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\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid3742318 \hich\af40\dbch\af31505\loch\f40 Faculty of Economics of State University of }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid3742318 
\hich\af40\dbch\af31505\loch\f40 Surabaya
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\par \hich\af40\dbch\af31505\loch\f40 Dewi Prastiwi}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\lang1031\langfe2052\langnp1031\insrsid2717624 \hich\af40\dbch\af31505\loch\f40  *}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
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\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid3742318 \hich\af40\dbch\af31505\loch\f40 Faculty of Economics of State University of }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\lang1033\langfe2052\langnp1033\insrsid3742318\charrsid3742318 
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\f40\fs20\insrsid8193426\charrsid15941768 {\*\datafield 
00d0c9ea79f9bace118c8200aa004ba90b0200000003000000e0c9ea79f9bace118c8200aa004ba90b580000006d00610069006c0074006f003a00640065007700690070007200610073007400690077006900400075006e006500730061002e00610063002e00690064000000795881f43b1d7f48af2c825dc48527630000
0000a5ab00002e004420014100}}}{\fldrslt {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \cs16\b\f40\fs20\ul\cf17\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 dewiprastiwi@unesa.ac.id}}}\sectd \ltrsect
\psz9\linex0\endnhere\sectlinegrid360\sectdefaultcl\sectrsid15221443\sftnbj {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 
\par 
\par }\pard \ltrpar\qj \li0\ri0\sl259\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\i\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid5702889 
\hich\af40\dbch\af31505\loch\f40 Abstract:}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\i\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\i\f40\fs20\lang1057\langfe1033\langfenp1033\insrsid3881699 \hich\af40\dbch\af31505\loch\f40 This study aims}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1057\langfe1033\langfenp1033\insrsid15221443\charrsid15941768 
\hich\af40\dbch\af31505\loch\f40  to analyze the effect of thin capitalization and executive}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1057\langfe1033\langfenp1033\insrsid992078 \hich\af40\dbch\af31505\loch\f40 s\hich\f40 \rquote }{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1057\langfe1033\langfenp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40  character}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1057\langfe1033\langfenp1033\insrsid3881699 
\hich\af40\dbch\af31505\loch\f40 istics}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1057\langfe1033\langfenp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40  based on tax avoida}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\i\f40\fs20\lang1057\langfe1033\langfenp1033\insrsid12681037 \hich\af40\dbch\af31505\loch\f40 nce. The sample }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1057\langfe1033\langfenp1033\insrsid3881699 \hich\af40\dbch\af31505\loch\f40 consists of}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1057\langfe1033\langfenp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40  38 manufacturing companies }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\i\f40\fs20\lang1057\langfe1033\langfenp1033\insrsid12681037 \hich\af40\dbch\af31505\loch\f40 listed on}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1057\langfe1033\langfenp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 
 the Ind}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1057\langfe1033\langfenp1033\insrsid12681037 \hich\af40\dbch\af31505\loch\f40 onesia Stock Exchange in 2011-}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\i\f40\fs20\lang1057\langfe1033\langfenp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 2015 }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1057\langfe1033\langfenp1033\insrsid12681037 \hich\af40\dbch\af31505\loch\f40 
and they }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1057\langfe1033\langfenp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 will be determined by several criteria. The\hich\af40\dbch\af31505\loch\f40  results of mul}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1057\langfe1033\langfenp1033\insrsid12681037 \hich\af40\dbch\af31505\loch\f40 tiple regression analysis shows}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\i\f40\fs20\lang1057\langfe1033\langfenp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40  that the thin capitalization and executive}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1057\langfe1033\langfenp1033\insrsid992078 
\hich\af40\dbch\af31505\loch\f40 s\hich\f40 \rquote }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1057\langfe1033\langfenp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40  character}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\i\f40\fs20\lang1057\langfe1033\langfenp1033\insrsid12681037 \hich\af40\dbch\af31505\loch\f40 istics}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1057\langfe1033\langfenp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 
 positive}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1057\langfe1033\langfenp1033\insrsid12681037 \hich\af40\dbch\af31505\loch\f40 ly}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\i\f40\fs20\lang1057\langfe1033\langfenp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1057\langfe1033\langfenp1033\insrsid12681037 \hich\af40\dbch\af31505\loch\f40 a}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1057\langfe1033\langfenp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 ffect tax avoidance. These results are consistent with the view that companies tend to increase interest}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1057\langfe1033\langfenp1033\insrsid12681037 \hich\af40\dbch\af31505\loch\f40  of their}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1057\langfe1033\langfenp1033\insrsid15221443\charrsid15941768 
\hich\af40\dbch\af31505\loch\f40  debt (thin c}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1057\langfe1033\langfenp1033\insrsid12681037 \hich\af40\dbch\af31505\loch\f40 apitalization) to minimize the tax }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\i\f40\fs20\lang1057\langfe1033\langfenp1033\insrsid6500057 \hich\af40\dbch\af31505\loch\f40 burden}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1057\langfe1033\langfenp1033\insrsid12681037 \hich\af40\dbch\af31505\loch\f40  and the}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1057\langfe1033\langfenp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40  executive}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1057\langfe1033\langfenp1033\insrsid992078 
\hich\af40\dbch\af31505\loch\f40 s\hich\f40 \rquote }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1057\langfe1033\langfenp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40  character}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\i\f40\fs20\lang1057\langfe1033\langfenp1033\insrsid12681037 \hich\af40\dbch\af31505\loch\f40 istics}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1057\langfe1033\langfenp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 
 has an important role in the action. }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\i\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid5702889 
\par }\pard\plain \ltrpar\s17\qj \fi706\li0\ri0\widctlpar\tqc\tx1134\tqdec\tx1418\wrapdefault\hyphpar0\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 
\fs24\cf1\lang1033\langfe1025\cgrid\langnp1033\langfenp1025 {\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f40\fs20\cf0\lang1057\langfe1033\langnp1057\langfenp1033\insrsid15221443\charrsid15941768 
\par }\pard\plain \ltrpar\qj \li0\ri0\sl259\slmult1\widctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid15221443 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\i\f40\fs20\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 Keywords}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 : }{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 Tax Avoidance, }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\insrsid15221443\charrsid15941768 
\hich\af40\dbch\af31505\loch\f40 Thin Capilatization,}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\i\f40\fs20\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 Executive}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\insrsid992078 \hich\af40\dbch\af31505\loch\f40 s\hich\f40 \rquote \loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\i\f40\fs20\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 Characters
\par }\pard \ltrpar\qc \li0\ri0\sl259\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\fs20\lang1057\langfe2052\loch\af40\hich\af40\dbch\af31505\langnp1057\langfenp2052\insrsid6429915 \hich\af40\dbch\af31505\loch\f40 1.\tab}}\pard\plain \ltrpar
\s15\ql \fi-360\li360\ri0\sl259\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin360\itap0\pararsid15221443\contextualspace \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid6429915 \hich\af40\dbch\af31505\loch\f40 INTRODUCTION}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\b\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid14641780 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\cf18\insrsid15221443\charrsid14641780 
\par }\pard\plain \ltrpar\qj \fi720\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid9652584 \hich\af40\dbch\af31505\loch\f40 Tax is a fixed expense}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\cf18\insrsid7220073 \hich\af40\dbch\af31505\loch\f40  of a company, reducing the amount of income and, thus,}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid12780684\charrsid12780684 \hich\af40\dbch\af31505\loch\f40 
 it is not surprising }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid7220073 \hich\af40\dbch\af31505\loch\f40 if}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid12780684\charrsid12780684 \hich\af40\dbch\af31505\loch\f40 
 various efforts are}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid7220073 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid15624634 \hich\af40\dbch\af31505\loch\f40 conducted}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid7220073 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid7220073\charrsid12780684 \hich\af40\dbch\af31505\loch\f40 both legally and illegally}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\cf18\insrsid7220073 \hich\af40\dbch\af31505\loch\f40  for tax saving}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid13108732 \hich\af40\dbch\af31505\loch\f40 . The effort}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\cf18\insrsid12780684\charrsid12780684 \hich\af40\dbch\af31505\loch\f40  to minimize tax }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid13108732 \hich\af40\dbch\af31505\loch\f40 in legal mean}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\cf18\insrsid12780684\charrsid12780684 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid13108732 \hich\af40\dbch\af31505\loch\f40 is}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\cf18\insrsid12780684\charrsid12780684 \hich\af40\dbch\af31505\loch\f40  often}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid13108732 \hich\af40\dbch\af31505\loch\f40 ly}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\cf18\insrsid12780684\charrsid12780684 \hich\af40\dbch\af31505\loch\f40  called tax planning or tax sheltering (Suandy, 2016: 1). According to Zain (2008: 67) tax avoidance is one of the tax planning actions that can be }{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\cf18\insrsid15624634 \hich\af40\dbch\af31505\loch\f40 executed}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid12780684\charrsid12780684 \hich\af40\dbch\af31505\loch\f40 
 through the profit processing to reduce the amount of tax imposition that the company does not want\hich\af40\dbch\af31505\loch\f40 . In addition, research by}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid15624634 
\hich\af40\dbch\af31505\loch\f40  Butje and Tjondro (2014) argues}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid12780684\charrsid12780684 \hich\af40\dbch\af31505\loch\f40  tax avoidanc}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\cf18\insrsid15624634 \hich\af40\dbch\af31505\loch\f40 e is an act of obtaining profit}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid12780684\charrsid12780684 \hich\af40\dbch\af31505\loch\f40  by utilizing }{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\cf18\insrsid15624634 \hich\af40\dbch\af31505\loch\f40 the weakness of }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid12780684\charrsid12780684 \hich\af40\dbch\af31505\loch\f40 tax law to reduc}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\cf18\insrsid553082 \hich\af40\dbch\af31505\loch\f40 e the amount of tax }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid12780684\charrsid12780684 \hich\af40\dbch\af31505\loch\f40 d}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\cf18\insrsid553082 \hich\af40\dbch\af31505\loch\f40 ue. Those}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid12780684\charrsid12780684 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\cf18\insrsid553082 \hich\af40\dbch\af31505\loch\f40 that have been }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid12780684\charrsid12780684 \hich\af40\dbch\af31505\loch\f40 pr}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\cf18\insrsid553082 \hich\af40\dbch\af31505\loch\f40 oven to commit tax avoidance are}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid12780684\charrsid12780684 \hich\af40\dbch\af31505\loch\f40  not always wrong }{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\cf18\insrsid553082 \hich\af40\dbch\af31505\loch\f40 since}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid12780684\charrsid12780684 \hich\af40\dbch\af31505\loch\f40  ther\hich\af40\dbch\af31505\loch\f40 e are many provisio}
{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid553082 \hich\af40\dbch\af31505\loch\f40 ns in taxation that encourage the companies}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid12780684\charrsid12780684 
\hich\af40\dbch\af31505\loch\f40  to reduce their tax }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid553082 \hich\af40\dbch\af31505\loch\f40 due and additionally there is a vague}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\cf18\insrsid12780684\charrsid12780684 \hich\af40\dbch\af31505\loch\f40  existence of tax restrictions (gray ar}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid553082 \hich\af40\dbch\af31505\loch\f40 
ea), especially for all transactions deemed as complex (Dyreng et al., 2010)}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid12780684\charrsid12780684 .}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid12780684 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\lang1033\langfe2052\langnp1033\insrsid9652584\charrsid9652584 \hich\af40\dbch\af31505\loch\f40 The tax avoidance p\hich\af40\dbch\af31505\loch\f40 
henomenon was revealed in 2016, with the release of an investigative document called Panama Papers. The document is processed by ICIJ (International Consortium of Investigative Journalist) }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\cf18\insrsid9652584 \hich\af40\dbch\af31505\loch\f40 containing}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\lang1033\langfe2052\langnp1033\insrsid9652584\charrsid9652584 \hich\af40\dbch\af31505\loch\f40  11}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\cf18\insrsid9652584 .}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\lang1033\langfe2052\langnp1033\insrsid9652584 \hich\af40\dbch\af31505\loch\f40 5 million }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid9652584 
\hich\af40\dbch\af31505\loch\f40 investigation }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\lang1033\langfe2052\langnp1033\insrsid9652584 \hich\af40\dbch\af31505\loch\f40 results }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\cf18\lang1033\langfe2052\langnp1033\insrsid9652584\charrsid9652584 \hich\af40\dbch\af31505\loch\f40 of 214}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\lang1033\langfe2052\langnp1033\insrsid9652584 \hich\af40\dbch\af31505\loch\f40 
,000 multinatio\hich\af40\dbch\af31505\loch\f40 nal companies }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid9652584 \hich\af40\dbch\af31505\loch\f40 including}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\cf18\lang1033\langfe2052\langnp1033\insrsid9652584\charrsid9652584 \hich\af40\dbch\af31505\loch\f40  shareholders and company directors. }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid9652584 \hich\af40\dbch\af31505\loch\f40 It}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\lang1033\langfe2052\langnp1033\insrsid9652584\charrsid9652584 \hich\af40\dbch\af31505\loch\f40  reveal}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid9652584 \hich\af40\dbch\af31505\loch\f40 s}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\lang1033\langfe2052\langnp1033\insrsid9652584\charrsid9652584 \hich\af40\dbch\af31505\loch\f40  the involvement of world important people by conducting offshore }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\cf18\lang1033\langfe2052\langnp1033\insrsid9652584 \hich\af40\dbch\af31505\loch\f40 company business agreements in }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid9652584 \hich\af40\dbch\af31505\loch\f40 order }{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\lang1033\langfe2052\langnp1033\insrsid9652584\charrsid9652584 \hich\af40\dbch\af31505\loch\f40 to hide their assets (Sudiarta, 2016).}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\cf18\lang1033\langfe2052\langnp1033\insrsid15221443 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\lang1033\langfe2052\langnp1033\insrsid2717624 
\par 
\par }\pard \ltrpar\qj \li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid2717624 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\lang1033\langfe2052\langnp1033\insrsid2717624 
\hich\af40\dbch\af31505\loch\f40 *) responden author}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\lang1033\langfe2052\langnp1033\insrsid2717624\charrsid2717624 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\lang1033\langfe2052\langnp1033\insrsid2717624\charrsid15941768 
\par }\pard \ltrpar\qj \fi720\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid2717624 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid15674549 \hich\af40\dbch\af31505\loch\f40 In term of }{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid9197172\charrsid9197172 \hich\af40\dbch\af31505\loch\f40 Panama \hich\af40\dbch\af31505\loch\f40 Papers, ICIJ has previously released similar documents such as Swiss Leaks (2015) }{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid16670728 \hich\af40\dbch\af31505\loch\f40 concerning }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid9197172\charrsid9197172 \hich\af40\dbch\af31505\loch\f40 
Swiss HSBC Bank case which allegedly helped its customers in 203 countries to avoid tax payment obligations with an aggr}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid16670728 \hich\af40\dbch\af31505\loch\f40 essive tax reduction scheme in}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid10497086 \hich\af40\dbch\af31505\loch\f40  their}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid16670728 \hich\af40\dbch\af31505\loch\f40  countr\hich\af40\dbch\af31505\loch\f40 
y of origin}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid9197172\charrsid9197172 \hich\af40\dbch\af31505\loch\f40 , especially in }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid10497086 \hich\af40\dbch\af31505\loch\f40 
Europe with total value of US}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid9197172\charrsid9197172 \hich\af40\dbch\af31505\loch\f40 $ 119 billion. }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid10497086 
\hich\af40\dbch\af31505\loch\f40 According to}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid9197172\charrsid9197172 \hich\af40\dbch\af31505\loch\f40  Swiss Leaks data}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid10497086 
\hich\af40\dbch\af31505\loch\f40 , Indonesia ranked}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid9197172\charrsid9197172 \hich\af40\dbch\af31505\loch\f40 
 95th country involved in the tax evasion case with value of US $ 134.1 million (Deddy, 2015).}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid9652584 
\par }\pard \ltrpar\qj \fi720\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid9779668 
\par }\pard \ltrpar\qc \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\cf18\lang1033\langfe2052\langnp1033\insrsid10497086 \hich\af40\dbch\af31505\loch\f40 Tab}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\cf18\lang1033\langfe2052\langnp1033\insrsid15221443 \hich\af40\dbch\af31505\loch\f40 l}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\cf18\insrsid10497086 \hich\af40\dbch\af31505\loch\f40 e}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \b\f40\fs20\cf18\lang1033\langfe2052\langnp1033\insrsid15221443 \hich\af40\dbch\af31505\loch\f40  1.1}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\cf18\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\cf18\lang1033\langfe2052\langnp1033\insrsid8550816\charrsid8550816 \hich\af40\dbch\af31505\loch\f40 91-100}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\b\f40\fs20\cf18\lang1033\langfe2052\langnp1033\insrsid8550816\charrsid15941768 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\cf18\insrsid8550816 \hich\af40\dbch\af31505\loch\f40 R}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\b\f40\fs20\cf18\lang1033\langfe2052\langnp1033\insrsid8550816\charrsid8550816 \hich\af40\dbch\af31505\loch\f40 anked}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\cf18\insrsid8550816 \hich\af40\dbch\af31505\loch\f40  Countries in }{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \b\f40\fs20\cf18\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 Swiss Leaks }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\cf18\insrsid8550816 \hich\af40\dbch\af31505\loch\f40 
Case }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\cf18\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 (}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\cf18\insrsid8550816 
\hich\af40\dbch\af31505\loch\f40 in }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\cf18\lang1033\langfe2052\langnp1033\insrsid8550816 \hich\af40\dbch\af31505\loch\f40 U}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\cf18\insrsid8550816 
\hich\af40\dbch\af31505\loch\f40 SD millions}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\cf18\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 )
\par \ltrrow}\trowd \irow0\irowband0\ltrrow\ts11\trqc\trgaph108\trrh300\trleft-108\trftsWidth3\trwWidth4945\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid12859148\tbllkhdrrows\tbllkhdrcols\tbllknocolband
\tblind0\tblindtype3 \clvertalb\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clNoWrap\clftsWidth3\clwWidth1525\clshdrawnil\clhidemark \cellx1417\clvertalb\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrnone 
\clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clNoWrap\clftsWidth3\clwWidth2070\clshdrawnil\clhidemark \cellx3487\clvertalb\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 
\cltxlrtb\clNoWrap\clftsWidth3\clwWidth1350\clshdrawnil\clhidemark \cellx4837\pard \ltrpar\qc \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid12859148 {\rtlch\fcs1 \ab\af0\afs20 \ltrch\fcs0 
\b\f40\fs20\cf1\lang1057\langfe1033\langfenp1033\insrsid8066087 \hich\af40\dbch\af31505\loch\f40 Rank}{\rtlch\fcs1 \ab\af0\afs20 \ltrch\fcs0 \b\f40\fs20\cf1\lang1057\langfe1033\langfenp1033\insrsid15221443\charrsid8066087 \cell }{\rtlch\fcs1 
\ab\af0\afs20 \ltrch\fcs0 \b\f40\fs20\cf1\lang1057\langfe1033\langfenp1033\insrsid8066087 \hich\af40\dbch\af31505\loch\f40 Country}{\rtlch\fcs1 \ab\af0\afs20 \ltrch\fcs0 \b\f40\fs20\cf1\lang1057\langfe1033\langfenp1033\insrsid15221443\charrsid8066087 
\cell }{\rtlch\fcs1 \ab\af0\afs20 \ltrch\fcs0 \b\f40\fs20\cf1\lang1057\langfe1033\langfenp1033\insrsid8066087 \hich\af40\dbch\af31505\loch\f40 Value}{\rtlch\fcs1 \ab\af0\afs20 \ltrch\fcs0 
\b\f40\fs20\cf1\lang1057\langfe1033\langfenp1033\insrsid15221443\charrsid8066087 \cell }\pard \ltrpar\ql \li0\ri0\sa160\sl259\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid15221443\charrsid15941768 \trowd \irow0\irowband0\ltrrow
\ts11\trqc\trgaph108\trrh300\trleft-108\trftsWidth3\trwWidth4945\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid12859148\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalb\clbrdrt
\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clNoWrap\clftsWidth3\clwWidth1525\clshdrawnil\clhidemark \cellx1417\clvertalb\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw10 \clbrdrr
\brdrs\brdrw10 \cltxlrtb\clNoWrap\clftsWidth3\clwWidth2070\clshdrawnil\clhidemark \cellx3487\clvertalb\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 
\cltxlrtb\clNoWrap\clftsWidth3\clwWidth1350\clshdrawnil\clhidemark \cellx4837\row \ltrrow}\trowd \irow1\irowband1\ltrrow
\ts11\trqc\trgaph108\trrh270\trleft-108\trftsWidth3\trwWidth4945\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid12859148\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalb\clbrdrt
\brdrnone \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clNoWrap\clftsWidth3\clwWidth1525\clshdrawnil\clhidemark \cellx1417\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 
\cltxlrtb\clNoWrap\clftsWidth3\clwWidth2070\clshdrawnil\clhidemark \cellx3487\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clNoWrap\clftsWidth3\clwWidth1350\clshdrawnil\clhidemark \cellx4837
\pard \ltrpar\qc \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid12859148 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf1\lang1033\langfe1033\langnp1033\langfenp1033\insrsid15221443\charrsid15941768 
\hich\af40\dbch\af31505\loch\f40 91\cell }\pard \ltrpar\qj \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid12859148 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\cf1\lang1033\langfe1033\langnp1033\langfenp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 Palestine\cell }\pard \ltrpar
\qr \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid12859148 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf1\lang1033\langfe1033\langnp1033\langfenp1033\insrsid15221443\charrsid15941768 
\hich\af40\dbch\af31505\loch\f40 148.9\cell }\pard \ltrpar\ql \li0\ri0\sa160\sl259\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid15941768 
\trowd \irow1\irowband1\ltrrow\ts11\trqc\trgaph108\trrh270\trleft-108\trftsWidth3\trwWidth4945\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid12859148\tbllkhdrrows\tbllkhdrcols\tbllknocolband
\tblind0\tblindtype3 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clNoWrap\clftsWidth3\clwWidth1525\clshdrawnil\clhidemark \cellx1417\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clNoWrap\clftsWidth3\clwWidth2070\clshdrawnil\clhidemark \cellx3487\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 
\cltxlrtb\clNoWrap\clftsWidth3\clwWidth1350\clshdrawnil\clhidemark \cellx4837\row \ltrrow}\pard \ltrpar\qc \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid12859148 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\cf1\lang1033\langfe1033\langnp1033\langfenp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 92\cell }\pard \ltrpar\qj \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid12859148 {
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf1\lang1033\langfe1033\langnp1033\langfenp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 Madagascar\cell }\pard \ltrpar
\qr \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid12859148 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf1\lang1033\langfe1033\langnp1033\langfenp1033\insrsid15221443\charrsid15941768 
\hich\af40\dbch\af31505\loch\f40 146.3\cell }\pard \ltrpar\ql \li0\ri0\sa160\sl259\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid15941768 
\trowd \irow2\irowband2\ltrrow\ts11\trqc\trgaph108\trrh270\trleft-108\trftsWidth3\trwWidth4945\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid12859148\tbllkhdrrows\tbllkhdrcols\tbllknocolband
\tblind0\tblindtype3 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clNoWrap\clftsWidth3\clwWidth1525\clshdrawnil\clhidemark \cellx1417\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb
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\cltxlrtb\clNoWrap\clftsWidth3\clwWidth1350\clshdrawnil\clhidemark \cellx4837\row \ltrrow}\pard \ltrpar\qc \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid12859148 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
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{\field\flddirty\fldlock{\*\fldinst {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\cf18\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 ADDIN CSL_CITATION \{ "citationItems" : [ \{
 "id" : "ITEM-1", "itemData" : \{ "author" : [ \{ "dropping-particle" : "", "family" : "Journalist", "given" : "International Consortium of Investigative", "non-dropping-particle" : "", "parse-names" : false, "suffi\hich\af40\dbch\af31505\loch\f40 x
\hich\af40\dbch\af31505\loch\f40 " : "" \} ], "id" : "ITEM-1", "issued" : \{ "date-parts" : [ [ "2015" ] ] \}, "title" : "Top Countries Swiss Leaks", "type" : "article" \}
, "uris" : [ "http://www.mendeley.com/documents/?uuid=2ddc8f12-61ac-499f-aeaa-d37c0838489b" ] \} ], "mendeley" : \{ "format\hich\af40\dbch\af31505\loch\f40 t\hich\af40\dbch\af31505\loch\f40 
edCitation" : "(Journalist 2015)", "manualFormatting" : "Projects ICIJ", "plainTextFormattedCitation" : "(Journalist 2015)", "previouslyFormattedCitation" : "(Journalist 2015)" \}, "properties" : \{ "noteIndex" : 0 \}
, "schema" : "https://github.com/citation-\hich\af40\dbch\af31505\loch\f40 style-language/schema/raw/master/csl-citation.json" \}}}{\fldrslt {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\i\f40\fs20\cf18\lang1024\langfe1024\noproof\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 Projects ICIJ}}}\sectd \ltrsect\psz9\linex0\endnhere\sectlinegrid360\sectdefaultcl\sectrsid15221443\sftnbj {\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \i\f40\fs20\cf18\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 , 2015 (}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\cf18\insrsid9779668 \hich\af40\dbch\af31505\loch\f40 
processed by authors}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\cf18\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 )}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\cf18\insrsid15221443 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\cf18\insrsid9779668\charrsid9779668 
\par }\pard \ltrpar\qj \fi720\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid8532512 \hich\af40\dbch\af31505\loch\f40 B}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid8532512\charrsid9779668 \hich\af40\dbch\af31505\loch\f40 ased on the number of customers}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid8532512 \hich\af40\dbch\af31505\loch\f40  about}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid8532512\charrsid9779668 \hich\af40\dbch\af31505\loch\f40  100 customers reco}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid8532512 \hich\af40\dbch\af31505\loch\f40 
rded in the Swiss Leaks case (ICIJ, 2015), }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid10754317 \hich\af40\dbch\af31505\loch\f40 I}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid9779668\charrsid9779668 
\hich\af40\dbch\af31505\loch\f40 ndonesia ranked 74th}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid8532512 .}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid9779668\charrsid9779668 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid8532512 \hich\af40\dbch\af31505\loch\f40 It }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid10754317 \hich\af40\dbch\af31505\loch\f40 can illustrate that state tax revenue}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\cf18\insrsid9779668\charrsid9779668 \hich\af40\dbch\af31505\loch\f40  continue}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid10754317 \hich\af40\dbch\af31505\loch\f40 s}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\cf18\insrsid9779668\charrsid9779668 \hich\af40\dbch\af31505\loch\f40  to be eroded due to the practice of profit }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid1454960 \hich\af40\dbch\af31505\loch\f40 shifting}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid9779668\charrsid9779668 \hich\af40\dbch\af31505\loch\f40 . International tax systems and differences in tax rates have caused the tax transfer scheme to increase. For example, }{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\cf18\insrsid1454960 \hich\af40\dbch\af31505\loch\f40 attempt}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid9779668\charrsid9779668 \hich\af40\dbch\af31505\loch\f40  t}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\cf18\insrsid11542913 \hich\af40\dbch\af31505\loch\f40 o exploit the weaknesses of }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid9779668\charrsid9779668 \hich\af40\dbch\af31505\loch\f40 Double Tax}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\cf18\insrsid8810542 \hich\af40\dbch\af31505\loch\f40 ation}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid9779668\charrsid9779668 \hich\af40\dbch\af31505\loch\f40  Agreement (}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\cf18\insrsid11542913 \hich\af40\dbch\af31505\loch\f40 DTA}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid9779668\charrsid9779668 \hich\af40\dbch\af31505\loch\f40 ) to minimize tax burden, manipulate transfer pricing, thin capitali}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid8532512 \hich\af40\dbch\af31505\loch\f40 zation, etc.}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid9779668\charrsid9779668 \hich\af40\dbch\af31505\loch\f40  (Arifin, 2014).}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid9779668 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid8532512\charrsid8532512 \hich\af40\dbch\af31505\loch\f40 One of the biggest l}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid12344207 \hich\af40\dbch\af31505\loch\f40 
osses in tax revenue is due to}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid8532512\charrsid8532512 \hich\af40\dbch\af31505\loch\f40  ta}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid12344207 \hich\af40\dbch\af31505\loch\f40 
x reduction on high debt level, driving }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid8532512\charrsid8532512 \hich\af40\dbch\af31505\loch\f40 many developed countries to adopt }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\cf18\insrsid12344207 \hich\af40\dbch\af31505\loch\f40 th\hich\af40\dbch\af31505\loch\f40 in capilatization rules in their attempt}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid8532512\charrsid8532512 \hich\af40\dbch\af31505\loch\f40 
 to protect }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid12344207 \hich\af40\dbch\af31505\loch\f40 their state}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid8532512\charrsid8532512 \hich\af40\dbch\af31505\loch\f40 
's tax base. Thin capitalization is the practice of tax avoidance }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid12344207 \hich\af40\dbch\af31505\loch\f40 through altering}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\cf18\insrsid8532512\charrsid8532512 \hich\af40\dbch\af31505\loch\f40  the debt structure}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid12344207 \hich\af40\dbch\af31505\loch\f40  to be}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\cf18\insrsid8532512\charrsid8532512 \hich\af40\dbch\af31505\loch\f40  larger than capital. This p}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid12344207 \hich\af40\dbch\af31505\loch\f40 ractice arises as a result of a }{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid8532512\charrsid8532512 \hich\af40\dbch\af31505\loch\f40 tax regulation stating the\hich\af40\dbch\af31505\loch\f40  difference between the }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid13386328 
\hich\af40\dbch\af31505\loch\f40 treatment to }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid8532512\charrsid8532512 \hich\af40\dbch\af31505\loch\f40 interest a}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid13386328 
\hich\af40\dbch\af31505\loch\f40 s a return on debt and dividend as a return on return}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid8532512\charrsid8532512 \hich\af40\dbch\af31505\loch\f40  on}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\cf18\insrsid13386328 \hich\af40\dbch\af31505\loch\f40  stock investment}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid8532512\charrsid8532512 \hich\af40\dbch\af31505\loch\f40 . }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\cf18\insrsid14764947 \hich\af40\dbch\af31505\loch\f40 It is a condition that}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid8532512\charrsid8532512 \hich\af40\dbch\af31505\loch\f40  a multinational company }{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\cf18\insrsid13386328 \hich\af40\dbch\af31505\loch\f40 especially having}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid8532512\charrsid8532512 \hich\af40\dbch\af31505\loch\f40  a special relationship will practice
\hich\af40\dbch\af31505\loch\f40  thin capitalization by increasing }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid14764947 \hich\af40\dbch\af31505\loch\f40 the amount of debt financing }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\cf18\insrsid8532512\charrsid8532512 \hich\af40\dbch\af31505\loch\f40 with high tax rates to }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid14764947 \hich\af40\dbch\af31505\loch\f40 gain }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\cf18\insrsid8532512\charrsid8532512 \hich\af40\dbch\af31505\loch\f40 benefit from }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid14764947 \hich\af40\dbch\af31505\loch\f40 the }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\cf18\insrsid8532512\charrsid8532512 \hich\af40\dbch\af31505\loch\f40 interest redu}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid14764947 \hich\af40\dbch\af31505\loch\f40 ction on the basis of corporate }{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\cf18\insrsid8532512\charrsid8532512 \hich\af40\dbch\af31505\loch\f40 tax imposition.}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid8532512 
\par }\pard \ltrpar\qj \fi720\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid14764947 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14764947\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 
Government efforts to prevent this practice are issued }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid3430166 \hich\af40\dbch\af31505\loch\f40 on }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14764947\charrsid10578436 
\hich\af40\dbch\af31505\loch\f40 Article 18 paragraph (1) of \hich\af40\dbch\af31505\loch\f40 Income Tax Law}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid3430166 ,}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14764947\charrsid10578436 
\hich\af40\dbch\af31505\loch\f40  which gives authority to the Minister of Financ}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid3430166 \hich\af40\dbch\af31505\loch\f40 e in determining the amount of ratio}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid14764947\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  between debt and company capital for tax calculation purposes. Ho}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid3430166 \hich\af40\dbch\af31505\loch\f40 wever, it has }{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14764947\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 a lack of clarity in the }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid13132980\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 
determined }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid13132980 \hich\af40\dbch\af31505\loch\f40 comparative magnitude, causing}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14764947\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  the 
}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12278986 \hich\af40\dbch\af31505\loch\f40 postpo\hich\af40\dbch\af31505\loch\f40 nement of the regulation}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14764947\charrsid10578436 
\hich\af40\dbch\af31505\loch\f40 . In 2015, the governmen}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12278986 \hich\af40\dbch\af31505\loch\f40 t issued Regulation of Minister of Finance Number 169/PMK.010/2015 as a follow-up to the }{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14764947\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 prevent}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12278986 \hich\af40\dbch\af31505\loch\f40 ion of thin }{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid14764947\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 capitalization }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid13572290 \hich\af40\dbch\af31505\loch\f40 practice.}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid14764947\charrsid10578436 
\par }\pard \ltrpar\qj \fi720\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12278986\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 Taylo}
{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12278986 \hich\af40\dbch\af31505\loch\f40 r and Richardson (2012) analyze}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12278986\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 
 thin capitalization, multinationality \hich\af40\dbch\af31505\loch\f40 and tax havens as independent variables in the scheme of inter}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12278986 \hich\af40\dbch\af31505\loch\f40 
national tax avoidance practices. The result}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12278986\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  prove}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12278986 
\hich\af40\dbch\af31505\loch\f40 s}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12278986\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  that thin capitalization significantly influences tax avoi}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid5705205 \hich\af40\dbch\af31505\loch\f40 dance. Thin capitalization us}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12278986\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 es countries with high tax rates to obtain tax incentiv
