{"id":"https://openalex.org/W7225575917","doi":"https://doi.org/10.59261/jequi.v8i5.486","title":"Capital Structure, Asset Efficiency, and Firm Performance: The Moderating Role of Transfer Pricing in Indonesian Consumer Sector Firms","display_name":"Capital Structure, Asset Efficiency, and Firm Performance: The Moderating Role of Transfer Pricing in Indonesian Consumer Sector Firms","publication_year":2026,"publication_date":"2026-11-09","ids":{"openalex":"https://openalex.org/W7225575917","doi":"https://doi.org/10.59261/jequi.v8i5.486"},"language":"en","primary_location":{"id":"doi:10.59261/jequi.v8i5.486","doi":"https://doi.org/10.59261/jequi.v8i5.486","is_oa":true,"landing_page_url":"https://doi.org/10.59261/jequi.v8i5.486","pdf_url":"https://www.jurnalequivalent.id/index.php/jequi/article/download/486/459","source":{"id":"https://openalex.org/S4210206316","display_name":"Equivalent Jurnal Ilmiah Sosial Teknik","issn_l":"2775-0329","issn":["2775-0329","2775-0833"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"cc-by-sa","license_id":"https://openalex.org/licenses/cc-by-sa","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Equivalent: Jurnal Ilmiah Sosial Teknik","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"diamond","oa_url":"https://www.jurnalequivalent.id/index.php/jequi/article/download/486/459","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5161268541","display_name":"Nove Feneriti","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I147337026","display_name":"Universitas Trisakti","ror":"https://ror.org/019fnr381","country_code":"ID","type":"education","lineage":["https://openalex.org/I147337026"]}],"countries":["ID"],"is_corresponding":false,"raw_author_name":"Nove Feneriti","raw_affiliation_strings":["Universitas Trisakti, Indonesia"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Universitas Trisakti, Indonesia","institution_ids":["https://openalex.org/I147337026"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5083848500","display_name":"Etty Murwaningsari","orcid":"https://orcid.org/0000-0002-9720-6392","observed_orcids":["https://orcid.org/0000-0002-9720-6392","https://orcid.org/0009-0005-8393-9623","https://orcid.org/0009-0003-4656-6747"]},"institutions":[{"id":"https://openalex.org/I147337026","display_name":"Universitas Trisakti","ror":"https://ror.org/019fnr381","country_code":"ID","type":"education","lineage":["https://openalex.org/I147337026"]}],"countries":["ID"],"is_corresponding":false,"raw_author_name":"Etty Murwaningsari","raw_affiliation_strings":["Universitas Trisakti, Indonesia"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Universitas Trisakti, Indonesia","institution_ids":["https://openalex.org/I147337026"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":["https://openalex.org/I147337026"],"apc_list":null,"apc_paid":null,"fwci":0.0,"has_fulltext":true,"cited_by_count":0,"citation_normalized_percentile":{"value":0.0,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":"8","issue":"5","first_page":"2386","last_page":"2397"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.4528999924659729,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.4528999924659729,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.2583000063896179,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12544","display_name":"Working Capital and Financial Performance","score":0.22220000624656677,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/capital-structure","display_name":"capital structure","score":0.9470000267028809},{"id":"https://openalex.org/keywords/asset-utilization","display_name":"asset utilization","score":0.9929999709129333},{"id":"https://openalex.org/keywords/firm-performance","display_name":"firm performance","score":0.9819999933242798},{"id":"https://openalex.org/keywords/transfer-pricing","display_name":"transfer pricing","score":0.9860000014305115},{"id":"https://openalex.org/keywords/related-party-transactions","display_name":"related-party transactions","score":0.7879999876022339},{"id":"https://openalex.org/keywords/debt-ratio","display_name":"debt ratio","score":0.8659999966621399},{"id":"https://openalex.org/keywords/asset-turnover","display_name":"asset turnover","score":0.902999997138977},{"id":"https://openalex.org/keywords/moderating-effect","display_name":"moderating effect","score":0.5849999785423279},{"id":"https://openalex.org/keywords/indonesian-firms","display_name":"Indonesian