0 6 3 Mankeu ,Vol .2 .N 3o ,2013: 32 - 35 3 7 , N A H U G G N A T K A J A P T E S A , N A H U G G N A T K A J A P N A B E B N A U P M A M E K N E M E J A N A M K I T K A R P I S A K I D N I I S K I D E R P M E M M A L A D L A U R K A N A D R A T F A D R E T G N A Y R U T K A F U N A M N A A H A S U R E P A D A P A B A L N U H A T A I S E N O D N I K E F E A S R U B I D 2009-2011 ,i t n a y i w si T k i w i W , it a w r E i n si M nd a Yuilusman i b m a J s a ti s r e v i n U K A R T S B A n a b e b n a u p m a m e k s ir i p m e a r a c e s n a k it k u b m e m k u t n u n a u j u tr e b i n i n a it il e n e P k it k a r p i s a k i d n i is k i d e r p m e m m a l a d l a u r k a n a d , n a h u g g n a t k a j a p t e s a , n a h u g g n a t k a j a p g n a y r u t k a f u n a m n a a h a s u r e p h a l a d a i n i n a it il e n e p m a l a d i s a l u p o P . a b a l n e m e j a n a m s r u B i d r a tf a d r e t a Efek Indone isa t ahun 2009-2011 .Teknik pengamblian sampe lyang n a k a n u g i d purposive sampilng dan diperoleh sampe l13 perusahaan. Metode anail is s is e r g e r n a g n e d s is e t o p i h i j u n a d f it p ir k s e d k it si t a ts h a l a d a n a k a n u g i d g n a y a t a d logsiitk. n a d n a h u g g n a t k a j a p t e s a , n a h u g g n a t k a j a p n a b e b a w h a b n a k k u j n u n e m k it si t a ts i j u l is a H . a b a l n e m e j a n a m k it k a r p i s k i d e r p m e m u p m a m k a d it l a u r k a . a b a l n e m e j a n a m , l a u r k a , n a h u g g n a t k a j a p t e s a , n a h u g g n a t k a j a p n a b e b : i c n u K a t a K N A U L U H A D N E P g n a k a l e B r a t a L n a k a j a p r e p n a g n a d n u r e p n a r u t a r e P t a p a d a h a s u a i n u d n a k t a r e b m e m g n a y k a p m a d r e b pada banyaknya usaha itdak l a m is k a m a r a c e s a b a l h e l o r e p m e m t a p a d i g n a r u g n e m n a k a a y n is n e u k e s n o k n a d k a j a P . k a j a p r o t k e s ir a d a r a g e n n a t a p a d n e p i h u r a g n e p m e m t a p a d captia l budgeitng i u l a l e m tax effec tdalam penentuan alrian h a l a s n a k a p u r e m a g u j k a j a p u ti n i a l e s , s a k n a a n a c n e r e p m a l a d a m a t u r o t k a f u t a s r e h c o l B ( n e m e j a n a m i s a s n e p m o k m e ts is e t l a . ,1999 .) i r a s a d n e m g n a y n e m e j a n a m u k a li r e P m a l a d n e m e j a n a m n a k a d n it a y n ri h a l u k a li r e p h a l a d a a b a l n a h e l o r e p r u t a g n e m u k a li r e P . r e j a n a m k it si n u tr o p o i r a s a d n e m g n ir e s r e j a n a m k it si n u tr u p o m a l a d n e m e j a n a m n a k a d n it a y n a d a t a p a d n a i d u m e k g n a y a b a l r u t a g n e m a d n it t u b e si d kan manajemen Laba .Salah n e m e j a n a m n a k u k a li d g n a y a y a p u u t a s a y n a d a i r a d a b a l h e l o r e p m e m k u t n u h a l a d a i n i n a d a b k a j a p f ir a t n a h a b u r e p tax g n it fi h s yatiu dengan memindahkan laba k a j a p f ir a t n a h a b u r e p m u l e b e s n u h a t f ir a t n a h a b u r e p h a d u s e s n u h a t e k n a d a b j a p a k .
n a b e B n a u p m a m e K . (.... Misn iErwait ,WiwikTiswiyanit ,danYuilusman) 13 6 a b a l n e m e j a n a m i m a h a m e M n a t n u k a i g a b g n it n e p l a h n a k a p u r e m n a k a n a i k i m e d n a g n e d a n e r a k n a a n u g e k s a t a n a m a h a m e p n a k t a k g n i n e m i s a m r o f n i ne t income , baik yang r o ti d e r k , r o ts e v n i a d a p e k n a k r o p a li d u a t a n a k a ji b e k n a h il i m e P . s u k si f n u p u a m u k a li r e p k u t n u i s n a t n u k a e d o t e m a b a l n e m e j a n a m dapa t dliakukan baik e d o t e m n a h il i m e p n a t a k e d n e p n a g n e d n a t a k e d n e p n a g n e d n u p u a m i s n a t n u k a a s a y a k e r discreitonary accrual (Sco tt , ) 9 9 9 1 ( n e l h a W n a d y l a e H t u r u n e M . ) 6 0 0 2 r e j a n a m n a k u k a li d a b a l n e m e j a n a m u t n e tr e t n a i a li n e p n a k a n u g g n e m n a g n e d n u s u y n e m n a d n a g n a u e k n a r o p a l e p m a l a d n a r o p a l h a b u g n e m k u t n u i s k a s n a rt n a k t a s e y n e m a n u g n a g n a u e k stakeholder a y i m o n o k e a jr e n i k i a n e g n e m ngt ejrad.i Menuru t Sulsiitawan , dkk (2011 ) k a j a p n a g n it n e p e k k u t n u i s a v it o m u d i v i d n i i s a v it o m e m g n a y l a h k u s a m r e t n a k a d n it n a k u k a l e m a h a s u n a d a b u a t a i n i n a g n it n e p e K . a b a l n e m e j a n a m m u l e b g n a y n a a h a s u r e p h e l o i s a n i m o d i d c il b u p o g . Perusahaan yang belum go c il b u p cenderung melaporkan dan n a r o p a l n a k ij a y n e m k u t n u n a k n i g n i g n e m i a li n i r a d h a d n e r h i b e l g n a y l a k si f a b a l i n i n a g n u r e d n e c e K . a y n r a n e b e s g n a y k a d n it r e b k u t n u r e j a n a m i s a v it o m e m n e m e j a n a m n a k a d n it n a k u k a l e m f it a