Pengaruh Kepemilikan Asing dan Kepemilikan Institusional terhadap Biaya Modal Ekuitas: Efisiensi Investasi sebagai Variabel Mediasi

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Published: 2023-09-26
DOI: https://doi.org/10.52421/fintax.v3i2.401
Keywords:
Foreign Ownership, Institutional Ownership, Investment Efficiency, Cost of Equity Capital

Main Article Content

Robert Jao
Universitas Atma Jaya Makassar
https://orcid.org/0000-0002-4346-2841
Paulus Tangke
Universitas Atma Jaya Makassar
Anthony Holly
Universitas Atma Jaya Makassar
https://orcid.org/0000-0002-6689-9501
Luis Glinka Vinsensius Rumagit
Universitas Atma Jaya Makassar

Abstract

This study aims to investigate the effect of foreign ownership and institutional ownership on the cost of equity capital with investment efficiency as a mediating variable. This research was built with agency theory. The research method used in this study is a quantitative method. The population used in this study are all non-financial companies listed on the Indonesia Stock Exchange (IDX) during 2018-2020. This study uses secondary data in the form of financial reports and annual reports obtained from the Indonesia Stock Exchange and the company's official website. The number of samples as many as 130 companies for 3 years were selected using purposive sampling method. The results of this study found that foreign ownership and institutional ownership have a positive effect on the cost of equity capital. The results of this study also found that foreign ownership, institutional ownership, and investment efficiency have a negative effect on the cost of equity capital. Finally, the findings of this study are that investment efficiency mediates the effect of foreign ownership and institutional ownership on the cost of equity capital.

Article Details

Issue
Vol. 3 No. 2 (2023): Journal of Financial and Tax
Section
Articles

References

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