Thiis study aiims to teist eimpiiriical data on thei iinflueincei of iinstiitutiional owneirshiip, leiveiragei, and fiirm valuei on heidgiing actiiviitiieis. Thei objeicts useid iin thiis study arei companiieis that arei meimbeirs of BUMN. Thei sampliing teichniiquei useid purposiivei sampliing. Thei samplei useid was 28 companiieis or 140 obseirvatiion data for 5 peiriiods 2018-2022. Thei meithods useid iin thiis reiseiarch arei deiscriiptiivei and veiriifiicatiion meithods wiith quantiitatiivei data typeis. Thei data colleictiion teichniiquei useis non-partiiciipant obseirvatiion teichniiqueis usiing logiistiic reigreissiion teists usiing thei heilp of thei SPSS 20 program. Thei reisults of thei study, thei goodneiss of fiit reisults show a fiit modeil. And partiial teists show that iinstiitutiional owneirshiip has a siigniifiicant posiitiivei eiffeict on heidgiing actiiviity, and leiveiragei has a siigniifiicant posiitiivei eiffeict on heidgiing actiiviity. Meianwhiilei, fiirm valuei has a siigniifiicant neigatiivei eiffeict on heidgiing actiiviity.