Pengaruh Asimetri Informasi dan Pengungkapan Sukarela terhadap Biaya Modal Ekuitas (Studi Empiris pada Perusahaan Manufaktur yang terdaftar Di Bursa Efek Indonesia Tahun 2015-2017)
DOI:
https://doi.org/10.22441/jpma.v1i1.8780Keywords:
Cost of Equity Capital, Asymmetry Information, Voluntary DisclosureAbstract
This study aims to examine and analyze the effect of information asymmetry and voluntary disclosure on the cost of equity capital. Within the context of this research, Asymmetry Information is measured using a relative bid-ask spread, Voluntary Disclosures are measured using a disclosure index. Meanwhile, the cost of equity capital is measured using the capital asset pricing model. Data analysis techniques are multiple regression techniques. The population in this study were 142 manufacturing companies listed on the Indonesia Stock Exchange (IDX) with a research period of 2015 to 2017. The samples used were 43 companies obtained by purposive sampling technique. The result of this research indicates that information asymmetry have influences significantly toward the cost of equity capital on listed companies from the manufacturing sector at the Indonesia Stock Exchange. While voluntary disclosure does not affect the cost of equity capital on listed companies from the manufacturing sector at the Indonesia Stock Exchange.Downloads
References
Adriani, A. (2013). Pengaruh Tingkat Disclosure, Manajemen Laba, Asimetri Informasi Terhadap Biaya Modal (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di BEI Tahun 2009-2011). Jurnal Akuntansi, 1(2).
Amaliah, T. H. (2013). Suatu Tinjauan Asimetri Informasi dan Implikasinya Terhadap Manajemen Laba. Jurnal Universitas Negeri Gorontalo, 3-6.
Andreawan, A. (2013). Analisis Intellectual Capital, Mekanisme Corporate Governance, Corporate Social Responsibility Terhadap Financial Performance (Studi Empiris pada Perusahaan Perbankan Go publik yang Terdaftar di Bursa Efek Indonesia Tahun 2009-2011) (Doctoral dissertation, Universitas Muhammadiyah Surakarta).
Barvidi, D. N. S. (2015). Pengungkapan Sukarela Dan Manajemen Laba Terhadap Biaya Modal Ekuitas Dengan Informasi Asimetri Sebagai Variabel Intervening. AKRUAL: Jurnal Akuntansi, 7(1), 41-60.
Darma, N. A. (2017). Luas Pengungkapan Sukarela, Asimetri Informasi, Dan Biaya Modal Ekuitas. Jurnal Ekonomi dan Bisnis Airlangga (JEBA)| Journal of Economics and Business Airlangga, 27(1).
Elliot, R. G. and Peter D. Jacobson. (1994). Cost and Benefit of Business Information Disclosure. Accounting Horizon, 8, 80-96.
Ghozali, Imam. 2012. Aplikasi Analisis Multivariate dengan Program IBM SPSS 20. Semarang: Badan Penerbit – Universitas Diponegoro.
Healy, P., and Palepu, K. (1995). The challenges of investor communications: The case of CUC international, Inc. Journal of Financial Economics, 38, 111-141.
Indayani, D. M. (2013). Pengaruh Informasi Asimetri dan Voluntary Disclosure terhadap Cost of Capital pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Jurnal Reviu Akuntansi dan Keuangan, 3(1).
Jensen, M.C and Meckling, W.H. (1976). Theory of the firm: managerials behavior, agency cost and ownership structure. Journal Of Financial Economics, 3, 305-360.
Petrova, E., Georgakopoulos, G., Sotiropoulos, I., & Vasileiou, K. Z. (2012). Relationship between Cost of Equity Capital and Voluntary Corporate Disclosures. International Journal of Economics and Finance, Vol. 4(3): hal. 83–96.
Prabowo, B. H. (2017). The Impact of Intellectual Capital Disclosure and Information Asymmetry on the Cost of Equity Capital: an Empirical Investigation in Indonesia. International Journal of Research in Business and Social Science, 6(5), 1-12.
Purwanto, A. (2012). Pengaruh Manajemen Laba, Asymmetry Information, dan Pengungkapan Sukarela Terhadap Biaya Modal. Simposium Nasional Akuntansi XV.
