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THE EFFECT OF TAX AVOIDANCE, INSTITUTIONAL OWNERSHIP, ESG PERFORMANCE, INVESTMENT DECISIONS, AND LEVERAGE ON THE COST OF DEBT IN CONSUMER NON-CYCLICAL SECTOR COMPANIES ON THE IDX IN 2020-2024

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Published
January 30, 2026

Keywords
tax avoidance, institutional ownership, environmental, social, governance performance, investment decisions, leverage, cost of debt

Putri Dwi Rosalinda Prayoga
Pancasakti University Tegal
Abdulloh Mubarok
Pancasakti University Tegal
Fahmi Firmansyah
Pancasakti University Tegal
Teguh Budi Raharjo
Pancasakti University Tegal

Abstract

This study aims to empirically examine the effects of tax avoidance, institutional ownership, ESG performance, investment decisions, and leverage on the cost of debt among consumer non-cyclical companies listed on the Indonesia Stock Exchange (IDX) during 2020–2024. A quantitative approach was employed using secondary data. The population comprised IDX-listed consumer non-cyclical firms over the 2020–2024 period. Using purposive sampling, 43 companies met the selection criteria, producing 215 observations. The data were analyzed using multiple linear regression. The results show that institutional ownership and leverage have a positive effect on the cost of debt, whereas tax avoidance, ESG performance, and investment decisions do not significantly affect the cost of debt.

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