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This research try to examine how investment choices in property and real estate sector businesses listed on IDX (2020-2024) are impacted by the cost of debt and equity.For the accuracy of the analysis, this study also uses firm size and profitability as controler. Purposive sampling was used in the sampling process, which produced seven qualifying organizations with a total of 35 observations over a five-year period. Panel data regression was used for data analysis, and the Common Effect Model was shown to be the best estimation model. The findings show that investment decisions are significantly influenced by firm size, profitability, cost of debt, and cost of equity all at the same time. Nonetheless, investment choices are not much impacted by the cost of debt. Similarly, it has been demonstrated that the cost of equity has no appreciable effect on the capital expenditures of the businesses. Firm size has a favorable and substantial impact, making it the main motivator for investment activity in the real estate industry. During the study period, investment decisions were not significantly impacted by profitability. These results show that, especially in the post-pandemic economic recovery era, asset capacity and economies of scale are more important for the viability of real investment projects for property firms on the IDX than yearly variations in capital costs.

This study examines the impact of capital expenditure, balancing funds, and local revenue on economic growth in the former Besuki Residency area, covering Banyuwangi, Jember, Situbondo, and Bondowoso Regencies during the 2014-2024 period. Using path analysis on panel data and individual district analysis, the study investigates the direct, indirect, and mediating effects of local revenue as an intervening variable. The results show that all three independent variables significantly affect economic growth in the panel data for all four regencies. Capital expenditure has a significant direct effect only in Bondowoso Regency and overall panel data, but is insignificant in Banyuwangi, Jember, and Situbondo. Balancing funds exhibit a significant direct effect across all regions, while local revenue has a consistent direct effect in all regions and panel data. The mediating role of local revenue is inconsistent, with the indirect effect of capital expenditure through local revenue being insignificant in all regions. On the other hand, the indirect effect of balancing funds through local revenue is significant in Banyuwangi, nearly significant in Jember and Situbondo, and insignificant in Bondowoso. These findings highlight the complexity of fiscal dynamics in decentralization, where local revenue management and governance factors are crucial. The study supports previous research suggesting that central fiscal transfers are less effective without strong local revenue support. Local governments are encouraged to enhance local revenue autonomy to maximize the multiplier effect of capital expenditures and balancing funds, fostering sustainable economic growth.