Penelitian ini bertujuan untuk menganalisis peran kepemilikan publik dalam memoderasi hubungan antara kepemilikan institusional dan efisiensi operasional terhadap harga saham pada perusahaan sektor property dan real estate yang terdaftar di Bursa Efek Indonesia (BEI) periode 2019-2023. Populasi dalam penelitian ini terdiri dari 92 perusahaan, dengan metode pengumpulan data menggunakan purposive sampling menghasilkan 42 perusahaan sebagai sampel penelitian. Teknik analisis data menggunakan Structural Equation Modeling Partial Least Squares (SEM-PLS) dengan bantuan aplikasi WarpPLS 8.0. Hasil penelitian menunjukkan bahwa kepemilikan institusional serta efisiensi operasional yang diproksikan dengan Total Asset Turnover (TATO) berpengaruh positif dan signifikan terhadap harga saham dan peran kepemilikan publik terbukti mampu memoderasi hubungan antara efisiensi operasional dan harga saham. Sebaliknya, peran kepemilikan publik tidak dapat memoderasi hubungan antara kepemilikan institusional dan harga saham.

Kata Kunci: Kepemilikan Institusional, Kepemilikan Publik, Efisiensi Operasional, dan Harga Saham

This study aimed to analyze the role of public ownership in moderating the relationship between institutional ownership and operational efficiency on stock prices in property and real estate sector companies listed on the Indonesia Stock Exchange (IDX) period 2019-2023. The population in this study consisted of 92 companies, using data collection purposive sampling methods in 42 companies as research samples. Data analysis techniques using Structural Equation Modeling-Partial Least Squares (SEM-PLS) with the WarpPLS 8.0 application. The study results show that institutional ownership and operational efficiency proxied by Total Asset Turnover (TATO) have a positive and significant effect on stock prices, and the role of public ownership has been proven to moderate the relationship between operational efficiency and share prices. On the other hand, the role of public ownership cannot moderate the relationship between institutional ownership and stock prices. Keywords: Institutional Ownership, Public Ownership, Operational Efficiency, Stock Prices