\hich\af40\dbch\af31505\loch\f40 es fr}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid5705205 \hich\af40\dbch\af31505\loch\f40 om the interest}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12278986\charrsid10578436 
\hich\af40\dbch\af31505\loch\f40 , while low t}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid5705205 \hich\af40\dbch\af31505\loch\f40 ax rates are often used as fund}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12278986\charrsid10578436 
\hich\af40\dbch\af31505\loch\f40  by multinational companies by utilizing tax haven. Thin capitalization is a major trigger in multinational c}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid5705205 \hich\af40\dbch\af31505\loch\f40 
orporations' tax evasion attempts. However, a study conducted by}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12278986\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  Ismi and Linda }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid5705205 
\hich\af40\dbch\af31505\loch\f40 (20\hich\af40\dbch\af31505\loch\f40 16) states}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12278986\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 
 that although many companies do thin capitalization, the results do not show an}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid5705205 \hich\af40\dbch\af31505\loch\f40 y influence on tax avoidance. Hence,}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid12278986\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid5705205 \hich\af40\dbch\af31505\loch\f40 by}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12278986\charrsid10578436 
\hich\af40\dbch\af31505\loch\f40  this exposure the researchers want to retest the relationship between thin capitalization and tax avoidance.}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid12278986 
\hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid7167282\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 In addition, the\hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12255994 
\hich\af40\dbch\af31505\loch\f40 researchers also add}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid7167282\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  an independent variable of executive}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid992078 \hich\af40\dbch\af31505\loch\f40 s\hich\f40 \rquote }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid7167282\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  character}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid12255994 \hich\af40\dbch\af31505\loch\f40 istics}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid7167282\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  because the decision to implement thin capitalization de}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid992078 \hich\af40\dbch\af31505\loch\f40 pends on them}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid7167282\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 
. The statement that company executives have an important role in determining the tax avoidance sch}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14183224 \hich\af40\dbch\af31505\loch\f40 eme execute\hich\af40\dbch\af31505\loch\f40 d }{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid7167282\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 by the company is supported by }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14183224 \hich\af40\dbch\af31505\loch\f40 a }{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid7167282\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 research conducted by Dyreng et al. (2010) and Budiman }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid992078 \hich\af40\dbch\af31505\loch\f40 
& Setiyono (2013). A company}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid7167282\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  executive}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid992078 \loch\af40\dbch\af31505\hich\f40 \rquote 
\loch\f40 s}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid7167282\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  role }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14183224 \hich\af40\dbch\af31505\loch\f40 has not only an abillity }{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid7167282\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  to add va}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14183224 \hich\af40\dbch\af31505\loch\f40 lue to the company but also }{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid7167282\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 a tendency to support tax avoidance. One of the }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14183224 \hich\af40\dbch\af31505\loch\f40 
ways they}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid7167282\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  do is to place trustworthy people with the expertise to observe and create t}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid14183224 \hich\af40\dbch\af31505\loch\f40 he scheme}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid7167282\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  according to the executive}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid14183224 \hich\af40\dbch\af31505\loch\f40 s}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid992078 \loch\af40\dbch\af31505\hich\f40 \rquote }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14183224 
\hich\af40\dbch\af31505\loch\f40  expectation}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid7167282\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  (Dyreng et al., 2010). Bu}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid13572290 
\hich\af40\dbch\af31505\loch\f40 diman and Setiyono (2013) argue the more the corporate executives possess any traits of}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid7167282\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  risk takers, th
\hich\af40\dbch\af31505\loch\f40 e higher the level of avoidance of th}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid13572290 \hich\af40\dbch\af31505\loch\f40 e tax}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid7167282\charrsid10578436 
\hich\af40\dbch\af31505\loch\f40 . }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid13572290 \hich\af40\dbch\af31505\loch\f40 Therefore,}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid7167282\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 
 researchers want to test on the executive}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid992078 \hich\af40\dbch\af31505\loch\f40 s\hich\f40 \rquote }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid7167282\charrsid10578436 
\hich\af40\dbch\af31505\loch\f40  character}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid13572290 \hich\af40\dbch\af31505\loch\f40 istics}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid7167282\charrsid10578436 
\hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid13572290 \hich\af40\dbch\af31505\loch\f40 whether it }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid7167282\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 
has a positive effect on tax avoidance.}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid10578436\charrsid7167282 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid13572290\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 Based on the }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid13572290 \hich\af40\dbch\af31505\loch\f40 
phenomenon described above, the research tends to combine previous studes\hich\f40 \rquote }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid13572290\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 
 variables (Taylor and Richadson, 2012; Ismi and Linda, 2016; Butje et al., 2014; Budiman et al., 2012; Dyreng et al., 2010). Tax avoidance is }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid13572290 \hich\af40\dbch\af31505\loch\f40 
proxied by the composite result}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid13572290\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  of Book Tax Difference (BTD), abnormal BTD and Tax Shelter (Taylor & Richardson, 
\hich\af40\dbch\af31505\loch\f40 2012; Hanlon & Heitzman, 2010; Desai et al., 2006).}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid10578436 
\par }\pard \ltrpar\qj \fi720\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6429915 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid6429915 \hich\af40\dbch\af31505\loch\f40 This study employs}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid6429915\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  all manufactur}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid6429915 \hich\af40\dbch\af31505\loch\f40 ers}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid6429915\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  listed on the IDX for the period 2011-2015}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid6429915 \hich\af40\dbch\af31505\loch\f40 
 as its population. The population selection }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid6429915\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 refers to the 2014 Bank Indonesia report,}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\cf18\insrsid6429915 \hich\af40\dbch\af31505\loch\f40  informing that}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid6429915\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  the ma}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\cf18\insrsid6429915 \hich\af40\dbch\af31505\loch\f40 nufacturing secto\hich\af40\dbch\af31505\loch\f40 r ranked second}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid6429915\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 
 largest recipient of foreign debt after the financial sector and contributed 30% to the Gross Domestic Product}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid6429915 \hich\af40\dbch\af31505\loch\f40 
 (GDP). Meanwhile, the study chooses the period of 2011 until}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid6429915\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  2015 }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid6429915 
\hich\af40\dbch\af31505\loch\f40 because in that period tax revenue}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid6429915\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid6429915 
\hich\af40\dbch\af31505\loch\f40 underwent}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid6429915\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  a }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid6429915 
\hich\af40\dbch\af31505\loch\f40 reduction}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid6429915\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 . Based\hich\af40\dbch\af31505\loch\f40 
 on the background and elaboration of the results of previous studies, the authors }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid6429915 \hich\af40\dbch\af31505\loch\f40 tends to examine}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\cf18\insrsid6429915\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  the effect of thin capitalization and executive}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid992078 \hich\af40\dbch\af31505\loch\f40 s\hich\f40 \rquote }{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid6429915\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  character}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid6429915 \hich\af40\dbch\af31505\loch\f40 
istics on tax avoidance behaviors}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid6429915\charrsid10578436 .}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid6429915\charrsid13581828 
\par }\pard \ltrpar\qj \li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid14247223 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid14247223\charrsid13581828 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\fs20\lang1057\langfe2052\loch\af40\hich\af40\dbch\af31505\langnp1057\langfenp2052\insrsid6429915 \hich\af40\dbch\af31505\loch\f40 2.\tab}}\pard\plain \ltrpar
\s15\ql \fi-360\li360\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin360\itap0\pararsid15221443\contextualspace \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid6429915 \hich\af40\dbch\af31505\loch\f40 Theoretical Frameworks and Hypothesis Development}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \b\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid6429915 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\i\fs20\lang1033\langfe2052\loch\af40\hich\af40\dbch\af31505\langfenp2052\insrsid15221443\charrsid14641780 \hich\af40\dbch\af31505\loch\f40 2.1\tab}}\pard \ltrpar
\s15\qj \fi-540\li540\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\ilvl1\adjustright\rin0\lin540\itap0\pararsid15221443\contextualspace {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\b\i\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid14641780 \hich\af40\dbch\af31505\loch\f40 Theory of Planned Behavior }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid15221443\charrsid14641780 
\par }\pard\plain \ltrpar\qj \fi720\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6843491 \hich\af40\dbch\af31505\loch\f40 In accordance}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid6843491\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6843491 \hich\af40\dbch\af31505\loch\f40 with}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16254417 
\hich\af40\dbch\af31505\loch\f40  Azwar (2013:}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6843491\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 9)}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6843491 ,}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid6843491\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  psychology}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6843491 \hich\af40\dbch\af31505\loch\f40  takes a look at human behavior}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid6843491\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  as }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6843491 \hich\af40\dbch\af31505\loch\f40 complex and}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid6843491\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  simple}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6843491 \hich\af40\dbch\af31505\loch\f40  reaction, in which}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid6843491\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6843491 \hich\af40\dbch\af31505\loch\f40 a set of certain }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid6843491\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 behaviors}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6843491 \hich\af40\dbch\af31505\loch\f40  exists to be }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid6843491\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 use}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6843491 \hich\af40\dbch\af31505\loch\f40 d by the individuals}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid6843491\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  to survive.}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15291461 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16254417 \hich\af40\dbch\af31505\loch\f40 Azwar (2013:}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6843491\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 12)}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid16254417 \hich\af40\dbch\af31505\loch\f40  also}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6843491\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16254417 
\hich\af40\dbch\af31505\loch\f40 note}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6843491\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 s that th\hich\af40\dbch\af31505\loch\f40 e theory of behavior develops and is modified by}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16254417 \hich\af40\dbch\af31505\loch\f40  Ajzen to be}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6843491\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  The}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid16254417 \hich\af40\dbch\af31505\loch\f40 ory of Planned Behavior (TPB). TPB}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6843491\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 
 explains that the behavior caused by an individual arises }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16254417 \hich\af40\dbch\af31505\loch\f40 as}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6843491\charrsid10578436 
\hich\af40\dbch\af31505\loch\f40  there is an intention to behave. }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16254417 \hich\af40\dbch\af31505\loch\f40 Meanwhile }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6843491\charrsid10578436 
\hich\af40\dbch\af31505\loch\f40 according to Ajzen}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16254417 \hich\af40\dbch\af31505\loch\f40  in }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16254417\charrsid10578436 
\hich\af40\dbch\af31505\loch\f40 Azwar }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16254417 \hich\af40\dbch\af31505\loch\f40 (2013:}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16254417\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 
13)}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6843491\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 , the emergence \hich\af40\dbch\af31505\loch\f40 of intention to behave is determined by three factors, namely:}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid10578436 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid10578436\charrsid13334907 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\fs20\lang1033\langfe2052\loch\af40\hich\af40\dbch\af31505\langfenp2052\insrsid6775298 \hich\af40\dbch\af31505\loch\f40 1.\tab}}\pard\plain \ltrpar
\s15\qj \fi-360\li360\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls3\adjustright\rin0\lin360\itap0\pararsid15221443\contextualspace \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1033\langfe2052\langnp1033\insrsid6775298 \hich\af40\dbch\af31505\loch\f40 Behavioral Belief}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \i\f40\fs20\insrsid6775298 \hich\af40\dbch\af31505\loch\f40 s}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 
\par }\pard \ltrpar\s15\qj \li360\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin360\itap0\pararsid15221443\contextualspace {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6775298 \hich\af40\dbch\af31505\loch\f40 
They refer}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14753154 \hich\af40\dbch\af31505\loch\f40  to}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6775298 \hich\af40\dbch\af31505\loch\f40  notions}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid14753154\charrsid14753154 \hich\af40\dbch\af31505\loch\f40  individuals believe}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14753154 \hich\af40\dbch\af31505\loch\f40  that there would}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid14753154\charrsid14753154 \hich\af40\dbch\af31505\loch\f40  be a result of a behavior and evaluation of certain activities.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\fs20\lang1033\langfe2052\loch\af40\hich\af40\dbch\af31505\langfenp2052\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 2.\tab}}\pard \ltrpar
\s15\qj \fi-360\li360\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls3\adjustright\rin0\lin360\itap0\pararsid15221443\contextualspace {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\i\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 Normative Beliefs}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 
\par }\pard \ltrpar\s15\qj \li360\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin360\itap0\pararsid15221443\contextualspace {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid4613066 \hich\af40\dbch\af31505\loch\f40 
They consist }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6713505 \hich\af40\dbch\af31505\loch\f40 of }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid4613066 \hich\af40\dbch\af31505\loch\f40 all}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid6775298 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid4613066 \hich\af40\dbch\af31505\loch\f40 normat\hich\af40\dbch\af31505\loch\f40 ive expectations}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid6775298\charrsid6775298 \hich\af40\dbch\af31505\loch\f40  from others }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid4613066 \hich\af40\dbch\af31505\loch\f40 and motivation to fulfill those }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid6775298\charrsid6775298 \hich\af40\dbch\af31505\loch\f40 expectations.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\fs20\lang1033\langfe2052\loch\af40\hich\af40\dbch\af31505\langfenp2052\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 3.\tab}}\pard \ltrpar
\s15\qj \fi-360\li360\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls3\adjustright\rin0\lin360\itap0\pararsid15221443\contextualspace {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\i\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 Control Beliefs}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 
\par }\pard \ltrpar\s15\qj \li360\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin360\itap0\pararsid15221443\contextualspace {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid4613066 \hich\af40\dbch\af31505\loch\f40 
Control Beliefs embody }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid4613066\charrsid4613066 \hich\af40\dbch\af31505\loch\f40 the existence of things considered to support or }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid4613066 
\hich\af40\dbch\af31505\loch\f40 to }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid4613066\charrsid4613066 \hich\af40\dbch\af31505\loch\f40 inhibit a }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid4613066 \hich\af40\dbch\af31505\loch\f40 
behavior that will be displayed, }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid4613066\charrsid4613066 \hich\af40\dbch\af31505\loch\f40 and }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid4613066 \hich\af40\dbch\af31505\loch\f40 also}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid10248944 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid4613066\charrsid4613066 \hich\af40\dbch\af31505\loch\f40 how strong an \hich\af40\dbch\af31505\loch\f40 
individual's perception regarding things that support and inhibit that behavior.}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid4613066 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443 
\par }\pard\plain \ltrpar\qj \fi720\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10248944 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15085081 \hich\af40\dbch\af31505\loch\f40 Regarding the study, }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid10248944\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 the theory of planned behavior is}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15085081 \hich\af40\dbch\af31505\loch\f40  relevant enough to explain }{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid10248944\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 taxpayers}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15085081 \loch\af40\dbch\af31505\hich\f40 \rquote \loch\f40  behaviours}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid10248944\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  in fulfilling}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2767607 \hich\af40\dbch\af31505\loch\f40  tax obligation}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid10248944\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 . Generally}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2767607 ,}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid10248944\charrsid10578436 
\hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2767607\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 before doing something}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2767607 ,}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2767607\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2767607 \hich\af40\dbch\af31505\loch\f40 every\hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid10248944\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 individual will have confidence in the results obtained from}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2767607 \hich\af40\dbch\af31505\loch\f40 
 committing}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid10248944\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  the}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2767607 \hich\af40\dbch\af31505\loch\f40 ir}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid10248944\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  behavior. Then the}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2767607 \hich\af40\dbch\af31505\loch\f40 y }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid10248944\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 will make a decision to do }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2767607 \hich\af40\dbch\af31505\loch\f40 it or not}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid10248944\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 . This can be attributed to company policy in conducting tax planning. Taxpayers who }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2767607 
\hich\af40\dbch\af31505\loch\f40 perform}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid10248944\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  their tax planning well can }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2767607 
\hich\af40\dbch\af31505\loch\f40 pay tax}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid10248944\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  in a minimum amount of taxpayer awareness (behavioral beliefs).}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid10248944 
\par }\pard\plain \ltrpar\s15\qj \li360\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin360\itap0\pararsid15221443\contextualspace \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid10578436\charrsid10578436 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\i\fs20\lang1033\langfe2052\loch\af40\hich\af40\dbch\af31505\langfenp2052\insrsid15221443\charrsid14641780 \hich\af40\dbch\af31505\loch\f40 2.2.\tab}}\pard \ltrpar
\s15\qj \fi-540\li540\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls5\ilvl1\adjustright\rin0\lin540\itap0\pararsid15221443\contextualspace {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\b\i\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid14641780 \hich\af40\dbch\af31505\loch\f40 Thin Capitalization}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid15221443\charrsid14641780 
\par }\pard\plain \ltrpar\qj \fi720\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid14247223 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2767607 \hich\af40\dbch\af31505\loch\f40 As o}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid10578436\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 ne}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2767607 \hich\af40\dbch\af31505\loch\f40  of}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid10578436\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  tax avoidance scheme}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2767607 \hich\af40\dbch\af31505\loch\f40 s,}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid10578436\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  thin }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2767607 \hich\af40\dbch\af31505\loch\f40 capitalization is the practice of}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid10578436\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  financing }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid11141557 \hich\af40\dbch\af31505\loch\f40 a larger number of}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid11141557\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2767607 \hich\af40\dbch\af31505\loch\f40 company}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid10578436\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  branches or subsidiaries}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid11141557 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid10578436\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 by interest }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid11141557 \hich\af40\dbch\af31505\loch\f40 rather }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid10578436\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 than}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid11141557 \hich\af40\dbch\af31505\loch\f40  using}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid10578436\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  equity capital. The practice arises because of differences in tax treatment regar}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid11141557 \hich\af40\dbch\af31505\loch\f40 
ding loan interest and dividend. Interest cost}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid10578436\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid11141557 
\hich\af40\dbch\af31505\loch\f40 is}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid10578436\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  one of the deduction elements in the calculation of taxable income.}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid11141557 \hich\af40\dbch\af31505\loch\f40  Contrarily, dividend}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid10578436\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid11141557 \hich\af40\dbch\af31505\loch\f40 is not an element in term of}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid10578436\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  \hich\af40\dbch\af31505\loch\f40 
reducing taxable income (Kurniawan, 2015: 241).}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid10578436 
\par }\pard \ltrpar\qj \fi720\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11141557 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2125694 \hich\af40\dbch\af31505\loch\f40 Thin capitalization }{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid11141557\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 often}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2125694 \hich\af40\dbch\af31505\loch\f40  happens}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid11141557\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2125694 \hich\af40\dbch\af31505\loch\f40 caused by}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid11141557\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  the reason of financing a subsidiary, where}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2125694 \hich\af40\dbch\af31505\loch\f40 by}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid11141557\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  the parent company will contribute in the form of debt (not capital). Thus the subsidiary will}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2125694 
\hich\af40\dbch\af31505\loch\f40  be burdened with intere\hich\af40\dbch\af31505\loch\f40 st cost}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid11141557\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  as a d}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid2125694 \hich\af40\dbch\af31505\loch\f40 eduction from taxable income, and at last}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid11141557\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  the amount of }{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid2125694\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 the subsidiary }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid11141557\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 tax }{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid2125694 \hich\af40\dbch\af31505\loch\f40 due}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid11141557\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2125694 
\hich\af40\dbch\af31505\loch\f40 would}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid11141557\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  also decrease (Rahayu, 2010).}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid11141557 
\par }\pard \ltrpar\qj \fi720\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid14247223 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2125694\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 
Income Tax}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid720959 \hich\af40\dbch\af31505\loch\f40  Law}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2125694\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 
 in Indonesia has regulated thin capitalization, in article 18 paragraph (1). }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2125694 \hich\af40\dbch\af31505\loch\f40 Th}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2125694\charrsid10578436 
\hich\af40\dbch\af31505\loch\f40 is article}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid720959 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12869534 \hich\af40\dbch\af31505\loch\f40 sets}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2125694\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  Minister of Finance has }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid720959 \hich\af40\dbch\af31505\loch\f40 an }{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid2125694\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  authority to issue a decision regarding the magnitude of}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid720959 \hich\af40\dbch\af31505\loch\f40 
 the ratio between the company}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2125694\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  debt and capital for the purposes of calculating taxable income as a tax bas}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid12869534 \hich\af40\dbch\af31505\loch\f40 is paid under the Income Tax Law. Regarding}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2125694\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  its }{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12869534 \hich\af40\dbch\af31505\loch\f40 execution}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2125694\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 , Decre\hich\af40\dbch\af31505\loch\f40 
e of the Minister of Finance N}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12869534 \hich\af40\dbch\af31505\loch\f40 umber 1002/KMK.04/}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2125694\charrsid10578436 
\hich\af40\dbch\af31505\loch\f40 1984 was issued. }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12869534 \hich\af40\dbch\af31505\loch\f40 It stipulates the}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2125694\charrsid10578436 
\hich\af40\dbch\af31505\loch\f40  maximum }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12869534 \hich\af40\dbch\af31505\loch\f40 ratio }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2125694\charrsid10578436 
\hich\af40\dbch\af31505\loch\f40 of}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12869534 \hich\af40\dbch\af31505\loch\f40  debt and equity which is}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2125694\charrsid10578436 
\hich\af40\dbch\af31505\loch\f40  three compared to one (3: 1) (Kurniawan, 2015: 242).}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid10578436\charrsid13581828 
\par }\pard \ltrpar\qj \fi720\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12869534\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 
However, the implementation of the }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid7829490\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 Decree }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid7829490 \hich\af40\dbch\af31505\loch\f40 of }{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12869534\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 Minister of Finance }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid7829490 \hich\af40\dbch\af31505\loch\f40 Number 1002/K
\hich\af40\dbch\af31505\loch\f40 MK.04/}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16142419 \hich\af40\dbch\af31505\loch\f40 1984 }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12869534\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 
subsequently }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16142419 \hich\af40\dbch\af31505\loch\f40 underwent suspension for}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12869534\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  the }{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16142419 \hich\af40\dbch\af31505\loch\f40 release }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12869534\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 of the Decree of }{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16142419 \hich\af40\dbch\af31505\loch\f40 Minister of Finance No. 254/KMK.1/}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12869534\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 1985. }{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16142419 \hich\af40\dbch\af31505\loch\f40 It occured as there were }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12869534\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 concerns }{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid16142419 \hich\af40\dbch\af31505\loch\f40 that c}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12869534\charrsid10578436 \hich\af40\dbch\af31505\loch\f40 ould }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid16142419 \hich\af40\dbch\af31505\loch\f40 obstruct}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12869534\charrsid10578436 \hich\af40\dbch\af31505\loch\f40  the development of businesses in Indonesia.}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid10578436\charrsid13581828 
\par }\pard \ltrpar\qj \fi720\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid16142419 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16142419\charrsid6578920 \hich\af40\dbch\af31505\loch\f40 
In 2015, the government reissued regulat\hich\af40\dbch\af31505\loch\f40 ions relating to the ratio of debt and capital due to the increasing number of tax avoidance practices }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid5321126 
\hich\af40\dbch\af31505\loch\f40 in Indonesia}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16142419\charrsid6578920 \hich\af40\dbch\af31505\loch\f40  by utilizing corporate financing through debt. Minister of }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid7801058 \hich\af40\dbch\af31505\loch\f40 Finance Regulation Number 169/PMK.010/}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16142419\charrsid6578920 \hich\af40\dbch\af31505\loch\f40 2015 states that:}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid16142419 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \fs20\lang1033\langfe2052\loch\af40\hich\af40\dbch\af31505\langfenp2052\insrsid7801058\charrsid7801058 \hich\af40\dbch\af31505\loch\f40 1.\tab}}\pard\plain \ltrpar
\s15\qj \fi-426\li426\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls2\ilvl1\adjustright\rin0\lin426\itap0\pararsid7801058\contextualspace \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid7801058\charrsid7801058 \hich\af40\dbch\af31505\loch\f40 
The highest debt to equity ratio as mentioned in article 1 paragraph 1 is set 4:1.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \fs20\lang1033\langfe2052\loch\af40\hich\af40\dbch\af31505\langfenp2052\insrsid7801058\charrsid7801058 \hich\af40\dbch\af31505\loch\f40 2.\tab}\hich\af40\dbch\af31505\loch\f40 
Excluded from such provision is:}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid7801058 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \fs20\lang1033\langfe2052\loch\af40\hich\af40\dbch\af31505\langfenp2052\insrsid7801058\charrsid7801058 \hich\af40\dbch\af31505\loch\f40 a.\tab}}\pard \ltrpar
\s15\qj \fi-283\li709\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls4\ilvl1\adjustright\rin0\lin709\itap0\pararsid7801058\contextualspace {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\lang1033\langfe2052\langnp1033\insrsid7801058\charrsid7801058 \hich\af40\dbch\af31505\loch\f40 Banking taxpayer
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \fs20\lang1033\langfe2052\loch\af40\hich\af40\dbch\af31505\langfenp2052\insrsid7801058\charrsid7801058 \hich\af40\dbch\af31505\loch\f40 b.\tab}\hich\af40\dbch\af31505\loch\f40 
Funding institution taxpayer
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \fs20\lang1033\langfe2052\loch\af40\hich\af40\dbch\af31505\langfenp2052\insrsid7801058\charrsid7801058 \hich\af40\dbch\af31505\loch\f40 c.\tab}\hich\af40\dbch\af31505\loch\f40 
Insurance and reinsurance taxpayer
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \fs20\lang1033\langfe2052\loch\af40\hich\af40\dbch\af31505\langfenp2052\insrsid7801058\charrsid7801058 \hich\af40\dbch\af31505\loch\f40 d.\tab}\hich\af40\dbch\af31505\loch\f40 
Oil and gas mining, general mining and other\hich\af40\dbch\af31505\loch\f40  mining taxpayer which are bound in sharing contract, work contract or joint mining working agreement, and such contract or agreement require a specific debt to equity ratio; and

\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \fs20\lang1033\langfe2052\loch\af40\hich\af40\dbch\af31505\langfenp2052\insrsid7801058\charrsid7801058 \hich\af40\dbch\af31505\loch\f40 e.\tab}\hich\af40\dbch\af31505\loch\f40 
Taxpayer whose all income is subject to final income tax under tax law and\hich\af40\dbch\af31505\loch\f40  regulation, and
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \fs20\lang1033\langfe2052\loch\af40\hich\af40\dbch\af31505\langfenp2052\insrsid7801058\charrsid7801058 \hich\af40\dbch\af31505\loch\f40 f.\tab}\hich\af40\dbch\af31505\loch\f40 
Taxpayer in infrastructure business.
