ANALISIS DATA PANEL INSTITUTIONAL OWNERSHIP DAN LEVERAGE TERHADAP NILAI PERUSAHAAN

This quantitative study estimates the determination of institutional ownership and leverage (Debt to Asset Ratio) to company value (Price to Book Value) in SRI-KEHATI Index issuers for the 2020–2024 period. Operationalizing panel data analysis based on 65 observations, the Random Effect Model was confirmed as the most precise estimation specification. Empirical findings articulate that institutional ownership and leverage, either partially or simultaneously, do not manifest a significant influence on Price to Book Value. Implicitly, the dynamics of market valuation in the context of sustainable investment do not rely decisively on institutional ownership architecture and liability structures alone. These findings make explicit the delimitation of the two instruments, while hinting at the existence of other external variables in constructing corporate value holistically.