙𝑑𝑤𝑖𝑑𝑒 𝑡𝑡𝑎𝑙 𝑝𝑟𝑒 − 𝑡𝑎𝑥 𝑎𝑐𝑐𝑜𝑢𝑛𝑡𝑖𝑛𝑔 𝑖𝑛𝑐𝑜𝑚𝑒
𝑤𝑜𝑟𝑙𝑑𝑤𝑖𝑑𝑒 𝑐𝑎𝑠ℎ 𝑡𝑎𝑥𝑒𝑠 𝑝𝑎𝑖𝑑
𝑤𝑜𝑟𝑙𝑑𝑤𝑖𝑑𝑒 𝑡𝑡𝑎𝑙 𝑝𝑟𝑒 − 𝑡𝑎𝑥 𝑎𝑐𝑐𝑜𝑢𝑛𝑡𝑖𝑛𝑔 𝑖𝑛𝑐𝑜𝑚𝑒
𝑤𝑜𝑟𝑙𝑑𝑤𝑖𝑑𝑒 𝑐𝑎𝑠ℎ 𝑡𝑎𝑥𝑒𝑠 𝑝𝑎𝑖𝑑
𝑤𝑜𝑟𝑙𝑑𝑤𝑖𝑑𝑒 𝑡𝑡𝑎𝑙 𝑝𝑟𝑒 − 𝑡𝑎𝑥 𝑎𝑐𝑐𝑜𝑢𝑛𝑡𝑖𝑛𝑔 𝑖𝑛𝑐𝑜𝑚𝑒
Sumber : Hanlon dan Heitzman (2010)
26
Tax Avoidance
Metode
Pengukuran
Total BTD
Temporary BTD
Abnormal total
BTD
Unrecognized
tax benefit
Cara Perhitungan
Keterangan
Pre-tax book income – ((U.S. CTE + Fgn CTE / U.S. STR) The total differences between
– (NOLt – NOLt-1))
book and taxable incomes
Deferred tax expense/ U.S. STR
Disclosed ammount post-FIN-48
Tax shelter
activity
Indicator variable for firms accused of engaging in a
tax shelter
Marginal tax
rate
Simultated marginal tax rate
A measure of unexplained total
book-tax differences
Tax liability accrued for taxes not
yet paid on uncertain positions
Firms identified via firm
disclosures, the press, or IRS
confidential data
Present value of taxes on an
additional dollar income
Sumber : Hanlon dan Heitzman (2010)
27
Tax & Corporate Decison
•
•
•
•
•
•
•
Investment
Theory of investment
and taxes: a brief
background
Taxes and investment:
some evidence
Investment in
intangibles
Investment location
decisions
The reinvestment or
repatriation decision
Corporate inversions to
tax havens
Summary and thoughts
for future research
•
•
•
•
Capital structure
Estimating the tax benefit of
debt
Measuring leverage
Summary and thought for
the future
Payout policy




Taxes, book-tax
tradeoffs, and real
corporate decisions
Taxes and other dec:
transfer pricing,
aquistioan and
compensation
Transfer pricing
Merger and aquisition
Executive
compensation
Executive trading
Organizational form
 The choice of
organizational form
 Summary and thought
for future research
Tax & Aset Pricing
Thoughts for future
research
•
•
•
•
•
•
Deviden taxation
The economic effects of
dividen taxation: a brief
introduction
Log-horizon returns: the
effect of dividend yiled on
expected returns
Event study predictions:
the valuation of dividend
tax rate change
Ex-devidend day study
Evidence from valuation
models
Summary
Investor-level
taxes and asset
prices
Capital gains taxation:
capitalization & lock-in
• Capital gains taxes and
expected return
• Stock market realization
and lock-in effect
Remaining issues and Ques
for future research
• How relevant the
marginal investor?
• Are dividend taxes priced
differently across firms
• Asset pricing in the open
economy
Research in Accounting for Income Taxes
Earnings
management
Research in
Accounting for
Income Taxes
The association
between booktax differences
Graham, et al. (2011)
Earnings
characteristics, and
the equity market
pricing of
information in the
tax accounts.
Tema Penelitian Pajak
• Faktor yang mempengaruhi BTD/BTG  value relevant tax
information
• BTD  Tax Avoidance
– Agency  ownership
– Ethic  governance, CSR
• BTD  Tax Management
– Earning management
• Tax sheltering
• International Tax –
– Income shifting  transfer pricing
– Thin capitalization
31
Overview Tax Research
• A review of Tax Research, Michelle Hanlon and Shane Heitzman, Journal of
Accounting and Economics (2010) (50) 127-178.
