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) |