e r k h a l o e s r a g a a b a l -olah laba fsika l yang a p n a t h a d n e r h i b e l g n a m e m n a k r o p a li d i s n a t n u k a n a k a ji b e k n a d n a r u t a r a g g n a l e m . n a k a j a p r e p k a y n a b a b a l n e m e j a n a m n a it il e n e P k u t n u l a u r k a l e d o m n a k a n u g g n e m n e m e j a n a m k it k a r p a y n a d a i s k i d e r p m e m . a b a l Phiilp s e t a.l (2003 ) menjelaskan a h u g g n a t k a j a p n a b e b n berguna untuk a n u g a b a l n e m e j a n a m i s k e t e d n e m n a d a b a l n a n u r u n e p i r a d n i h g n e m s p il i h P . n a i g u r e k i r a d n i h g n e m e t a.l n a b e b n a a n u g g n e p i ti l e n e m g n a y ) 3 0 0 2 ( i s k e t e d n e m m a l a d n a h u g g n a t k a j a p , i g u r i r a d n i h g n e m k u t n u a b a l n e m e j a n a m , a b a l n a n u r u n e p n a r o p a l e p mee to rbea t t s a c e r o f t s y l a n a dengan .l a u r k a l e d o m a g it a y n n a k g n i d n a b m e m k a j a p n a b e b n a k a n u g g n e m ) 5 0 0 2 ( it n a il u Y a y n a d a r u k u g n e m k u t n u n a h u g g n a t n a k u m e n e m n a d a b a l n e m e j a n a m k it k a r p i k il i m e m n a h u g g n a t k a j a p n a b e b a w h a b p a d a h r e t f it is o p g n a y h u r a g n e p a ti li b a b o r p sperusahaan untuk melakukan i r a d n i h g n e m k u t n u a b a l n e m e j a n a m . n a i g u r e k Selanjutnya Setyaning ish dkk k a j a p n a b e b a w h a b n a k u m e n e m ) 2 1 0 2 ( i s k e t e d n e m m a l a d h u r a g n e p r e b n a h u g g n a t u t k a w a d a p a b a l n e m e j a n a m seasoned s g n i r e ff o y ti u q e . Satwika dan Damayan it
2 6 3 Mankeu ,Vol .2 .N 3o ,2013: 32 - 35 3 7 5 0 0 2 ( ) menguj i kegunaan beban pajak l a u r k a n a g n e d n a k g n i d n a b i d n a h u g g n a t k u t n u a b a l n e m e j a n a m i s k e t e d n e m m a l a d a y n li s a H . a b a l n a n u r u n e p i r a d n i h g n e m n a h u g g n a t k a j a p n a b e b n a k k u j n u n e m a y n t a a f n a m a m a s u a t a t a a f n a m r e b g n a r u k a b a l i s k e t e d n e m m a l a d l a u r k a n a g n e d u t n u kmenghindarkanpelaporankerugian . n a m u a B i d u t S e t a .l (2001 ) k a j a p t e s a n a g n a d a c n a k k u j n u n e m n a k u k a l e m k u t n u n a k a n u g i d n a h u g g n a t n a u j u t n a g n e d a b a l n e m e j a n a m invoke an h t a b g i b s g n i n r a e . Sedangkan temuan r e l h a ts g r u B e t a.l (2002 ) menunjukkan t e s a n a g n a d a c i s a l u p i n a m e m r e j a n a m a b a l n a k t a k g n i n e m k u t n u n a h u g g n a t k a j a p n a g n e d n a i g u r e k i r a d n i h g n e m n a d . 9 0 1 S A F S n a r u t a r e p n a k t a a f n a m e m k a j a p a v it k a i ti l e n e m ) 7 0 0 2 ( e n a g g n a r u S r o t k i d e r p i a g a b e s l a u r k a n a d n a h u g g n a t H . a b a l n e m e j a n a m aslinya menunjukkan h u r a g n e p r e b g n a y a j a s l a u r k a a y n a h n a k g n a d e s , a b a l n e m e j a n a m p a d a h r e t . h u r a g n e p r e b k a d it n a h u g g n a t k a j a p a v it k a l a u r k a n a k u m e n e m ) 7 0 0 2 ( e n a g g n a r u S . a b a l n e m e j a n a m p a d a h r e t h u r a g n e p r e b g n a k a l e b r a t a l n a i a r u n a k r a s a d r e B m e m i n i n a it il e n e p iilk i permasalahan t u k ir e b i a g a b e s apakah beban pajak n a h u g g n a t , ase t pajak tangguhan , dan l a u r k a mampu memprediks i indika is ? a b a l n e m e j a n a m k it k a r p . A K A T S U P I D U T S a b a L n e m e j a n a M p e s n o K n a k is i n if e d i d t a p a d a b a l n e m e j a n a M g a b e s a i intervens i manajemen dengan , a b a l n a u t n e n e p s e s o r p m a l a d a j a g n e s a y n i d a b ir p k u t n u n a u j u t k u t n u a y n a s a i b i n i s e s o r p i l a k g n ir e S . ) 9 8 9 1 , r e p p i h c S ( n a r o p a l k it n a c r e p m e m p u k a c n e m g n il a p g n a y a k g n a a m a t u r e t , n a g n a u e k . a b a l u ti a y , h a w a b n a k is i n if e d n e m ) 6 0 0 2 ( t t o c S n e m e j a n a m laba sebaga i suatu cara k u t n u n a u j u tr e b g n a y a b a l n a ij a y n e p n a d n e m e j a n a m s a ti li t u n a k l a m is k a m e m i u l a l e m r a s a p i a li n n a k t a k g n i n e m u a t a r u d e s o r p n a k a ji b e k t e s n a h il i m e p a u d t a p a d r e T . n e m e j a n a m h e l o i s n a t n u k a i m a h a m e m m a l a d g n a d n a p a r a c g n a y a b a l n e m e j a n a m d liakukan manaje r k u t n u n a u j u tr e b , a m a tr e p : n a a h a s u r e p n e m e j a n a m s a ti li t u n a k l a m is k a m e m (opportunisitc behavior) . Kedua , n a g n u t n u e k n a k ir e b m e m k u t n u n a u j u tr e b m a l a d t i a k r e t g n a y k a h i p a u m e s a d a p e k ( k a rt n o k efifcien tcontracitng .) t a y n e m a g u j ) 6 0 0 2 ( t t o c S akan h i b e l a b a l a b a l n e m e j a n a m a w h a b n a u j u t k u t n u g n u r e d n e c opportunisitc
