<![CDATA[Purpose: This study examines the effects of intangible assets, debt covenants, and tax minimization on transfer pricing behavior and investigates the moderating role of bonus mechanisms in Indonesian non-financial firms. Methodology/approach: This research employs a quantitative longitudinal panel design using secondary data from the Refinitiv LSEG database. The sample consists of publicly listed non-financial companies in Indonesia, generating 4,202 firm-year observations after screening. Data are analyzed using a Fixed Effect Model and Moderated Regression Analysis (MRA) with EViews 12. Findings: The results show that intangible assets significantly influence transfer pricing, emphasizing the strategic role of intellectual resources. Debt covenants and tax minimization have no direct effect. However, bonus mechanisms strengthen the relationships between debt covenants and transfer pricing, as well as tax minimization and transfer pricing, while no moderating effect is found for intangible assets. Practical and Theoretical Contribution/Originality: This study extends agency and positive accounting theories by highlighting managerial incentives in transfer pricing decisions and provides practical implications for regulators and firms in designing effective incentive schemes. Research Limitation: The study is limited to a single proxy for transfer pricing and does not consider variations in bonus scheme design or corporate governance characteristics.]]>
