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This study investigates the foreign ownership and board composition in determine corporate tax avoidance in affecting stock price among foreign companies in Indonesia. The main value of this paper is to provide a comprehensive and broaden understanding of the impact of tax avoidance on stock price reactions of firms from an emerging market perspective. One year lag of sample were extracted from non-financial foreign companies- annual reports which are listed in Indonesia Stock Exchange (IDX) for periods of 2013 to 2017. By using path analysis, the result revealed that higher proportion of foreign ownership could increase the tax avoidance activities, but the proportion of board composition shows inversely effect. Related to market reaction, tax avoidance activities could enhance the company-s stock price. Findings also shown that foreign ownership and board composition could not affect the stock price directly. Furthermore, there is important mediating role of tax avoidance in the effect of foreign ownership and board composition on stock price.