n a b e B n a u p m a m e K . (.... Misn iErwait ,WiwikTiswiyanit ,danYuilusman) 33 6 r o i v a h e b .Ada beberapa moitvas i untuk :) 6 0 0 2 , tt o c S ( a b a l n e m e j n a m n a k u k a l e m . 1 Mo itvas iProgramBonus i a y n u p m e m g n a y n a a h a s u r e p r e j a n a M a b a l n a k r a s a d r e b s u n o b m a r g o r p r u d e s o r p h il i m e m h i b e l i s n a t n u k a a b a l n a k h a d n i m e m g n a y i s n a t n u k a . i n i t a a s a b a l e k g n a t a d n a k a g n a y ) 6 0 0 2 ( t t o c S m a l a d ) 5 8 9 1 ( y l a e H n a k a n e m e j a n a m a w h a b i s k i d e r p m e m l e g n e m k it si n u tr o p o a r a c e s ola laba a y n s u n o b n a k l a m is k a m e m k u t n u h a l e t n a a h a s u r e p a li b a p a .s u n o b m a r g o r p n a k a n a c n e r e m h a d n e r n a a h a s u r e p a b a l a li b a p A h a w a b i d ( bogey) ,manaje rmempunya i l a H . a b a l n a k n u r u n e m k u t n u n a g n o r o d n a k t a k g n i n e m n a k a t u b e s r e t i d s u n o b n a i a p a c n e p n a n i k g n u m e k h a t unbe irkutnya .Apablial abas aati n i s a t a i d ( r a s e b u l a lr e t cap ) maka k u t n u i s a v it o m r e t n a k a r e j a n a m g n a y a b a l a k iJ . a b a l n a k n u r u n e m a r a t n a n a k r o p a li d c ap danbogeymaka i s a v it o m i a y n u p m e m n a k a r e j a n a m l is a H . a b a l n a k k i a n e m k u t n u g n u k u d n e m n a it il e n e p prediks iHealy i s a v it o m e m s u n o b m a r g o r p a w h a b n a k u k a l e m k u t n u n e m e j a n a m . a b a l n e m e j a n a m . 2 Mo itvas i untuk mencapa i ekspektas i r o ts e v n i k u t n u n a g n it n e p e k r e b r o ts e v n I t i a k r e t a b a l i s a t k e p s k e n a k u k a l e m k u t n u a y n n a s u t u p e k n a g n e d . n a a h a s u r e p i d i s a ts e v n ir e b Manajemen berkepenitngan untuk a n e r a k t u b e s r e t n a is a t k e p s k e i a p a c n e m i m a l a g n e m n a k a return saham yang k u t n u u ti a n e r a k h e l O . fi t a g e n t u b e s r e t n a is a t k e p s k e a k g n a i a p a c n e m n a k u k a l e m n a k a n e m e j a n a m g n a y a b a l a li b a p a a b a l n e m e j a n a m s m u l e b n a a h a s u r e p n a k li s a h i d esua i . n a is a t k e p s k e a k g n a n a g n e d . 3 Mo itvas iKon rtakUtang k a rt n o k n a t a r a y s r e p i a p a c n e m k u t n U n a a h a s u r e p i k a d n e h g n e m g n a y g n a t u t a p a d n a k a u t n e tr e t a b a l i a p a c n e m t a p a d n a k a u t n e tr e t a b a l i a p a c n e m k u t n u n e m e j a n a m g n o r o d n e m t a p a d n a a h a s u r e p r a g a a y n i a p a c n e m . t u b e s r e t n a t a r a y s r e p i h u n e m e m n a g n it n e p e k r e b t a g n a s n a a h a s u r e P t u b e s r e t n a t a r a y s r e p i a p a c n e m k u t n u t a p a d k a d it n a a h a s u r e p a li b a p a a n e r a k n a ti l u s e k n a k a a k a m , a y n i a p a c n e m . g n a t u i r a d a n a d n a k t a p a d n e m k u t n u . 4 Moitva isI PO( Iniita lPub ilcOffering) s u r e P ahaanyangmelakukanpenawaran a g r a h i a y n u p m e m k a d it a n a d r e p m a h a s
4 6 3 Mankeu ,Vol .2 .N 3o ,2013: 32 - 35 3 7 i s a m r o f n i a k a m , n a p a m g n a y r a s a p g n a y l a y n is n a k a p u r e m i s n a t n u k a , n o s k r a l C . r o ts e v n i i g a b a n u g r e b e tal . s ir i p m e i t k u b n a k u m e n e m ) 2 9 9 1 ( f it is o p a r a c e s n o p s e r e m r a s a p a w h a b a b e s a b a l n a l a m a r ga i isnya ldar in lia i n a k a t u b e s r e t l a H . n a a h a s u r e p g n a y n a a h a s u r e p r e j a n a m g n o r o d n e m c il b u p o g untuk melakukanmanajemen m a l a d n a k r o p a li d g n a y a b a l a d a p a b a l n a p a r a h n a g n e d s u t k e p s o r p n a a h a s u r e p m a h a s a g r a h n a k t a k g n i n e m .t u b e s r e t is a v it o m a p a r e b e b n i a l e S d iatas , i s a v it o m ) 1 1 0 2 ( k k d , n a w a it si l u S t u r u n e m l a h k u s a m r e t k a j a p n a g n it n e p e k k u t n u n a d a b u a t a u d i v i d n i i s a v it o m e m g n a y n e m e j a n a m n a k a d n it n a k u k a l e m a h a s u h e l o i s a n i m o d i d i n i n a g n it n e p e K . a b a l m u l e b g n a y n a a h a s u r e p go pubilc . m u l e b g n a y n a a h a s u r e P go pubilc n a k n i g n i g n e m n a d n a k r o p a l e m g n u r e d n e c g n a y l a k si f a b a l n a r o p a l n a k ij a y n e m k u t n u . a y n r a n e b e s g n a y i a li n i r a d h a d n e r h i b e l r e j a n a m i s a v it o m e m i n i n a g n u r e d n e c e K n a k u k a l e m f it a e r k k a d n it r e b k u t n u h a l o e s r a g a a b a l n e m e j a n a m n a k a d n it -olah g n a y l a k si f a b a l dliaporkan memang l ebih n a d n a r u t a r a g g n a l e m a p n a t h a d n e r . n a k a j a p r e p i s n a t n u k a n a k a ji b e k n a h u g g n a T k a j a P a k ij , ) 1 1 0 2 ( y d n a u S t u r u n e M i u k a i d g n a y p a t e t t e s a n