\par }\pard\plain \ltrpar\qj \li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid2442417 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1031\langfe2052\langnp1031\insrsid2442417\charrsid13581828 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\i\fs20\lang1057\langfe2052\loch\af40\hich\af40\dbch\af31505\langnp1057\langfenp2052\insrsid2958629 \hich\af40\dbch\af31505\loch\f40 2.3.\tab}}\pard\plain \ltrpar
\s15\qj \fi-540\li540\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls5\ilvl1\adjustright\rin0\lin540\itap0\pararsid15221443\contextualspace \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid2958629 \hich\af40\dbch\af31505\loch\f40 Executive}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\b\f40\fs20\insrsid992078 \hich\af40\dbch\af31505\loch\f40 s\hich\f40 \rquote }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid2958629 \hich\af40\dbch\af31505\loch\f40  Characteristics}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\b\f40\fs20\insrsid15221443\charrsid14641780 
\par }\pard\plain \ltrpar\qj \fi720\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6578920\charrsid6578920 \hich\af40\dbch\af31505\loch\f40 Execut}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid267391 \hich\af40\dbch\af31505\loch\f40 ives are individuals who have}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6578920\charrsid6578920 \hich\af40\dbch\af31505\loch\f40  important position}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid267391 \hich\af40\dbch\af31505\loch\f40 s in leadership system in}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6578920\charrsid6578920 \hich\af40\dbch\af31505\loch\f40  a company or an organization. }{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid267391 \hich\af40\dbch\af31505\loch\f40 They}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6578920\charrsid6578920 \hich\af40\dbch\af31505\loch\f40  have}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid267391 
\hich\af40\dbch\af31505\loch\f40  a goal to achieve the company vision by givin\hich\af40\dbch\af31505\loch\f40 g influence}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2958629 \hich\af40\dbch\af31505\loch\f40  on all company aspects}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid267391 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2958629 \hich\af40\dbch\af31505\loch\f40 so that it plays }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid267391 
\hich\af40\dbch\af31505\loch\f40 a big }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2958629 \hich\af40\dbch\af31505\loch\f40 role }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid267391 \hich\af40\dbch\af31505\loch\f40 on }{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6578920\charrsid6578920 \hich\af40\dbch\af31505\loch\f40 decisi}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2958629 \hich\af40\dbch\af31505\loch\f40 on making, even the risky one.}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid6578920 
\par }\pard \ltrpar\qj \fi720\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid2958629 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2958629 \hich\af40\dbch\af31505\loch\f40 Low (2006) states, during
}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2958629\charrsid6578920 \hich\af40\dbch\af31505\loch\f40  performing its obligations, a company leader usually has two different character}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2958629 
\hich\af40\dbch\af31505\loch\f40 istic}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2958629\charrsid6578920 \hich\af40\dbch\af31505\loch\f40 s in decision making, namely risk taker and risk averse. Executives with risk taker }{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2958629 \hich\af40\dbch\af31505\loch\f40 traits}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2958629\charrsid6578920 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid2958629 \hich\af40\dbch\af31505\loch\f40 have more courage}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2958629\charrsid6578920 \hich\af40\dbch\af31505\loch\f40 
 in taking risky business decisions with big profits for the company. Meanwhile, }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12256250 \hich\af40\dbch\af31505\loch\f40 those}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid2958629\charrsid6578920 \hich\af40\dbch\af31505\loch\f40  with risk averse character}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12256250 \hich\af40\dbch\af31505\loch\f40 istics}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid2958629\charrsid6578920 \hich\af40\dbch\af31505\loch\f40  will tend to dislike risk so\hich\af40\dbch\af31505\loch\f40  that they }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12256250 \hich\af40\dbch\af31505\loch\f40 
possess less courage}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2958629\charrsid6578920 \hich\af40\dbch\af31505\loch\f40  in taking a big business decision. Risk is always related to the profits that will be obtained by the company, }{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12256250 \hich\af40\dbch\af31505\loch\f40 in which the risk could be}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2958629\charrsid6578920 \hich\af40\dbch\af31505\loch\f40 
 interpreted as a deviation from the income that will }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12256250 \hich\af40\dbch\af31505\loch\f40 be received by the company. T}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid2958629\charrsid6578920 \hich\af40\dbch\af31505\loch\f40 he g\hich\af40\dbch\af31505\loch\f40 reater the income deviation}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12256250 \hich\af40\dbch\af31505\loch\f40 
 is, the greater the risk would}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2958629\charrsid6578920 \hich\af40\dbch\af31505\loch\f40  arise. Investors must face  opportunities or possibilities }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid12256250 \hich\af40\dbch\af31505\loch\f40 emerging}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2958629\charrsid6578920 \hich\af40\dbch\af31505\loch\f40 
 from differences in expected results with results that actually occur (Penman et al., 2007).}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2958629 
\par }\pard \ltrpar\qj \fi720\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12256250 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12256250 \hich\af40\dbch\af31505\loch\f40 Similarly}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12256250\charrsid6578920 \hich\af40\dbch\af31505\loch\f40 , Paligorova (2010) defines\hich\af40\dbch\af31505\loch\f40 
 corporate risk as the volatility of corporate earnings proxied by the standard deviation formula. Based on this statement, it can}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6630329 \hich\af40\dbch\af31505\loch\f40  be concluded}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12256250 \hich\af40\dbch\af31505\loch\f40  the company}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12256250\charrsid6578920 \hich\af40\dbch\af31505\loch\f40 
 risk is a standard deviation or deviation from profit, }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6630329 \hich\af40\dbch\af31505\loch\f40 and }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12256250\charrsid6578920 
\hich\af40\dbch\af31505\loch\f40 the}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6630329 \hich\af40\dbch\af31505\loch\f40  deviation could be }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12256250\charrsid6578920 
\hich\af40\dbch\af31505\loch\f40 considered less or\hich\af40\dbch\af31505\loch\f40  more than }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6630329 \hich\af40\dbch\af31505\loch\f40 what has been planned }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid12256250\charrsid6578920 \hich\af40\dbch\af31505\loch\f40 by the company. The greater }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6630329 \hich\af40\dbch\af31505\loch\f40 amount of income deviation would}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid12256250\charrsid6578920 \hich\af40\dbch\af31505\loch\f40  be directly propo}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6630329 \hich\af40\dbch\af31505\loch\f40 rtional to the greater risk a company}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12256250\charrsid6578920 \hich\af40\dbch\af31505\loch\f40  will}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6630329 \hich\af40\dbch\af31505\loch\f40 
 face. How big or small the risk is would indicate the executive}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid992078 \hich\af40\dbch\af31505\loch\f40 s\hich\f40 \rquote }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6630329 
\hich\af40\dbch\af31505\loch\f40  traits are}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12256250\charrsid6578920 \hich\af40\dbch\af31505\loch\f40  included }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6630329 
\hich\af40\dbch\af31505\loch\f40 either}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6630329\charrsid6578920 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12256250\charrsid6578920 
\hich\af40\dbch\af31505\loch\f40 in the category of risk taker or risk averse (Budiman et al., 2013).}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid12256250 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid2717624 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid2717624\charrsid2717624 
\par }\pard \ltrpar\qj \fi720\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6578920\charrsid13581828 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\i\fs20\lang1057\langfe2052\loch\af40\hich\af40\dbch\af31505\langnp1057\langfenp2052\insrsid6630329 \hich\af40\dbch\af31505\loch\f40 2.4.\tab}}\pard\plain \ltrpar
\s15\qj \fi-540\li540\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls5\ilvl1\adjustright\rin0\lin540\itap0\pararsid15221443\contextualspace \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid6630329 \hich\af40\dbch\af31505\loch\f40 Tax Avoidance}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\b\f40\fs20\insrsid15221443\charrsid9716043 
\par }\pard\plain \ltrpar\qj \fi720\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6630329\charrsid6578920 \hich\af40\dbch\af31505\loch\f40 State revenue from the tax secto}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6630329 \hich\af40\dbch\af31505\loch\f40 r is the biggest source for }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6630329\charrsid6578920 \hich\af40\dbch\af31505\loch\f40 
State Budget (APBN), compared to other revenue sources such a}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9190182 \hich\af40\dbch\af31505\loch\f40 s non-tax revenues and grants. In Indonesia, t}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid6630329\charrsid6578920 \hich\af40\dbch\af31505\loch\f40 axation }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9190182 \hich\af40\dbch\af31505\loch\f40 adheres to }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid6630329\charrsid6578920 \hich\af40\dbch\af31505\loch\f40 self assessment tax collection sys}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9190182 \hich\af40\dbch\af31505\loch\f40 tem, whereby each of taxpayers has an}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6630329\charrsid6578920 \hich\af40\dbch\af31505\loch\f40  authority to calculate, pa}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9190182 \hich\af40\dbch\af31505\loch\f40 
y and report their own taxes. Therefore,}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6630329\charrsid6578920 \hich\af40\dbch\af31505\loch\f40  honesty and taxpayer compliance in }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9190182 
\hich\af40\dbch\af31505\loch\f40 completing}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6630329\charrsid6578920 \hich\af40\dbch\af31505\loch\f40  their obligations are}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9190182 
\hich\af40\dbch\af31505\loch\f40  highly}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6630329\charrsid6578920 \hich\af40\dbch\af31505\loch\f40  needed}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9190182 \hich\af40\dbch\af31505\loch\f40 
. However, most t\hich\af40\dbch\af31505\loch\f40 axpayers have desire to minimize}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6630329\charrsid6578920 \hich\af40\dbch\af31505\loch\f40  tax obli}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid9190182 \hich\af40\dbch\af31505\loch\f40 gation}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6630329\charrsid6578920 \hich\af40\dbch\af31505\loch\f40 
 in various ways, either in a way that still fulfills the provisions of taxation (lawful) and ways that clearly violate tax regulations (unlawful). }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9190182 \hich\af40\dbch\af31505\loch\f40 
Taxpayers' attempts of minimizing }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6630329\charrsid6578920 \hich\af40\dbch\af31505\loch\f40 t}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9190182 \hich\af40\dbch\af31505\loch\f40 
ax obligations but still f\hich\af40\dbch\af31505\loch\f40 ollowing taxation provisions are considered}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6630329\charrsid6578920 \hich\af40\dbch\af31505\loch\f40  tax avoidance (Suandy, 2016: 8).}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6630329 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6578920\charrsid6578920 \hich\af40\dbch\af31505\loch\f40 Tax avoidance is an effort made to reduce taxes, }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9190182 \hich\af40\dbch\af31505\loch\f40 
yet the doer still obeys}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6578920\charrsid6578920 \hich\af40\dbch\af31505\loch\f40  tax regulations such as}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9190182 \hich\af40\dbch\af31505\loch\f40 
 by}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6578920\charrsid6578920 \hich\af40\dbch\af31505\loch\f40  utilizi}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9190182 \hich\af40\dbch\af31505\loch\f40 
ng exception and tax deduction that are not prohibited,}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6578920\charrsid6578920 \hich\af40\dbch\af31505\loch\f40  or by delaying \hich\af40\dbch\af31505\loch\f40 taxes through }{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid9190182 \hich\af40\dbch\af31505\loch\f40 all }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6578920\charrsid6578920 \hich\af40\dbch\af31505\loch\f40 transactions }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid9190182 \hich\af40\dbch\af31505\loch\f40 not}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6578920\charrsid6578920 \hich\af40\dbch\af31505\loch\f40 
 regulated in the tax regulations (Budiman and Setiyono 2013). Jacob (2014) also defines tax avoidance as an intentional act by reducing tax liability from the amount that should be paid to the tax authority through effici\hich\af40\dbch\af31505\loch\f40 
ent planning by }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9190182 \hich\af40\dbch\af31505\loch\f40 taking advantage of loopholes within}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6578920\charrsid6578920 
\hich\af40\dbch\af31505\loch\f40  tax provisions.}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6578920 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6578920\charrsid6578920 \hich\af40\dbch\af31505\loch\f40 Tax avoidance does not mean}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1538205 \hich\af40\dbch\af31505\loch\f40 
 that you are completely free from}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6578920\charrsid6578920 \hich\af40\dbch\af31505\loch\f40  costs. Taxpayers are still }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1538205 
\hich\af40\dbch\af31505\loch\f40 taxed }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6578920\charrsid6578920 \hich\af40\dbch\af31505\loch\f40 with several costs such as the cost of time and ene}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid1538205 \hich\af40\dbch\af31505\loch\f40 rgy sa\hich\af40\dbch\af31505\loch\f40 crificed to avoid the tax, and also, there are a number of }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6578920\charrsid6578920 
\hich\af40\dbch\af31505\loch\f40 risks }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1538205 \hich\af40\dbch\af31505\loch\f40 will be borne for the disclosure of tax evasion. The}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid6578920\charrsid6578920 \hich\af40\dbch\af31505\loch\f40 s}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1538205 \hich\af40\dbch\af31505\loch\f40 e}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6578920\charrsid6578920 
\hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1538205 \hich\af40\dbch\af31505\loch\f40 would }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6578920\charrsid6578920 \hich\af40\dbch\af31505\loch\f40 damage }{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1538205 \hich\af40\dbch\af31505\loch\f40 t}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1538205\charrsid6578920 \hich\af40\dbch\af31505\loch\f40 he reputation}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid1538205 \loch\af40\dbch\af31505\hich\f40 \emdash \loch\f40 the company can loose it at severe, and}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1538205\charrsid6578920 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid6578920\charrsid6578920 \hich\af40\dbch\af31505\loch\f40 long-term business continuity (Ngadiman and Puspitasari, 2014).}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6578920 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1538205 \hich\af40\dbch\af31505\loch\f40 The }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1538205\charrsid1538205 \hich\af40\dbch\af31505\loch\f40 Committee}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid1538205 \hich\af40\dbch\af31505\loch\f40  of}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1538205\charrsid1538205 \hich\af40\dbch\af31505\loch\f40  Fiscal Affairs }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid1538205 \hich\af40\dbch\af31505\loch\f40 from EOCD in }{\field\fldedit\fldlock{\*\fldinst {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1538205\charrsid13581828 \hich\af40\dbch\af31505\loch\f40 ADDIN CSL_CITATION \{
 "citationItems" : [ \{ "id" : "ITEM-1", "itemData" : \{ "author" : [ \{ "dropping-particle" : "", "family" : "Suandy", "given" : "Erly", "non-dropping-particle" : "", "parse-names" : false, "suffix\hich\af40\dbch\af31505\loch\f40 " : "" \}
 ], "edition" : "Keenam", "id" : "ITEM-1", "issued" : \{ "date-parts" : [ [ "2016" ] ] \}, "number-of-pages" : "1-208", "publisher" : "Salemba Empat", "publisher-place" : "Jakarta", "title" : "Perencanaan Pajak", "type" : "book" \}, "uris" : [ "http:
\hich\af40\dbch\af31505\loch\f40 /\hich\af40\dbch\af31505\loch\f40 /www.mendeley.com/documents/?uuid=598ffcc7-c289-4618-a8b8-0688fbb5d701" ] \} ], "mendeley" : \{
 "formattedCitation" : "(Suandy 2016)", "manualFormatting" : "(Suandy, 2016:8)", "plainTextFormattedCitation" : "(Suandy 2016)", "previouslyFormattedCitation" : "\hich\af40\dbch\af31505\loch\f40 (\hich\af40\dbch\af31505\loch\f40 Suandy 2016)" \}
, "properties" : \{ "noteIndex" : 0 \}, "schema" : "https://github.com/citation-style-language/schema/raw/master/csl-citation.json" \}}}{\fldrslt {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1024\langfe1024\noproof\insrsid1538205 
\hich\af40\dbch\af31505\loch\f40 Suandy}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1024\langfe1024\noproof\insrsid1538205\charrsid13581828 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\lang1024\langfe1024\noproof\insrsid1538205 \hich\af40\dbch\af31505\loch\f40 (}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1024\langfe1024\noproof\insrsid1538205\charrsid13581828 \hich\af40\dbch\af31505\loch\f40 2016:8)}}}\sectd \ltrsect
\psz9\linex0\endnhere\sectlinegrid360\sectdefaultcl\sectrsid15221443\sftnbj {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1538205 \hich\af40\dbch\af31505\loch\f40  states there are three traits of tax avoidance, which are:}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid6578920 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \fs20\lang1057\langfe2052\loch\af40\hich\af40\dbch\af31505\langnp1057\langfenp2052\insrsid1538205\charrsid1538205 \hich\af40\dbch\af31505\loch\f40 1)\tab}}\pard\plain \ltrpar
\s15\qj \fi-426\li426\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls4\ilvl2\adjustright\rin0\lin426\itap0\pararsid1538205\contextualspace \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1538205\charrsid1538205 \hich\af40\dbch\af31505\loch\f40 There }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid1538205 \hich\af40\dbch\af31505\loch\f40 is an artificial elemen\hich\af40\dbch\af31505\loch\f40 t, in which }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1538205\charrsid1538205 \hich\af40\dbch\af31505\loch\f40 
various kinds of rules are made as if they }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1538205 \hich\af40\dbch\af31505\loch\f40 exist}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1538205\charrsid1538205 \hich\af40\dbch\af31505\loch\f40  
}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1538205 \hich\af40\dbch\af31505\loch\f40 yet}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1538205\charrsid1538205 \hich\af40\dbch\af31505\loch\f40  they do n}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid1538205 \hich\af40\dbch\af31505\loch\f40 ot, and it happens because there is}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1538205\charrsid1538205 \hich\af40\dbch\af31505\loch\f40  no}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid1538205 \hich\af40\dbch\af31505\loch\f40  any tax rule stipulating}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1538205\charrsid1538205 .
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \fs20\lang1057\langfe2052\loch\af40\hich\af40\dbch\af31505\langnp1057\langfenp2052\insrsid158525 \hich\af40\dbch\af31505\loch\f40 2)\tab}}\pard \ltrpar
\s15\qj \fi-426\li426\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls4\ilvl2\adjustright\rin0\lin426\itap0\pararsid158525\contextualspace {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid158525 \hich\af40\dbch\af31505\loch\f40 
The use of}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1538205\charrsid1538205 \hich\af40\dbch\af31505\loch\f40  loopholes from the }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid158525 \hich\af40\dbch\af31505\loch\f40 Law }{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1538205\charrsid1538205 \hich\af40\dbch\af31505\loch\f40 by stipulating legal provisions }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid158525 \hich\af40\dbch\af31505\loch\f40 in order to achieving}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1538205\charrsid1538205 \hich\af40\dbch\af31505\loch\f40  ce}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid158525 \hich\af40\dbch\af31505\loch\f40 rtain objectives, which is not }{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1538205\charrsid1538205 \hich\af40\dbch\af31505\loch\f40 the}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid158525 \hich\af40\dbch\af31505\loch\f40  actual}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid1538205\charrsid1538205 \hich\af40\dbch\af31505\loch\f40  purpose intended by the legislator.}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid158525 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \fs20\lang1057\langfe2052\loch\af40\hich\af40\dbch\af31505\langnp1057\langfenp2052\insrsid158525 \hich\af40\dbch\af31505\loch\f40 3)\tab}\hich\af40\dbch\af31505\loch\f40 Utilizing }{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1538205\charrsid158525 \hich\af40\dbch\af31505\loch\f40 consult}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid158525 \hich\af40\dbch\af31505\loch\f40 ant service}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid1538205\charrsid158525 \hich\af40\dbch\af31505\loch\f40  to }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid158525 \hich\af40\dbch\af31505\loch\f40 perform}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid1538205\charrsid158525 \hich\af40\dbch\af31505\loch\f40  tax evasion by means or methods that meet the requirements of taxpayers.
\par }\pard\plain \ltrpar\qj \fi720\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2841067 \hich\af40\dbch\af31505\loch\f40 There are some of means executed by companies due to tax avoid
\hich\af40\dbch\af31505\loch\f40 ance, as follows:}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid158525 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\fs20\cf18\lang1057\langfe2052\loch\af40\hich\af40\dbch\af31505\langnp1057\langfenp2052\insrsid8545677 \hich\af40\dbch\af31505\loch\f40 1.\tab}}\pard\plain \ltrpar
\s15\qj \fi-426\li426\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls2\ilvl2\adjustright\rin0\lin426\itap0\pararsid8132975\contextualspace \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid8545677 \hich\af40\dbch\af31505\loch\f40 Transferring the subject and/}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\cf18\insrsid8132975\charrsid8132975 \hich\af40\dbch\af31505\loch\f40 or tax object to a country that }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid8545677 \hich\af40\dbch\af31505\loch\f40 has tax or tax relief facility}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid8132975\charrsid8132975 \hich\af40\dbch\af31505\loch\f40  or by selecting a substantive tax planning.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\fs20\cf18\lang1057\langfe2052\loch\af40\hich\af40\dbch\af31505\langnp1057\langfenp2052\insrsid8132975\charrsid8132975 \hich\af40\dbch\af31505\loch\f40 2.\tab}
\hich\af40\dbch\af31505\loch\f40 Strengthening the economic substance of a transaction through formal }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid8545677 \hich\af40\dbch\af31505\loch\f40 tax planning}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\cf18\insrsid8132975\charrsid8132975 \hich\af40\dbch\af31505\loch\f40  that can provi\hich\af40\dbch\af31505\loch\f40 de the }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid8545677 \hich\af40\dbch\af31505\loch\f40 lowest tax expense.}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf18\insrsid8132975\charrsid8132975 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\fs20\lang1057\langfe2052\loch\af40\hich\af40\dbch\af31505\langnp1057\langfenp2052\insrsid8132975\charrsid8132975 \hich\af40\dbch\af31505\loch\f40 3.\tab}}\pard \ltrpar
\s15\qj \fi-360\li360\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls2\ilvl2\adjustright\rin0\lin360\itap0\pararsid2442417\contextualspace {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8132975\charrsid8132975 
\hich\af40\dbch\af31505\loch\f40 Utilizing the provisions of anti-tax avoidance over }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid8132975 \hich\af40\dbch\af31505\loch\f40 
transfer pricing, thin capitalization, treaty shopping }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8132975\charrsid8132975 \hich\af40\dbch\af31505\loch\f40 and}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid8132975 \hich\af40\dbch\af31505\loch\f40  controlled foreign corporation (spresific anti avoidance rules), }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8132975\charrsid8132975 
\hich\af40\dbch\af31505\loch\f40 and other transaction which ha\hich\af40\dbch\af31505\loch\f40 s no any business substance }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid8132975 
\hich\af40\dbch\af31505\loch\f40 (general anti avoidance rules).}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid2717624 
\par }\pard\plain \ltrpar\qj \li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid2717624 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid2717624 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid2717624\charrsid2717624 
\par }\pard \ltrpar\qj \li180\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin180\itap0\pararsid15221443 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid10754443 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\i\fs20\cf18\lang1057\langfe2052\loch\af40\hich\af40\dbch\af31505\langnp1057\langfenp2052\insrsid8545677 \hich\af40\dbch\af31505\loch\f40 2.5.\tab}}\pard\plain \ltrpar
\s15\qj \fi-540\li540\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls5\ilvl1\adjustright\rin0\lin540\itap0\pararsid15221443\contextualspace \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\cf18\insrsid8545677 \hich\af40\dbch\af31505\loch\f40 Hypothesis Development}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid15221443\charrsid10754443 
\par }\pard\plain \ltrpar\qj \li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid8545677 \hich\af40\dbch\af31505\loch\f40 The Influence of}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\b\f40\fs20\insrsid15221443\charrsid10754443 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid15221443\charrsid8483348 \hich\af40\dbch\af31505\loch\f40 Thin Capitalization}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\b\f40\fs20\insrsid8545677\charrsid8483348 \hich\af40\dbch\af31505\loch\f40  to Tax Avoidance}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid15221443\charrsid10754443 
\par }\pard \ltrpar\qj \fi720\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid2442417 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16196938 \hich\af40\dbch\af31505\loch\f40 
Double tax agreement is used}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6578920\charrsid6578920 \hich\af40\dbch\af31505\loch\f40  as a scheme to divert corporate profits by fi\hich\af40\dbch\af31505\loch\f40 
nancing companies through debt (thin capitalization). Rahayu (2010) defines thin capitalization as a loan in the form of money or capital from shareholders by financing its subsidiaries, a holding company will contribute in t}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid16196938 \hich\af40\dbch\af31505\loch\f40 he form of debt (not capital). \hich\af40\dbch\af31505\loch\f40 Hence,}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6578920\charrsid6578920 \hich\af40\dbch\af31505\loch\f40 
 the subsidiary will be burdened with the interest expense which is a deduction element in the c}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16196938 \hich\af40\dbch\af31505\loch\f40 alculation of Taxable Income, and eventually, subsidiary }{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6578920\charrsid6578920 \hich\af40\dbch\af31505\loch\f40 tax }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16196938 \hich\af40\dbch\af31505\loch\f40 due }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid6578920\charrsid6578920 \hich\af40\dbch\af31505\loch\f40 is also reduced.}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6578920 
\par }\pard \ltrpar\qj \fi709\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13503934 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16196938 \hich\af40\dbch\af31505\loch\f40 A study conducted}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158\charrsid6497158 \hich\af40\dbch\af31505\loch\f40  by Taylor and Richardson (2012) uses th}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16196938 \hich\af40\dbch\af31505\loch\f40 
in capitalization as one of its }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158\charrsid6497158 \hich\af40\dbch\af31505\loch\f40 independent variables in the internat}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16196938 
\hich\af40\dbch\af31505\loch\f40 ional tax avoidance mechanism. It is c}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158\charrsid6497158 \hich\af40\dbch\af31505\loch\f40 alled }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16196938 
\hich\af40\dbch\af31505\loch\f40 as }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158\charrsid6497158 \hich\af40\dbch\af31505\loch\f40 thin capital}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16196938 \hich\af40\dbch\af31505\loch\f40 
ization as}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158\charrsid6497158 \hich\af40\dbch\af31505\loch\f40  companies will generally }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16196938 \hich\af40\dbch\af31505\loch\f40 
increase interest-based debt and it causes the capital becoming}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158\charrsid6497158 \hich\af40\dbch\af31505\loch\f40  sma}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16196938 
\hich\af40\dbch\af31505\loch\f40 ll. The result of the res\hich\af40\dbch\af31505\loch\f40 earch }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158\charrsid6497158 \hich\af40\dbch\af31505\loch\f40 prove}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid16196938 \hich\af40\dbch\af31505\loch\f40 s}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158\charrsid6497158 \hich\af40\dbch\af31505\loch\f40  that}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16196938 
\hich\af40\dbch\af31505\loch\f40  a number of}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158\charrsid6497158 \hich\af40\dbch\af31505\loch\f40  comp}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16196938 
\hich\af40\dbch\af31505\loch\f40 anies with large debt structure tend to commit tax avoidance}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158\charrsid6497158 \hich\af40\dbch\af31505\loch\f40 . To test thin capitalization for tax avoidance}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16196938 ,}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158\charrsid6497158 \hich\af40\dbch\af31505\loch\f40  the following hypothesis is formulated:
\par }\pard \ltrpar\qj \li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6497158 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158\charrsid6497158 
\par \hich\af40\dbch\af31505\loch\f40 H1: Thin capitalization positive}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid13503934 \hich\af40\dbch\af31505\loch\f40 ly a}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158\charrsid6497158 
\hich\af40\dbch\af31505\loch\f40 ffect tax avoidance}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14966632 .}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158\charrsid15941768 
\par }\pard \ltrpar\qj \li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid15221443 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid15293576 \hich\af40\dbch\af31505\loch\f40 The Influence \hich\af40\dbch\af31505\loch\f40 of Executive}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid992078 \hich\af40\dbch\af31505\loch\f40 s
\hich\f40 \rquote }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid15293576 \hich\af40\dbch\af31505\loch\f40  Characteristics to Tax Avoidance
\par }\pard \ltrpar\qj \fi720\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158\charrsid6497158 \hich\af40\dbch\af31505\loch\f40 
Corporate executives play a very important role in determining the tax avoidance scheme }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15293576 \hich\af40\dbch\af31505\loch\f40 in a}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid6497158\charrsid6497158 \hich\af40\dbch\af31505\loch\f40  company}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15293576 \hich\af40\dbch\af31505\loch\f40 . It is strengthened}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid6497158\charrsid6497158 \hich\af40\dbch\af31505\loch\f40  by}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15293576 \hich\af40\dbch\af31505\loch\f40  a}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158\charrsid6497158 
\hich\af40\dbch\af31505\loch\f40  research conducted by Dyreng et al. (2010) and Budiman &}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid992078 \hich\af40\dbch\af31505\loch\f40  Setiyono (2013). The comp\hich\af40\dbch\af31505\loch\f40 any }{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158\charrsid6497158 \hich\af40\dbch\af31505\loch\f40 executive}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid992078 \hich\af40\dbch\af31505\loch\f40 s\hich\f40 \rquote }{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158\charrsid6497158 \hich\af40\dbch\af31505\loch\f40  role is not only able to add value to the }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15293576 \hich\af40\dbch\af31505\loch\f40 business}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158\charrsid6497158 \hich\af40\dbch\af31505\loch\f40  bu}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15293576 \hich\af40\dbch\af31505\loch\f40 t also has a tendency to support}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158\charrsid6497158 \hich\af40\dbch\af31505\loch\f40  tax avoidance.}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158 
\par }\pard \ltrpar\qj \li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid14966632 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14966632 \hich\af40\dbch\af31505\loch\f40 
           One of attempts executives choose is to place trustworthy people with }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14966632\charrsid6497158 \hich\af40\dbch\af31505\loch\f40 the expertise}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid14966632 \hich\af40\dbch\af31505\loch\f40  t}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14966632\charrsid6497158 \hich\af40\dbch\af31505\loch\f40 o observe and create tax avoidance schemes according to the executive}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14966632 \hich\af40\dbch\af31505\loch\f40 s}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid992078 \loch\af40\dbch\af31505\hich\f40 \rquote }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid14966632 \hich\af40\dbch\af31505\loch\f40  expectation}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14966632\charrsid6497158 \hich\af40\dbch\af31505\loch\f40 
 (Dyreng et al., 2010). Budiman and Setiyono (2013) stated that the more corporate executives are }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14966632 \hich\af40\dbch\af31505\loch\f40 considered }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid14966632\charrsid6497158 \hich\af40\dbch\af31505\loch\f40 risk takers, the higher the level of }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14966632 \hich\af40\dbch\af31505\loch\f40 tax }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid14966632\charrsid6497158 \hich\af40\dbch\af31505\loch\f40 avoidance }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14966632 \hich\af40\dbch\af31505\loch\f40 would be}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid14966632\charrsid6497158 \hich\af40\dbch\af31505\loch\f40 . To \hich\af40\dbch\af31505\loch\f40 test the executive}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid992078 \hich\af40\dbch\af31505\loch\f40 s\hich\f40 \rquote }{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14966632\charrsid6497158 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14966632 \hich\af40\dbch\af31505\loch\f40 character}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid992078 \hich\af40\dbch\af31505\loch\f40 istics}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14966632 \hich\af40\dbch\af31505\loch\f40  against tax avoidance, it is }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid14966632\charrsid6497158 \hich\af40\dbch\af31505\loch\f40 formulated }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14966632 \hich\af40\dbch\af31505\loch\f40 through }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid14966632\charrsid6497158 \hich\af40\dbch\af31505\loch\f40 the following hypothesis:
\par }\pard \ltrpar\qj \fi720\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158 
\par }\pard \ltrpar\qj \li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6497158 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158\charrsid6497158 \hich\af40\dbch\af31505\loch\f40 H2: Executive}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid992078 \hich\af40\dbch\af31505\loch\f40 s\hich\f40 \rquote }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158\charrsid6497158 \hich\af40\dbch\af31505\loch\f40  character}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid992078 \hich\af40\dbch\af31505\loch\f40 istic}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158\charrsid6497158 \hich\af40\dbch\af31505\loch\f40 s }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid992078 \hich\af40\dbch\af31505\loch\f40 positively influence}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158\charrsid6497158 \hich\af40\dbch\af31505\loch\f40  tax avoidance.}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid6497158 
\par }\pard \ltrpar\qj \li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9656370\charrsid15941768 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\i\fs20\lang1057\langfe2052\loch\af40\hich\af40\dbch\af31505\langnp1057\langfenp2052\insrsid16474605 \hich\af40\dbch\af31505\loch\f40 3.\tab}}\pard\plain \ltrpar
\s15\ql \fi-360\li360\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls5\adjustright\rin0\lin360\itap0\pararsid15221443\contextualspace \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid16474605 \hich\af40\dbch\af31505\loch\f40 Research Methodology}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\b\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid10754443 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid15221443\charrsid10754443 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\fs20\lang1057\langfe2052\loch\af40\hich\af40\dbch\af31505\langnp1057\langfenp2052\insrsid7807302 \hich\af40\dbch\af31505\loch\f40 3.1\tab}}\pard \ltrpar
\s15\qj \fi-540\li540\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls3\ilvl1\adjustright\rin0\lin540\itap0\pararsid15221443\contextualspace {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid7807302 \hich\af40\dbch\af31505\loch\f40 
Research Approach}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid15221443\charrsid10754443 
\par }\pard\plain \ltrpar\qj \fi720\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9656370 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1124060 \hich\af40\dbch\af31505\loch\f40 The study employs}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid6497158\charrsid6497158 \hich\af40\dbch\af31505\loch\f40  quantitative research}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1124060 \hich\af40\dbch\af31505\loch\f40  as the approach method, as}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid6497158\charrsid6497158 \hich\af40\dbch\af31505\loch\f40  it aims to test a predetermined hypothesis (Sugiyono, 2015: 8). }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1124060 \hich\af40\dbch\af31505\loch\f40 The}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158\charrsid6497158 \hich\af40\dbch\af31505\loch\f40  data sources }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1124060 \hich\af40\dbch\af31505\loch\f40 are }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid6497158\charrsid6497158 \hich\af40\dbch\af31505\loch\f40 in the form of audited financial statements from all }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1124060 \hich\af40\dbch\af31505\loch\f40 manufacturers}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158\charrsid6497158 \hich\af40\dbch\af31505\loch\f40  listed on the Indone}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1124060 \hich\af40\dbch\af31505\loch\f40 sia Stock Exchange (IDX) in 2011-2
\hich\af40\dbch\af31505\loch\f40 015 accessed from its official website }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158\charrsid6497158 \hich\af40\dbch\af31505\loch\f40 (www.idx.co.id).}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid6497158\charrsid15941768 
\par }\pard\plain \ltrpar\s15\ql \li284\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin284\itap0\pararsid15221443\contextualspace \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid15221443\charrsid15941768 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\fs20\lang1057\langfe2052\loch\af40\hich\af40\dbch\af31505\langnp1057\langfenp2052\insrsid7807302 \hich\af40\dbch\af31505\loch\f40 3.2\tab}}\pard \ltrpar
\s15\ql \fi-540\li540\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls3\ilvl1\adjustright\rin0\lin540\itap0\pararsid15221443\contextualspace {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid7807302 \hich\af40\dbch\af31505\loch\f40 
Population and Sample}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid10754443 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid15221443\charrsid10754443 

\par }\pard\plain \ltrpar\qj \fi720\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158\charrsid6497158 \hich\af40\dbch\af31505\loch\f40 The population }{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid6713505 \hich\af40\dbch\af31505\loch\f40 consists of}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158\charrsid6497158 \hich\af40\dbch\af31505\loch\f40  all manufa}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid6713505 \hich\af40\dbch\af31505\loch\f40 cturing companies listed on IDX Fact Book since}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158\charrsid6497158 \hich\af40\dbch\af31505\loch\f40 
 January 2016. The sampling method used was purposive sampling. Pusposive sampling is }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6713505 \hich\af40\dbch\af31505\loch\f40 a \hich\af40\dbch\af31505\loch\f40 method}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid6497158\charrsid6497158 \hich\af40\dbch\af31505\loch\f40  by taking samples from the population based on certain criteria (Hartono, 20}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6713505 
\hich\af40\dbch\af31505\loch\f40 13: 61). The research sample has been}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158\charrsid6497158 \hich\af40\dbch\af31505\loch\f40  selected }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6713505 
\hich\af40\dbch\af31505\loch\f40 in accordance with}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158\charrsid6497158 \hich\af40\dbch\af31505\loch\f40  the following criteria:}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158\charrsid15941768 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \fs20\lang1057\langfe2052\loch\af40\hich\af40\dbch\af31505\langnp1057\langfenp2052\insrsid6713505 \hich\af40\dbch\af31505\loch\f40 1.\tab}}\pard\plain \ltrpar
\s15\qj \fi-426\li426\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls6\adjustright\rin0\lin426\itap0\pararsid5777771\contextualspace \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6713505 \hich\af40\dbch\af31505\loch\f40 The company is registered}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid6713505\charrsid6713505 \hich\af40\dbch\af31505\loch\f40  on IDX in }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6713505 \hich\af40\dbch\af31505\loch\f40 2011-2015.}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid6713505\charrsid6713505 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \fs20\lang1057\langfe2052\loch\af40\hich\af40\dbch\af31505\langnp1057\langfenp2052\insrsid6713505 \hich\af40\dbch\af31505\loch\f40 2.\tab}}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid6713505 \hich\af40\dbch\af31505\loch\f40 The company }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6713505\charrsid6713505 \hich\af40\dbch\af31505\loch\f40 publishes complete audited financial statements during the study period.