• Research in accounting for income taxes, John R.Graham, Jana S.Raedy ,
Douglas A.Shackelford Journal of Accounting and Economics (2011) Nov.
412-434.
• The Future of tax Reserach: From an Accounting Proffessor’s Perspective,
Terry Shevlin, the Journal of the American Taxation Association, Fall 2007;
87
• Empirical tax research in accounting Douglas, “A.Shackelford, Terry
Shevlin, Journal of Accounting and Economics (2001) 321-387.
32
BTD & ETR
• Determinants of the Variability in Corporate Effective Tax Rates, Evidence
from Longitudinal Data, Sanjay Gupta and Kaye Newberry, Journal of
Accounting and Public Policy, 16, (1997), 1-34.
• Tax Avoidance: Does Tax-Specific Industry Expertise Make a Difference?,
Sean T. McGuire, Thomas C. Omer, Dechun Wang, The Accounting Review,
Vol. 87, No. 3, 2012, pp. 975–1003.
• Determinants of the variability in corporate effective tax rates and tax
reform: Evidence from Australia, Grant Richardson, Roman Lanis, Journal
of Accounting and Public Poliy, 26, 689-704.
33
BTD & QUALITY OF INCOME
•
•
•
•
•
Tax Avoidance, Large Positive Temporary Book-Tax Differences, and Earnings
Persistence, Bradley Blaylock, Terry Shevlin, Ryan J. Wilson, The Accounting
Review, Vol. 87, No. 1 (2012), pp. 91–120
Taxable Income as a Performance Measure:The Effects of Tax Planning and
Earnings Quality, Benjamin C. Ayers, John Xuefeng Jiang and Stacie K Laplante,
Contemporary Accounting Research, Vo 26, No 1 (Spring 2009) pp. 15-54
The Persistence and pricing of earning accrual, and cash flows when firms have
large book tax difference, Michelle Hanlon, The Accounting Review, Vol 80 No
1, (2005) pp 137-166.
The Persistence, Forecasting and Valuation Implication of Tax Change
Component of Earnings, Ancrew P. Shmidt, The Accounting Review, May
2006:81
An uninteded consequence of book-tax conformity: A loss of earnings
informativeness, Michelle Hanlon, Edward L. Maydew, Terry Shevlin, Journal of
Accounting and Economics 46 (2008) 294-311.
34
BTD & ASET PRICING
• Uday Chandra and Byung T. Ro, The Association between Deferred Taxes
and Common Stock Risk, Journal of Accounting and Public Policy, 16, 311333 (1997)
35
Tax Avoidance & Earning Management
•
•
•
•
•
Can book–tax differences capture earnings management and tax
Management? Empirical evidence from China, Tanya Tang, Michael Firth, The
International Journal of Accounting 46 (2011) 175–204.
Tax Reporting Aggressiveness and Its Relation to Aggressive Financial
Reporting, Mary Margaret Frank, Luann J. Lynch, Sonja Olhoft Rego, The
Accounting Review, 2009, Vol 84 No 2 pp.467-496
Creating a Bigger Bath Using the Deferred Tax Valuation Allowance, Theodore
E. Christensen, Gyung H. Paik and Earl K. Stice,Journal of Business Finance &
Accounting, 35(5) & (6), 601–625, June/July 2008.
Earning Management: New Evidence Based on Deferred Tax Expense, John
Philips and Porton Pincus, Sonja Ofhoft Rego, The Accounting Review, Apr
2003:78.
Dhaliwal, D., C Gleason, dan L. Mills. (2004). Last chance earnings
management: using the tax expense to meet analysts’ forecasts,
Contemporary Accounting Research 21 (2): 431-457.
36
Tax Behavior
•
•
•
•
The impact of audit risk, materiality and severity on ethical decision making:
An analysis of the perceptions of tax agents in Australia, Rex Marshall,
Malcolm Smith, Robert Armstrong, Managerial Auditing Journal, 21 5, 2006,
497-519
Social responsibility, Machiavellianism and tax avoidance: A study of Hong
Kong, tax professionals, William E. Shafer, Richard S. Simmons, Accounting,
Auditing & Accountability Journal, Vol. 21 Iss: 5, (2008), pp. 695 – 720.