a t u s u y n e p n a b e b n a b e b a d a p ir a d r a s e b h i b e l l a k si f a r a c e s a c e s i u k a i d g n a y p a t e t t e s a n a t u s u y n e p ra n a k a t u b e s r e t h is il e s a k a m , l a is r e m o k i d a j n e m i n i k k a j a p n a b e b n a k t a b i k a g n e m n a k t a b i k a g n e m n a k a i p a t e t , li c e k h i b e l r a s e b h i b e l g n a y k a j a p n a b e b n a u k a g n e p n a k a g n a y a s a m a d a p l a is r e m o k a r a c e s n a k a t u b e s r e t h is il e S . g n a t a d a t k a j a p n a b ij a w e k n a k li s a h g n e m ngguhan . n a h u g g n a t k a j a p n a b ij a w e k n a u k a g n e P a y n a d a a t k a f a d a p n a k r a s a d i d g n a y n a b ij a w e k n a s a n u l e p n a n i k g n u m e k a d a p k a j a p n a r a y a b m e p n a k t a b i k a g n e m r a s e b h i b e l i d a j n e m g n a t a d n e m e d o ir e p . k a j a p n a b ij a w e k n a s a n u l e p t a b i k a i a g a b e s n a d t e s a n a u k a g n e p a y n r a s e B g n u ti h i d t a p a d n a h u g g n a t k a j a p n a b ij a w e k a r a t n a u t k a w a d e b n a k il a g n e m n a g n e d n a r o p a l n a g n e d l a is r e m o k n a r o p a l g n a y l a k si f i g u r u a t a l a k si f n a g n a u e k k a j a p f ir a t n a g n e d i s a s n e p m o k i d t a p a d . ) 1 1 0 2 , y d n a u S ( u k a lr e b g n a y Beda h a l a d a r e r o p m e t/ a r a t n e m e s/ u t k a w b r e p edaan yang dsiebabkan adanya n a u k a g n e p e d o t e m n a d u t k a w n a a d e b r e p u t n e tr e t n a b e b n a d n a li s a h g n e p n a g n e d i s n a t n u k a r a d n a ts n a k r a s a d r e b i n i n a a d e b r e P . n a k a j a p r e p n a r u t a r e p
n a b e B n a u p m a m e K . (.... Misn iErwait ,WiwikTiswiyanit ,danYuilusman) 53 6 u t k a w n a a d e b r e p n a k t a b i k a g n e m a r a t n a n a b e b n a d n a t a p a d n e p n a u k a g n e p s g n a y k a j a p n u h a t atu ke tahun pajak n a d o n o jl u M t u r u n e M . a y n t u k ir e b i d a jr e t u t k a w a d e b ) 9 0 0 2 ( o n o s k a c i W n a u k a g n e p n a a d e b r e p a y n a d a a n e r a k i s n a t n u k a a r a c e s u t k a w a y n r a s e b a r a c e s n a g n e d n a k g n i d n a b i d l a is r e m o k :l a h m a l a d a y n l a si m , l a k si f . 1 Waktu pengakuan manfaa t dar i a y a v it k a ng akan dliakukan is a si tr o m a u a t a n a t u s u y n e p . 2 Waktudiperolehnyapenghaslian . 3 Waktudiakuinyabiaya ) 9 0 0 2 ( i t a w a n si r T n a d s e o g A n a h u r u l e s e k a r a c e s a w h a b n a k s a l e j n e m n u p u a m i s n a t n u k a n a t a p a d n e p u a t a n a b e b p a t e t i p a t e t , a m a s a y n r a n e b e s n a k a j a p r e p a d e b r e b alokas i seitap tahunnya . Agoe s n a k s a l e j n e m a g u j ) 9 0 0 2 ( i t a w a n si r T n a d n a k l u b m i n e m n a k u t k a w a d e b a d e B . n a h u g g n a t k a j a p n a b ij a w e k /t e s a n a a d e b r e p a n e r a k l u b m it a y n a s a i b u t k a w n a g n e d k a j a p a r a t n a i a k a p i d g n a y e d o t e m , is a si l a e r n a d l a u r k a l a h m a l a d i s n a t n u k a penyusutan dan amo trsia is , pen liaian n a i g u r e k i s a s n e p m o k n a d , n a a i d e s r e p .l a k si f n a h u g g n a T k a j a P n a b e B i t a w a n si r T n a d s e o g A t u r u n e M n a k a n a h u g g n a t k a j a p n a b e b , ) 9 0 0 2 ( . n a h u g g n a t k a j a p n a b ij a w e k n a k l u b m i n e m i d a jr e t t a p a d n a h u g g n a t k a j a p n a b ij a w e K e p a li b a p a rbedaan waktu menyebabkan n a b e b t a b i k a r e b g n a y f it a g e n i s k e r o k h i b e l l a is r e m o k i s n a t n u k a t u r u n e m k a j a p t u r u n e m k a j a p n a b e b n a k g n i d n a b i d r a s e b g n a d n U -undang pajak (Waluyo , 2008) . h e l o r e p i d g n a y n a h u g g n a t k a j a p n a b e B e d o ir e p a d a p n a h u g g n a t k a j a p n a b e b i r a d laporan keuangan dibag i dengan tota l n a b e B . a y n m u l e b e s e d o ir e p a d a p a v it k a a y n r a s e b n a k n i m r e c n e m n a h u g g n a t k a j a p n a g n e d n a k il a k i d h a l e t g n a y u t k a w a d e b u t k a w a d e B . l a n i g r a m k a j a p f ir a t n a k a ji b e k a y n a d a a n e r a k n a k t a b i k a i d ( l a u r k a discreitonary accruals ) tetrentu u t a u s t a p a d r e t a g g n i h e s n a k p a r e ti d g n a y n a li s a h g n e p n a u k a g n e p u t k a w n a a d e b r e p n a g n e d i s n a t n u k a a r a t n a a y a i b u a t a s p il i h P . ) 5 0 0 2 , it n a il u Y ( n a k a j a p r e p e ta.l k a j a p n a b e b n a k s a l e j n e m ) 3 0 0 2 ( i s k e t e d n e m k u t n u a n u g r e b n a h u g g n a t i r a d n i h g n e m a n u g a b a l n e m e j a n a m i r a d n i h g n e m n a d a b a l n a n u r u n e p . n a i g u r e k n a h u g g g n a T k a j a P t e s A a w h a b n a k s a l e j n e m ) 1 1 0 2 ( i d n a u S n a r a y a b m e p n a n i k g n u m e k a d a a li b a p a a p l i c e k h i b e l g n a y k a j a p da masa yang r a d n a ts n a k r a s a d r e b a k a m g n a t a d n a k a t a p a d m u m u u k a lr e b g n a y i s n a t n u k a