\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \fs20\lang1057\langfe2052\loch\af40\hich\af40\dbch\af31505\langnp1057\langfenp2052\insrsid6713505 \hich\af40\dbch\af31505\loch\f40 3.\tab}}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid6713505 \hich\af40\dbch\af31505\loch\f40 The company has}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6713505\charrsid6713505 \hich\af40\dbch\af31505\loch\f40  a pre-tax amount above 0 (no loss)
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \fs20\lang1057\langfe2052\loch\af40\hich\af40\dbch\af31505\langnp1057\langfenp2052\insrsid6713505\charrsid6713505 \hich\af40\dbch\af31505\loch\f40 4.\tab}
\hich\af40\dbch\af31505\loch\f40 The }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6713505 \hich\af40\dbch\af31505\loch\f40 company has no fiscal loss. It}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6713505\charrsid6713505 
\hich\af40\dbch\af31505\loch\f40  causes}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6713505 \hich\af40\dbch\af31505\loch\f40  the company not to be taxed}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6713505\charrsid6713505 
\hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6713505 \hich\af40\dbch\af31505\loch\f40 since}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6713505\charrsid6713505 \hich\af40\dbch\af31505\loch\f40 
 taxable profit is used to reduce the amount of f\hich\af40\dbch\af31505\loch\f40 iscal loss }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6713505 \hich\af40\dbch\af31505\loch\f40 in }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid6713505\charrsid6713505 \hich\af40\dbch\af31505\loch\f40 the previous year.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \fs20\lang1057\langfe2052\loch\af40\hich\af40\dbch\af31505\langnp1057\langfenp2052\insrsid6713505 \hich\af40\dbch\af31505\loch\f40 5.\tab}}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid6713505 \hich\af40\dbch\af31505\loch\f40 The company has }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6713505\charrsid6713505 \hich\af40\dbch\af31505\loch\f40 positive effective tax rate.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \fs20\lang1057\langfe2052\loch\af40\hich\af40\dbch\af31505\langnp1057\langfenp2052\insrsid6713505\charrsid6713505 \hich\af40\dbch\af31505\loch\f40 6.\tab}
\hich\af40\dbch\af31505\loch\f40 The company has complete data }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6713505 \hich\af40\dbch\af31505\loch\f40 which are }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6713505\charrsid6713505 
\hich\af40\dbch\af31505\loch\f40 needed in the study.}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6713505 
\par }\pard\plain \ltrpar\qj \fi720\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid5777771 \hich\af40\dbch\af31505\loch\f40 Regarding to}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid6713505 \hich\af40\dbch\af31505\loch\f40  all criteria, }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid5777771 \hich\af40\dbch\af31505\loch\f40 the study obtains 38 companies as the sample for per year.}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid6713505 
\par }\pard \ltrpar\qj \li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid15221443\charrsid10754443 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\fs20\lang1057\langfe2052\loch\af40\hich\af40\dbch\af31505\langnp1057\langfenp2052\insrsid7807302 \hich\af40\dbch\af31505\loch\f40 3.3.\tab}}\pard\plain \ltrpar
\s15\qj \fi-540\li540\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls8\ilvl1\adjustright\rin0\lin540\itap0\pararsid15221443\contextualspace \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid7807302 \hich\af40\dbch\af31505\loch\f40 Research Variables \hich\af40\dbch\af31505\loch\f40 
and Operational Definition }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid15221443\charrsid10754443 
\par }\pard\plain \ltrpar\qj \fi720\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid5777771 \hich\af40\dbch\af31505\loch\f40 The dependent variable used }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid6497158\charrsid6497158 \hich\af40\dbch\af31505\loch\f40 is tax avoidance. Tax avoidance is }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid5777771 \hich\af40\dbch\af31505\loch\f40 defined as an effort to reduce taxes legally}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158\charrsid6497158 \hich\af40\dbch\af31505\loch\f40 , meaning that they still }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid5777771 \hich\af40\dbch\af31505\loch\f40 strive to }{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158\charrsid6497158 \hich\af40\dbch\af31505\loch\f40 comply with the provisions of taxation regulations. Tax avoidance (TAVO) is measured }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid5777771 
\hich\af40\dbch\af31505\loch\f40 by }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158\charrsid6497158 \hich\af40\dbch\af31505\loch\f40 
using a composite of Book Tax Difference (BTD), Abnormal BTD and Tax Shelter (Taylor & Richardson, 2012; Hanlon and Heitzman, 2010; Desai et al., 2006).}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158\charrsid6497158 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\fs20\lang1033\langfe2052\loch\af40\hich\af40\dbch\af31505\langfenp2052\insrsid15221443\charrsid10754443 \hich\af40\dbch\af31505\loch\f40 1.\tab}}\pard\plain \ltrpar
\s15\qj \fi-360\li360\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls9\adjustright\rin0\lin360\itap0\pararsid15221443\contextualspace \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid10754443 \hich\af40\dbch\af31505\loch\f40 
Book Tax Difference }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid10754443 \hich\af40\dbch\af31505\loch\f40 (BTD) }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid10754443 

\par }\pard \ltrpar\s15\qj \fi540\li360\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin360\itap0\pararsid15221443\contextualspace {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid5777771 \hich\af40\dbch\af31505\loch\f40 
It is }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40 the difference between reported income before tax (commercial i\hich\af40\dbch\af31505\loch\f40 ncome) and taxable income (fiscal profit) 
}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid5777771 \hich\af40\dbch\af31505\loch\f40 of }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40 company i in y}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid5777771 \hich\af40\dbch\af31505\loch\f40 ear t divided by total asset belonging to company t-1. BTD measurement}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40 
 refers to Hanlon}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid5777771 \hich\af40\dbch\af31505\loch\f40  and Heitzman's research (2010), }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 
\hich\af40\dbch\af31505\loch\f40 formulated as follows:}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 
\par }\pard \ltrpar\s15\qj \li270\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin270\itap0\pararsid15221443\contextualspace {\mmath{\*\moMathPara {\*\moMath {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\i\f34\fs20\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 BTD}}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f34\fs20\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 =}}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \i\f34\fs20\insrsid8738229 }{\mf{\mfPr{\mctrlPr\i\f34\fs20 }}{\mnum{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f34\fs20\insrsid8738229 }{\msSub{\msSubPr{\mctrlPr\i\f34\fs20 }}{\me{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\i\f34\fs20\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 Pretax}}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f34\fs20\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2  }}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \i\f34\fs20\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 Accounting}}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f34\fs20\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 
{\mr\mscr0\msty2  }}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f34\fs20\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 Income}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f34\fs20\insrsid8738229 }}{\msub{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \i\f34\fs20\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 it}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f34\fs20\insrsid8738229 }}}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f34\fs20\insrsid15221443\charrsid15941768 
\hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 -}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f34\fs20\insrsid8738229 }{\msSub{\msSubPr{\mctrlPr\i\f34\fs20 }}{\me{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f34\fs20\insrsid15221443\charrsid15941768 
\hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 Tax}}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f34\fs20\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2  }}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\i\f34\fs20\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 Income}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f34\fs20\insrsid8738229 }}{\msub{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f34\fs20\insrsid15221443\charrsid15941768 
\hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 it}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f34\fs20\insrsid8738229 }}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f34\fs20\insrsid8738229 }}{\mden{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f34\fs20\insrsid8738229 }{\msSub{\msSubPr
{\mctrlPr\i\f34\fs20 }}{\me{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f34\fs20\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 Total}}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f34\fs20\insrsid15221443\charrsid15941768 
\hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2  }}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f34\fs20\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 Asset}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f34\fs20\insrsid8738229 }}
{\msub{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f34\fs20\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 i}}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f34\fs20\insrsid15221443\charrsid15941768 ,}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \i\f34\fs20\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 t}}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f34\fs20\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 -}}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f34\fs20\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 1}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f34\fs20\insrsid8738229 }}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f34\fs20\insrsid8738229 }}}}}
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\hich\af40\dbch\af31505\loch\f40 Abnormal Book-Tax}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf20\insrsid15221443\charrsid10754443 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\insrsid15221443\charrsid10754443 
\hich\af40\dbch\af31505\loch\f40 Differences}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid10754443 
\par }\pard \ltrpar\s15\qj \fi540\li360\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin360\itap0\pararsid15221443\contextualspace {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 
\hich\af40\dbch\af31505\loch\f40 Abnormal book-tax differences refer to measurements }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid5777771 \hich\af40\dbch\af31505\loch\f40 in }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40 Desai and Dharmapala (2006), }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid5777771 \hich\af40\dbch\af31505\loch\f40 calculating}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40  by realizing total book t}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid5777771 \hich\af40\dbch\af31505\loch\f40 ax differences on total accrual}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40 . The residual value obtained from the regression}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid5777771 \hich\af40\dbch\af31505\loch\f40  result would}{
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0101010e2111090a0301090a13010b120104052b1d01010101141301090a120101010e1e0d010101010114130104071201010102030101010101010e1e0d0101
0101091a0601010210110e1e0d0b00001011010101010101010101010101010101010101010101041b0d010b0c0d01010e1e0d01010101091a0601010210110e
1e0d0b0000101101010101010101141301010101010101041b0d010b0c0d01090a1301141011010101010e1e0d01010101010101011413010101010101010b10
11012a0d0e1e0d0b00001011010101000000011403010e1c06010b000000120101010e0f030109170d010b1011010203010101141301021011010b1011010203
0109170d01010101010101090a130101010102030101010b1011010e1c06010203010e1c060114130101010101021201010e1c060101090a1301010101010203
010104071301010405060101010101090a1301010101010b0301010b1201010101010b0301010101010104070000000000001011010101010101010114130109
0a130101090a1301010101010b0301010b1201010101010b0301010101010101010114130101010101010101141301090a130109170d010b1011010101010101
0101010101010101011413010101010101010b0000001201010101010b030101010101000000010b10110b101101041b0d01141201020806010101021301041b
0d010e211101010b120104050601041b0d010e211101141301010101010101010212010101010b08060101041b0d01041b0d010b0c0d090a0301020301010101
010b1011010b1011010101020301010101010b101101010210110101020301010101010102030101010101090a0000001201010b120101010101010101010101
01010101010101010101010101010101020301041b0d01010102030101010101090a0000001201010b1201010101010101010407000000000000101101010101
020301041b0d0109170d010b101101010101010b120101010104070000000000001011010101041b0d011412010b120101010101010101000000010e0f000008
0601010210110e21111413010b13010b1201011410110405060122232111090a130101141011040506010b1201010101010101010b101101091a23241c231501
141011041b0d22232526270a24130b101101010101040700000806010101010b10110101010104050601010e1c0601010e211101010101010b10110101010101
0e28010212010101010101010101010101010101010101010101010101010101010101010b10290f13010101010b101101010101010e28010212010101010101
01010101010101010101141301010101010101010b10290f13010109170d010b1011010101010101010101010101010101141301010101010101010210110e21
11010101010101010101010000000109170d010e1e0d010102000012010e0f0000030407101101011400081f13010407101101020301010114000c2013010e21
110101010101010e0f000012010407120407101101140000120104071204070c0d140012010101010109170d0104071301010104050601010101090a1301010e
1e0d0101011413010101010104050601010101010122060203010101010101010101010101010407000000000000101101010101010101010405060114120101
010405060101010101012206020301010101010101010101010101010101141301010101010101010405060114120109170d010b101101010101010101010101
0101010101141301010101010101010102000012010101010101010101010100000001011403010114030101010101010101010101010101010101010101010b
030101010101010101010101010101010101091a0601010101010101041b0d010101010101010101010101010101010101010101010101010101010101010203
01010b10110101090a1301180d0101020301010e1c060101010b120101010101090a1301180d010101041d140301010101010101010101010101010101010101
010101010101010101010101090a130109170d0101090a1301180d010101041d14030101010101010101010101010101010114130101010101010101090a1301
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01010101010114130101010101010101010b0806090a130101010101010101010101010101010101010101010114130101010101010101010101010101010101
0101010101010100000001040700000008060101010101010101010101010101010101010101090a0806010101010101010101010101010101010b0003010101
0101010101090a00080601010101010101010101010101010101010101010101010101010104070000000c0d010e0f0000000000030104070000001011010101
01010b1201010e0f000000000003010101010407130101010101010101010101010101010101010101010101010101010101010101010b000010110e0f000000
00000301010101040713010101010101010101010101010101010101010101010101010101010b00001011010101010101010101010101010101010101010101
01010101010101010101010101010101010101010101010101010100000001010101010101010101010101010101010101010101010101010101010101010101
01010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101
01010101010101010101010101010101010101010101040506010101010101010101010101010101010101010101010101010101010101010101010101010101
01010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101
01010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010000000101010101010101010101010101
01010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101
01010101010101010101010101010101010101010101010101010101010101010101010101010101010101020301010101010101010101010101010101010101
01010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101
01010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101
01010100000001010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101
01010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101
01010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101
010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101000000040000002701ffff030000000000}}}}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid15221443\charrsid15941768 
\par }\pard\plain \ltrpar\qj \fi360\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1536418 
\par \hich\af40\dbch\af31505\loch\f40 In which}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 :}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 BT}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 
\hich\af40\dbch\af31505\loch\f40 D}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\sub\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40  it}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443 \hich\af40\dbch\af31505\loch\f40  
\tab }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 = }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 
\hich\af40\dbch\af31505\loch\f40 Book tax difference}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid5777771 \hich\af40\dbch\af31505\loch\f40 of company }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 i}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\i\f40\fs20\insrsid4794923 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid4794923 \hich\af40\dbch\af31505\loch\f40 in}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\insrsid5777771 \hich\af40\dbch\af31505\loch\f40 
 }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\insrsid4794923 \hich\af40\dbch\af31505\loch\f40 t-}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid4794923 \hich\af40\dbch\af31505\loch\f40 year}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid15221443\charrsid4794923 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 TA}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\sub\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40  it}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443 \hich\af40\dbch\af31505\loch\f40  \tab }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 = }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid4794923 \hich\af40\dbch\af31505\loch\f40 Total accrual of company }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\insrsid4794923 \hich\af40\dbch\af31505\loch\f40 i }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid4794923 
\hich\af40\dbch\af31505\loch\f40 in }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\insrsid4794923 \hich\af40\dbch\af31505\loch\f40 t-}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid4794923 \hich\af40\dbch\af31505\loch\f40 year}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid4794923 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443 \tab }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid15941768 \tab \hich\af40\dbch\af31505\loch\f40 = (}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1536418 
\hich\af40\dbch\af31505\loch\f40 profit before tax \hich\f40 \endash \loch\f40  operating cash flow) / total asset }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\insrsid1536418 \hich\af40\dbch\af31505\loch\f40 t-1}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\i\f40\fs20\insrsid15221443 
\par }\pard \ltrpar\qj \fi-990\li1350\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1350\itap0\pararsid15221443 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f662\fs20\insrsid15221443\charrsid15941768 
\loch\af662\dbch\af31505\hich\f662 \'ec}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\sub\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 i }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid15941768 \tab }{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443 \tab }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 = }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid1536418\charrsid1536418 \hich\af40\dbch\af31505\loch\f40 Th}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1536418 \hich\af40\dbch\af31505\loch\f40 e average value of company }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\i\f40\fs20\insrsid1536418 \hich\af40\dbch\af31505\loch\f40 i }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1536418 \hich\af40\dbch\af31505\loch\f40 residual in }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1536418\charrsid1536418 
\hich\af40\dbch\af31505\loch\f40 years }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\insrsid1536418\charrsid1536418 \hich\af40\dbch\af31505\loch\f40 t}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1536418 \hich\af40\dbch\af31505\loch\f40 
 of the equation }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1536418\charrsid1536418 \hich\af40\dbch\af31505\loch\f40 abnormal book tax difference in the }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1536418 
\hich\af40\dbch\af31505\loch\f40 period of study
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f662\fs20\insrsid15221443\charrsid15941768 \loch\af662\dbch\af31505\hich\f662 \'e5}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\sub\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 it}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40  \tab }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443 \tab }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid15941768 
\hich\af40\dbch\af31505\loch\f40 = }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1536418 \hich\af40\dbch\af31505\loch\f40 The deviation value of t}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1536418\charrsid1536418 
\hich\af40\dbch\af31505\loch\f40 h}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1536418 \hich\af40\dbch\af31505\loch\f40 e average of company }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\insrsid1536418 \hich\af40\dbch\af31505\loch\f40 i }{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1536418 \hich\af40\dbch\af31505\loch\f40 residual}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1536418\charrsid15941768 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\fs20\lang1033\langfe2052\loch\af40\hich\af40\dbch\af31505\langfenp2052\insrsid15221443\charrsid2372800 \hich\af40\dbch\af31505\loch\f40 3.\tab}}\pard\plain \ltrpar
\s15\qj \fi-360\li360\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls9\adjustright\rin0\lin360\itap0\pararsid15221443\contextualspace \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid2372800 \hich\af40\dbch\af31505\loch\f40 Tax Sheltering }
{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid2372800 
\par }\pard \ltrpar\s15\qj \fi540\li360\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin360\itap0\pararsid15221443\contextualspace {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 
\hich\af40\dbch\af31505\loch\f40 Tax sheltering is a tax planning designed to avoid taxes without }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid4795529 \hich\af40\dbch\af31505\loch\f40 any }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40 economic risk or loss. }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid4795529 \hich\af40\dbch\af31505\loch\f40 It could be}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f662\fs20\insrsid9336143\charrsid9336143 \hich\af662\dbch\af31505\loch\f662 \hich\f662  obtained from the sum of \'ec\loch\f662 \hich\f662 i and \'e5\loch\f662 i,t}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid13574205 ,}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40  the results of the abnor}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid13574205 \hich\af40\dbch\af31505\loch\f40 mal equation regression of BTD, refering}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40  to the measurements of Desai and Dharmapala (2006)}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid13574205 
\hich\af40\dbch\af31505\loch\f40  and}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40  formulated as follows:}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid15941768 
\par }\pard\plain \ltrpar\qj \li360\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin360\itap0\pararsid15221443 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\mmath{\*\moMathPara {\*\moMath {\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f34\fs20\insrsid8738229 }{\msSub{\msSubPr{\mctrlPr\i\f34\fs20 }}{\me{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \i\f34\fs20\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 TS}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f34\fs20\insrsid8738229 }}{\msub{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\i\f34\fs20\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 it}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f34\fs20\insrsid8738229 }}}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f34\fs20\insrsid15221443\charrsid15941768 
\hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 =}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f34\fs20\insrsid8738229 }{\msSub{\msSubPr{\mctrlPr\i\f34\fs20 }}{\me{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f602\fs20\insrsid15221443\charrsid15941768 
\loch\af602\dbch\af31505\hich\f602 {\mr\mscr0\msty2 \'ec}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f34\fs20\insrsid8738229 }}{\msub{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f34\fs20\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 i
}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f34\fs20\insrsid8738229 }}}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f34\fs20\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 +}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f34\fs20\insrsid8738229 }
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\f40\fs20\insrsid15221443\charrsid15941768 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid13574205 
\par \hich\af40\dbch\af31505\loch\f40 I}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1536418 \hich\af40\dbch\af31505\loch\f40 n which}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 
\hich\af40\dbch\af31505\loch\f40 : 
\par }\pard \ltrpar\qj \fi-540\li900\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin900\itap0\pararsid15221443 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 
\hich\af40\dbch\af31505\loch\f40 TS}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\sub\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 it}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \tab \hich\af40\dbch\af31505\loch\f40 = }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 
\hich\af40\dbch\af31505\loch\f40 Tax Sheltering
\par }\pard \ltrpar\qj \fi-540\li900\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin900\itap0\pararsid1536418 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f662\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 
\loch\af662\dbch\af31505\hich\f662 \'ec}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\sub\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 i\tab }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 = }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1536418\charrsid1536418 \hich\af40\dbch\af31505\loch\f40 Th}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid1536418 \hich\af40\dbch\af31505\loch\f40 e average v\hich\af40\dbch\af31505\loch\f40 alue of company }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\insrsid1536418 \hich\af40\dbch\af31505\loch\f40 i }{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid1536418 \hich\af40\dbch\af31505\loch\f40 residual in }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1536418\charrsid1536418 \hich\af40\dbch\af31505\loch\f40 years }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\i\f40\fs20\insrsid1536418\charrsid1536418 \hich\af40\dbch\af31505\loch\f40 t}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1536418 \hich\af40\dbch\af31505\loch\f40  of the equation }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid1536418\charrsid1536418 \hich\af40\dbch\af31505\loch\f40 abnormal book tax difference in the }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1536418 \hich\af40\dbch\af31505\loch\f40 period of study}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 
\par }\pard \ltrpar\qj \fi-540\li900\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin900\itap0\pararsid15221443 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f662\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 
\loch\af662\dbch\af31505\hich\f662 \'e5}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\sub\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 it}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \tab \hich\af40\dbch\af31505\loch\f40 = }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1536418 \hich\af40\dbch\af31505\loch\f40 The deviation value of t}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1536418\charrsid1536418 \hich\af40\dbch\af31505\loch\f40 h}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1536418 \hich\af40\dbch\af31505\loch\f40 e average of company }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\i\f40\fs20\insrsid1536418 \hich\af40\dbch\af31505\loch\f40 i }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1536418 \hich\af40\dbch\af31505\loch\f40 residual}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1033\langfe2052\langnp1033\insrsid1536418\charrsid15941768 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\fs20\lang1033\langfe2052\loch\af40\hich\af40\dbch\af31505\langfenp2052\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 4.\tab}}\pard\plain \ltrpar
\s15\qj \fi-360\li360\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls9\adjustright\rin0\lin360\itap0\pararsid15221443\contextualspace \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 
Composite Measure of Tax Avoidance}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40  (CMTA)
\par }\pard \ltrpar\s15\qj \fi540\li360\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin360\itap0\pararsid9336143\contextualspace {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid6497158 
\hich\af40\dbch\af31505\loch\f40 Composite measure of tax avoidance is a c}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid11762304 \hich\af40\dbch\af31505\loch\f40 omposite value of three measurements}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid9336143\charrsid6497158 \hich\af40\dbch\af31505\loch\f40  of tax avoidance above (Book Tax Difference (BTD), Abnormal BTD and Tax Shelter) to measure corporate tax avoidance.
\par }\pard \ltrpar\s15\qj \fi540\li360\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin360\itap0\pararsid6497158\contextualspace {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158\charrsid6497158 
\hich\af40\dbch\af31505\loch\f40 Each value of the tax avoidance measure}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14054885 \hich\af40\dbch\af31505\loch\f40 ment}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158\charrsid6497158 
\hich\af40\dbch\af31505\loch\f40  for all companies is calc}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14054885 \hich\af40\dbch\af31505\loch\f40 ulated by the percentile rank from}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid6497158\charrsid6497158 \hich\af40\dbch\af31505\loch\f40  each sample that shows the position of the level of corporate tax avoidance, }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14054885 \hich\af40\dbch\af31505\loch\f40 and}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158\charrsid6497158 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14054885 \hich\af40\dbch\af31505\loch\f40 CMTA value of each company would emerge from}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158\charrsid6497158 \hich\af40\dbch\af31505\loch\f40  the average of the total percentile rank. The higher the CMTA value}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14054885 
\hich\af40\dbch\af31505\loch\f40  is}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158\charrsid6497158 \hich\af40\dbch\af31505\loch\f40 , the higher the indicati\hich\af40\dbch\af31505\loch\f40 on of tax avoidance}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid14054885 \hich\af40\dbch\af31505\loch\f40  would be}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158\charrsid6497158 .}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6497158\charrsid6497158 
\par }\pard \ltrpar\s15\qj \li360\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin360\itap0\pararsid15221443\contextualspace {\mmath{\*\moMathPara {\*\moMath {\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f34\fs20\insrsid8738229 }{\msSub
{\msSubPr{\mctrlPr\i\f34\fs20 }}{\me{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f34\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 CTMA}}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\i\f34\fs20\insrsid8738229 }}{\msub{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f34\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 it}}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\i\f34\fs20\insrsid8738229 }}}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f34\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 =}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f34\fs20\insrsid8738229 }
{\md{\mdPr{\mbegChr [}{\mendChr ]}{\mctrlPr\i\f34\fs20 }}{\me{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f34\fs20\insrsid8738229 }{\msSub{\msSubPr{\mctrlPr\i\f34\fs20 }}{\me{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\i\f34\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 persentil}}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f34\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 
\hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2  }}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f34\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 rank}}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \i\f34\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2  }}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f34\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 
\hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 BTD}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f34\fs20\insrsid8738229 }}{\msub{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f34\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 
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\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 
\par }\pard\plain \ltrpar\qj \fi720\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid15941768 .}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40 Independent variables used to influence the dependent variable, }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid85232 
\hich\af40\dbch\af31505\loch\f40 and those are }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40 thin capitalization and executive}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6764503 
\hich\af40\dbch\af31505\loch\f40 s\hich\f40 \rquote }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40  character}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6764503 
\hich\af40\dbch\af31505\loch\f40 istics}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 .}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid15941768 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\fs20\lang1057\langfe2052\loch\af40\hich\af40\dbch\af31505\langnp1057\langfenp2052\insrsid15221443\charrsid4685621 \hich\af40\dbch\af31505\loch\f40 1)\tab}}\pard\plain \ltrpar
\s15\qj \fi-360\li360\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls2\ilvl3\adjustright\rin0\lin360\itap0\pararsid15221443\contextualspace \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\insrsid15221443\charrsid4685621 \hich\af40\dbch\af31505\loch\f40 Thin capitalization}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid4685621 
\par }\pard\plain \ltrpar\qj \fi720\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40 
Thin capitalization is a company practice whose assets are funded by higher debt levels and lower levels of esquity in its capital structure (Kurniawan, 2015: 241). The positio}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15882390 
\hich\af40\dbch\af31505\loch\f40 n of thin capitalization is figured out}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40 
 by utilizing a safe harbor test, which involves the calculation of safe harbor debt amounts (SHDA). This model is also used by Taylor & Richardson (2012) in his research when calc}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15882390 
\hich\af40\dbch\af31505\loch\f40 ulating thin capitalization. Below co\hich\af40\dbch\af31505\loch\f40 uld describe the}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40  s}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15882390 \hich\af40\dbch\af31505\loch\f40 teps for each variable used to measure }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40 the }{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15882390 \hich\af40\dbch\af31505\loch\f40 SHDA, but the ratio of }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40 
debt and capital following the Minister of Finance Regulation Number 169}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15882390 \hich\af40\dbch\af31505\loch\f40 /PMK.010/}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 
\hich\af40\dbch\af31505\loch\f40 2015}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15882390 \hich\af40\dbch\af31505\loch\f40 :}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid15941768 
\par }\pard\plain \ltrpar\s15\qj \fi360\li720\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid15221443\contextualspace \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\mmath{\*\moMathPara {\*\moMath {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f34\fs20\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 
{\mr\mscr0\msty0 SHDA = }}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f34\fs20\insrsid8738229 }{\md{\mdPr{\mctrlPr\f34\fs20 }}{\me{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f34\fs20\insrsid11360813 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty0 the average of}}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f34\fs20\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty0  total a}}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f34\fs20\insrsid11360813 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty0 s}}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f34\fs20\insrsid1460858 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty0 set- non}\loch\af34\dbch\af31505\hich\f34 \endash }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f34\fs20\insrsid15221443\charrsid15941768 
\hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty0 IBL}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f34\fs20\insrsid8738229 }}}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f34\fs20\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty0 x 80% }}}}
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01010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101000000040000002701ffff030000000000}}}}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid15941768 

\par }\pard\plain \ltrpar\qj \li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1460858 
\par \hich\af40\dbch\af31505\loch\f40 In which}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 :
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \fs20\lang1057\langfe2052\loch\af10\hich\af10\dbch\af31505\langnp1057\langfenp2052\insrsid9336143\charrsid1460858 \loch\af10\dbch\af31505\hich\f10 \'a7\tab}}\pard\plain \ltrpar
\s15\qj \fi-360\li360\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls7\adjustright\rin0\lin360\itap0\pararsid1460858\contextualspace \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid1460858 \hich\af40\dbch\af31505\loch\f40 Non-IBL (Interest-Bear
\hich\af40\dbch\af31505\loch\f40 ing Liabilities) are obligations of non-interest companie}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1460858\charrsid1460858 \hich\af40\dbch\af31505\loch\f40 s, a liability that has relation to}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid1460858 \hich\af40\dbch\af31505\loch\f40  interest.
