The Political Economy of Tax Incentives: An Analysis of Managerial Decision Making in Private Investment Risk-Taking
Keywords:
Tax Incentives, Political Economy, Managerial Risk-Taking, Investment Decision, Agency TheoryAbstract
Tax incentives (e.g., tax holidays and allowances) are widely used by governments, including Indonesia, to stimulate private investment, yet their redistributive and rent-seeking dynamics are often examined separately from their behavioral effect on managerial risk-taking. This study analyzes how tax incentive policy's political economy interacts with managerial risk-taking in investment, and identifies whether incentives function as effective state firm risk-sharing instruments rather than rent-seeking or regulatory-capture outcomes. The study employs a qualitative, descriptive-explanatory method using a systematic narrative review of Sinta and Scopus-indexed publications, national tax regulations, and Indonesian investment-realization data (2022-2026), synthesized via agency theory, prospect theory, and the political economy of regulation. Findings show that tax incentives function as a risk-sharing mechanism lowering the effective cost of capital and reframing managers' loss domain, encouraging higher-risk, higher-return investment strategies consistent with behavioral agency logic. Second, Indonesia's political economy of incentive allocation marked by discretionary eligibility criteria and disproportionate access for politically connected firms distorts risk-sharing benefit distribution and weakens incentives' aggregate effectiveness in driving investment realization. The study concludes that incentive policy design cannot rest on fiscal-cost calculations alone; behavioral and political-economy dimensions must be jointly assessed so schemes do not entrench rent-seeking that undermines investment efficiency.
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