companies","score":0.796999990940094}],"concepts":[{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.550599992275238},{"id":"https://openalex.org/C2779207338","wikidata":"https://www.wikidata.org/wiki/Q9240","display_name":"Indonesian","level":2,"score":0.5439000129699707},{"id":"https://openalex.org/C76178495","wikidata":"https://www.wikidata.org/wiki/Q4808784","display_name":"Asset (computer security)","level":2,"score":0.5432000160217285},{"id":"https://openalex.org/C6422946","wikidata":"https://www.wikidata.org/wiki/Q857354","display_name":"Panel data","level":2,"score":0.5406000018119812},{"id":"https://openalex.org/C2777203310","wikidata":"https://www.wikidata.org/wiki/Q646278","display_name":"Transfer pricing","level":3,"score":0.4569000005722046},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.4350999891757965},{"id":"https://openalex.org/C2778510605","wikidata":"https://www.wikidata.org/wiki/Q4808810","display_name":"Asset specificity","level":3,"score":0.40290001034736633},{"id":"https://openalex.org/C181236170","wikidata":"https://www.wikidata.org/wiki/Q848354","display_name":"Capital asset pricing model","level":2,"score":0.36660000681877136},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.3319000005722046},{"id":"https://openalex.org/C83646750","wikidata":"https://www.wikidata.org/wiki/Q193893","display_name":"Capital (architecture)","level":2,"score":0.32679998874664307},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.32519999146461487},{"id":"https://openalex.org/C855514","wikidata":"https://www.wikidata.org/wiki/Q1665869","display_name":"Interaction","level":2,"score":0.32109999656677246},{"id":"https://openalex.org/C149933338","wikidata":"https://www.wikidata.org/wiki/Q950816","display_name":"Capital structure","level":3,"score":0.32010000944137573},{"id":"https://openalex.org/C44970651","wikidata":"https://www.wikidata.org/wiki/Q17014030","display_name":"Fixed effects model","level":3,"score":0.3138999938964844},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.3068000078201294},{"id":"https://openalex.org/C2776943663","wikidata":"https://www.wikidata.org/wiki/Q165687","display_name":"Human capital","level":2,"score":0.29269999265670776},{"id":"https://openalex.org/C81917197","wikidata":"https://www.wikidata.org/wiki/Q628760","display_name":"Selection (genetic algorithm)","level":2,"score":0.2913999855518341},{"id":"https://openalex.org/C40423286","wikidata":"https://www.wikidata.org/wiki/Q284172","display_name":"Selection bias","level":2,"score":0.2856999933719635},{"id":"https://openalex.org/C19963470","wikidata":"https://www.wikidata.org/wiki/Q5035695","display_name":"Capital asset","level":2,"score":0.2660999894142151},{"id":"https://openalex.org/C152877465","wikidata":"https://www.wikidata.org/wiki/Q208042","display_name":"Regression analysis","level":2,"score":0.26499998569488525},{"id":"https://openalex.org/C27574286","wikidata":"https://www.wikidata.org/wiki/Q320723","display_name":"Variables","level":2,"score":0.25940001010894775},{"id":"https://openalex.org/C93225998","wikidata":"https://www.wikidata.org/wiki/Q1941972","display_name":"Moderation","level":2,"score":0.25519999861717224},{"id":"https://openalex.org/C112896921","wikidata":"https://www.wikidata.org/wiki/Q1728600","display_name":"Asset turnover","level":4,"score":0.25380000472068787}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.59261/jequi.v8i5.486","doi":"https://doi.org/10.59261/jequi.v8i5.486","is_oa":true,"landing_page_url":"https://doi.org/10.59261/jequi.v8i5.486","pdf_url":"https://www.jurnalequivalent.id/index.php/jequi/article/download/486/459","source":{"id":"https://openalex.org/S4210206316","display_name":"Equivalent Jurnal Ilmiah Sosial Teknik","issn_l":"2775-0329","issn":["2775-0329","2775-0833"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"cc-by-sa","license_id":"https://openalex.org/licenses/cc-by-sa","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Equivalent: Jurnal Ilmiah Sosial Teknik","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.59261/jequi.v8i5.486","doi":"https://doi.org/10.59261/jequi.v8i5.486","is_oa":true,"landing_page_url":"https://doi.org/10.59261/jequi.v8i5.486","pdf_url":"https://www.jurnalequivalent.id/index.php/jequi/article/download/486/459","source":{"id":"https://openalex.org/S4210206316","display_name":"Equivalent Jurnal Ilmiah Sosial