THE EFFECT OF INTANGIBLE ASSETS VALUE AND TRANSFER PRICING ON TAX AVOIDANCE WITH ESG PERFORMANCE AS A MODERATOR: EVIDENCE FROM THAILAND

Authors

  • Piyanat Thunputtadom Faculty of Humanities and Social Sciences, Raja Mangala University of Technology, Tawan-ok, Thailand.
  • Pannarai Lata Faculty of Business Administration, King Mongkut's University of Technology North Bangkok, Rayong Campus, Thailand.

DOI:

https://doi.org/10.60101/rmuttgber.2026.291713

Keywords:

Intangible asset, Transfer pricing, Tax avoidance, ESG performance

Abstract

This study examines the relationship between intangible assets, transfer pricing, and corporate tax avoidance, with ESG performance as a moderating variable. Using panel data from 133 firms listed on the Stock Exchange of Thailand during 2020–2024 (665 firm-year observations), multiple regression analysis was employed. Tax avoidance was measured by the effective tax rate (ETR), the ratio of tax expense to operating cash flows (TAX/CFO), and the ratio of tax expense to total assets (TAX/ASSETS). The results reveal that intangible assets are positively associated with TAX/CFO and TAX/ASSETS, indicating lower levels of tax avoidance. ESG performance weakens the relationship between intangible assets and TAX/ASSETS, suggesting reduced tax avoidance in high-ESG firms. Transfer pricing is positively related to TAX/ASSETS, and ESG performance strengthens the relationship between transfer pricing and ETR, thereby enhancing tax compliance. These findings support Stakeholder Theory by highlighting the role of ESG in promoting ethical tax practices. These findings suggest that ESG serves as an effective governance mechanism for mitigating tax avoidance and enhancing tax transparency. Therefore, regulators and tax authorities should incorporate ESG as a central criterion in assessing and managing tax risks.

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Published

13.05.2026

How to Cite

THUNPUTTADOM, P.; LATA, P. THE EFFECT OF INTANGIBLE ASSETS VALUE AND TRANSFER PRICING ON TAX AVOIDANCE WITH ESG PERFORMANCE AS A MODERATOR: EVIDENCE FROM THAILAND. RMUTT Global Business and Economics Review, Pathum Thani, Thailand, v. 21, n. 1, p. 17–38, 2026. DOI: 10.60101/rmuttgber.2026.291713. Disponível em: https://so03.tci-thaijo.org/index.php/RMUTT-Gber/article/view/291713. Acesso em: 17 may. 2026.

Issue

Vol. 21 No. 1 (2026): January - June 2026

Section

Research Articles

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