6 6 3 Mankeu ,Vol .2 .N 3o ,2013: 32 - 35 3 7 n a u k a g n e P . t e s a u t a u s i a g a b e s p a g g n a i d a t k a f a d a p n a k r a s a d i d n a h u g g n a t t e s a t e s a n a h il u m e p n a n i k g n u m e k a y n a d a a d a p k a j a p n a r a y a b m e p n a k t a b i k a g n e m i d a j n e m g n a t a d n e m e d o ir e p lebih keci l k a d it g n a y t e s a n a h il u m e p t a b i k a i a g a b e s t u r u n e M . k a j a p i s n e u k e s n o k i k il i m e m k a j a p t e s a ) 9 0 0 2 ( i t a w a n si r T n a d s e o g A k a j a p n a t a p a d n e p i r a d l u b m it n a h u g g n a t l u b m it n a h u g g n a t k a j a p t e s A . n a h u g g n a t n a k b a b e y n e m u t k a w a d e b a li b a p a i s k e r o k a y n i d a jr e t po isit fsehingga beban l i c e k h i b e l i s n a t n u k a t u r u n e m k a j a p n a r u t a r e p t u r u n e m k a j a p n a b e b a d a p ir a d h a l a d a n a h u g g n a t k a j a p t e s A . n a k a j a p r e p e d o ir e p a d a p n a k h il u p r e t h P P h a l m u j a y n a d a t a b i k a i a g a b e s g n a t a d n e m h e l o b g n a y r e r o p m e t n a a d e b r e p a si s n a d n a k g n a r u k i d kompensas i . n a i g u r e k U L U H A D R E T N A I T I L E N E P U E I V E R S I S E T O P I H N A G N A B M E G N E P N A D n a g n e d n a ti a k r e b g n a y n a it il e n e P i s k e t e d n e m m a l a d n a h u g g n a t k a j a p n a b e b s p il i h P . a y n a r a t n a i d , a b a l n e m e j a n a m e t .l a (2003 ) yang menelti i penggunaan m a l a d n a h u g g n a t k a j a p n a b e b mendeteks i , i g u r i r a d n i h g n e m k u t n u a b a l n e m e j a n a m , a b a l n a n u r u n e p n a r o p a l e p mee to rbea t t s a c e r o f t s y l a n a dengan . l a u r k a l e d o m a g it a y n n a k g n i d n a b m e m n a m u a B i d u t S e ta.l (2001 )menunjukkan n a k a n u g i d n a h u g g n a t k a j a p t e s a n a g n a d a c a l n e m e j a n a m n a k u k a l e m k u t n u badengan n a u j u t invoke an earning s big bath . r e l h a ts g r u B n a u m e t n a k g n a d e S e t a.l r e j a n a m n a k k u j n u n e m ) 2 0 0 2 ( k a j a p t e s a n a g n a d a c i s a l u p i n a m e m n a d a b a l n a k t a k g n i n e m k u t n u n a h u g g n a t n a g n e d n a i g u r e k i r a d n i h g n e m . 9 0 1 S A F S n a r u t a r e p n a k t a a f n a m e m ) 5 0 0 2 ( i t n a il u Y menggunakan r u k u g n e m k u t n u n a h u g g n a t k a j a p n a b e b n a d a b a l n e m e j a n a m k it k a r p a y n a d a k a j a p n a b e b a w h a b n a k u m e n e m f it is o p g n a y h u r a g n e p i k il i m e m n a h u g g n a t k u t n u n a a h a s u r e p s a ti li b a b o r p p a d a h r e t k u t n u a b a l n e m e j a n a m n a k u k a l e m a y n t u j n a l e S . n a i g u r e k i r a d n i h g n e m n a k u m e n e m ) 2 1 0 2 ( k k d , h is g n i n a y t e S n a h u g g n a t k a j a p n a b e b a w h a b i s k e t e d n e m m a l a d h u r a g n e p r e b u t k a w a d a p a b a l n e m e j a n a m seasoned s g n i r e ff o y ti u q e .Satwika dan Damayan it k a j a p n a b e b n a a n u g e k i j u g n e m ) 5 0 0 2 ( l a u r k a n a g n e d n a k g n i d n a b i d n a h u g g n a t k e t e d n e m m a l a d s imanajemen l aba untuk a y n li s a H . a b a l n a n u r u n e p i r a d n i h g n e m n a h u g g n a t k a j a p n a b e b n a k k u j n u n e m a y n t a a f n a m a m a s u a t a t a a f n a m r e b g n a r u k a b a l i s k e t e d n e m m a l a d l a u r k a n a g n e d
n a b e B n a u p m a m e K . (.... Misn iErwait ,WiwikTiswiyanit ,danYuilusman) 73 6 . n a i g u r e k n a r o p a l e p n a k r a d n i h g n e m k u t n u h u r a g n e p r e b l a u r k a ) 7 0 0 2 ( e n a g g n a r u S p a d a h r e t manajemenl aba. s a t a i d n a i a r u n a k r a s a d r e B : n a k si s e t o p i h g n e m i n i n a it il e n e p u p m a m n a h u g g n a t k a j a p n a b e B : 1 H n e m e j a n a m k it k a r p i s k i d e r p m e m a b a l u p m a m n a h u g g n a t k a j a p t e s A : 2 H n e m e j a n a m k it k a r p i s k i d e r p m e m a b a l i s a k i d n i is k i d e r p m e m u p m a m l a u r k A : 3 H t k a r p ikmanajemenl aba N A I T I L E N E P E D O T E M N A I T I L E N E P K E J B O h a l a d a i n i n a it il e n e p a d a p k e j b O k a j a p t e s a , n a h u g g n a t k a j a p n a b e b a b a l n e m e j a n a m n a d l a u r k a , n a h u g g n a t g n a y r u t k a f u n a m n a a h a s u r e p a d a p . a is e n o d n I k e f E a s r u B i d r a tf a d r e t A T A D R E B M U S N A D S I N E J m a l a d n a k a n u g i d g n a y a t a d s i n e J . r e d n u k e s a t a d n a k a p u r e m i n i n a it il e n e p i m s e r s u ti s i r a d h e l o r e p i d a t a d r e b m u S n i a l r e b m u s n a d a is e n o d n I k e f E a s r u B g n a y a t a d n a g n e d n a v e l e r n a d t i a k r e t g n a y . n a k h u t u b i d L E P M A S N A D I S A L U P O P i n i n a it il e n e p i r a d i s a l u p o P adalah i d r a tf a d r e t g n a y r u t k a f u n a m n a a h a s u r e p 1 1 0 2 n u h a t a d a p a is e n o d n I k e f E a s r u B h a l m u j e s u ti a y 1 13 perusahaan . Teknik n a k a n u g g n e m l e p m a s n a li b m a g n e p e d o t e m purposivesampilng .Krtie irayang l e p m a s n a li b m a g n e p m a l a d n a k a n u g i d : h a l a d a . 