| Corporate Governance Variable (Independent Variables) | |
| IO | The ratio of total number of ordinary shares held by institutional shareholders with at least 5%, to the total number of ordinary shares |
| Cost of Capital (Dependent Variables) | |
| COC | The average of the 2 metrics: Modified Price-Earning Growth Model a nd Modified Economy-Wide Growth Model |
| Control Variables | |
| SG | The ratio of current year’s sales minus previous year’s sales, all divided by previous year’s sales |
| FS | Natural logarithm of the book value of total assets |
| LVG | The ratio of total debt to total assets |
| CORR IDX | The misuse of public power for private benefit |
| INF | The rate at which the general level of prices for goods and services is rising |
| GDPC | Gross domestic product (GDP) divided by number of people in the country |
| Y | A dummy variable for each year of the ten years from 2010-2019, 2010 (DU 10), 2019 (DU19) |