This study aims to examine and analyze the influence of multinationality, tax havens utilization and corporate governance toward the practices of thin capitalization. This research uses quantitative approach by using data sample of 178 publicly listed companies in Indonesia Stock Exchange in year 2013-2015. The results showed that there is significant and positive association between the utilization of tax havens with the practice of thin capitalization practice using debt to equity ratio proxy. Conversely, companies that have the character of multinationality, the higher proportion of independent commissioners, the existence of institutional ownership, and big-4 CPA firm utilization has a significant and negative association with thin capitalization practice.