1 Perusahaan manufaktu r secara n a d r a tf a d r e t n e ts is n o k n a g n a u e k n a r o p a l n a k ti b r e n e m h a i p u r g n a u a t a m m a l a d peirode 1 3 r e p r i h k a r e b i s n a t n u k a r e b m e s e D selama tahun 2009 -1 1 0 2 . . 2 Memiilk iase tpajakt angguhandan n a h u g g n a t k a j a p n a b e b secara p a k g n e l dalam laporan keuangan a m a l e s peirodet ahun2009-2011 m a g n e p a ir e ti r k n a k r a s a d r e B bilan sampe l 3 1 k a y n a b e s h e l o r e p i d (empa t belas) . l e p m a s i a g a b e s r u t k a f u n a m n a a h a s u r e p n u p a d A nama perusahaan sampe l yang .i n i t u k ir e b l e b a t a d a p a ir e ti r k i h u n e m e m
8 6 3 Mankeu ,Vol .2 .N 3o ,2013: 32 - 35 3 7 l e b a T 1 a D tfa rSampel o N Kode n a a h a s u r e P NamaPerusahaan 1 AISA PTTigaPlia rSejahteraFoodTbk 2 ALKA PTAlakasaI ndu tsirndoTbk 3 A S II PTAsrtaI nternaitona lTbk 4 AUTO PTAsrtaOtopatr sTbk 5 ERTX PTEratexDjajaTbk 6 ETWA PTEteirndoWahanatamaTbk 7 GGRM PTGudangGaramTbk 8 GJTL PTGajahTungga lTbk 9 INTP PTI ndocemen tTungga lPrakasaTbk 10 KDSI PTKedawungSeitaI ndu ts ira lTbk 11 RMBA PTBentoelI nternaitonalI nve tsamaTbk 12 SIPD PTSieradProduceTbk 13 SMCB PTHolcimI ndone isaTbk h a l m u J Sampel 13 N A D N A I T I L E N E P L E B A I R A V L A N O I S A R E P O I S I N I F E D n a h u g g n a T k a j a P n a b e B . A h e l o r e p i d n a h u g g n a t k a j a p n a b e B e d o ir e p a d a p n a h u g g n a t k a j a p n a b e b i r a d l a t o t n a g n e d i g a b i d n a g n a u e k n a r o p a l a set k a j a p n a b e B . a y n m u l e b e s e d o ir e p a d a p a d e b a y n r a s e b n a k n i m r e c n e m n a h u g g n a t f ir a t n a g n e d n a k il a k i d h a l e t g n a y u t k a w . l a n i g r a m k a j a p E T D ti = Bebanpajakt angguhanti Tota lAsett-1 B. Ase tPajakTangguhan m a l a d n a h u g g n a t k a j a p t e s A k a j a p t e s a n a g n a d a c h a l a d a i n i n a it il e n e p n a k a p u r e m g n a y ) T P A C ( n a h u g g n a t n a h u g g n a t k a j a p t e s a a r a t n a h is il e s g n a y e d o ir e p n a g n e d g n a r a k e s e d o ir e p , ) 7 0 0 2 ( e n a g g n a r u S a n a m i a g a b e S . u l a l t e s a i a li n n a h a b u r e p n a g n e d r u k u i d T P A C k a j a p tangguhan pada akhi r peirode t t n a g n e d -1 dibag idengan n lia iase tpajak t e d o ir e p r i h k a a d a p n a h u g g n a t -1 T P A C ti = ΔAse tpajakt angguhanti Ase tPajakTangguhanti w o l F h s a C ( i s a r e p O s a K s u r A . C ) n o it a r e p O n a it il e n e p a n a m i a g a b e S , s p il i h P ( a y n m u l e b e s e t a.l , 2003 ; a g u j i n i n a it il e n e p , ) 7 0 0 2 , e n a g g n a r u S i s a r e p o s a k s u r a n a h a b u r e p n a k a n u g g n e m (cash lfow operaiton) sebaga i vairabe l l o rt n o k .Perubahanaru ska soperas idiuku r s a r e p o s a k s u r a i a li n n a h a b u r e p n a g n e d i
n a b e B n a u p m a m e K . (.... Misn iErwait ,WiwikTiswiyanit ,danYuilusman) 93 6 n a g n e d t e d o ir e p r i h k a a d a p i n a a h a s u r e p t-1dibag idengant ota lase tpadat ahunt -1 O F C ti = Δ OCF ti Tota lAseti - )t(1 . D Akrual n a k is k o r p m e m i n i n a it il e n e P n a g n e d l a u r k a l e b a ir a v discreitonary l a u r c c a dar i Modiifed Jone s Model . k i a b r e t g n a y l e d o m p a g g n a i d i n i l e d o M a b a l n e m e j a n a m i s k e t e d n e m k u t n u , w o h c e D ( e ta .l ,1995 )dandigunakanj uga s p il i h P n a it il e n e p m a l a d e t a.l (2003) , . ) 7 0 0 2 ( e n a g g n a r u S n a d ) 4 0 0 2 ( i t n a il u Y n a g n e d n a g n e d g n u ti h i d l a u r k A n u g g n e m akan mode l persamaan regres i :t u k ir e b c c A T ti = α + β1(ΔSalesti – Δ RA ti ) + β2GPPE+εti : n a g n a r e t e K c c A T ti = Tota laccrua lperusahaan ipada t n u h a t ΔSalesti = Perubahan sale s revenue n a g n e d t n u h a t i n a a h a s u r e p t n u h a t -1 Δ RA ti = Perubahan piutang dagang n a g n e d t n u h a t i n a a h a s u r e p t n u h a t -1 t n e m p i u q e t n a l p y tr e p o r p s s o r G = E P P G t e d o ir e p a d a p I n a a h a s u r e p εi t=Errort erm a l a k s m a l a d r u k u i d s a t a i d l e b a ir a v a u m e S t a d a p i n a a h a s u r e p t e s a l a t o t -1 . E ManajemenLaba a b a l n e m e j a n a M dalam peneilitan ini s p il li h P a y n l a h i tr e p e s e ta.l (2003 )dan n i d d u l a m a j D ,dkk (2008) ,diuku rdengan s u r e p h is r e b a b a l n a h a b u r e p ahaan ida ir t n u