\par }\pard \ltrpar\s15\qj \fi360\li360\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin360\itap0\pararsid15221443\contextualspace {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1460858 \hich\af40\dbch\af31505\loch\f40 
MAD could be figured out as follows: }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1460858\charrsid15941768 
\par }{\mmath{\*\moMathPara {\*\moMath {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f34\fs20\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty0 MAD ratio=}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f34\fs20\insrsid8738229 }{\mf{\mfPr{\mctrlPr
\f34\fs20 }}{\mnum{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f34\fs20\insrsid10242535 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 t}}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f34\fs20\insrsid10242535 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 h}}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f34\fs20\insrsid10242535 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 e}}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f34\fs20\insrsid10242535 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2  }}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \i\f34\fs20\insrsid10242535 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 average}}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f34\fs20\insrsid10242535 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2  }}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \i\f34\fs20\insrsid10242535 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 of}}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f34\fs20\insrsid10242535 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2  }}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\i\f34\fs20\insrsid10242535 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 debt}}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f34\fs20\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2  }}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f34\fs20\insrsid8738229 }}{\mden{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f34\fs20\insrsid10242535 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 Company}}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f34\fs20\insrsid10242535 \hich\af34\dbch\af31505\loch\f34 
{\mr\mscr0\msty2  }}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f34\fs20\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 SHDA}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f34\fs20\insrsid8738229 }}}}}{\mmathPict{\*\shppict
{\pict{\*\picprop\shplid1025{\sp{\sn shapeType}{\sv 75}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn pictureTransparent}{\sv 16777215}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn fLayoutInCell}{\sv 1}}}
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0101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010100040000002701ffff030000000000}}}}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f40\fs20\insrsid15221443\charrsid9336143 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid15941768 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \fs20\lang1057\langfe2052\loch\af10\hich\af10\dbch\af31505\langnp1057\langfenp2052\insrsid9336143\charrsid10229487 \loch\af10\dbch\af31505\hich\f10 \'a7\tab}}\pard \ltrpar
\s15\qj \fi-360\li360\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls7\adjustright\rin0\lin360\itap0\pararsid10229487\contextualspace {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid10229487 
\hich\af40\dbch\af31505\loch\f40 Average debt is the a}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid10229487\charrsid10229487 \hich\af40\dbch\af31505\loch\f40 mount of debt with the company}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid9336143\charrsid10229487 \hich\af40\dbch\af31505\loch\f40  interest in the t-period
\par }\pard\plain \ltrpar\qj \fi720\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid10242535 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40 The ratio of MAD (maximum amount debt) is calculated }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid162087 
\hich\af40\dbch\af31505\loch\f40 according to the equation }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40 of thin capi}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid162087 
\hich\af40\dbch\af31505\loch\f40 talization. A company whose }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40 MAD ratio}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid162087 
\hich\af40\dbch\af31505\loch\f40  is}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40  more\hich\af40\dbch\af31505\loch\f40 
 than the equation is considered to be potentially non-compliant with the provision of thin capitalization because the average debt level exceeds its SHDA level.}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid15941768 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid15941768 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\fs20\lang1057\langfe2052\loch\af40\hich\af40\dbch\af31505\langnp1057\langfenp2052\insrsid7807302 \hich\af40\dbch\af31505\loch\f40 2)\tab}}\pard\plain \ltrpar
\s15\qj \fi-360\li360\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls2\ilvl3\adjustright\rin0\lin360\itap0\pararsid15221443\contextualspace \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid7807302 \hich\af40\dbch\af31505\loch\f40 Executive}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid6764503 \hich\af40\dbch\af31505\loch\f40 s\hich\f40 \rquote }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid7807302 \hich\af40\dbch\af31505\loch\f40  Characteristics}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid15221443\charrsid4685621 
\par }\pard\plain \ltrpar\qj \fi720\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4071839 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40 Low (2006) states that a company leader in }{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid10825295 \hich\af40\dbch\af31505\loch\f40 performing}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40  his duti
\hich\af40\dbch\af31505\loch\f40 es has two differen}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid10825295 \hich\af40\dbch\af31505\loch\f40 t characters in decision-making}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40 , namely risk taker and risk averse. }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid10825295 \hich\af40\dbch\af31505\loch\f40 In accordance with}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40  Butje and Elisa T}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid10825295 \hich\af40\dbch\af31505\loch\f40 jondro (2014), to look at the traits }{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40 of the leader and }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid10825295 \hich\af40\dbch\af31505\loch\f40 to }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40 assess how brave }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid10825295 \hich\af40\dbch\af31505\loch\f40 the company}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40  executive}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6764503 \hich\af40\dbch\af31505\loch\f40 s}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40  in taking risks can be seen by look\hich\af40\dbch\af31505\loch\f40 ing at corporate risk.
\par \hich\af40\dbch\af31505\loch\f40 Paligorova (2010) measures corporate risk }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2586887 \hich\af40\dbch\af31505\loch\f40 by}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 
\hich\af40\dbch\af31505\loch\f40  standard deviation equation from EBITDA (earning before income tax, depreciation and amortization) divided by total assets of the company. The high level of corporate risk will show the bi\hich\af40\dbch\af31505\loch\f40 
as of executive}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid992078 \hich\af40\dbch\af31505\loch\f40 s}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40 , risk}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid2586887 \hich\af40\dbch\af31505\loch\f40  taking or risk averse}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40 . Corporate risk is formulated as follows:
\par }\pard \ltrpar\qj \li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 {\mmath{\*\moMathPara {\*\moMath {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f34\fs20\insrsid15221443\charrsid15941768 
\hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty0 CRISK=}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f34\fs20\insrsid8738229 }{\mrad{\mradPr{\mdegHide on}{\mctrlPr\f34\fs20 }}{\mdeg{\rtlch\fcs1 \af0 \ltrch\fcs0 \f34\fs20\insrsid8738229 }}{\me{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f34\fs20\insrsid8738229 }{\mnary{\mnaryPr{\mchr \u8721 ?}{\mgrow on}{\mctrlPr\f34\fs20 }}{\msub{\rtlch\fcs1 \af34\afs20 \ltrch\fcs0 \i\f34\fs20\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 T}}{
\rtlch\fcs1 \af34\afs20 \ltrch\fcs0 \i\f34\fs20\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 -}}{\rtlch\fcs1 \af34\afs20 \ltrch\fcs0 \i\f34\fs20\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 
{\mr\mscr0\msty2 1}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f34\fs20\insrsid8738229 }}{\msup{\rtlch\fcs1 \af34\afs20 \ltrch\fcs0 \i\f34\fs20\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 T}}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f34\fs20\insrsid8738229 }}{\me{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f34\fs20\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 (}}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f34\fs20\insrsid15221443\charrsid15941768 
\hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 E}}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f34\fs20\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 -}}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\i\f34\fs20\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 1/}}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f34\fs20\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 T}}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \i\f34\fs20\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2  }}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f34\fs20\insrsid8738229 }}}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\i\f34\fs20\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2  }}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f34\fs20\insrsid8738229 }{\mnary{\mnaryPr{\mchr \u8721 ?}{\mgrow on}{\mctrlPr\f34\fs20 }}{\msub{\rtlch\fcs1 \af34\afs20 
\ltrch\fcs0 \i\f34\fs20\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 T}}{\rtlch\fcs1 \af34\afs20 \ltrch\fcs0 \i\f34\fs20\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 -}}{
\rtlch\fcs1 \af34\afs20 \ltrch\fcs0 \i\f34\fs20\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 1}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f34\fs20\insrsid8738229 }}{\msup{\rtlch\fcs1 \af34\afs20 \ltrch\fcs0 
\i\f34\fs20\insrsid15221443\charrsid15941768 \hich\af34\dbch\af31505\loch\f34 {\mr\mscr0\msty2 T}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f34\fs20\insrsid8738229 }}{\me{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f34\fs20\insrsid15221443\charrsid15941768 
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\ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid15941768 
\par }\pard\plain \ltrpar\qj \fi-900\li900\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin900\itap0\pararsid9336143 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14431629 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40 Information:
\par \hich\af40\dbch\af31505\loch\f40 TAVO}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\sub\insrsid9336143\charrsid2441448 \hich\af40\dbch\af31505\loch\f40 it}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 
\hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2441448 \tab }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40 = Corporate tax avoidance }{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \i\f40\fs20\insrsid9336143\charrsid2639868 \hich\af40\dbch\af31505\loch\f40 i}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2639868 \hich\af40\dbch\af31505\loch\f40  in }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\i\f40\fs20\insrsid2639868 \hich\af40\dbch\af31505\loch\f40 t}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2639868 \hich\af40\dbch\af31505\loch\f40  year}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 
\hich\af40\dbch\af31505\loch\f40  with proxy TAVO (composite result}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2441448 \hich\af40\dbch\af31505\loch\f40  of three tax avoidance measurements}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40 ).
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f662\fs20\insrsid9336143\charrsid9336143 \loch\af662\dbch\af31505\hich\f662 \'e1}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\sub\insrsid9336143\charrsid2441448 \hich\af40\dbch\af31505\loch\f40 0 }{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2441448 \tab }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40 = Constants.
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f662\fs20\insrsid9336143\charrsid9336143 \loch\af662\dbch\af31505\hich\f662 \'e2}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\sub\insrsid9336143\charrsid2441448 \hich\af40\dbch\af31505\loch\f40 1-2 }{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2441448 \tab \hich\af40\dbch\af31505\loch\f40 = Regression coefficient}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40  of each variable.
\par \hich\af40\dbch\af31505\loch\f40 THIN}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\sub\insrsid9336143\charrsid2441448 \hich\af40\dbch\af31505\loch\f40 it}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 
\hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16676379 \tab }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40 
= MAD Ratio, by comparing the average debt of the company }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\insrsid9336143\charrsid16676379 \hich\af40\dbch\af31505\loch\f40 i}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 
\hich\af40\dbch\af31505\loch\f40  with the results of the company}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16676379 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\insrsid16676379\charrsid16676379 
\hich\af40\dbch\af31505\loch\f40 i}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40 's SHDA in }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\insrsid16676379 \hich\af40\dbch\af31505\loch\f40 
t }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40 year.
\par \hich\af40\dbch\af31505\loch\f40 CRISK}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\sub\insrsid9336143\charrsid16676379 \hich\af40\dbch\af31505\loch\f40 it}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16676379 \hich\af40\dbch\af31505\loch\f40  
\tab = Executive}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid992078 \hich\af40\dbch\af31505\loch\f40 s\hich\f40 \rquote }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16676379 \hich\af40\dbch\af31505\loch\f40  traits are}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40  proxied by corporate risk}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16676379 \hich\af40\dbch\af31505\loch\f40  by}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40  using standard deviation from EBITDA.
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14431629 \hich\af40\dbch\af31505\loch\f40 i \tab = C}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40 ompany}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid14431629 \hich\af40\dbch\af31505\loch\f40  analyzed in the study}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 
\par \hich\af40\dbch\af31505\loch\f40 t }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14431629 \tab }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40 = Yea\hich\af40\dbch\af31505\loch\f40 
r of Research
\par }\pard \ltrpar\qj \li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14431629 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40 The data analysis met}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14431629 \hich\af40\dbch\af31505\loch\f40 hod for}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40  answer}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14431629 \hich\af40\dbch\af31505\loch\f40 ing}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40  the problem formulation is a descriptive statistical analysis }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1273297 \hich\af40\dbch\af31505\loch\f40 a}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40 nd regression analysis }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1273297 \hich\af40\dbch\af31505\loch\f40 by }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40 using SPSS version 22.}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid4071839 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid2717624 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid2717624\charrsid2717624 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\fs20\lang1057\langfe2052\loch\af40\hich\af40\dbch\af31505\langnp1057\langfenp2052\insrsid7807302 \hich\af40\dbch\af31505\loch\f40 4.\tab}}\pard\plain \ltrpar
\s15\qj \fi-360\li360\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls2\ilvl2\adjustright\rin0\lin360\itap0\pararsid15221443\contextualspace \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid7807302 \hich\af40\dbch\af31505\loch\f40 Result & Discussion}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\b\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid4685621 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\fs20\lang1057\langfe2052\loch\af40\hich\af40\dbch\af31505\langnp1057\langfenp2052\insrsid7807302 \hich\af40\dbch\af31505\loch\f40 4.1.\tab}}\pard \ltrpar
\s15\qj \fi-540\li540\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls16\ilvl1\adjustright\rin0\lin540\itap0\pararsid15221443\contextualspace {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid7807302 \hich\af40\dbch\af31505\loch\f40 
Description of Research Variables}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid4685621 
\par }\pard\plain \ltrpar\qj \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1511478 \hich\af40\dbch\af31505\loch\f40 Descriptive statistic}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid739583 \hich\af40\dbch\af31505\loch\f40 s}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1511478 \hich\af40\dbch\af31505\loch\f40  \hich\af40\dbch\af31505\loch\f40 functions}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40  to provide an overview of the research variables namely tax avoidance}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid739583 \hich\af40\dbch\af31505\loch\f40  as}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid739583\charrsid9336143 \hich\af40\dbch\af31505\loch\f40 the dependent variable}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid739583 ,}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid739583\charrsid9336143 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 
\hich\af40\dbch\af31505\loch\f40 proxied by the composite value of the three tax avoidance measures (Book Tax Difference (BTD), Abnormal BTD, and Tax Sheltering) (TAVO). }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid4590603 
\hich\af40\dbch\af31505\loch\f40 On the other\hich\af40\dbch\af31505\loch\f40  hand, the independent variables consists of}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40 
 thin capitalization proxied by the ratio of MAD (maximum amount debt) (THIN) and executive}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid992078 \hich\af40\dbch\af31505\loch\f40 s\hich\f40 \rquote }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40  character}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid4590603 \hich\af40\dbch\af31505\loch\f40 istics}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40  proxied by corporate risk (CRISK). The following }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid4590603 \hich\af40\dbch\af31505\loch\f40 table would describe}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40  descriptive statistics of }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid4590603 \hich\af40\dbch\af31505\loch\f40 all }{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid9336143\charrsid9336143 \hich\af40\dbch\af31505\loch\f40 va\hich\af40\dbch\af31505\loch\f40 riables:
\par }\pard \ltrpar\qc \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid10500948 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\lang1033\langfe2052\langnp1033\insrsid7807302 \hich\af40\dbch\af31505\loch\f40 Tab}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 
\hich\af40\dbch\af31505\loch\f40 l}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid7807302 \hich\af40\dbch\af31505\loch\f40 e}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 
\hich\af40\dbch\af31505\loch\f40  4.1
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid7807302 \hich\af40\dbch\af31505\loch\f40 Descriptive Statistics}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid15221443\charrsid7807302 
\par \ltrrow}\trowd \irow0\irowband0\ltrrow\ts11\trqc\trleft-20\trkeep\trbrdrt\brdrs\brdrw20\brdrcf1 \trbrdrl\brdrs\brdrw20\brdrcf1 \trbrdrb\brdrs\brdrw20\brdrcf1 \trbrdrr\brdrs\brdrw20\brdrcf1 \trbrdrh\brdrs\brdrw20\brdrcf1 \trbrdrv\brdrs\brdrw20\brdrcf1 
\trftsWidth3\trwWidth7151\trftsWidthB3\trftsWidthA3\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid4071839\tblind0\tblindtype3 \clvertalb\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw40\brdrcf1 \clbrdrb\brdrs\brdrw40\brdrcf1 \clbrdrr
\brdrs\brdrw40\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1587\clcbpatraw8 \cellx1567\clvertalb\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw40\brdrcf1 \clbrdrb\brdrs\brdrw40\brdrcf1 \clbrdrr\brdrs\brdrw20\brdrcf1 
\clcbpat8\cltxlrtb\clftsWidth3\clwWidth567\clcbpatraw8 \cellx2134\clvertalb\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrs\brdrw40\brdrcf1 \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1108\clcbpatraw8 
\cellx3242\clvertalb\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrs\brdrw40\brdrcf1 \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1170\clcbpatraw8 \cellx4412\clvertalb\clbrdrt\brdrs\brdrw40\brdrcf1 
\clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrs\brdrw40\brdrcf1 \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1099\clcbpatraw8 \cellx5511\clvertalb\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb
\brdrs\brdrw40\brdrcf1 \clbrdrr\brdrs\brdrw40\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1620\clcbpatraw8 \cellx7131\pard \ltrpar\ql \li0\ri0\sa160\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid12859148 {\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \cell }\pard \ltrpar\qc \li60\ri60\widctlpar\intbl\wrapdefault\faauto\rin60\lin60\pararsid12859148 {\rtlch\fcs1 \af1\afs20 \ltrch\fcs0 
\f40\fs20\cf1\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 N\cell \hich\af40\dbch\af31505\loch\f40 Minimum\cell \hich\af40\dbch\af31505\loch\f40 Maximum\cell \hich\af40\dbch\af31505\loch\f40 Mean\cell 
\hich\af40\dbch\af31505\loch\f40 Std. Deviation\cell }\pard \ltrpar\ql \li0\ri0\sa160\sl259\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid15941768 
\trowd \irow0\irowband0\ltrrow\ts11\trqc\trleft-20\trkeep\trbrdrt\brdrs\brdrw20\brdrcf1 \trbrdrl\brdrs\brdrw20\brdrcf1 \trbrdrb\brdrs\brdrw20\brdrcf1 \trbrdrr\brdrs\brdrw20\brdrcf1 \trbrdrh\brdrs\brdrw20\brdrcf1 \trbrdrv\brdrs\brdrw20\brdrcf1 
\trftsWidth3\trwWidth7151\trftsWidthB3\trftsWidthA3\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid4071839\tblind0\tblindtype3 \clvertalb\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw40\brdrcf1 \clbrdrb\brdrs\brdrw40\brdrcf1 \clbrdrr
\brdrs\brdrw40\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1587\clcbpatraw8 \cellx1567\clvertalb\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw40\brdrcf1 \clbrdrb\brdrs\brdrw40\brdrcf1 \clbrdrr\brdrs\brdrw20\brdrcf1 
\clcbpat8\cltxlrtb\clftsWidth3\clwWidth567\clcbpatraw8 \cellx2134\clvertalb\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrs\brdrw40\brdrcf1 \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1108\clcbpatraw8 
\cellx3242\clvertalb\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrs\brdrw40\brdrcf1 \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1170\clcbpatraw8 \cellx4412\clvertalb\clbrdrt\brdrs\brdrw40\brdrcf1 
\clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrs\brdrw40\brdrcf1 \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1099\clcbpatraw8 \cellx5511\clvertalb\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb
\brdrs\brdrw40\brdrcf1 \clbrdrr\brdrs\brdrw40\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1620\clcbpatraw8 \cellx7131\row \ltrrow}\trowd \irow1\irowband1\ltrrow\ts11\trqc\trleft-20\trkeep\trbrdrt\brdrs\brdrw20\brdrcf1 \trbrdrl\brdrs\brdrw20\brdrcf1 
\trbrdrb\brdrs\brdrw20\brdrcf1 \trbrdrr\brdrs\brdrw20\brdrcf1 \trbrdrh\brdrs\brdrw20\brdrcf1 \trbrdrv\brdrs\brdrw20\brdrcf1 \trftsWidth3\trwWidth7151\trftsWidthB3\trftsWidthA3\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid4071839\tblind0\tblindtype3 
\clvertalt\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw40\brdrcf1 \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw40\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1587\clcbpatraw8 \cellx1567\clvertalc\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl
\brdrs\brdrw40\brdrcf1 \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth567\clcbpatraw8 \cellx2134\clvertalc\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrnone \clbrdrr
\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1108\clcbpatraw8 \cellx3242\clvertalc\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20\brdrcf1 
\clcbpat8\cltxlrtb\clftsWidth3\clwWidth1170\clcbpatraw8 \cellx4412\clvertalc\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1099\clcbpatraw8 \cellx5511
\clvertalc\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw40\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1620\clcbpatraw8 \cellx7131\pard \ltrpar
\ql \li60\ri60\widctlpar\intbl\wrapdefault\faauto\rin60\lin60\pararsid12859148 {\rtlch\fcs1 \af1\afs20 \ltrch\fcs0 \f40\fs20\cf1\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 THIN\cell }\pard \ltrpar
\qr \li60\ri60\widctlpar\intbl\wrapdefault\faauto\rin60\lin60\pararsid12859148 {\rtlch\fcs1 \af1\afs20 \ltrch\fcs0 \f40\fs20\cf1\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 190\cell 
\hich\af40\dbch\af31505\loch\f40 .12634\cell \hich\af40\dbch\af31505\loch\f40 2.76983\cell \hich\af40\dbch\af31505\loch\f40 .6269424\cell \hich\af40\dbch\af31505\loch\f40 .33743773\cell }\pard \ltrpar\ql \li0\ri0\sa160\sl259\slmult1
\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid15941768 \trowd \irow1\irowband1\ltrrow\ts11\trqc\trleft-20\trkeep\trbrdrt\brdrs\brdrw20\brdrcf1 \trbrdrl
\brdrs\brdrw20\brdrcf1 \trbrdrb\brdrs\brdrw20\brdrcf1 \trbrdrr\brdrs\brdrw20\brdrcf1 \trbrdrh\brdrs\brdrw20\brdrcf1 \trbrdrv\brdrs\brdrw20\brdrcf1 
\trftsWidth3\trwWidth7151\trftsWidthB3\trftsWidthA3\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid4071839\tblind0\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw40\brdrcf1 \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw40\brdrcf1 
\clcbpat8\cltxlrtb\clftsWidth3\clwWidth1587\clcbpatraw8 \cellx1567\clvertalc\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw40\brdrcf1 \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth567\clcbpatraw8 \cellx2134
\clvertalc\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1108\clcbpatraw8 \cellx3242\clvertalc\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl
\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1170\clcbpatraw8 \cellx4412\clvertalc\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrnone \clbrdrr
\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1099\clcbpatraw8 \cellx5511\clvertalc\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw40\brdrcf1 
\clcbpat8\cltxlrtb\clftsWidth3\clwWidth1620\clcbpatraw8 \cellx7131\row \ltrrow}\trowd \irow2\irowband2\ltrrow\ts11\trqc\trleft-20\trkeep\trbrdrt\brdrs\brdrw20\brdrcf1 \trbrdrl\brdrs\brdrw20\brdrcf1 \trbrdrb\brdrs\brdrw20\brdrcf1 \trbrdrr
\brdrs\brdrw20\brdrcf1 \trbrdrh\brdrs\brdrw20\brdrcf1 \trbrdrv\brdrs\brdrw20\brdrcf1 \trftsWidth3\trwWidth7151\trftsWidthB3\trftsWidthA3\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid4071839\tblind0\tblindtype3 \clvertalt\clbrdrt\brdrnone \clbrdrl
\brdrs\brdrw40\brdrcf1 \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw40\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1587\clcbpatraw8 \cellx1567\clvertalc\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw40\brdrcf1 \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20\brdrcf1 
\clcbpat8\cltxlrtb\clftsWidth3\clwWidth567\clcbpatraw8 \cellx2134\clvertalc\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1108\clcbpatraw8 \cellx3242\clvertalc
\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1170\clcbpatraw8 \cellx4412\clvertalc\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrnone \clbrdrr
\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1099\clcbpatraw8 \cellx5511\clvertalc\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw40\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1620\clcbpatraw8 
\cellx7131\pard \ltrpar\ql \li60\ri60\widctlpar\intbl\wrapdefault\faauto\rin60\lin60\pararsid12859148 {\rtlch\fcs1 \af1\afs20 \ltrch\fcs0 \f40\fs20\cf1\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 CRISK
\cell }\pard \ltrpar\qr \li60\ri60\widctlpar\intbl\wrapdefault\faauto\rin60\lin60\pararsid12859148 {\rtlch\fcs1 \af1\afs20 \ltrch\fcs0 \f40\fs20\cf1\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 190\cell 
\hich\af40\dbch\af31505\loch\f40 .00465\cell \hich\af40\dbch\af31505\loch\f40 .48802\cell \hich\af40\dbch\af31505\loch\f40 .0800898\cell \hich\af40\dbch\af31505\loch\f40 .06779980\cell }\pard \ltrpar\ql \li0\ri0\sa160\sl259\slmult1
\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid15941768 \trowd \irow2\irowband2\ltrrow\ts11\trqc\trleft-20\trkeep\trbrdrt\brdrs\brdrw20\brdrcf1 \trbrdrl
\brdrs\brdrw20\brdrcf1 \trbrdrb\brdrs\brdrw20\brdrcf1 \trbrdrr\brdrs\brdrw20\brdrcf1 \trbrdrh\brdrs\brdrw20\brdrcf1 \trbrdrv\brdrs\brdrw20\brdrcf1 
\trftsWidth3\trwWidth7151\trftsWidthB3\trftsWidthA3\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid4071839\tblind0\tblindtype3 \clvertalt\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw40\brdrcf1 \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw40\brdrcf1 
\clcbpat8\cltxlrtb\clftsWidth3\clwWidth1587\clcbpatraw8 \cellx1567\clvertalc\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw40\brdrcf1 \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth567\clcbpatraw8 \cellx2134\clvertalc
\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1108\clcbpatraw8 \cellx3242\clvertalc\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrnone \clbrdrr
\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1170\clcbpatraw8 \cellx4412\clvertalc\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1099\clcbpatraw8 
\cellx5511\clvertalc\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw40\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1620\clcbpatraw8 \cellx7131\row \ltrrow}\pard \ltrpar
\ql \li60\ri60\widctlpar\intbl\wrapdefault\faauto\rin60\lin60\pararsid12859148 {\rtlch\fcs1 \af1\afs20 \ltrch\fcs0 \f40\fs20\cf1\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 TAVO\cell }\pard \ltrpar
\qr \li60\ri60\widctlpar\intbl\wrapdefault\faauto\rin60\lin60\pararsid12859148 {\rtlch\fcs1 \af1\afs20 \ltrch\fcs0 \f40\fs20\cf1\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 190\cell 
\hich\af40\dbch\af31505\loch\f40 .02300\cell \hich\af40\dbch\af31505\loch\f40 1.00000\cell \hich\af40\dbch\af31505\loch\f40 .5238301\cell \hich\af40\dbch\af31505\loch\f40 .27602635\cell }\pard \ltrpar\ql \li0\ri0\sa160\sl259\slmult1
\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid15941768 \trowd \irow3\irowband3\ltrrow\ts11\trqc\trleft-20\trkeep\trbrdrt\brdrs\brdrw20\brdrcf1 \trbrdrl
\brdrs\brdrw20\brdrcf1 \trbrdrb\brdrs\brdrw20\brdrcf1 \trbrdrr\brdrs\brdrw20\brdrcf1 \trbrdrh\brdrs\brdrw20\brdrcf1 \trbrdrv\brdrs\brdrw20\brdrcf1 
\trftsWidth3\trwWidth7151\trftsWidthB3\trftsWidthA3\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid4071839\tblind0\tblindtype3 \clvertalt\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw40\brdrcf1 \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw40\brdrcf1 
\clcbpat8\cltxlrtb\clftsWidth3\clwWidth1587\clcbpatraw8 \cellx1567\clvertalc\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw40\brdrcf1 \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth567\clcbpatraw8 \cellx2134\clvertalc
\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1108\clcbpatraw8 \cellx3242\clvertalc\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrnone \clbrdrr
\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1170\clcbpatraw8 \cellx4412\clvertalc\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1099\clcbpatraw8 
\cellx5511\clvertalc\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw40\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1620\clcbpatraw8 \cellx7131\row \ltrrow}\trowd \irow4\irowband4\lastrow \ltrrow
\ts11\trqc\trleft-20\trkeep\trbrdrt\brdrs\brdrw20\brdrcf1 \trbrdrl\brdrs\brdrw20\brdrcf1 \trbrdrb\brdrs\brdrw20\brdrcf1 \trbrdrr\brdrs\brdrw20\brdrcf1 \trbrdrh\brdrs\brdrw20\brdrcf1 \trbrdrv\brdrs\brdrw20\brdrcf1 
\trftsWidth3\trwWidth7151\trftsWidthB3\trftsWidthA3\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid4071839\tblind0\tblindtype3 \clvertalt\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw40\brdrcf1 \clbrdrb\brdrs\brdrw40\brdrcf1 \clbrdrr\brdrs\brdrw40\brdrcf1 
\clcbpat8\cltxlrtb\clftsWidth3\clwWidth1587\clcbpatraw8 \cellx1567\clvertalc\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw40\brdrcf1 \clbrdrb\brdrs\brdrw40\brdrcf1 \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth567\clcbpatraw8 \cellx2134
\clvertalc\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrs\brdrw40\brdrcf1 \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1108\clcbpatraw8 \cellx3242\clvertalc\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb
\brdrs\brdrw40\brdrcf1 \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1170\clcbpatraw8 \cellx4412\clvertalc\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrs\brdrw40\brdrcf1 \clbrdrr\brdrs\brdrw20\brdrcf1 
\clcbpat8\cltxlrtb\clftsWidth3\clwWidth1099\clcbpatraw8 \cellx5511\clvertalc\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrs\brdrw40\brdrcf1 \clbrdrr\brdrs\brdrw40\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1620\clcbpatraw8 \cellx7131
\pard \ltrpar\ql \li60\ri60\widctlpar\intbl\wrapdefault\faauto\rin60\lin60\pararsid12859148 {\rtlch\fcs1 \af1\afs20 \ltrch\fcs0 \f40\fs20\cf1\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 Valid}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\cf20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 i}{\rtlch\fcs1 \af1\afs20 \ltrch\fcs0 
\f40\fs20\cf1\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 N (listwise)\cell }\pard \ltrpar\qr \li60\ri60\widctlpar\intbl\wrapdefault\faauto\rin60\lin60\pararsid12859148 {\rtlch\fcs1 \af1\afs20 
\ltrch\fcs0 \f40\fs20\cf1\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 190\cell \cell \cell \cell \cell }\pard \ltrpar\ql \li0\ri0\sa160\sl259\slmult1
\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid15941768 \trowd \irow4\irowband4\lastrow \ltrrow\ts11\trqc\trleft-20\trkeep\trbrdrt\brdrs\brdrw20\brdrcf1 
\trbrdrl\brdrs\brdrw20\brdrcf1 \trbrdrb\brdrs\brdrw20\brdrcf1 \trbrdrr\brdrs\brdrw20\brdrcf1 \trbrdrh\brdrs\brdrw20\brdrcf1 \trbrdrv\brdrs\brdrw20\brdrcf1 
\trftsWidth3\trwWidth7151\trftsWidthB3\trftsWidthA3\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid4071839\tblind0\tblindtype3 \clvertalt\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw40\brdrcf1 \clbrdrb\brdrs\brdrw40\brdrcf1 \clbrdrr\brdrs\brdrw40\brdrcf1 
\clcbpat8\cltxlrtb\clftsWidth3\clwWidth1587\clcbpatraw8 \cellx1567\clvertalc\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw40\brdrcf1 \clbrdrb\brdrs\brdrw40\brdrcf1 \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth567\clcbpatraw8 \cellx2134
\clvertalc\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrs\brdrw40\brdrcf1 \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1108\clcbpatraw8 \cellx3242\clvertalc\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb
\brdrs\brdrw40\brdrcf1 \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1170\clcbpatraw8 \cellx4412\clvertalc\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrs\brdrw40\brdrcf1 \clbrdrr\brdrs\brdrw20\brdrcf1 
\clcbpat8\cltxlrtb\clftsWidth3\clwWidth1099\clcbpatraw8 \cellx5511\clvertalc\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrs\brdrw40\brdrcf1 \clbrdrr\brdrs\brdrw40\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1620\clcbpatraw8 \cellx7131
\row }\pard \ltrpar\qj \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4071839 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 
\hich\af40\dbch\af31505\loch\f40 S}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\insrsid7807302 \hich\af40\dbch\af31505\loch\f40 ource}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 
\hich\af40\dbch\af31505\loch\f40 : }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\insrsid7807302 \hich\af40\dbch\af31505\loch\f40 data processed by}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\i\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40  SPSS (Descriptive Statistics)
\par }\pard \ltrpar\qj \fi720\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid4590603 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2035124 \hich\af40\dbch\af31505\loch\f40 In accordance with}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 
 table 4.1, the first independent variable}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2035124 ,}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40  thin capitalization}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2035124 ,}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40  measured by the}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2035124 
\hich\af40\dbch\af31505\loch\f40  ratio of}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40  MAD}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2035124 \hich\af40\dbch\af31505\loch\f40  }{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2035124\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 (maximum amount debt) }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2035124 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2035124 \hich\af40\dbch\af31505\loch\f40 and }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 symbolized by THIN, has }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2035124 \hich\af40\dbch\af31505\loch\f40 a mean value of 0.6269 or 63%. It }{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 shows that the average level of }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2035124 \hich\af40\dbch\af31505\loch\f40 t}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid2035124\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 he company }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 thin capitalization }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid2035124 \hich\af40\dbch\af31505\loch\f40 yields}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40  63% of the total sample. The minimum value of}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid2035124 \hich\af40\dbch\af31505\loch\f40  THIN in the research sample is 0.1263 or 13% belonging to Mandom Indonesia Tbk., in 2011, meanwhile }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 
\hich\af40\dbch\af31505\loch\f40 the maximum value }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2035124 \hich\af40\dbch\af31505\loch\f40 arises from }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 
\hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2035124\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 Jembo Ca\hich\af40\dbch\af31505\loch\f40 ble Company Tbk., }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid2035124 \hich\af40\dbch\af31505\loch\f40 in}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2035124\charrsid8287465 \hich\af40\dbch\af31505\loch\f40  2011}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2035124 
\hich\af40\dbch\af31505\loch\f40  for }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 2.}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2035124 \hich\af40\dbch\af31505\loch\f40 
7698 or 277%.}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9336143 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2035124 \hich\af40\dbch\af31505\loch\f40 T}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 he executive}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid992078 \hich\af40\dbch\af31505\loch\f40 s\hich\f40 \rquote }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40  character}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid2035124 \hich\af40\dbch\af31505\loch\f40 istics as t}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2035124\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 h}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid2035124 
\hich\af40\dbch\af31505\loch\f40 e second independent variable, measured by corporate risk and symbolized with CRISK, has}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40  a }{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid5587598 \hich\af40\dbch\af31505\loch\f40 mean value of 0.0800 or 8%. It means}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 
 that the average level of executive}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid992078 \hich\af40\dbch\af31505\loch\f40 s\hich\f40 \rquote }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 
\hich\af40\dbch\af31505\loch\f40  charact\hich\af40\dbch\af31505\loch\f40 er}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid5587598 \hich\af40\dbch\af31505\loch\f40 istics}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 
\hich\af40\dbch\af31505\loch\f40  is 8% of the total sample.}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid5587598 \hich\af40\dbch\af31505\loch\f40  Concerning the sample, the minimum value of CRISK}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid5587598 \hich\af40\dbch\af31505\loch\f40 is}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 
\hich\af40\dbch\af31505\loch\f40  0.0046 or 0.5% by Ricky Put}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid5587598 \hich\af40\dbch\af31505\loch\f40 ra Globalindo Tbk., i}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 
\hich\af40\dbch\af31505\loch\f40 n 2013. }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid5587598 \hich\af40\dbch\af31505\loch\f40 On the other hand,}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 
\hich\af40\dbch\af31505\loch\f40  the maximum value of CRISK }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid5587598 \hich\af40\dbch\af31505\loch\f40 is}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 
\hich\af40\dbch\af31505\loch\f40  0.4880 or 49% }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid5587598 \hich\af40\dbch\af31505\loch\f40 by Mayora Indah Tbk., i}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 
\hich\af40\dbch\af31505\loch\f40 n 2015 .}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14179433 \hich\af40\dbch\af31505\loch\f40 Table 4.1 denote\hich\af40\dbch\af31505\loch\f40 s}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 
\hich\af40\dbch\af31505\loch\f40  the }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14179433 \hich\af40\dbch\af31505\loch\f40 research dependent variable,}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 
\hich\af40\dbch\af31505\loch\f40  tax avoidance}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14179433 \hich\af40\dbch\af31505\loch\f40 , which is}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 
\hich\af40\dbch\af31505\loch\f40  measured using the composite value of Book Tax Difference (BTD), Ab}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14179433 \hich\af40\dbch\af31505\loch\f40 normal BTD, and Tax Sherltering, and}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40  symbolized by TAVO}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14179433 \hich\af40\dbch\af31505\loch\f40 , has}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14179433 \hich\af40\dbch\af31505\loch\f40 a mean value of 0.5238 or 52%. It means}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40  that the average level of tax avoidance is 52% of the total sample. The minimum value of}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14179433 
\hich\af40\dbch\af31505\loch\f40  TAVO is}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40  0.0230 or 2% by Jembo Cable Company }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14179433 
\hich\af40\dbch\af31505\loch\f40 Tbk., i}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 n 20}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14179433 \hich\af40\dbch\af31505\loch\f40 
12, and }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 the maximum value of TAVO }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14179433 \hich\af40\dbch\af31505\loch\f40 is}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40  1,000 or 100% }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14179433 \hich\af40\dbch\af31505\loch\f40 by Unilever Indonesia Tbk., i}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 n 2015.
