The Role of Corporate Risk as a Moderating Variable: The Effect of Transfer Pricing and Capital Intensity on Tax Aggressiveness
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Tax aggressiveness remains a persistent concern in the mining industry because the sector possesses complex cross-border transactions, substantial fixed-asset investments, and extensive opportunities for profit shifting. This study examines the effects of transfer pricing and capital intensity on tax aggressiveness while investigating the moderating role of corporate risk. Drawing upon Agency Theory, the research argues that managerial incentives and corporate risk preferences influence tax planning decisions. A quantitative research design was employed using secondary data obtained from the audited annual reports of mining companies listed on the Indonesia Stock Exchange during 2020–2024. Purposive sampling generated 50 firm-year observations that satisfied the predetermined selection criteria. The hypotheses were tested using Multiple Linear Regression and Moderated Regression Analysis (MRA). The findings reveal that transfer pricing has a significant positive effect on tax aggressiveness, indicating that affiliated transactions provide greater opportunities for profit shifting and tax minimization. In contrast, capital intensity significantly and negatively affects tax aggressiveness, suggesting that companies with substantial fixed-asset investments tend to adopt more conservative tax strategies because depreciation policies are highly regulated and transparent. Furthermore, corporate risk strengthens the positive relationship between transfer pricing and tax aggressiveness but weakens the relationship between capital intensity and tax aggressiveness. The novelty of this study lies in incorporating corporate risk as a contingency factor that explains variations in the effectiveness of tax planning strategies within the mining sector. These findings contribute to the literature on Agency Theory and corporate taxation while providing practical implications for tax authorities in improving risk-based supervision of transfer pricing practices and strengthening tax compliance in resource-intensive industries.
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