Pengaruh Tunneling Incentive Dan Leverage Terhadap Keputusan Transfer Pricing

Pada Perusahaan Energi Yang Terdaftar di Bursa Efek Indonesia Tahun 2019-2023

Abstract

This study aims to analyze the influence of tunneling incentive and leverage on
transfer pricing decisions in energy sector companies listed on the Indonesia Stock
Exchange (IDX) during the 2019–2023 period. Transfer pricing refers to pricing
policies in intercompany transactions within a business group, often used as a
strategy to reduce tax burdens. Tunneling incentive reflects the controlling
shareholders’ tendency to transfer company resources for personal gain, while
leverage indicates the company’s dependency on debt financing. This study employs
a quantitative approach using panel data regression analysis. The tunneling incentive
variable is proxied by foreign controlling ownership exceeding 20%, leverage is
measured by the Debt to Equity Ratio (DER), and transfer pricing is proxied by the
ratio of related party receivables to total receivables. The results show that both
tunneling incentive and leverage have a significant simultaneous influence on
transfer pricing decisions. Partially, both variables also have a positive and
significant effect. These findings indicate that ownership structure and corporate
funding composition play important roles in a firm’s tendency to engage in transfer
pricing practices. Therefore, strengthening regulations and supervision of affiliate
transactions and ownership structures is crucial to prevent tax avoidance that harms
state revenue. This research is expected to contribute to tax authorities, academics,
and businesses by providing insights into the driving factors of transfer pricing in the
Indonesian energy sector.

Keywords: Tunneling Incentive, Leverage, Transfer Pricing, Energy Sector,
Indonesia Stock Exchange.