\par }\pard \ltrpar\qj \li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1908828 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\cf18\insrsid15221443\charrsid15941768 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\fs20\lang1057\langfe2052\loch\af40\hich\af40\dbch\af31505\langnp1057\langfenp2052\insrsid5536753 \hich\af40\dbch\af31505\loch\f40 4.2\tab}}\pard\plain \ltrpar
\s15\qj \fi-540\li540\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls17\ilvl1\adjustright\rin0\lin540\itap0\pararsid15221443\contextualspace \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid5536753 \hich\af40\dbch\af31505\loch\f40 Significance}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\b\f40\fs20\insrsid7807302 \hich\af40\dbch\af31505\loch\f40  Test }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid5389970 \hich\af40\dbch\af31505\loch\f40 of Parameter of Individual Data }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\b\f40\fs20\lang1033\langfe2052\langnp1033\insrsid5389970 \hich\af40\dbch\af31505\loch\f40 (}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid5389970 \hich\af40\dbch\af31505\loch\f40 Statistic}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\b\f40\fs20\insrsid1124060 \hich\af40\dbch\af31505\loch\f40 al}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid5389970 \hich\af40\dbch\af31505\loch\f40  Test}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\b\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid4685621 \hich\af40\dbch\af31505\loch\f40  t)}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid15221443\charrsid4685621 
\par }\pard\plain \ltrpar\qj \fi720\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid5389970 \hich\af40\dbch\af31505\loch\f40 Statistical test t is conducted }{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid5536753 \hich\af40\dbch\af31505\loch\f40 to find out how much significance}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 
 level or influence of each independent variable}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid5389970 \hich\af40\dbch\af31505\loch\f40  are}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 
\hich\af40\dbch\af31505\loch\f40  in explaining the variation of the dependent variable}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid5389970 \hich\af40\dbch\af31505\loch\f40 s}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40  (Ghozali, 2013: 97).}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid5389970 \hich\af40\dbch\af31505\loch\f40  The level of significance employed }{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 in this t-test is 5% (0.05), me}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid5389970 \hich\af40\dbch\af31505\loch\f40 aning the risk of mistakes}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40  in decision making is }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6112761 \hich\af40\dbch\af31505\loch\f40 5%. The signifi}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid5536753 \hich\af40\dbch\af31505\loch\f40 cance}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6112761 \hich\af40\dbch\af31505\loch\f40  test }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 
\hich\af40\dbch\af31505\loch\f40 of individual }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6112761 \hich\af40\dbch\af31505\loch\f40 data parameter results}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 
\hich\af40\dbch\af31505\loch\f40  as follows:
\par }\pard \ltrpar\qc \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid604654 
\par 
\par 
\par 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\lang1033\langfe2052\langnp1033\insrsid6112761 \hich\af40\dbch\af31505\loch\f40 Tab}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\lang1033\langfe2052\langnp1033\insrsid13321324 
\hich\af40\dbch\af31505\loch\f40 l}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid6112761 \hich\af40\dbch\af31505\loch\f40 e}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\lang1033\langfe2052\langnp1033\insrsid13321324 
\hich\af40\dbch\af31505\loch\f40  4.2}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid5536753 \hich\af40\dbch\af31505\loch\f40 The Result of Significance}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid6112761 \hich\af40\dbch\af31505\loch\f40  Test of Parameter of Ind
\hich\af40\dbch\af31505\loch\f40 ividual Data}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 
\par \ltrrow}\trowd \irow0\irowband0\ltrrow\ts11\trqc\trleft-40\trkeep\trbrdrt\brdrs\brdrw20\brdrcf1 \trbrdrl\brdrs\brdrw20\brdrcf1 \trbrdrb\brdrs\brdrw20\brdrcf1 \trbrdrr\brdrs\brdrw20\brdrcf1 \trbrdrh\brdrs\brdrw20\brdrcf1 \trbrdrv\brdrs\brdrw20\brdrcf1 
\trftsWidth3\trwWidth6696\trftsWidthB3\trftsWidthA3\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid13321324\tblind-20\tblindtype3 \clvmgf\clvertalt\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw40\brdrcf1 \clbrdrb\brdrnone \clbrdrr\brdrnone 
\clcbpat8\cltxlrtb\clftsWidth3\clwWidth1794\clcbpatraw8 \cellx1754\clvertalt\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw40\brdrcf1 \clbrdrb\brdrs\brdrw20\brdrcf1 \clbrdrr\brdrs\brdrw20\brdrcf1 
\clcbpat8\cltxlrtb\clftsWidth3\clwWidth1932\clcbpatraw8 \cellx3686\clvertalt\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrs\brdrw20\brdrcf1 \clbrdrr\brdrs\brdrw20\brdrcf1 
\clcbpat8\cltxlrtb\clftsWidth3\clwWidth1440\clcbpatraw8 \cellx5126\clvmgf\clvertalt\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrs\brdrw20\brdrcf1 \clbrdrr\brdrs\brdrw20\brdrcf1 
\clcbpat8\cltxlrtb\clftsWidth3\clwWidth900\clcbpatraw8 \cellx6026\clvmgf\clvertalt\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrs\brdrw20\brdrcf1 \clbrdrr\brdrs\brdrw40\brdrcf1 
\clcbpat8\cltxlrtb\clftsWidth3\clwWidth630\clcbpatraw8 \cellx6656\pard \ltrpar\ql \li60\ri60\widctlpar\intbl\wrapdefault\faauto\rin60\lin60\pararsid12859148 {\rtlch\fcs1 \af1\afs20 \ltrch\fcs0 \f40\fs20\cf1\insrsid15221443\charrsid15941768 
\hich\af40\dbch\af31505\loch\f40 Model\cell }\pard \ltrpar\qc \li60\ri60\widctlpar\intbl\wrapdefault\faauto\rin60\lin60\pararsid12859148 {\rtlch\fcs1 \af1\afs20 \ltrch\fcs0 \f40\fs20\cf1\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 
Unstandardized Coefficients\cell \hich\af40\dbch\af31505\loch\f40 Standardized Coefficients\cell }{\rtlch\fcs1 \af1\afs20 \ltrch\fcs0 \f40\fs20\cf1\insrsid6975116\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 T}{\rtlch\fcs1 \af1\afs20 \ltrch\fcs0 
\f40\fs20\cf1\insrsid15221443\charrsid15941768 \cell \hich\af40\dbch\af31505\loch\f40 Sig.\cell }\pard \ltrpar\ql \li0\ri0\sa160\sl259\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid15221443\charrsid15941768 \trowd \irow0\irowband0\ltrrow\ts11\trqc\trleft-40\trkeep\trbrdrt\brdrs\brdrw20\brdrcf1 \trbrdrl\brdrs\brdrw20\brdrcf1 \trbrdrb\brdrs\brdrw20\brdrcf1 \trbrdrr\brdrs\brdrw20\brdrcf1 \trbrdrh\brdrs\brdrw20\brdrcf1 
\trbrdrv\brdrs\brdrw20\brdrcf1 \trftsWidth3\trwWidth6696\trftsWidthB3\trftsWidthA3\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid13321324\tblind-20\tblindtype3 \clvmgf\clvertalt\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw40\brdrcf1 \clbrdrb
\brdrnone \clbrdrr\brdrnone \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1794\clcbpatraw8 \cellx1754\clvertalt\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw40\brdrcf1 \clbrdrb\brdrs\brdrw20\brdrcf1 \clbrdrr\brdrs\brdrw20\brdrcf1 
\clcbpat8\cltxlrtb\clftsWidth3\clwWidth1932\clcbpatraw8 \cellx3686\clvertalt\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrs\brdrw20\brdrcf1 \clbrdrr\brdrs\brdrw20\brdrcf1 
\clcbpat8\cltxlrtb\clftsWidth3\clwWidth1440\clcbpatraw8 \cellx5126\clvmgf\clvertalt\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrs\brdrw20\brdrcf1 \clbrdrr\brdrs\brdrw20\brdrcf1 
\clcbpat8\cltxlrtb\clftsWidth3\clwWidth900\clcbpatraw8 \cellx6026\clvmgf\clvertalt\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrs\brdrw20\brdrcf1 \clbrdrr\brdrs\brdrw40\brdrcf1 
\clcbpat8\cltxlrtb\clftsWidth3\clwWidth630\clcbpatraw8 \cellx6656\row \ltrrow}\trowd \irow1\irowband1\ltrrow\ts11\trqc\trleft-40\trkeep\trbrdrt\brdrs\brdrw20\brdrcf1 \trbrdrl\brdrs\brdrw20\brdrcf1 \trbrdrb\brdrs\brdrw20\brdrcf1 \trbrdrr
\brdrs\brdrw20\brdrcf1 \trbrdrh\brdrs\brdrw20\brdrcf1 \trbrdrv\brdrs\brdrw20\brdrcf1 \trftsWidth3\trwWidth6696\trftsWidthB3\trftsWidthA3\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid13321324\tblind-20\tblindtype3 \clvmrg\clvertalt\clbrdrt
\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw40\brdrcf1 \clbrdrb\brdrnone \clbrdrr\brdrnone \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1794\clcbpatraw8 \cellx1754\clvertalt\clbrdrt\brdrs\brdrw20\brdrcf1 \clbrdrl\brdrs\brdrw40\brdrcf1 \clbrdrb
\brdrs\brdrw40\brdrcf1 \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth762\clcbpatraw8 \cellx2516\clvertalt\clbrdrt\brdrs\brdrw20\brdrcf1 \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrs\brdrw40\brdrcf1 \clbrdrr\brdrs\brdrw20\brdrcf1 
\clcbpat8\cltxlrtb\clftsWidth3\clwWidth1170\clcbpatraw8 \cellx3686\clvertalt\clbrdrt\brdrs\brdrw20\brdrcf1 \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrs\brdrw40\brdrcf1 \clbrdrr\brdrs\brdrw20\brdrcf1 
\clcbpat8\cltxlrtb\clftsWidth3\clwWidth1440\clcbpatraw8 \cellx5126\clvmrg\clvertalt\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrs\brdrw20\brdrcf1 \clbrdrr\brdrs\brdrw20\brdrcf1 
\clcbpat8\cltxlrtb\clftsWidth3\clwWidth900\clcbpatraw8 \cellx6026\clvmrg\clvertalt\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrs\brdrw20\brdrcf1 \clbrdrr\brdrs\brdrw40\brdrcf1 
\clcbpat8\cltxlrtb\clftsWidth3\clwWidth630\clcbpatraw8 \cellx6656\pard \ltrpar\ql \li0\ri0\widctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid12859148 {\rtlch\fcs1 \af1\afs20 \ltrch\fcs0 \f40\fs20\cf1\insrsid15221443\charrsid15941768 \cell 
}\pard \ltrpar\qc \li60\ri60\widctlpar\intbl\wrapdefault\faauto\rin60\lin60\pararsid12859148 {\rtlch\fcs1 \af1\afs20 \ltrch\fcs0 \f40\fs20\cf1\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 B\cell \hich\af40\dbch\af31505\loch\f40 
Std. Error\cell \hich\af40\dbch\af31505\loch\f40 Beta\cell }\pard \ltrpar\ql \li0\ri0\widctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid12859148 {\rtlch\fcs1 \af1\afs20 \ltrch\fcs0 \f40\fs20\cf1\insrsid15221443\charrsid15941768 \cell \cell 
}\pard \ltrpar\ql \li0\ri0\sa160\sl259\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid15941768 \trowd \irow1\irowband1\ltrrow
\ts11\trqc\trleft-40\trkeep\trbrdrt\brdrs\brdrw20\brdrcf1 \trbrdrl\brdrs\brdrw20\brdrcf1 \trbrdrb\brdrs\brdrw20\brdrcf1 \trbrdrr\brdrs\brdrw20\brdrcf1 \trbrdrh\brdrs\brdrw20\brdrcf1 \trbrdrv\brdrs\brdrw20\brdrcf1 
\trftsWidth3\trwWidth6696\trftsWidthB3\trftsWidthA3\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid13321324\tblind-20\tblindtype3 \clvmrg\clvertalt\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw40\brdrcf1 \clbrdrb\brdrnone \clbrdrr\brdrnone 
\clcbpat8\cltxlrtb\clftsWidth3\clwWidth1794\clcbpatraw8 \cellx1754\clvertalt\clbrdrt\brdrs\brdrw20\brdrcf1 \clbrdrl\brdrs\brdrw40\brdrcf1 \clbrdrb\brdrs\brdrw40\brdrcf1 \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth762\clcbpatraw8 
\cellx2516\clvertalt\clbrdrt\brdrs\brdrw20\brdrcf1 \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrs\brdrw40\brdrcf1 \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1170\clcbpatraw8 \cellx3686\clvertalt\clbrdrt\brdrs\brdrw20\brdrcf1 
\clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrs\brdrw40\brdrcf1 \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1440\clcbpatraw8 \cellx5126\clvmrg\clvertalt\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb
\brdrs\brdrw20\brdrcf1 \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth900\clcbpatraw8 \cellx6026\clvmrg\clvertalt\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrs\brdrw20\brdrcf1 \clbrdrr
\brdrs\brdrw40\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth630\clcbpatraw8 \cellx6656\row \ltrrow}\trowd \irow2\irowband2\ltrrow\ts11\trqc\trleft-40\trkeep\trbrdrt\brdrs\brdrw20\brdrcf1 \trbrdrl\brdrs\brdrw20\brdrcf1 \trbrdrb\brdrs\brdrw20\brdrcf1 
\trbrdrr\brdrs\brdrw20\brdrcf1 \trbrdrh\brdrs\brdrw20\brdrcf1 \trbrdrv\brdrs\brdrw20\brdrcf1 \trftsWidth3\trwWidth6696\trftsWidthB3\trftsWidthA3\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid13321324\tblind-20\tblindtype3 \clvmgf\clvertalc\clbrdrt
\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw40\brdrcf1 \clbrdrb\brdrs\brdrw40\brdrcf1 \clbrdrr\brdrnone \clcbpat8\cltxlrtb\clftsWidth3\clwWidth630\clcbpatraw8 \cellx590\clvertalc\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr
\brdrs\brdrw40\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1164\clcbpatraw8 \cellx1754\clvertalt\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw40\brdrcf1 \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20\brdrcf1 
\clcbpat8\cltxlrtb\clftsWidth3\clwWidth762\clcbpatraw8 \cellx2516\clvertalt\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1170\clcbpatraw8 \cellx3686
\clvertalt\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1440\clcbpatraw8 \cellx5126\clvertalt\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl
\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth900\clcbpatraw8 \cellx6026\clvertalt\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrnone \clbrdrr
\brdrs\brdrw40\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth630\clcbpatraw8 \cellx6656\pard \ltrpar\ql \li60\ri60\widctlpar\intbl\wrapdefault\faauto\rin60\lin60\pararsid12859148 {\rtlch\fcs1 \af1\afs20 \ltrch\fcs0 
\f40\fs20\cf1\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 1\cell \hich\af40\dbch\af31505\loch\f40 (Constant)\cell }\pard \ltrpar\qr \li60\ri60\widctlpar\intbl\wrapdefault\faauto\rin60\lin60\pararsid12859148 {\rtlch\fcs1 \af1\afs20 
\ltrch\fcs0 \f40\fs20\cf1\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 .474\cell \hich\af40\dbch\af31505\loch\f40 .044\cell }\pard \ltrpar\ql \li0\ri0\widctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid12859148 {\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid15941768 \cell }\pard \ltrpar\qr \li60\ri60\widctlpar\intbl\wrapdefault\faauto\rin60\lin60\pararsid12859148 {\rtlch\fcs1 \af1\afs20 \ltrch\fcs0 \f40\fs20\cf1\insrsid15221443\charrsid15941768 
\hich\af40\dbch\af31505\loch\f40 10.695\cell .000\cell }\pard \ltrpar\ql \li0\ri0\sa160\sl259\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid15941768 
\trowd \irow2\irowband2\ltrrow\ts11\trqc\trleft-40\trkeep\trbrdrt\brdrs\brdrw20\brdrcf1 \trbrdrl\brdrs\brdrw20\brdrcf1 \trbrdrb\brdrs\brdrw20\brdrcf1 \trbrdrr\brdrs\brdrw20\brdrcf1 \trbrdrh\brdrs\brdrw20\brdrcf1 \trbrdrv\brdrs\brdrw20\brdrcf1 
\trftsWidth3\trwWidth6696\trftsWidthB3\trftsWidthA3\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid13321324\tblind-20\tblindtype3 \clvmgf\clvertalc\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw40\brdrcf1 \clbrdrb\brdrs\brdrw40\brdrcf1 \clbrdrr
\brdrnone \clcbpat8\cltxlrtb\clftsWidth3\clwWidth630\clcbpatraw8 \cellx590\clvertalc\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw40\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1164\clcbpatraw8 \cellx1754
\clvertalt\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw40\brdrcf1 \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth762\clcbpatraw8 \cellx2516\clvertalt\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl
\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1170\clcbpatraw8 \cellx3686\clvertalt\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrnone \clbrdrr
\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1440\clcbpatraw8 \cellx5126\clvertalt\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20\brdrcf1 
\clcbpat8\cltxlrtb\clftsWidth3\clwWidth900\clcbpatraw8 \cellx6026\clvertalt\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw40\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth630\clcbpatraw8 \cellx6656
\row \ltrrow}\trowd \irow3\irowband3\ltrrow\ts11\trqc\trleft-40\trkeep\trbrdrt\brdrs\brdrw20\brdrcf1 \trbrdrl\brdrs\brdrw20\brdrcf1 \trbrdrb\brdrs\brdrw20\brdrcf1 \trbrdrr\brdrs\brdrw20\brdrcf1 \trbrdrh\brdrs\brdrw20\brdrcf1 \trbrdrv
\brdrs\brdrw20\brdrcf1 \trftsWidth3\trwWidth6696\trftsWidthB3\trftsWidthA3\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid13321324\tblind-20\tblindtype3 \clvmrg\clvertalc\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw40\brdrcf1 \clbrdrb
\brdrs\brdrw40\brdrcf1 \clbrdrr\brdrnone \clcbpat8\cltxlrtb\clftsWidth3\clwWidth630\clcbpatraw8 \cellx590\clvertalc\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw40\brdrcf1 
\clcbpat8\cltxlrtb\clftsWidth3\clwWidth1164\clcbpatraw8 \cellx1754\clvertalt\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw40\brdrcf1 \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth762\clcbpatraw8 \cellx2516\clvertalt
\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1170\clcbpatraw8 \cellx3686\clvertalt\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrnone \clbrdrr
\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1440\clcbpatraw8 \cellx5126\clvertalt\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth900\clcbpatraw8 
\cellx6026\clvertalt\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw40\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth630\clcbpatraw8 \cellx6656\pard \ltrpar
\ql \li0\ri0\widctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid12859148 {\rtlch\fcs1 \af1\afs20 \ltrch\fcs0 \f40\fs20\cf1\insrsid15221443\charrsid15941768 \cell }\pard \ltrpar
\ql \li60\ri60\widctlpar\intbl\wrapdefault\faauto\rin60\lin60\pararsid12859148 {\rtlch\fcs1 \af1\afs20 \ltrch\fcs0 \f40\fs20\cf1\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 THI\hich\af40\dbch\af31505\loch\f40 N\cell }\pard \ltrpar
\qr \li60\ri60\widctlpar\intbl\wrapdefault\faauto\rin60\lin60\pararsid12859148 {\rtlch\fcs1 \af1\afs20 \ltrch\fcs0 \f40\fs20\cf1\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 .107\cell \hich\af40\dbch\af31505\loch\f40 .056\cell 
\hich\af40\dbch\af31505\loch\f40 .130\cell \hich\af40\dbch\af31505\loch\f40 1.917\cell \hich\af40\dbch\af31505\loch\f40 .047\cell }\pard \ltrpar\ql \li0\ri0\sa160\sl259\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 {
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid15941768 \trowd \irow3\irowband3\ltrrow\ts11\trqc\trleft-40\trkeep\trbrdrt\brdrs\brdrw20\brdrcf1 \trbrdrl\brdrs\brdrw20\brdrcf1 \trbrdrb\brdrs\brdrw20\brdrcf1 \trbrdrr
\brdrs\brdrw20\brdrcf1 \trbrdrh\brdrs\brdrw20\brdrcf1 \trbrdrv\brdrs\brdrw20\brdrcf1 \trftsWidth3\trwWidth6696\trftsWidthB3\trftsWidthA3\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid13321324\tblind-20\tblindtype3 \clvmrg\clvertalc\clbrdrt
\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw40\brdrcf1 \clbrdrb\brdrs\brdrw40\brdrcf1 \clbrdrr\brdrnone \clcbpat8\cltxlrtb\clftsWidth3\clwWidth630\clcbpatraw8 \cellx590\clvertalc\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr
\brdrs\brdrw40\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1164\clcbpatraw8 \cellx1754\clvertalt\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw40\brdrcf1 \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth762\clcbpatraw8 
\cellx2516\clvertalt\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1170\clcbpatraw8 \cellx3686\clvertalt\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb
\brdrnone \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1440\clcbpatraw8 \cellx5126\clvertalt\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20\brdrcf1 
\clcbpat8\cltxlrtb\clftsWidth3\clwWidth900\clcbpatraw8 \cellx6026\clvertalt\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw40\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth630\clcbpatraw8 \cellx6656\row \ltrrow
}\trowd \irow4\irowband4\ltrrow\ts11\trqc\trleft-40\trkeep\trbrdrt\brdrs\brdrw20\brdrcf1 \trbrdrl\brdrs\brdrw20\brdrcf1 \trbrdrb\brdrs\brdrw20\brdrcf1 \trbrdrr\brdrs\brdrw20\brdrcf1 \trbrdrh\brdrs\brdrw20\brdrcf1 \trbrdrv\brdrs\brdrw20\brdrcf1 
\trftsWidth3\trwWidth6696\trftsWidthB3\trftsWidthA3\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid13321324\tblind-20\tblindtype3 \clvmrg\clvertalc\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw40\brdrcf1 \clbrdrb\brdrs\brdrw40\brdrcf1 \clbrdrr
\brdrnone \clcbpat8\cltxlrtb\clftsWidth3\clwWidth630\clcbpatraw8 \cellx590\clvertalc\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw40\brdrcf1 \clbrdrr\brdrs\brdrw40\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1164\clcbpatraw8 \cellx1754
\clvertalt\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw40\brdrcf1 \clbrdrb\brdrs\brdrw40\brdrcf1 \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth762\clcbpatraw8 \cellx2516\clvertalt\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb
\brdrs\brdrw40\brdrcf1 \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1170\clcbpatraw8 \cellx3686\clvertalt\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrs\brdrw40\brdrcf1 \clbrdrr\brdrs\brdrw20\brdrcf1 
\clcbpat8\cltxlrtb\clftsWidth3\clwWidth1440\clcbpatraw8 \cellx5126\clvertalt\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrs\brdrw40\brdrcf1 \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth900\clcbpatraw8 \cellx6026
\clvertalt\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrs\brdrw40\brdrcf1 \clbrdrr\brdrs\brdrw40\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth630\clcbpatraw8 \cellx6656\pard \ltrpar
\ql \li0\ri0\widctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid12859148 {\rtlch\fcs1 \af1\afs20 \ltrch\fcs0 \f40\fs20\cf1\insrsid15221443\charrsid15941768 \cell }\pard \ltrpar
\ql \li60\ri60\widctlpar\intbl\wrapdefault\faauto\rin60\lin60\pararsid12859148 {\rtlch\fcs1 \af1\afs20 \ltrch\fcs0 \f40\fs20\cf1\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 CRISK\cell }\pard \ltrpar
\qr \li60\ri60\widctlpar\intbl\wrapdefault\faauto\rin60\lin60\pararsid12859148 {\rtlch\fcs1 \af1\afs20 \ltrch\fcs0 \f40\fs20\cf1\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 1.453\cell \hich\af40\dbch\af31505\loch\f40 .277\cell 
\hich\af40\dbch\af31505\loch\f40 .357\cell \hich\af40\dbch\af31505\loch\f40 5.251\cell .000\cell }\pard \ltrpar\ql \li0\ri0\sa160\sl259\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid15221443\charrsid15941768 \trowd \irow4\irowband4\ltrrow\ts11\trqc\trleft-40\trkeep\trbrdrt\brdrs\brdrw20\brdrcf1 \trbrdrl\brdrs\brdrw20\brdrcf1 \trbrdrb\brdrs\brdrw20\brdrcf1 \trbrdrr\brdrs\brdrw20\brdrcf1 \trbrdrh\brdrs\brdrw20\brdrcf1 
\trbrdrv\brdrs\brdrw20\brdrcf1 \trftsWidth3\trwWidth6696\trftsWidthB3\trftsWidthA3\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid13321324\tblind-20\tblindtype3 \clvmrg\clvertalc\clbrdrt\brdrs\brdrw40\brdrcf1 \clbrdrl\brdrs\brdrw40\brdrcf1 \clbrdrb
\brdrs\brdrw40\brdrcf1 \clbrdrr\brdrnone \clcbpat8\cltxlrtb\clftsWidth3\clwWidth630\clcbpatraw8 \cellx590\clvertalc\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw40\brdrcf1 \clbrdrr\brdrs\brdrw40\brdrcf1 
\clcbpat8\cltxlrtb\clftsWidth3\clwWidth1164\clcbpatraw8 \cellx1754\clvertalt\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw40\brdrcf1 \clbrdrb\brdrs\brdrw40\brdrcf1 \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth762\clcbpatraw8 \cellx2516
\clvertalt\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrs\brdrw40\brdrcf1 \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1170\clcbpatraw8 \cellx3686\clvertalt\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb
\brdrs\brdrw40\brdrcf1 \clbrdrr\brdrs\brdrw20\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth1440\clcbpatraw8 \cellx5126\clvertalt\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrs\brdrw40\brdrcf1 \clbrdrr\brdrs\brdrw20\brdrcf1 
\clcbpat8\cltxlrtb\clftsWidth3\clwWidth900\clcbpatraw8 \cellx6026\clvertalt\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20\brdrcf1 \clbrdrb\brdrs\brdrw40\brdrcf1 \clbrdrr\brdrs\brdrw40\brdrcf1 \clcbpat8\cltxlrtb\clftsWidth3\clwWidth630\clcbpatraw8 \cellx6656
\row \ltrrow}\trowd \irow5\irowband5\lastrow \ltrrow\ts11\trqc\trleft-40\trkeep\trbrdrt\brdrs\brdrw20\brdrcf1 \trbrdrl\brdrs\brdrw20\brdrcf1 \trbrdrb\brdrs\brdrw20\brdrcf1 \trbrdrr\brdrs\brdrw20\brdrcf1 \trbrdrh\brdrs\brdrw20\brdrcf1 \trbrdrv
\brdrs\brdrw20\brdrcf1 \trftsWidth3\trwWidth6696\trftsWidthB3\trftsWidthA3\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid13321324\tblind-20\tblindtype3 \clvertalt\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone 
\clcbpat8\cltxlrtb\clftsWidth3\clwWidth6696\clcbpatraw8 \cellx6656\pard \ltrpar\ql \li60\ri60\widctlpar\intbl\wrapdefault\faauto\rin60\lin60\pararsid12859148 {\rtlch\fcs1 \af1\afs20 \ltrch\fcs0 \f40\fs20\cf1\insrsid15221443\charrsid15941768 
\hich\af40\dbch\af31505\loch\f40 a. D\hich\af40\dbch\af31505\loch\f40 ependent Variable: TAVO\cell }\pard \ltrpar\ql \li0\ri0\sa160\sl259\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid15221443\charrsid15941768 \trowd \irow5\irowband5\lastrow \ltrrow\ts11\trqc\trleft-40\trkeep\trbrdrt\brdrs\brdrw20\brdrcf1 \trbrdrl\brdrs\brdrw20\brdrcf1 \trbrdrb\brdrs\brdrw20\brdrcf1 \trbrdrr\brdrs\brdrw20\brdrcf1 \trbrdrh
\brdrs\brdrw20\brdrcf1 \trbrdrv\brdrs\brdrw20\brdrcf1 \trftsWidth3\trwWidth6696\trftsWidthB3\trftsWidthA3\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid13321324\tblind-20\tblindtype3 \clvertalt\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone 
\clbrdrr\brdrnone \clcbpat8\cltxlrtb\clftsWidth3\clwWidth6696\clcbpatraw8 \cellx6656\row }\pard \ltrpar\qj \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13321324 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\i\f40\fs20\insrsid6112761 \hich\af40\dbch\af31505\loch\f40 Source:}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\i\f40\fs20\insrsid6112761 \hich\af40\dbch\af31505\loch\f40 data processed by }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 SPSS (Coefficients)}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid15941768 
\par }\pard \ltrpar\qj \fi720\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14179433 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid4482386 \hich\af40\dbch\af31505\loch\f40 On}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40  table 4.2, }{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid4482386 \hich\af40\dbch\af31505\loch\f40 it indicates}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40  thin capital}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid5536753 \hich\af40\dbch\af31505\loch\f40 ization (THIN) has a significance}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40  probability value of 0.047 and the executive}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid992078 \hich\af40\dbch\af31505\loch\f40 s\hich\f40 \rquote }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40  character}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid4482386 \hich\af40\dbch\af31505\loch\f40 istics (CRISK) exhibits the }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 value of 0.000. }{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid4482386 \hich\af40\dbch\af31505\loch\f40 Both \hich\af40\dbch\af31505\loch\f40 of them}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid5536753 \hich\af40\dbch\af31505\loch\f40  have a significance}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40  probability value }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid4482386 \hich\af40\dbch\af31505\loch\f40 which is }{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 less than the significance level determined }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid4482386 \hich\af40\dbch\af31505\loch\f40 of 0.05 or 5%, meaning}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40  the }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid4482386 \hich\af40\dbch\af31505\loch\f40 these two independent }{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 variables }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid4482386 \hich\af40\dbch\af31505\loch\f40 influence tax avoidance (TAVO}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 )}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid4482386 .}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid13581828 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid15941768 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\fs20\lang1057\langfe2052\loch\af40\hich\af40\dbch\af31505\langnp1057\langfenp2052\insrsid4482386 \hich\af40\dbch\af31505\loch\f40 4.3.\tab}}\pard\plain \ltrpar
\s15\qj \fi-540\li540\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\ilvl1\adjustright\rin0\lin540\itap0\pararsid15221443\contextualspace \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid4482386 \hich\af40\dbch\af31505\loch\f40 The Discussion of the Result}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \b\f40\fs20\insrsid15221443\charrsid4685621 
\par }\pard\plain \ltrpar\qj \li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4596677 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid4596677 \hich\af40\dbch\af31505\loch\f40 Pengaruh }{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\i\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid4596677 \hich\af40\dbch\af31505\loch\f40 Thin Capitalization }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\b\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid4596677 \hich\af40\dbch\af31505\loch\f40 terhadap Penghindaran Pajak}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid15221443\charrsid4596677 
\par }\pard \ltrpar\qj \fi720\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid5536753 \hich\af40\dbch\af31505\loch\f40 Regarding to the }{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 results of hypothesis test}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid5536753 \hich\af40\dbch\af31505\loch\f40 ing on}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40  Table 4.2, }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid5536753 \hich\af40\dbch\af31505\loch\f40 the }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 testing of thin capitalization }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16454377 \hich\af40\dbch\af31505\loch\f40 by }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 using the MAD (maximum amount debt) ratio to tax avoidance has a regression coeffi}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid5536753 \hich\af40\dbch\af31505\loch\f40 
cient of 0.107 and a significance}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40  probability v\hich\af40\dbch\af31505\loch\f40 alue of 0,047 or less than the specified }{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16454377 \hich\af40\dbch\af31505\loch\f40 level of 0.05 or 5%}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 . The }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid16454377 \hich\af40\dbch\af31505\loch\f40 coefficient indicates the existence of}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 
 positive relationship between thin capitalization and tax avoidance which means that the higher the MAD ratio}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16454377 \hich\af40\dbch\af31505\loch\f40  is}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 , the higher tax avoidance }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16454377 \hich\af40\dbch\af31505\loch\f40 would be, }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 or\hich\af40\dbch\af31505\loch\f40  vice versa}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16454377 \hich\af40\dbch\af31505\loch\f40 . The result also depicts}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40  the practice of thin capitalization by compa}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16454377 \hich\af40\dbch\af31505\loch\f40 
nies influences tax evasion. To sum up, }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 
the first hypothesis that states thin capitalization has a positive effect on tax avoidance can be accepted.}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8989001 \hich\af40\dbch\af31505\loch\f40 In addition, the result po\hich\af40\dbch\af31505\loch\f40 ints that }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid10583890 
\hich\af40\dbch\af31505\loch\f40 tax avoidance practice through }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid10583890\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 making debt structure much larger than capital (thin capitalization) is one of 
}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid11996928 \hich\af40\dbch\af31505\loch\f40 the attempts}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid10583890\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 
 to minimize the corporate tax burden. The emergence of thin capitalization is due to the existence of ru}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid11996928 \hich\af40\dbch\af31505\loch\f40 
les in taxation provisions that gives different treatment to interest and dividend as a form of return }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid10583890\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 on }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid11996928 \hich\af40\dbch\af31505\loch\f40 share }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid10583890\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 
investment in the company. Payment of interest on loans is a deductible expense to calculate the amount of }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid11996928 \hich\af40\dbch\af31505\loch\f40 taxable income, }{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid10583890\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 while dividend paymen\hich\af40\dbch\af31505\loch\f40 ts a}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid11996928 \hich\af40\dbch\af31505\loch\f40 
re costs that cannot be diminished}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid10583890\charrsid8287465 .}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 The theory support}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid11996928 \hich\af40\dbch\af31505\loch\f40 ing}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40  the first hypothesis is}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid11996928 \hich\af40\dbch\af31505\loch\f40 
 the theory of planned behavior, describes that the company has certain intentions}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40  to maximize }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid11996928 \hich\af40\dbch\af31505\loch\f40 its profits by minimizing tax burden}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 . }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid11996928 \hich\af40\dbch\af31505\loch\f40 Due to the effort}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 , the company}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid11996928 \hich\af40\dbch\af31505\loch\f40  commits}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 
 thin capitalization by increasing the interest loans obtained from shareholders. Companies tha}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid11996928 \hich\af40\dbch\af31505\loch\f40 t receive all interest-bearing loans}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40  will be burdened with }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid11996928 \hich\af40\dbch\af31505\loch\f40 
deductible interest costs in calculating the taxable income. The smaller the}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40  taxable }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid11996928 \hich\af40\dbch\af31505\loch\f40 income is, the sm\hich\af40\dbch\af31505\loch\f40 aller }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 the tax burden}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid11996928 \hich\af40\dbch\af31505\loch\f40  would be}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 .}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465 
\par }\pard \ltrpar\qj \fi720\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12405908 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12599167 \hich\af40\dbch\af31505\loch\f40 T}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 hin capitalization generally requ}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12599167 \hich\af40\dbch\af31505\loch\f40 ires partners or affiliation}
{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40  as}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12599167 \hich\af40\dbch\af31505\loch\f40  its debt financing effort}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40  in countries with highe}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12599167 \hich\af40\dbch\af31505\loch\f40 r tax rates in order to obtain}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40  greater reduction in the basis of imposition. The}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12599167 \hich\af40\dbch\af31505\loch\f40 