Nurjanati, R., dan Rodoni, A. (2015). Pengaruh asimetri informasi dan tingkat disclosure terhadap biaya ekuitas dengan kepemilikan manajerial sebagai variabel moderating (Studi Empiris Pada Perusahaan Manufaktur Di Bursa Efek Indonesia). Esensi: Jurnal Bisnis dan Manajemen, 5(2).
Sari, F. A. (2018). Pengungkapan Luas Ungkapan Sukarela Dan Asimetri Informasi Terhadap Cost Of Equity Capital. Jurnal Ilmu dan Riset Akuntansi, 6(10).
Setiany, E., Suhardjanto, D., Lukviarman, N., & Hartoko, S. (2017). Board Independence, Voluntary Disclosure, and the Cost of Equity Capital.
Setyaningrum, Dinda Putri Oktaviani dan Zulaikha. 2013. Pengaruh karakteristik perusahaan terhadap luas pengungkapan sukarela dan implikasinya terhadap biaya modal ekuitas. Diponegoro journal of accounting, 2 (2), 1-14, ISSN (Online): 2337-3806.
Suwardjono. (2014). Teori Akuntansi Perekayasaan Pelaporan Keuangan, edisi ketiga cetakan kedelapan.Yogyakarta: BPFE Yogyakarta.
www.cnnindonesia.com
www.idx.co.id
Published
How to Cite
Issue
Section
License
Author(s) Rights
As a journal Author, you have rights for a large range of uses of your article, including use by your employing institute or company. These Author rights can be exercised without the need to obtain specific permission. Authors publishing in Jurnal Pena-Mas Akuntansi journals have wide rights to use their works for teaching and scholarly purposes without needing to seek permission, including: use for classroom teaching by Author or Author's institutionand presentation at a meeting or conference and distributing copies to attendees; use for internal training by author's company; distribution to colleagues for their reseearch use; use in a subsequent compilation of the author's works; inclusion in a thesis or dissertation; reuse of portions or extracts from the article in other works (with full acknowledgement of final article); preparation of derivative works (other than commercial purposes) (with full acknowledgement of final article); voluntary posting on open web sites operated by author or author’s institution for scholarly purposes (should follow CC by NC License).
Authors can copy and redistribute the material in any medium or format, as well as remix, transform, and build upon the material for any purpose, even commercially, but they must give appropriate credit (cite to the article or content), provide a link to the license, and indicate if changes were made. If you remix, transform, or build upon the material, you must redistribute your contributions under the same license as the original.
Retained Rights/Terms and Conditions
Although authors are permitted to re-use all or portions of the Work in other works, this does not include granting third-party requests for reprinting, republishing, or other types of re-use.
Copyright Transfer Agreement (for Publishing)
The Authors submitting a manuscript do so on the understanding that if accepted for publication, copyright publishing of the article shall be assigned/transferred to Jurnal Pena-Mas Akuntansi journal and Department of Accounting, Universitas Mercu Buana as Publisher of the journal. Upon acceptance of an article, authors will be asked to complete a 'Copyright Transfer Agreement' (see more information on this). An e-mail will be sent to the corresponding author confirming receipt of the manuscript together with a 'Copyright Transfer Agreement' form by online version of this agreement.
Jurnal Pena-Mas Akuntansi journal and Department of Accounting, Universitas Mercu Buana, the Editors and the Advisory Editorial Board make every effort to ensure that no wrong or misleading data, opinions or statements be published in the journal. In any way, the contents of the articles and advertisements published in the Jurnal Pena-Mas Akuntansi are sole and exclusive responsibility of their respective authors and advertisers.
Remember, even though we ask for a transfer of copyright, our journal authors retain (or are granted back) significant scholarly rights as mention before.
The Copyright Transfer Agreement (CTA) Form can be downloaded here:
[Copyright Transfer Agreement (CTA) Form Jurnal Pena-Mas Akuntansi]
The copyright form should be signed electronically and send to the Editorial Office in the form of original e-mail below:
Editorial Office of Jurnal Pena-Mas Akuntansi
Universitas Mercu Buana
Jl. Raya Meruya Selatan, Kembangan, Jakarta-11650
Telp. 6221-5840816 Ext. 5302, Fax. 6221-5871312
Email. [email protected].
All off articles in the Jurnal Pena-Mas Akuntansi journal are licensed under CC BY-NC
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
