<![CDATA[This study aims to examine the effect of the number of board of directors, the proportion of independent commissioners, institutional ownership, and the frequency of board of directors meetings on agency costs proxied by the Asset Utilization Ratio (AUR) in infrastructure sector companies listed on the Indonesia Stock Exchange during the 2021–2024 period. This research employs a quantitative approach using secondary data obtained from the companies’ annual reports. The sample was selected using purposive sampling, resulting in 17 companies with a total of 68 observations. Data were analyzed using panel data regression with the assistance of EViews 13 software, while the appropriate model was determined through the Chow test, Hausman test, and Lagrange Multiplier test. The findings indicate that the number of board of directors, the proportion of independent commissioners, and institutional ownership have a significant effect on agency costs, whereas the frequency of board meetings does not have a significant effect. The results suggest that an excessively large board of directors may increase agency costs due to potential inefficiencies in coordination and decision-making processes. Meanwhile, a higher proportion of independent commissioners and greater institutional ownership are able to reduce agency costs through strengthened monitoring of management.]]>
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