h a t -1 ke tdibag idengan n lia ipasa r i h k a a d a p s a ti u k e r tahunt - .2 Diber iangka i a li n a k ij ) u t a s ( 1 nyaadalah ≥0and<0.1 . a y n k il a b e s a k ij ) l o n ( 0 a k g n a n a d A T A D S I S I L A N A E D O T E M n a k a n u g i d g n a y s is il a n a e d o t e M k it si t a ts i j u h a l a d a i n i n a it il e n e p m a l a d . fi t p ir k s e d Statsiitk desk irpit f i s p ir k s e d u a t a n a r a b m a g n a k ir e b m e m a t a r i r a d t a h il i d g n a y a t a d u t a u s -rata , n a ir a v , r a d n a ts i s a i v e d , ) n a e m ( , e g n a r , m u s , m u m i n i m , m u m is k a m n a g n e c n e m e k ( s s e n w e k s n a d s is o tr u k . )i s u b ir ts i d Sedangkan uj i hipote iss i s e r g e r n a k a n u g g n e m logis .itk Regres i l e b a ir a v n a k a n e r a k i d n a k a n u g i d k it si g o l y m m u d l e b a ir a v n a k a p u r e m n e d n e p e d . ) k ir t e m n o n ( Manajemen laba (earning s t n e m e g a n a m ) dihaslikan dar i persamaan i s e r g e r logtibeirku :t n L ME ti = 1 - ME
0 7 3 Mankeu ,Vol .2 .N 3o ,2013: 32 - 35 3 7 β + α 1DTEti + β2CAPTti + C C A T 3 β ti+β4CFOti ε + ti : n a g n a r e t e K n L EMti = 1 - ME a b a l n e m e j a n a m padaperusahaan i ,diber i li n a i 1 ijka perubahan laba ber ish t n u h a t n a g n e d t n u h a t n a a h a s u r e p - 1 a d a p s a ti u k e r a s a p i a li n n a g n e d i g a b i d i h k a r tahun t - .2adalah ≥0and <0.01 dan a k ij ) l o n ( 0 a k g n a sebailknya E T D ti = beban pajak tangguhan i n a a h a s u r e p padatahun t T P A C ti = cadangan ak itva pajak n a h u g g n a t perusahaan ipada t n u h a t C C A T ti = tota laccrualperusahaan ipada t n u h a t O F C ti =cash lfow operaiton perusahaan i t n u h a t a d a p N A D L I S A H PEMBAHASAN fi t p i r k s e D k it si t a t S f it p ir k s e d k it si t a ts i j u l is a H e b a t a d a p n a k ij a si d l be irku.t l e b a T 2 fi t p ir s e D k it si t a t S n a g n a r e t e K N Minimum Maximum Mean Std .Deviaiton s e l a S 3 9 -52735311 33526000000000 246869280842 7070698270521 R A 3 -9 510900900000 513500000000 287359208182 1488142009406 R A S 3 -9 446887600000 28700000000000 2201330074660 6423313378291 E P P G 3 9 8677574000 4825000000000 697168627542 11230026405777 E T D 3 9 .46786521 .88337202 .0085893493 .162068547 T P A C 3 9 -12.22437398 5.13062794 .4391106348 2.746487353287 c c A T 3 9 -49224839400 76676000000000 9173012702203 16755345797271 M E 3 9 0 1 . 44 .502 n a h a l o a t a d : r e b m u S
n a b e B n a u p m a m e K . (.... Misn iErwait ,WiwikTiswiyanit ,danYuilusman) 13 7 si s e t o p i H i j U l is a H a T be l3 k it si g o L i s e r g e R i j U l is a H n o it a u q E e h t n i s e l b a i r a V B S .E. W ald d f S ig. Exp(B) 1 p e t S a D TE - 9.76 2.139 .129 1 .719 .464 T P A C .142 .154 .849 1 .357 1.153 Ta cc .000 .000 .001 1 .977 1.000 0 F C - 2.02 .031 .494 1 .482 .979 t n a ts n o C - 6.11 .389 .089 1 .765 .890 , E T D : 1 p e ts n o d e r e t n e ) s ( e l b a ir a V . a CAPT ,TAcc ,CF0. . 1 Hipote is sSatu( H1) s is e t o p i H i j u s a t a n a k r a s a d r e B a d a p t a h il r e t n a k a n u g g n e m tabe lvairable s n o it a u q e e h t n i t(abe l 5.2 ) itngka t a j a p n a b e b i r a d i s n a k if i n g is k tangguhan 9 1 7 , 0 h a l a d a ) E T D ( .Hali n imenunjukkan k a d it n a h u g g n a t k a j a p n a b e b a w h a b n e m e j a n a m k it k a r p i s k i d e r p m e m u p m a m n i a l a t a k n a g n e d u a t a a b a l hipote is ss atu . k a l o ti d ) 1 H ( Ha is lin i itdak mendukung s p il i h P e tal.( 2003 )danYuilan it( 2005 .) . 2 Hipote is sKedua( H2) j u s a t a n a k r a s a d r e B i hipote is s a d a p t a h il r e t n a k a n u g g n e m tabelvariable s n o it a u q e e h t n i t(abe l 5.2) itngka t a i r a d i s n a k if i n g is se t pajak tangguhan 7 5 3 , 0 h a l a d a ) T P A C ( , ha l in i dapa t si d impulkan bahwa ase tpajak tangguhan k it k a r p i s k i d e r p m e m u p m a m k a d it n i a l a t a k n a g n e d u a t a a b a l n e m e j a n a m . k a l o ti d ) 2 H ( a u d s is e t o p i h Temuan in i k a d it i p a t ,) 7 0 0 2 ( e n a g g n a r u S g n u k u d n e m n a m u a B n a g n e d n a l a j e s e tal.( 2001). . 3Hipote is sTiga( H3 ) i j u s a t a n a k r a s a d r e B hipote is s n i s e l b a ir a v a d a p t a h il r e t n a k a n u g g n e m n o it a u q e e h t t(abe l 5.2 ) itngka t l a u r k a i r a d i s n a k if i n g is adalah 0,977 ,ha l l a u r k a a w h a b n a k it r a i d t a p a d i n i itdak n e m e j a n a m k it k a r p i s k i d e r p m e m u p m a m s is e t o p i h n i a l a t a k n a g n e d u a t a a b a l keitga ) 3 H ( dtiolak dan itdak mendukung ha is l .) 7 0 0 2 ( e n a g g n a r u S N A R A S N A D N A L U P M I S n a l u p m i S