 steps the government takes}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40  in\hich\af40\dbch\af31505\loch\f40  handling the practice of thin capitalization is the issuance of the}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12599167 \hich\af40\dbch\af31505\loch\f40  Decree of}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40  Mini}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid12599167 \hich\af40\dbch\af31505\loch\f40 ster of Finance Number 1002/KMK.04/}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 1984 concerning the magnitude of rat}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12599167 \hich\af40\dbch\af31505\loch\f40 io of debt to capital, which has been}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 
 previously deferred by the Decree of}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12599167 \hich\af40\dbch\af31505\loch\f40  Minister of Finance Number}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 
\hich\af40\dbch\af31505\loch\f40  \hich\af40\dbch\af31505\loch\f40 254}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12599167 \hich\af40\dbch\af31505\loch\f40 /KMK.01/}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 
\hich\af40\dbch\af31505\loch\f40 1985. }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12599167 \hich\af40\dbch\af31505\loch\f40 Subsequently,}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 
\hich\af40\dbch\af31505\loch\f40  considering }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12599167 \hich\af40\dbch\af31505\loch\f40 a greater number of}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 
\hich\af40\dbch\af31505\loch\f40  companies }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12599167 \hich\af40\dbch\af31505\loch\f40 utilizing}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 
\hich\af40\dbch\af31505\loch\f40  corporate }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12599167 \hich\af40\dbch\af31505\loch\f40 financing through interest debt, the g}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 overnment issued Regulation of the}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12599167 \hich\af40\dbch\af31505\loch\f40  Minister of Finance Number 169/}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 P}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12599167 \hich\af40\dbch\af31505\loch\f40 MK.010/}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 2015 with the amount of }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12599167 \hich\af40\dbch\af31505\loch\f40 debt to equity ratio (DER)}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40  \hich\af40\dbch\af31505\loch\f40 set at the highest of }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12599167 \hich\af40\dbch\af31505\loch\f40 4:1}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 .}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465 
\par }\pard\plain \ltrpar\s15\qj \fi709\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11230619\contextualspace \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid11230619 \hich\af40\dbch\af31505\loch\f40 These }{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 following}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid11230619 \hich\af40\dbch\af31505\loch\f40  points are}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40  loan fee}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid11230619 \hich\af40\dbch\af31505\loch\f40 s, }{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 included in the costs borne by the company related to the loan }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid11230619 
\hich\af40\dbch\af31505\loch\f40 it }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid11230619 \hich\af40\dbch\af31505\loch\f40 receive}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid11230619 
\hich\af40\dbch\af31505\loch\f40 s}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 :
\par }\pard \ltrpar\s15\qj \li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8287465\contextualspace {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\lang1033\langfe2052\langnp1033\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 a. Loan interest.
\par \hich\af40\dbch\af31505\loch\f40 b. Discount or premium related to loans.
\par \hich\af40\dbch\af31505\loch\f40 c. Additional costs for obtaining a loan.
\par \hich\af40\dbch\af31505\loch\f40 d. Financial e\hich\af40\dbch\af31505\loch\f40 xpenses in finance leases.
\par \hich\af40\dbch\af31505\loch\f40 e. The cost of c}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid11230619 \hich\af40\dbch\af31505\loch\f40 ompensation for the guarantee }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid11230619 \hich\af40\dbch\af31505\loch\f40 in}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40  returning the debt.
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid11230619 \hich\af40\dbch\af31505\loch\f40 f. }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid11230619 \hich\af40\dbch\af31505\loch\f40 
The difference of an exchange rate }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 obtained from loans in foreign currencies.}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid8287465 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 
\par }\pard\plain \ltrpar\qj \fi720\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 The }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid11535316 \hich\af40\dbch\af31505\loch\f40 ratio}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40  value of debt with capital owned by the company is not permitted }{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid11535316 \hich\af40\dbch\af31505\loch\f40 to exceed the stipulated limit. I}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 f the }{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid11535316 \hich\af40\dbch\af31505\loch\f40 magnitude}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40  of the ratio exceeds}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid11535316 \hich\af40\dbch\af31505\loch\f40  the specified limit, the costs}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40  o}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid11535316 \hich\af40\dbch\af31505\loch\f40 n the loan may only be charged according to safe harbor limit}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 . }{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid11535316 \hich\af40\dbch\af31505\loch\f40 The table below would exhibit}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40  the }{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid11535316 \hich\af40\dbch\af31505\loch\f40 limit of ratio }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 \hich\af40\dbch\af31505\loch\f40 between debt and equity or debt equity rat
\hich\af40\dbch\af31505\loch\f40 io (DER) in several countries:}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465\charrsid8287465 
\par }\pard \ltrpar\qc \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15621265 \hich\af40\dbch\af31505\loch\f40 Tab}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid15621265 \hich\af40\dbch\af31505\loch\f40 le}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\lang1033\langfe2052\langnp1033\insrsid13321324\charrsid15621265 \hich\af40\dbch\af31505\loch\f40  4.3}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15621265 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid15621265 \hich\af40\dbch\af31505\loch\f40 The Provisions of}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15621265 
\hich\af40\dbch\af31505\loch\f40  Thin Capitalization Rules}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\i\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15621265 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\b\f40\fs20\insrsid15621265 \hich\af40\dbch\af31505\loch\f40 in Some Countries}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15621265 
\par \ltrrow}\trowd \irow0\irowband0\ltrrow\ts24\trqc\trgaph108\trleft-108\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth3\trwWidth5319\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid12859148\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1629\clshdrawnil \cellx1521\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1464\clshdrawnil \cellx2985
\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth2226\clshdrawnil \cellx5211\pard\plain \ltrpar
\qc \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid12859148\yts24 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16606140 \hich\af40\dbch\af31505\loch\f40 Country}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid16606140 \cell }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15621265 
\hich\af40\dbch\af31505\loch\f40 Limit of Ratio}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid15621265 \cell }\pard \ltrpar
\qc \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid15621265\yts24 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15621265 \hich\af40\dbch\af31505\loch\f40 Requirement of Ownership}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \cell }\pard\plain \ltrpar\ql \li0\ri0\sa160\sl259\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af0\afs22\alang1025 
\ltrch\fcs0 \fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid15941768 \trowd \irow0\irowband0\ltrrow\ts24\trqc\trgaph108\trleft-108\trbrdrt
\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth3\trwWidth5319\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid12859148\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1629\clshdrawnil \cellx1521\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1464\clshdrawnil \cellx2985
\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth2226\clshdrawnil \cellx5211\row \ltrrow}\pard\plain \ltrpar
\qj \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid12859148\yts24 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16606140 \hich\af40\dbch\af31505\loch\f40 Japan}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid16606140 \cell }\pard \ltrpar
\qc \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid12859148\yts24 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 
DER}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40  3:1\cell }\pard \ltrpar
\qj \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid12859148\yts24 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15621265 \hich\af40\dbch\af31505\loch\f40 Ownership}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40  < 50%\cell }\pard\plain \ltrpar\ql \li0\ri0\sa160\sl259\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 
\rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid15941768 \trowd \irow1\irowband1\ltrrow
\ts24\trqc\trgaph108\trleft-108\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth3\trwWidth5319\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid12859148\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1629\clshdrawnil \cellx1521\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1464\clshdrawnil \cellx2985
\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth2226\clshdrawnil \cellx5211\row \ltrrow}\pard\plain \ltrpar
\qj \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid12859148\yts24 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 Australia\cell }\pard \ltrpar
\qc \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid12859148\yts24 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 
DER}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40  3:1\cell }\pard \ltrpar
\qj \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid12859148\yts24 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15621265 \hich\af40\dbch\af31505\loch\f40 Ownership}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40  < 15%\cell }\pard\plain \ltrpar\ql \li0\ri0\sa160\sl259\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 
\rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid15941768 \trowd \irow2\irowband2\ltrrow
\ts24\trqc\trgaph108\trleft-108\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth3\trwWidth5319\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid12859148\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1629\clshdrawnil \cellx1521\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1464\clshdrawnil \cellx2985
\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth2226\clshdrawnil \cellx5211\row \ltrrow}\pard\plain \ltrpar
\qj \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid12859148\yts24 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16606140 \hich\af40\dbch\af31505\loch\f40 C}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 anada\cell 
}\pard \ltrpar\qc \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid12859148\yts24 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 
\hich\af40\dbch\af31505\loch\f40 DER }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 2:1\cell }\pard \ltrpar
\qj \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid12859148\yts24 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15621265 \hich\af40\dbch\af31505\loch\f40 Ownership}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40  > 25%\cell }\pard\plain \ltrpar\ql \li0\ri0\sa160\sl259\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 
\rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid15941768 \trowd \irow3\irowband3\ltrrow
\ts24\trqc\trgaph108\trleft-108\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth3\trwWidth5319\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid12859148\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1629\clshdrawnil \cellx1521\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1464\clshdrawnil \cellx2985
\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth2226\clshdrawnil \cellx5211\row \ltrrow}\pard\plain \ltrpar
\qj \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid12859148\yts24 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16606140 \hich\af40\dbch\af31505\loch\f40 United States of }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid16606140 \hich\af40\dbch\af31505\loch\f40 Ameri}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid16606140 \hich\af40\dbch\af31505\loch\f40 c}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 a\cell 
}\pard \ltrpar\qc \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid12859148\yts24 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 
\hich\af40\dbch\af31505\loch\f40 DER}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40  1:1\cell }\pard \ltrpar
\qj \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid12859148\yts24 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15621265 \hich\af40\dbch\af31505\loch\f40 Ownership}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40  50%\cell }\pard\plain \ltrpar\ql \li0\ri0\sa160\sl259\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 
\af0\afs22\alang1025 \ltrch\fcs0 \fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid15941768 \trowd \irow4\irowband4\lastrow \ltrrow
\ts24\trqc\trgaph108\trleft-108\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth3\trwWidth5319\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid12859148\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1629\clshdrawnil \cellx1521\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1464\clshdrawnil \cellx2985
\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth2226\clshdrawnil \cellx5211\row }\pard \ltrpar\qj \li0\ri0\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13321324 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\insrsid15621265 \hich\af40\dbch\af31505\loch\f40 Source:}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\i\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40  }{\field\flddirty\fldlock{\*\fldinst {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\i\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 ADDIN CSL_CITATION \{ "citationItems" : [ \{ "id" : "ITEM-1", "itemData" : \{ "author" : [ \{
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 ], "container-title" : "Jurnal Akuntansidan Keuongan Indonesia", "id" : "ITEM-1", "issue" : "1", "issued" : \{ "date-parts" : [ [ "2010" ] ] \}, "page" : "61-78", "title" : "Evaluasi Regulasi Atas Praktik Penghindaran Pajak Penanaman
\hich\af40\dbch\af31505\loch\f40  \hich\af40\dbch\af31505\loch\f40 Modal Asing", "type" : "article-journal", "volume" : "7" \}, "uris" : [ "http://www.mendeley.com/documents/?uuid=87987218-d3ae-4ae1-9bdd-66300a59494c" ] \} ], "mendeley" : \{
 "formattedCitation" : "(Rahayu 2010)", "manualFormatting" : "Ning Rahayu (2010)", "\hich\af40\dbch\af31505\loch\f40 p\hich\af40\dbch\af31505\loch\f40 lainTextFormattedCitation" : "(Rahayu 2010)", "previouslyFormattedCitation" : "(Rahayu 2010)" \}
, "properties" : \{ "noteIndex" : 0 \}, "schema" : "https://github.com/citation-style-language/schema/raw/master/csl-citation.json" \}}}{\fldrslt {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\i\f40\fs20\lang1024\langfe1024\noproof\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 Ning Rahayu (2010)}}}\sectd \ltrsect\psz9\linex0\endnhere\sectlinegrid360\sectdefaultcl\sectrsid15221443\sftnbj {\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \i\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 
\par }\pard \ltrpar\qj \fi720\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15621265 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12534413 \hich\af40\dbch\af31505\loch\f40 T}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40 
hin capitalization rules applied in Indonesia are still larger with }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14834163 \hich\af40\dbch\af31505\loch\f40 
the limit of ratio of debt to capital of 80%, compared to the other countries which generally sets 75%. }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40 This has prompted compan
\hich\af40\dbch\af31505\loch\f40 ies to continue to practice thin capitalization because of provisions that are deemed not to burden }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14834163 \hich\af40\dbch\af31505\loch\f40 
the company to tax avoidance}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 .}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8287465 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40 The results }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14834163 \hich\af40\dbch\af31505\loch\f40 are consistent with research }{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40 by Taylor and Richardson (2012) which shows that companies that have a greater debt t\hich\af40\dbch\af31505\loch\f40 
o capital ratio will tend to be made to optimize profits from minimizing corporate income tax. However}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14834163 ,}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid4088283 
\hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40 Ismi an}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid4088283 \hich\af40\dbch\af31505\loch\f40 
d Linda (2016) in their study argues }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40 that the interest-based debt restrictions imposed by the comp}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid4088283 \hich\af40\dbch\af31505\loch\f40 any do}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14834163 \hich\af40\dbch\af31505\loch\f40  not affect the company}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40  actions due to th\hich\af40\dbch\af31505\loch\f40 e lack of tax processing pract}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid4088283 \hich\af40\dbch\af31505\loch\f40 
ices with optimized company}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40  debt ownership.
\par }\pard \ltrpar\qj \li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid2717624\charrsid15941768 
\par }\pard \ltrpar\qj \li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4596677 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid5723761 \hich\af40\dbch\af31505\loch\f40 The Influence of Executive}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid992078 \hich\af40\dbch\af31505\loch\f40 s\hich\f40 \rquote }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid5723761 \hich\af40\dbch\af31505\loch\f40  Characteristics to Tax Avoidance}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid15221443\charrsid4596677 
\par }\pard \ltrpar\qj \fi720\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid84569 \hich\af40\dbch\af31505\loch\f40 On}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40  Table 4.2, }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid84569 \hich\af40\dbch\af31505\loch\f40 the }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40 testing}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid84569 \hich\af40\dbch\af31505\loch\f40  of}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 
\hich\af40\dbch\af31505\loch\f40  the executive}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid992078 \hich\af40\dbch\af31505\loch\f40 s\hich\f40 \rquote }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 
\hich\af40\dbch\af31505\loch\f40  character}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid84569 \hich\af40\dbch\af31505\loch\f40 istics}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40  }
{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid84569 \hich\af40\dbch\af31505\loch\f40 by using corporate risk to tax avoidance has a}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40 
 regression \hich\af40\dbch\af31505\loch\f40 coeffi}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid5536753 \hich\af40\dbch\af31505\loch\f40 cient of 1.453 and a significance}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid84569 
\hich\af40\dbch\af31505\loch\f40  probability value of 0.000}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40  or smaller than the }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid84569\charrsid9196400 \hich\af40\dbch\af31505\loch\f40 determined }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40 significance level }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid84569 \hich\af40\dbch\af31505\loch\f40 which is}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40  0.05 or 5}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid84569 
\hich\af40\dbch\af31505\loch\f40  %. The regression coefficient}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40  shows the existence of a positive relatio\hich\af40\dbch\af31505\loch\f40 
nship with tax avoidance which means that the greater the risk of the company}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid84569 \hich\af40\dbch\af31505\loch\f40  is}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 
\hich\af40\dbch\af31505\loch\f40 , the greater tax avoidance }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid84569 \hich\af40\dbch\af31505\loch\f40 would be, }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 
\hich\af40\dbch\af31505\loch\f40 or vice versa. The results of testing indicate}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid84569 \hich\af40\dbch\af31505\loch\f40 s}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 
\hich\af40\dbch\af31505\loch\f40  that the character}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid84569 \hich\af40\dbch\af31505\loch\f40 istics of the executives influence}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40  tax avoidance. }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid84569 \hich\af40\dbch\af31505\loch\f40 It can be concluded if\hich\af40\dbch\af31505\loch\f40 
 the second hypothesis }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40 is accepted.}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid84569 \hich\af40\dbch\af31505\loch\f40 Additionally, the }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40 
increase or decrease in corporate risk describes the }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid84569 \hich\af40\dbch\af31505\loch\f40 executives}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid992078 \loch\af40\dbch\af31505\hich\f40 
\rquote }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid84569 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40 character}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid84569 \hich\af40\dbch\af31505\loch\f40 istics. }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40 The high va}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid84569 \hich\af40\dbch\af31505\loch\f40 lue of corporate risk (CRISK) exhibits the }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40 risk taker}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid84569 \hich\af40\dbch\af31505\loch\f40  as }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid992078 \hich\af40\dbch\af31505\loch\f40 traits }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid84569 
\hich\af40\dbch\af31505\loch\f40 which }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40 has a large tendency to avoid tax compa\hich\af40\dbch\af31505\loch\f40 
red to the value of corporate risk (CRISK)}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid84569 \hich\af40\dbch\af31505\loch\f40 , }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40 
as evidenced in the following data:}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12534413\charrsid13581828 
\par }\pard \ltrpar\qc \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\lang1033\langfe2052\langnp1033\insrsid12534413 \hich\af40\dbch\af31505\loch\f40 Tab}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\lang1033\langfe2052\langnp1033\insrsid13321324 \hich\af40\dbch\af31505\loch\f40 l}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid12534413 \hich\af40\dbch\af31505\loch\f40 e}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \b\f40\fs20\lang1033\langfe2052\langnp1033\insrsid13321324 \hich\af40\dbch\af31505\loch\f40  4.4}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid12534413 \hich\af40\dbch\af31505\loch\f40 The }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\lang1033\langfe2052\langnp1033\insrsid12534413 \hich\af40\dbch\af31505\loch\f40 Minimum }{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid12534413 \hich\af40\dbch\af31505\loch\f40 and}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40  Maksimum }{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid12534413 \hich\af40\dbch\af31505\loch\f40 values of }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\i\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 
Corporate Risk}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\lang1033\langfe2052\langnp1033\insrsid12534413 \hich\af40\dbch\af31505\loch\f40  (CRISK) & }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid12534413 \hich\af40\dbch\af31505\loch\f40 
the Value of}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40  TAVO
\par \ltrrow}\trowd \irow0\irowband0\ltrrow\ts24\trqc\trgaph108\trleft-108\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid13321324\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3013\clshdrawnil \cellx2905\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1116\clshdrawnil \cellx4021
\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1190\clshdrawnil \cellx5211\pard\plain \ltrpar
\qc \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid12534413\yts24 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12534413 \hich\af40\dbch\af31505\loch\f40 CompanyName}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid12534413 \cell }\pard \ltrpar
\qc \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid12859148\yts24 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 
CRISK\cell \hich\af40\dbch\af31505\loch\f40 TAVO\cell }\pard\plain \ltrpar\ql \li0\ri0\sa160\sl259\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid15941768 \trowd \irow0\irowband0\ltrrow\ts24\trqc\trgaph108\trleft-108\trbrdrt
\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid13321324\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3013\clshdrawnil \cellx2905\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1116\clshdrawnil \cellx4021
\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1190\clshdrawnil \cellx5211\row \ltrrow}\pard\plain \ltrpar
\qj \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid12859148\yts24 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 Ricky Putra Globalindo Tbk.\cell \hich\af40\dbch\af31505\loch\f40 0,0046\cell \hich\af40\dbch\af31505\loch\f40 
0.31467\cell }\pard\plain \ltrpar\ql \li0\ri0\sa160\sl259\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid15941768 \trowd \irow1\irowband1\ltrrow\ts24\trqc\trgaph108\trleft-108\trbrdrt
\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid13321324\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3013\clshdrawnil \cellx2905\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1116\clshdrawnil \cellx4021
\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1190\clshdrawnil \cellx5211\row \ltrrow}\pard\plain \ltrpar
\qj \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid12859148\yts24 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 Mayora Indah Tbk.\cell \hich\af40\dbch\af31505\loch\f40 0,4880\cell }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\cf1\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 0.98900\cell }\pard\plain \ltrpar\ql \li0\ri0\sa160\sl259\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af0\afs22\alang1025 
\ltrch\fcs0 \fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid15941768 \trowd \irow2\irowband2\lastrow \ltrrow
\ts24\trqc\trgaph108\trleft-108\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid13321324\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3013\clshdrawnil \cellx2905\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1116\clshdrawnil \cellx4021
\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1190\clshdrawnil \cellx5211\row }\pard \ltrpar
\qj \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \i\f40\fs20\insrsid12534413 \hich\af40\dbch\af31505\loch\f40 Source: data processed by authors.}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \i\f40\fs20\insrsid15221443\charrsid12534413 
\par }\pard \ltrpar\qj \fi720\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12534413 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid992078 \hich\af40\dbch\af31505\loch\f40 Ricky Putra Globalindo Tbk., has CRISK value of 0.0046 with }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 
\hich\af40\dbch\af31505\loch\f40 TAVO of 0.3146 which means risk averse }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid992078 \hich\af40\dbch\af31505\loch\f40 traits dominantly exist, }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40 to take }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid992078 \hich\af40\dbch\af31505\loch\f40 less}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40  tax avoidance actio}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid992078 \hich\af40\dbch\af31505\loch\f40 ns. Whereas Mayora Indah Tbk., possesses }{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40 the largest CRISK value }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid992078 \hich\af40\dbch\af31505\loch\f40 of}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40  0.4880 with a TAVO of 0.9890 indicating that the executive}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid992078 \hich\af40\dbch\af31505\loch\f40 s\hich\f40 \rquote }{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40  character}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid992078 \hich\af40\dbch\af31505\loch\f40 istics}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40  is}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid992078 \hich\af40\dbch\af31505\loch\f40  considered }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40 risk taker}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid992078 \hich\af40\dbch\af31505\loch\f40 s}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid992078 \hich\af40\dbch\af31505\loch\f40 by }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid992078\charrsid9196400 
\hich\af40\dbch\af31505\loch\f40 high}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid992078 \hich\af40\dbch\af31505\loch\f40 ly}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid992078\charrsid9196400 \hich\af40\dbch\af31505\loch\f40  }{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40 doing tax avoidance actions.}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1138817 \hich\af40\dbch\af31505\loch\f40 Moreover,}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40 
 corporate executives have influence in making risky decisions to obtain profi\hich\af40\dbch\af31505\loch\f40 ts for the company. One of the ways used to maximize com}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1138817 
\hich\af40\dbch\af31505\loch\f40 pany profits is to minimize the tax burden or to divert}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40  income through tax avoidance. Company exec}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1138817 \hich\af40\dbch\af31505\loch\f40 utives place trustees whose}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40  expertise}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1138817 \hich\af40\dbch\af31505\loch\f40 s are}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40  to observe and create tax avo}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid1138817 \hich\af40\dbch\af31505\loch\f40 idance schemes according to wh\hich\af40\dbch\af31505\loch\f40 at executives expect. Shortly, the}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 
\hich\af40\dbch\af31505\loch\f40  executives }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1138817 \hich\af40\dbch\af31505\loch\f40 do not}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 
\hich\af40\dbch\af31505\loch\f40  directly }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1138817 \hich\af40\dbch\af31505\loch\f40 take part}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 
\hich\af40\dbch\af31505\loch\f40  in these actions.}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400 
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40 Based on the description above, it can be concluded th}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1138817 
\hich\af40\dbch\af31505\loch\f40 at the results of the research denoting}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1138817 
\hich\af40\dbch\af31505\loch\f40 that }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40 the executive}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6764503 
\hich\af40\dbch\af31505\loch\f40 s\hich\f40 \rquote }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40  character}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6764503 
\hich\af40\dbch\af31505\loch\f40 istics}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1138817 \hich\af40\dbch\af31505\loch\f40  influence tax avoidance. It}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 
\hich\af40\dbch\af31505\loch\f40  support}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1138817 \hich\af40\dbch\af31505\loch\f40 s}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40 
 the research of Dyreng et al. (2010) which }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1138817 \hich\af40\dbch\af31505\loch\f40 argues}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 
\hich\af40\dbch\af31505\loch\f40  that the executive}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6764503 \hich\af40\dbch\af31505\loch\f40 s\hich\f40 \rquote }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 
\hich\af40\dbch\af31505\loch\f40  character}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6764503 \hich\af40\dbch\af31505\loch\f40 istics}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40 
 has a role in supporting tax avoidance actions}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1138817 ,}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40  and Budiman et al. (2012) }{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1138817 \hich\af40\dbch\af31505\loch\f40 notes}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid1138817 \hich\af40\dbch\af31505\loch\f40 that if}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1138817 
\hich\af40\dbch\af31505\loch\f40 the }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40 company executives are risk takers, the hi}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid1138817 
\hich\af40\dbch\af31505\loch\f40 gher rate of avoidance would be }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid9196400 \hich\af40\dbch\af31505\loch\f40 t\hich\af40\dbch\af31505\loch\f40 aken.