Teknik","issn_l":"2775-0329","issn":["2775-0329","2775-0833"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"cc-by-sa","license_id":"https://openalex.org/licenses/cc-by-sa","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Equivalent: Jurnal Ilmiah Sosial Teknik","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[{"id":"https://openalex.org/F4320329119","display_name":"Universitas Trisakti","ror":"https://ror.org/019fnr381"}],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W7225575917.pdf","grobid_xml":"https://content.openalex.org/works/W7225575917.grobid-xml"},"referenced_works_count":30,"referenced_works":["https://openalex.org/W2067402622","https://openalex.org/W2108818539","https://openalex.org/W2112352537","https://openalex.org/W2170790204","https://openalex.org/W2752617332","https://openalex.org/W3118547970","https://openalex.org/W3124114405","https://openalex.org/W3156042878","https://openalex.org/W3159393143","https://openalex.org/W3164828193","https://openalex.org/W4221083546","https://openalex.org/W4288682711","https://openalex.org/W4310726347","https://openalex.org/W4318777808","https://openalex.org/W4319595119","https://openalex.org/W4320075201","https://openalex.org/W4320928816","https://openalex.org/W4324057785","https://openalex.org/W4388694694","https://openalex.org/W4390848354","https://openalex.org/W4401992943","https://openalex.org/W4404889944","https://openalex.org/W4407234023","https://openalex.org/W4409800033","https://openalex.org/W4410024363","https://openalex.org/W4410594107","https://openalex.org/W4413028687","https://openalex.org/W4413408954","https://openalex.org/W6945981966","https://openalex.org/W7124691327"],"related_works":["https://openalex.org/W7164083688","https://openalex.org/W7217169000","https://openalex.org/W7133136772","https://openalex.org/W3176760111","https://openalex.org/W2759970171","https://openalex.org/W7163996160","https://openalex.org/W7134073049","https://openalex.org/W4408492998","https://openalex.org/W7160530979","https://openalex.org/W7172495504"],"abstract_inverted_index":{"Background:":[0],"Financing,":[1],"asset":[2,30,70],"use":[3],"and":[4,20,29,37,55,72,82,86,184,194],"affiliated":[5],"transactions":[6],"may":[7],"be":[8],"associated":[9],"with":[10,40],"accounting":[11],"profitability,":[12],"but":[13],"their":[14],"relationships":[15],"can":[16],"depend":[17],"on":[18],"measurement":[19],"model":[21],"specification.":[22],"Objective:":[23],"This":[24],"study":[25],"examines":[26],"capital":[27],"structure":[28],"efficiency":[31],"in":[32,58],"relation":[33],"to":[34,66],"firm":[35],"performance":[36],"tests":[38],"interactions":[39],"foreign":[41,73],"related-party":[42,74],"sales":[43],"intensity.":[44],"Methods:":[45],"The":[46,117,180],"reported":[47,101,178],"balanced":[48],"panel":[49],"covers":[50],"160":[51],"Indonesian":[52],"consumer":[53],"cyclical":[54],"non-cyclical":[56],"firms":[57],"2023\u20132024":[59],"(320":[60],"firm-year":[61],"observations).":[62],"ROA":[63],"is":[64,96,108,120,131,142,148,160,170,182,202],"related":[65],"debt-to-asset":[67],"ratio,":[68],"total":[69],"turnover":[71],"sales/equity":[75],"through":[76],"moderated":[77],"regression,":[78],"controlling":[79],"for":[80],"size":[81],"liquidity.":[83],"Pooled,":[84],"fixed-effects":[85],"random-effects":[87],"estimates":[88],"are":[89],"compared.":[90],"Results:":[91],"In":[92],"pooled":[93],"estimates,":[94],"TATO":[95,118,158,169],"positive":[97,121],"(\u03b2":[98,111,122,134,150,162],"=":[99,112,115,123,126,135,138,151,154,163,166],"0.0379;":[100],"White":[102],"p":[103,114,125,137,153,165],"<":[104],".0001),":[105],"whereas":[106,156],"DAR":[107,129,147],"not":[109,132,161],"significant":[110,133,149,174],"0.0012;":[113],".8701).":[116],"interaction":[119,130,159,181],"0.0761;":[124],".0027);":[127],"the":[128,157,171,177],"0.0428;":[136],".5027).":[139],"Adjusted":[140],"R\u00b2":[141],"0.4377.":[143],"Under":[144],"fixed":[145],"effects,":[146],"0.0774;":[152],".0092),":[155],"\u22120.0349;":[164],".7191).":[167],"Conclusion:":[168],"most":[172],"consistently":[173],"predictor":[175],"across":[176],"models.":[179],"estimator-sensitive":[183],"cannot":[185],"establish":[186],"transfer-pricing":[187],"effects":[188],"or":[189],"mispricing.":[190],"Accounting":[191],"overlap,":[192],"selection":[193],"unresolved":[195],"within-firm":[196],"dependence":[197],"limit":[198],"interpretation;":[199],"firm-clustered":[200],"re-estimation":[201],"required.":[203]},"counts_by_year":[],"updated_date":"2026-11-10T11:39:43.021295","created_date":"2026-11-09T00:00:00"}