2 7 3 Mankeu ,Vol .2 .N 3o ,2013: 32 - 35 3 7 k it si t a ts i j u l is a h n a k r a s a d r e B n a k k u j n u n e m n a k k u j n u ti d bahwa beban s a , n a h u g g n a t k a j a p e t pajak tangguhan i s k i d e r p m e m u p m a m k a d it l a u r k a n a d g n a y a b a l n e m e j a n a m k it k a r p k it k a r p . n a a h a s u r e p h e l o n a k u k a li d Ha is l in i si s e t o p i h a w h a b n a k k u j n u n e m peneilitan u a t a g n u k u d r e t k a d it n a k u j a i d g n a y k a l o ti d n a r a S a d a p i ti l e n e m a y n a h i n i n a it il e n e P , a j a s r u t k a f u n a m i rt s u d n i a d a p n a a h a s u r e p a y n t u j n a l e s n a it il e n e p a g g n i h e s p m e m k u t n u n a k n a r a si d elrua s jeni s a y n a h k a d it , it il e ti d n a k a g n a y n a a h a s u r e p .r u t k a f u n a m n a a h a s u r e p a d a p s u k o fr e t k u t n u n a k n a r a si d a y n t u j n a l e S e d o ir e p s a u lr e p m e m n a d k a y n a b r e p m e m . n a t a m a g n e p A K A T S U P R A T F A D . it a w a n si r T a ti l a rt s E n a d o n si r k u S , s e o g A . n a k a j a p r e P i s n a t n u k A . 9 0 0 2 . a tr a k a J .t a p m E a b m e l a S n a m u a B . P k r a M , . C e n it si r h C , n a m u a B . y e sl a H . F t r e b o R d n a 2001 .Do x a T d e rr e f e D e h T e s U s m ri F o t e c n a w o ll A n o it a u l a V t e s s A . l o V , A T A J ? s g n i n r a E e g a n a M .t n e m e l p p u S 3 2 . n i L . W . T d n a , n e h C . H . K , J E , r e h c o l B . 9 9 9 1 Cos t Managemen,tA s i s a h p m E c i g e t a r t S . Mc Graw -.l li H d n a t o il l E e k o o r B . W , d i v a D , r e l h a ts g r u B w o H . 2 0 0 2 . n o l n a H e ll e h c i M e c n e d i v E : s e s s o L d i o v A s m ri F x a T d e rr e f e D t e N e h T f o e s U f o y ti s r e v i n U . t n u o c c A t e s s A . r e p a P g n i k r o W n o t g n i h s a W : p tt h //paperss.srn.com. Diakse s . 3 1 0 2 r e b m e t p e S 5 1 n o s d r a h c i R . G , h o t n o D . A , . P , n o s k r a l C y r a t n u l o V e h T . 2 9 9 1 . k c if e S . S d n a O P I n i ts a c e r o F s g n i n r a E f o n o is u l c n I . s u t c e p s o r P Contemporary . h c r a e s e R g n it n u o c c A n a d , it a w a m h a R , it k e b u S , n i d d u l a m a j D ir T i n a y a d n a H Wjiayan it . 2008 . k a j a P a v it k A n a h a b u r e P s is il a n A k a j a P n a b ij a w e K n a d n a h u g g n a T i s k e t e d n e M k u t n u n a h u g g n a T i s n a t n u k A l a n r u J . a b a L n e m e j a n a M 3 . o N 9 1 . l o V , n e m e j a n a M n a d m e s e D b . er A . 9 9 9 1 . n e l h a W M J d n a , . P , y l a e H t n e m e g a n a M s g n i n r a E e h t f o w e i v e R r u t a r e ti L e and ti s Impilcaiton s fo r , n o z ir o H g n it n u o c c A . g n it t e S d r a d n a t S 1 4 : p p , 3 1 . l o V - .6 2 . o n o s k a c i W i n u r a B n a d o k o j D , o n o jl u M . n a t u j n a L k a j a P i s n a t n u k A . 9 0 0 2 .i d n A t i b r e n e P . a tr a k a y g o Y . 3 0 0 2 . o g e R . S d n a , s u c n i P . M , .J , s p il i h P e c n e d i v E w e N : t n e m e g a n a M s g n i n r a E e h T . s e s n e p x E x a T d e r e ff e D n o d e s a B
n a b e B n a u p m a m e K . (.... Misn iErwait ,WiwikTiswiyanit ,danYuilusman) 33 7 , 2 . o N 3 7 . l o V , w e i v e R g n it n u o c c A 1 9 4 : p p -5 21. o r o W a is e r e h T n a d a si n A , a k i w t a S n e m e j a n a M i s k e t e D . 5 0 0 2 . it n a y a m a D a T k a j a P n a b e B i u l a l e m a b a L ngguhan . . a is e n o d n I s i n si B n a d i m o n o k E l a n r u J 9 1 1 : l a h 1 . o N I X . l o V -1 34. n o y r a t n e m o C . 9 8 9 1 . e n ir e h t a K , r e p p i h c S . t n e m e g a n a M s g n i n r a E Accounitng n o z i r o H . . 6 0 0 2 . R . W , tt o c S Financia lAccounitng y r o e h T .PrenitceHallI nternaitona.l a j a R , ir S , h is g n i n a y t e S Adr iSat irawan S. , n a u p m a m e K . 2 1 0 2 . A r a h z A l A n a d k a j a P n a b e B , n a h u g g n a T k a j a P n a b e B n e m e j a n a M i s k e t e d n e M m a l a d i n i K y ti u q E d e n o s a e S t a a S a d a p a b a L . d i. c a .i r n u . y r o ti s o p e R . s g n ir e f f O . 3 1 0 2 t e r a M 2 l a g g n a t s e s k a i D . k a j a P n a a n a c n e r e P . 1 1 0 2 . y lr E , y d n a u S a S lembaEmpa.tJ aka tra. n a d i s r a u n a J i n e Y , y h d e D , n a w a it si l u S e v it a e r C . 1 1 0 2 . a i v l A a z i L n e m e j a n a M p a k g n u g n e M : g n it n u o c c A a b m e l a S . is n a t n u k A l a d n a k S n a d a b a L . a tr a k a J .t a p m E s is il a n A . 7 0 0 2 . a h k i a l u Z , e n a g g n a r u S l a u r k A n a d n a h u g g n a T k a j a P a v it k A d e r P i a g a b e s ikto r Manajemen Laba : n a a h a s u r e P a d a p s ir i p m E n a ij a K . J E B i d r a tf a d r e t g n a y r u t k a f u n a M n a g n a u e K n a d i s n a t n u k A l a n r u J .i n u J 1 . o N 4 . l o V , a is e n o d n I a b m e l a S . k a j a P i s n a t n u k A . 8 0 0 2 . o y u l a W . a tr a k a J .t a p m E k a j a P n a b e B n a u p m a m e K . 5 0 0 2 . it n a il u Y n a h u g g n a T dalam Mendeteks i i s n a t n u k A l a n r u J . a b a L n e m e j a n a M 1 . o N 2 . l o V a is e n o d n I n a g n a u e K n a d .i l u J