\par }\pard \ltrpar\ql \li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid15221443 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\fs20\lang1033\langfe2052\loch\af40\hich\af40\dbch\af31505\langfenp2052\insrsid1138817 \hich\af40\dbch\af31505\loch\f40 5.\tab}}\pard\plain \ltrpar
\s15\ql \fi-360\li360\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin360\itap0\pararsid15221443\contextualspace \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\lang1033\langfe2052\langnp1033\insrsid1138817 \hich\af40\dbch\af31505\loch\f40 CONCLUSION AND SUGGESTION}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid4685621 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\fs20\lang1057\langfe2052\loch\af40\hich\af40\dbch\af31505\langnp1057\langfenp2052\insrsid1138817 \hich\af40\dbch\af31505\loch\f40 5.1.\tab}}\pard \ltrpar
\s15\qj \fi-540\li540\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls19\ilvl1\adjustright\rin0\lin540\itap0\pararsid15221443\contextualspace {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid1138817 \hich\af40\dbch\af31505\loch\f40 
Conclusion}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid15221443\charrsid4685621 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \fs20\lang1057\langfe2052\loch\af40\hich\af40\dbch\af31505\langnp1057\langfenp2052\insrsid9196400\charrsid12085633 \hich\af40\dbch\af31505\loch\f40 1.\tab}}\pard \ltrpar
\s15\qj \fi-270\li270\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls13\ilvl3\adjustright\rin0\lin270\itap0\pararsid9196400\contextualspace {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid12085633 
\hich\af40\dbch\af31505\loch\f40 Thin capitalization has a positive effect on tax avoidance, }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12085633\charrsid12085633 \hich\af40\dbch\af31505\loch\f40 in which }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid9196400\charrsid12085633 \hich\af40\dbch\af31505\loch\f40 the higher the practice thin capitalization }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12085633\charrsid12085633 \hich\af40\dbch\af31505\loch\f40 is conducted, th}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid12085633 \hich\af40\dbch\af31505\loch\f40 e higher tax avoidance actions}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12085633\charrsid12085633 \hich\af40\dbch\af31505\loch\f40 
 would be executed. It m\hich\af40\dbch\af31505\loch\f40 eans that manufacturers that commit}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid12085633 \hich\af40\dbch\af31505\loch\f40 
 thin capitalization can reduce interest payments at a higher level against reported taxable income. This causes the tax burden }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid12085633\charrsid12085633 \hich\af40\dbch\af31505\loch\f40 to }{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid12085633 \hich\af40\dbch\af31505\loch\f40 be smaller and more efficient, followed by a higher level of  tax avoidance}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14121315 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \fs20\lang1057\langfe2052\loch\af40\hich\af40\dbch\af31505\langnp1057\langfenp2052\insrsid9196400\charrsid14121315 \hich\af40\dbch\af31505\loch\f40 2.\tab}}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid14121315 \hich\af40\dbch\af31505\loch\f40 Executive}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6764503\charrsid14121315 \hich\af40\dbch\af31505\loch\f40 s}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid9196400\charrsid14121315 \hich\af40\dbch\af31505\loch\f40  \hich\af40\dbch\af31505\loch\f40 character}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6764503\charrsid14121315 \hich\af40\dbch\af31505\loch\f40 i}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid14121315 \hich\af40\dbch\af31505\loch\f40 s}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6764503\charrsid14121315 \hich\af40\dbch\af31505\loch\f40 tics}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid9196400\charrsid14121315 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14121315\charrsid14121315 \hich\af40\dbch\af31505\loch\f40 positively influence}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid9196400\charrsid14121315 \hich\af40\dbch\af31505\loch\f40  tax avoidance, }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14121315\charrsid14121315 \hich\af40\dbch\af31505\loch\f40 meaning that the greater corporate risk }{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid14121315 \hich\af40\dbch\af31505\loch\f40 indicates}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14121315\charrsid14121315 \hich\af40\dbch\af31505\loch\f40 
, the more risk taker traits belong to}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid14121315 \hich\af40\dbch\af31505\loch\f40  the executive}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6764503\charrsid14121315 
\hich\af40\dbch\af31505\loch\f40 s}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14121315\charrsid14121315 \hich\af40\dbch\af31505\loch\f40 , }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid14121315 
\hich\af40\dbch\af31505\loch\f40 the higher level of tax avoidance }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14121315\charrsid14121315 \hich\af40\dbch\af31505\loch\f40 would be. Manufacturers with high corporate risk value represent t
\hich\af40\dbch\af31505\loch\f40 he condition whereby the risk-}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid14121315 \hich\af40\dbch\af31505\loch\f40 taker executive}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid6764503\charrsid14121315 \hich\af40\dbch\af31505\loch\f40 s\hich\f40 \rquote }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid14121315 \hich\af40\dbch\af31505\loch\f40  character}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid6764503\charrsid14121315 \hich\af40\dbch\af31505\loch\f40 istics}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14121315\charrsid14121315 \hich\af40\dbch\af31505\loch\f40  have}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid9196400\charrsid14121315 \hich\af40\dbch\af31505\loch\f40  a tendency to }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14121315\charrsid14121315 \hich\af40\dbch\af31505\loch\f40 prefer}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid9196400\charrsid14121315 \hich\af40\dbch\af31505\loch\f40  high risk with high expected profit levels, }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14121315\charrsid14121315 \hich\af40\dbch\af31505\loch\f40 therewith}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid14121315 \hich\af40\dbch\af31505\loch\f40  higher tax avoid}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14121315\charrsid14121315 \hich\af40\dbch\af31505\loch\f40 
ance to minimize the tax burden.}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400\charrsid14121315 
\par }\pard \ltrpar\s15\qj \li284\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin284\itap0\pararsid15221443\contextualspace {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid15221443\charrsid15941768 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\fs20\lang1057\langfe2052\loch\af40\hich\af40\dbch\af31505\langnp1057\langfenp2052\insrsid14121315 \hich\af40\dbch\af31505\loch\f40 5.2.\tab}}\pard \ltrpar
\s15\qj \fi-540\li540\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls19\ilvl1\adjustright\rin0\lin540\itap0\pararsid15221443\contextualspace {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid14121315 
\hich\af40\dbch\af31505\loch\f40 Limitation}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid15221443\charrsid4685621 
\par }\pard\plain \ltrpar\qj \fi720\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid14121315\charrsid9196400 \hich\af40\dbch\af31505\loch\f40 Limitat}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid14121315 \hich\af40\dbch\af31505\loch\f40 ion in research }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14121315 \hich\af40\dbch\af31505\loch\f40 consists of }{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid14121315 \hich\af40\dbch\af31505\loch\f40 as follows}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14121315 \hich\af40\dbch\af31505\loch\f40 :}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid14121315 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \fs20\lang1033\langfe2052\loch\af40\hich\af40\dbch\af31505\langfenp2052\insrsid14121315\charrsid14121315 \hich\af40\dbch\af31505\loch\f40 1)\tab}}\pard\plain \ltrpar
\s15\qj \fi-426\li426\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls14\adjustright\rin0\lin426\itap0\pararsid14121315\contextualspace \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid14121315\charrsid14121315 \hich\af40\dbch\af31505\loch\f40 
The period of the study only uses 5 (five) years, }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14121315\charrsid14121315 \hich\af40\dbch\af31505\loch\f40 emerging}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\lang1033\langfe2052\langnp1033\insrsid14121315\charrsid14121315 \hich\af40\dbch\af31505\loch\f40  to}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14121315\charrsid14121315 \hich\af40\dbch\af31505\loch\f40  limited }{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid14121315\charrsid14121315 \hich\af40\dbch\af31505\loch\f40 research data.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \fs20\lang1033\langfe2052\loch\af40\hich\af40\dbch\af31505\langfenp2052\insrsid14121315\charrsid14121315 \hich\af40\dbch\af31505\loch\f40 2)\tab}\hich\af40\dbch\af31505\loch\f40 
The research population only uses manufactur}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14121315\charrsid14121315 \hich\af40\dbch\af31505\loch\f40 ers and, thus,}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\lang1033\langfe2052\langnp1033\insrsid14121315\charrsid14121315 \hich\af40\dbch\af31505\loch\f40  the research population are not broad enough.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \fs20\lang1033\langfe2052\loch\af40\hich\af40\dbch\af31505\langfenp2052\insrsid14121315\charrsid14121315 \hich\af40\dbch\af31505\loch\f40 3)\tab}\hich\af40\dbch\af31505\loch\f40 
The practice of international tax avoidance which is use\hich\af40\dbch\af31505\loch\f40 d as variable is limited to the practice of thin capitalization.
\par }\pard \ltrpar\s15\qj \li360\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin360\itap0\pararsid9196400\contextualspace {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid9196400 \hich\af40\dbch\af31505\loch\f40       }
{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid9196400\charrsid9196400 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\fs20\lang1033\langfe2052\loch\af40\hich\af40\dbch\af31505\langfenp2052\insrsid15221443\charrsid4685621 \hich\af40\dbch\af31505\loch\f40 5.3.\tab}}\pard \ltrpar
\s15\qj \fi-540\li540\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls19\ilvl1\adjustright\rin0\lin540\itap0\pararsid15221443\contextualspace {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\b\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid4685621 \hich\af40\dbch\af31505\loch\f40 S}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid14121315 \hich\af40\dbch\af31505\loch\f40 uggestions}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\b\f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid4685621 
\par }\pard\plain \ltrpar\qj \fi720\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6901833\charrsid9196400 \hich\af40\dbch\af31505\loch\f40 Based on the research conducted, the }{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6901833 \hich\af40\dbch\af31505\loch\f40 following are suggestions that the study could contribute}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6901833\charrsid9196400 
\hich\af40\dbch\af31505\loch\f40 :}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1033\langfe2052\langnp1033\insrsid15221443\charrsid6901833 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \fs20\lang1057\langfe2052\loch\af40\hich\af40\dbch\af31505\langnp1057\langfenp2052\insrsid6901833 \hich\af40\dbch\af31505\loch\f40 1)\tab}}\pard\plain \ltrpar
\s15\qj \fi-360\li360\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin360\itap0\pararsid15221443\contextualspace \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6901833 \hich\af40\dbch\af31505\loch\f40 The study }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid14121315\charrsid9196400 \hich\af40\dbch\af31505\loch\f40 indicate}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6901833 \hich\af40\dbch\af31505\loch\f40 s}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid14121315\charrsid9196400 \hich\af40\dbch\af31505\loch\f40  that thin capitalization affects tax avoidance, }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6901833 \hich\af40\dbch\af31505\loch\f40 and}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid14121315\charrsid9196400 \hich\af40\dbch\af31505\loch\f40  Directorate General of Taxes is expected to review tax regulations related to the Regulation of the}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6901833 
\hich\af40\dbch\af31505\loch\f40  Minister of Finance Number 169}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14121315\charrsid9196400 \hich\af40\dbch\af31505\loch\f40 /}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6901833 
\hich\af40\dbch\af31505\loch\f40 PMK.010/2015. The occurrence happens because }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14121315\charrsid9196400 \hich\af40\dbch\af31505\loch\f40 the limit }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid6901833 \hich\af40\dbch\af31505\loch\f40 of the ratio between}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14121315\charrsid9196400 \hich\af40\dbch\af31505\loch\f40  debt }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid6901833 \hich\af40\dbch\af31505\loch\f40 and}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14121315\charrsid9196400 \hich\af40\dbch\af31505\loch\f40  capital set in Indonesia is relative\hich\af40\dbch\af31505\loch\f40 
ly larger than th}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6901833 \hich\af40\dbch\af31505\loch\f40 e limits set by other countries. Hence,}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14121315\charrsid9196400 
\hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6901833 \hich\af40\dbch\af31505\loch\f40 most }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14121315\charrsid9196400 \hich\af40\dbch\af31505\loch\f40 
companies tend to avoid taxati}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6901833 \hich\af40\dbch\af31505\loch\f40 on by increasing their interest-}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14121315\charrsid9196400 
\hich\af40\dbch\af31505\loch\f40 bearing debt.}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid14121315\charrsid14121315 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \fs20\lang1057\langfe2052\loch\af40\hich\af40\dbch\af31505\langnp1057\langfenp2052\insrsid6901833 \hich\af40\dbch\af31505\loch\f40 2)\tab}}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid6901833 \hich\af40\dbch\af31505\loch\f40 The result}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14121315\charrsid9196400 \hich\af40\dbch\af31505\loch\f40  of the study show}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid6901833 \hich\af40\dbch\af31505\loch\f40 s}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14121315\charrsid9196400 \hich\af40\dbch\af31505\loch\f40  the executive}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14121315 
\hich\af40\dbch\af31505\loch\f40 s\hich\f40 \rquote }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14121315\charrsid9196400 \hich\af40\dbch\af31505\loch\f40  character}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14121315 
\hich\af40\dbch\af31505\loch\f40 istics}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6901833 \hich\af40\dbch\af31505\loch\f40  influence tax avoidance. Therefore,}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14121315\charrsid9196400 
\hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6901833 \hich\af40\dbch\af31505\loch\f40 the }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14121315\charrsid9196400 \hich\af40\dbch\af31505\loch\f40 executive}
{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14121315 \hich\af40\dbch\af31505\loch\f40 s ar\hich\af40\dbch\af31505\loch\f40 e}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14121315\charrsid9196400 \hich\af40\dbch\af31505\loch\f40 
 expected to pay attention to the }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6901833 \hich\af40\dbch\af31505\loch\f40 magnitude of the corporate }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14121315\charrsid9196400 
\hich\af40\dbch\af31505\loch\f40 ris}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6901833 \hich\af40\dbch\af31505\loch\f40 k before setting a policy. It purposes to facilitate the company in deciding the level of risk}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid14121315\charrsid9196400 \hich\af40\dbch\af31505\loch\f40 , }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6901833 \hich\af40\dbch\af31505\loch\f40 and thus,}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid14121315\charrsid9196400 \hich\af40\dbch\af31505\loch\f40  it can }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6901833 \hich\af40\dbch\af31505\loch\f40 yield a policy concerning}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\insrsid14121315\charrsid9196400 \hich\af40\dbch\af31505\loch\f40  optimal tax avoidance.}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid14121315\charrsid14121315 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \fs20\lang1057\langfe2052\loch\af40\hich\af40\dbch\af31505\langnp1057\langfenp2052\insrsid14121315\charrsid9196400 \hich\af40\dbch\af31505\loch\f40 3)\tab}}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\insrsid14121315\charrsid9196400 \hich\af40\dbch\af31505\loch\f40 For further research}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6901833 \hich\af40\dbch\af31505\loch\f40 , \hich\af40\dbch\af31505\loch\f40 
the study recommends}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14121315\charrsid9196400 \hich\af40\dbch\af31505\loch\f40  to use other intern}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid6901833 \hich\af40\dbch\af31505\loch\f40 
ational tax avoidance practices, so that}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid14121315\charrsid9196400 \hich\af40\dbch\af31505\loch\f40 
 it is possible to find different influences besides the practice of thin capitalization such as transfer pricing, treaty shopping, and controlled foreign corporation (CFC).}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid9196400 

\par }\pard\plain \ltrpar\ql \li0\ri0\sa160\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1057\langfe2052\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1057\langfenp2052 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid13783425 
\par }\pard \ltrpar\ql \li0\ri0\sa160\sl259\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15221443 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid5181039 \hich\af40\dbch\af31505\loch\f40 R
\hich\af40\dbch\af31505\loch\f40 EFERENCES}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\f40\fs20\insrsid15221443\charrsid5181039 
\par }\pard \ltrpar\qj \fi-480\li480\ri0\sa160\nowidctlpar\wrapdefault\faauto\rin0\lin480\itap0\pararsid15221443 {\field\fldedit\fldlock{\*\fldinst {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1031\langfe2052\langnp1031\insrsid15221443\charrsid13581828 
\hich\af40\dbch\af31505\loch\f40 ADDIN Mendeley Bibliography CSL_BIBLIOGRAPHY }}{\fldrslt {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 \hich\f40 
Arifin, Nanang Zainal. 2014. \'93\loch\f40 \hich\f40 BEPS Dalam Kerangka Kerja Sama G20 Dan Implementasinya Kepada Indonesia.\'94\loch\f40  13: 1\hich\f40 \endash \loch\f40 27.}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid13581828 \hich\af40\dbch\af31505\loch\f40  (Diunduh 19 November 2016)}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 
\par \hich\af40\dbch\af31505\loch\f40 Azwar, Saifuddin. 2013. }{\rtlch\fcs1 \ai\af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 Sikap Manusia}{\rtlch\fcs1 \ai\af0\afs20 
\ltrch\fcs0 \i\f0\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \loch\af0\dbch\af31505\hich\f0 \u8239\'3f}{\rtlch\fcs1 \ai\af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 
\hich\af40\dbch\af31505\loch\f40 : Teori Dan Pengukurannya}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 . 2nd ed. Pustaka Pelajar.
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1024\langfe1024\noproof\insrsid8193426 \hich\af40\dbch\af31505\loch\f40 Bank Indonesia. 2014}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 
\hich\af40\dbch\af31505\loch\f40 . }{\rtlch\fcs1 \ai\af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 Laporan Perekonomian Indonesia (Indonesian Economy Report)}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 . http://www.bi.go.id/id}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\lang1024\langfe1024\noproof\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 . (Diakses 2 Januari 2017)
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 \hich\f40 Budiman, Judi, dan Setiyono. 2012. \'93\loch\f40 Pengaruh Karakter Eksekutif Terhadap 
\hich\af40\dbch\af31505\loch\f40 \hich\f40 Penghindaran Pajak (Tax Avoidance).\'94\loch\f40  }{\rtlch\fcs1 \ai\af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 
SNA XV Banjarmasin}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 : 1\hich\f40 \endash \loch\f40 22.
\par \hich\af40\dbch\af31505\loch\f40 Butje, Stella, dan Tjondro}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid13581828 ,}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 \hich\f40  Elisa. 2014. \'93\loch\f40 \hich\f40 Pengaruh Karakter Eksekutif Dan Koneksi Politik Terhadap Tax Avoidance.\'94\loch\f40  }{\rtlch\fcs1 
\ai\af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 Tax & Accounting Review}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40  4(2): 1\hich\f40 \endash \loch\f40 22.
\par \hich\af40\dbch\af31505\loch\f40 \hich\f40 Deddy. 2015. \'93\loch\f40 ICIJ: Indonesia Urutan Ke-95\hich\af40\dbch\af31505\loch\f40 \hich\f40  Skandal Swiss Leaks.\'94\loch\f40  }{\rtlch\fcs1 \ai\af0\afs20 \ltrch\fcs0 
\i\f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 CCN Indonesia}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 
\hich\af40\dbch\af31505\loch\f40 . http://www.cnnindonesia.com}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1024\langfe1024\noproof\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 . (Diakses 21 November 2016)}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 
\par \hich\af40\dbch\af31505\loch\f40 \hich\f40 Desai, Mihir A., C. Fritz Foley, and James R. Hines. 2006. \'93\loch\f40 \hich\f40 The Demand for Tax Haven Operations.\'94\loch\f40  }{\rtlch\fcs1 \ai\af0\afs20 \ltrch\fcs0 
\i\f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 Journal of Public Economics}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 
\hich\af40\dbch\af31505\loch\f40  90(3): 513\hich\f40 \endash \loch\f40 31.
\par }\pard \ltrpar\qj \fi-480\li480\ri0\sa160\nowidctlpar\wrapdefault\faauto\rin0\lin480\itap0\pararsid8193426 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 
Desai, Mihir A., and \hich\af40\dbch\af31505\loch\f40 \hich\f40 James R. Hines. 2002. \'93\loch\f40 \hich\f40 Expectations and Expatriations: Tracing The Causes and Consequences of Corporate Inversions.\'94\loch\f40  }{\rtlch\fcs1 \ai\af0\afs20 
\ltrch\fcs0 \i\f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 Nber Working Paper Series Expectations}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1024\langfe1024\noproof\insrsid8193426 
\hich\af40\dbch\af31505\loch\f40 : 1\hich\f40 \endash \loch\f40 43.}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 
\par }\pard \ltrpar\qj \fi-480\li480\ri0\sa160\nowidctlpar\wrapdefault\faauto\rin0\lin480\itap0\pararsid15221443 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 
\hich\f40 Dyreng, Scott D., Michelle Hanlon, and Edward L. Maydew. 2010. \'93\loch\f40 The Effects of Executives on \hich\af40\dbch\af31505\loch\f40 \hich\f40 Corporate Tax Avoidance.\'94\loch\f40  }{\rtlch\fcs1 \ai\af0\afs20 \ltrch\fcs0 
\i\f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 Accounting Review}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 
\hich\af40\dbch\af31505\loch\f40  85(4): 1163\hich\f40 \endash \loch\f40 89.
\par \hich\af40\dbch\af31505\loch\f40 Ghozali, Imam. 2013. }{\rtlch\fcs1 \ai\af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 
Aplikasi Analisis Multivariat Dengan Program IBM SPSS 21}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 . 7th ed. Semarang: Universitas Diponegoro.
\par \hich\af40\dbch\af31505\loch\f40 \hich\f40 Hanlon, Michelle, and Shane Heitzman. 2010. \'93\loch\f40 \hich\f40 A Review of Tax Research.\'94\loch\f40  }{\rtlch\fcs1 \ai\af0\afs20 \ltrch\fcs0 
\i\f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 Jou\hich\af40\dbch\af31505\loch\f40 rnal of Accounting and Economics}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40  50(2\hich\f40 \endash \loch\f40 3): 127\hich\f40 \endash \loch\f40 78.
\par }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1024\langfe1024\noproof\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 Hartono, }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 Jogiyanto. 2013. }{\rtlch\fcs1 \ai\af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 
\hich\af40\dbch\af31505\loch\f40 Metodologi Penelitian Bisnis}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 . 6th ed. Yogyakarta: BPFE.
\par \hich\af40\dbch\af31505\loch\f40 International Consortium of Investigative}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1024\langfe1024\noproof\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 \hich\f40 Journalist. 2015. \'93\loch\f40 \hich\f40 Top Countries Swiss Leaks.\'94\loch\f40  https://projects.icij.org/swiss-lea
\hich\af40\dbch\af31505\loch\f40 ks/countries/rankings#money.}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1024\langfe1024\noproof\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40  (Diakses 2 Januari 2017)}{\rtlch\fcs1 
\af0\afs20 \ltrch\fcs0 \f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 
\par \hich\af40\dbch\af31505\loch\f40 \hich\f40 Ismi, Fadhil, dan Linda. 2016. \'93\loch\f40 \hich\f40 Pengaruh Thin Capitalization , Return On Asset , Dan Corporate Governance Pada Perusahaan Jakarta Islami Index ( JII ).\'94\loch\f40  }{\rtlch\fcs1 
\ai\af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 Jurnal Ilmiah Mahasiswa Ekonomi Akuntansi (JIMEKA)}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40  1(1): 150\hich\f40 \endash \loch\f40 65.
\par \hich\af40\dbch\af31505\loch\f40 \hich\f40 Jacob, Fatoki. 2014. \'93\loch\f40 \hich\f40 An Empirical Study of Tax Evasion and Tax Avoidance: A Critical Issue in Nigeria Economic Development.\'94\loch\f40  }{\rtlch\fcs1 \ai\af0\afs20 \ltrch\fcs0 
\i\f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 Issn}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 
 5(18): 22\hich\f40 \endash \loch\f40 27. www.iiste.org.
\par }\pard \ltrpar\qj \fi-480\li480\ri0\sa160\nowidctlpar\wrapdefault\faauto\rin0\lin480\itap0\pararsid8193426 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 
\hich\f40 Kementerian Keuangan. 2015. \'93\loch\f40 PM\hich\af40\dbch\af31505\loch\f40 \hich\f40 K-169/PMK.010/2015 Penentuan Besarnya Perbandingan Antara Utang Dan Modal Perusahaan Untuk Keperluan Penghitungan PPh.\'94}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid13581828 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1024\langfe1024\noproof\langnp1033\insrsid15221443\charrsid15941768 
\hich\af40\dbch\af31505\loch\f40 (Diunduh 2 Januari 2017)}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid8193426 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\insrsid15221443\charrsid8193426 
\par }\pard \ltrpar\qj \fi-480\li480\ri0\sa160\nowidctlpar\wrapdefault\faauto\rin0\lin480\itap0\pararsid15221443 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 
Kurniawan, Anang Mury. 2015. }{\rtlch\fcs1 \ai\af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 Pajak Internasional Beserta Contoh Aplikasinya}{\rtlch\fcs1 \af0\afs20 
\ltrch\fcs0 \f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 . kedua. Bogor: Ghalia Indonesia.
\par \hich\af40\dbch\af31505\loch\f40 \hich\f40 Low, Angie. 2006. \'93\loch\f40 \hich\f40 Managerial Risk-Taking Behavior and Equity-Based Compensation.\'94\loch\f40  }{\rtlch\fcs1 \ai\af0\afs20 \ltrch\fcs0 
\i\f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 The Journal of the American Taxation Association}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40  23(1): 1\hich\f40 \endash \loch\f40 19.
\par \hich\af40\dbch\af31505\loch\f40 Ngadiman, dan Puspitasari}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1024\langfe1024\noproof\langnp1033\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 , }{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 \hich\f40 Christiany. 2014. \'93\loch\f40 Pengaruh Leverage, Kepemilikan Institusional, Dan Ukuran Perusaha\hich\af40\dbch\af31505\loch\f40 \hich\f40 
an Terhadap Penghindaran Pajak (Tax Avoidance) Pada Perusahaan Sektor Manufaktur Yang Terdaftar Di Bursa Efek Indonesia 2010-2012.\'94\loch\f40  }{\rtlch\fcs1 \ai\af0\afs20 \ltrch\fcs0 
\i\f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 Jurnal Akuntansi}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 
\hich\af40\dbch\af31505\loch\f40  XVIII(3): 408\hich\f40 \endash \loch\f40 21.
\par \hich\af40\dbch\af31505\loch\f40 \hich\f40 Paligorova, Teodora. 2010. \'93\loch\f40 Corporate Risk Taking and Ownership Structure Corporate Risk \hich\af40\dbch\af31505\loch\f40 \hich\f40 Taking and Ownership.\'94\loch\f40  }{\rtlch\fcs1 \ai\af0\afs20 
\ltrch\fcs0 \i\f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 Bank of Canada Working Paper}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 
\hich\af40\dbch\af31505\loch\f40 : 1\hich\f40 \endash \loch\f40 41.
\par \hich\af40\dbch\af31505\loch\f40 \hich\f40 Penman, Stephen H., Scott A. Richardson, and Irem Tuna. 2007. \'93\loch\f40 \hich\f40 The Book-to-Price Effect in Stock Returns: Accounting for Leverage.\'94\loch\f40  }{\rtlch\fcs1 \ai\af0\afs20 \ltrch\fcs0 
\i\f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 Journal of Accounting Research}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 
\hich\af40\dbch\af31505\loch\f40  45(2): 427\hich\f40 \endash \loch\f40 67.
\par }\pard \ltrpar\qj \fi-480\li480\ri0\sa160\nowidctlpar\wrapdefault\faauto\rin0\lin480\itap0\pararsid8193426 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 
Rahayu, Ning. 2010.\hich\af40\dbch\af31505\loch\f40 \hich\f40  \'93\loch\f40 \hich\f40 Evaluasi Regulasi Atas Praktik Penghindaran Pajak Penanaman Modal Asing.\'94\loch\f40  }{\rtlch\fcs1 \ai\af0\afs20 \ltrch\fcs0 
\i\f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 Jurnal Akuntansidan Keuongan Indonesia}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 
\hich\af40\dbch\af31505\loch\f40  7(1): 61}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1024\langfe1024\noproof\insrsid8193426 \loch\af40\dbch\af31505\hich\f40 \endash \loch\f40 78.}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 
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Suandy, Erly. 2016. }{\rtlch\fcs1 \ai\af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 Perencanaan Pajak}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 . Keenam. Jakarta: Salemba Empat.
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\i\f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 CCN Indonesia}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 
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\par \hich\af40\dbch\af31505\loch\f40 Sugiyono. 2015. }{\rtlch\fcs1 \ai\af0\afs20 \ltrch\fcs0 \i\f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 Metode Penelitian Kuantitatif, Kualitatif, Dan R&D}{
\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 . Bandung: Alafabeta.
\par \hich\af40\dbch\af31505\loch\f40 \hich\f40 Taylor, Grantley, and Grant Richardson. 2012. \'93\loch\f40 International Corporate Tax Avoidance Practices: Evidence from \hich\af40\dbch\af31505\loch\f40 \hich\f40 Australian Firms.\'94\loch\f40  }{\rtlch\fcs1 
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\f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40  47(4): 469\hich\f40 \endash \loch\f40 96.
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\ltrch\fcs0 \f40\fs20\lang1024\langfe1024\noproof\insrsid15221443\charrsid15941768 \hich\af40\dbch\af31505\loch\f40 . 3rd ed. Jakarta: Salemba Empat.}{\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f40\fs20\lang1024\langfe1024\noproof\insrsid15221443 
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