The importance of faith: Tax Morale and religiosity, Benno Torgler, Journal of
Economic Behavior & Organization, 2006:81-109
A Note on the Relation between Frames, Perceptions, and Taxpayer Behavior,
Scot B. Jackson and Richard C. Hatfield, Contemporary Accounting Research
Vol. 22 No. 1 (Spring 2005) pp. 145-64
37
Tax Avoidance, CG, CSR
• Tax avoidance, tax management and corporate social responsibility, Fariz
Huseynov, Bonnie K. Klamn, Journal of Corporate Finance, 18 (2012), 804827
• Minnick, Kristina dan Tracy Noga. (2010). Do Corporate Governance
Characteristics Influence Tax Management?. Journal of Corporate Finance,
16, 703-718
38
International Tax
•
•
•
•
The determinants of thinly capitalized tax avoidance structures: Evidence from
Australian firms, Grantley Taylora, Grant Richardsonb, Journal of International
Accounting, Auditing and Taxation 22 (2013) 12– 25.
The demand for tax haven operations, Mihir A. Desai, C. Fritz Foley, James R.
Hines Jr. Journal of Public Economics 90 (2006) 513– 531.
International Corporate Tax Avoidance Practices: Evidence from Australian
Firms, Grantley Taylor and Grant Richarson, The International Journal of
Accounting, 47 (2012) 469–496.
Cross-Jurisdictional Income Shifting by U.S. Multinationals: Evidence from
International Bond Offerings Kaye J. Newberry; Dan S. Dhaliwal Journal of
Accounting Research, Vol. 39, No. 3. (Dec., 2001), pp. 643-662.)
39
Book Tax Gap
The Persistence and pricing of earning accrual, and cash flows when firms
have large book tax difference, Michelle Hanlon, The Accounting Review, Vol
80 No 1, (2005) pp 137-166.
40
Book Tax Gap
Tax Avoidance, Large Positive Temporary Book-Tax Differences, and Earnings
Persistence, Bradley Blaylock, Terry Shevlin, Ryan J. Wilson, The Accounting
Review, Vol. 87, No. 1 (2012), pp. 91–120
ABSTRACT: We investigate why temporary book-tax differences appear to serve as a
useful signal of earnings persistence (Hanlon 2005). We first test and show that
temporary book-tax differences provide incremental information over the magnitude
of accruals for the persistence of earnings and accruals. We then opine that there are
multiple potential sources of large positive book-tax differences. We predict and find
that firms with large positive book-tax differences likely arising from upward earnings
management (tax avoidance) exhibit lower (higher) earnings and accruals persistence
than do other firms with large positive book-tax differences. Finally, we find significant
variation in current-period earnings and accruals response coefficients and
insignificant hedge returns in period tþ1, consistent with investors being able to look
through to the source of large positive book-tax differences (earnings management
and tax avoidance), allowing them to correctly price the persistence of accruals for
these subsamples.
41
Book Tax Confirmity
Atwood, T.J., Drake, M.S., & Myers, L.A. (2010). Book-tax conformity, earnings
persistence and the association between earnings and future cash flows.
Journal of Accounting and Economics, 50, 111–125.
Calls for eliminating differences between accounting earnings and taxable income in
the US have been debated extensively. Proponents of increased book-tax conformity
argue that tax compliance will increase and earnings quality will improve. Opponents
argue that earnings quality will decline. We examine whether the level of required
book-tax conformity affects earnings persistence and the association between
earnings and future cash flows. We develop a comprehensive book-tax conformity
measure and find that earnings have lower persistence and a lower association with
future cash flows when conformity is higher. Our evidence suggests that increased
book-tax conformity may reduce earnings quality.
42
Book Tax Confirmity
Home country tax system Characteristics and corporate tax avoidance:
international Evidence, T.J. Atwood, Michael S. Drake, James N. Myers Linda
A. Myers, The Accounting Review, ol 87, No 6 (2012) pp.1831-1860
We examine whether three tax system characteristics—required book-tax conformity,
worldwide versus territorial approach, and perceived strength of enforcement—
impact corporate tax avoidance across countries after controlling for firm-specific
factors previously shown to be associated with tax avoidance (i.e., performance, size,
operating costs, leverage, growth, the presence of multinational operations, and
industry) and for other cross-country factors (i.e., statutory corporate tax rates,
earnings volatility, and institutional factors). We find that, on average, firms avoid
taxes less when required book-tax conformity is higher, a worldwide approach is used,
and tax enforcement is perceived to be stronger. However, the relations between tax
avoidance and all three tax systems characteristics are contextual and depend on the
extent to which management compensation comes from variable pay, including
bonuses, stock awards, and stock options.
43
TERIMA KASIH
Profesi untuk
Mengabdi pada
Negeri
Dwi Martani
081318227080
[email protected] atau [email protected]
http://staff.blog.ui.ac.id/martani/
TERIMA KASIH
SUMATERA
KALIMANTAN
IRIAN JAYA
JAVA
45
45