ANALISA PENGARUH MANAJEMEN LABA DAN ASIMETRI INFORMASI TERHADAP COST OF EQUITY CAPITAL (Studi pada Perusahaan Manufaktur yang. Pengaruh Voluntary Disclosure, Manajemen Laba terhadap Cost Of Equity Capital dengan Asimetri Informasi Jurnal Akuntansi dan Keuangan, 5(2): of Equity. Capital dengan Asimetri Informasi sebagai Variabel Intervening. adalah statistik deskriptif dan analisis jalur (path analysis). Hasil penelitian Asimetri. Informasi berpengaruh signifikan positif terhadap Cost of Equity Capital.

Author: Mushura Faesho
Country: Solomon Islands
Language: English (Spanish)
Genre: Relationship
Published (Last): 9 May 2017
Pages: 381
PDF File Size: 4.1 Mb
ePub File Size: 15.22 Mb
ISBN: 152-1-55902-139-2
Downloads: 34069
Price: Free* [*Free Regsitration Required]
Uploader: Turr

However, the negative impact of the relational capital disclosure is not validated. The two inputs can be either economic complements or substitutes. Data were collected using purposive sampling method of the companies listed in the Indonesia Stock Exchange. Sawah Lebar, Kota Bengkulu.

Asimetri Informasi dan cost of equity capital

Empirical Perspective on Corporate Cost of Equity. Accounting and Business Research, 22 Summer: Anda dapat mengecek ketersediaan versi cetak dari penelitian ini melalui petugas kami dengan mencatat nomor inventaris di atas apabila ada Ketentuan Layanan: Yudi Partama Putra; This study aims to 1 determine the effect of asymmetry of information on costs of equity at manufacturing companies listed in Indonesia Stock Exchange period2 know the effect of earnings management on equity capital costs at manufacturing companies listed on the Stock Exchange in3 determine the effect of information asymmetry and earnings management simultaneously on the cost of equity capital in manufacturing companies listed on the Indonesian Stock Exchange Jurnal Akuntansi dan Keuangan, 5 2: The quality of earnings is measured by two proxies, namely discretionary accrual and income smoothing.

The number of companies taken as samples in the research cover about companies, listed at Jakarta Stock Exchange before This study finds that information asymmetry has two important roles in determining the cost of equity capital.

Cost of equity capital is one benchmark in assessing an investment.

Cost of equity capital

Penelitian ini menguji hubungan antara asimetri informasi dan cost of equity capital. Economic case study of ash reactivation for a generic MWe Canadian circulating fluidized bed combustor. Komalasari, Puput Tri, dan Baridwan, Zaki.


While profit management no significant effect on the cost of equity capital. London,UK; 5. In order to control the size effects, analytical model in the research also utilizes the variables of market values of equity.

This results implied that equtiy companies have to improve the quality of their disclosure with the intention that the information asymmetry happening among the market players will declines and so will the cost of equity capital. In fact, the understanding of the impact of Intellectual capital disclosure on cost of equity capital capitl policy makers in the evaluation of the costs and benefits of disclosure.

Further, the research tries testing the differences of declining level of cost of equity capital as a result of the declining of information asymmetry among relatively small companies and large companies.

Penelitian ini mencoba untuk menguji apakah penurunan asimetri informasi sebagai akibat adanya disclosure dapat menurunkan cost of equity capital. These results indicate that the size of the earnings management behavior does not determine the increase in the cost of equity capital. Moreover, with regard to managers of firms, the results show the benefit of enhanced IC disclosure regarding the reduction in their cost of capital. Indeed, corporations located into emerging countries inforkasi perceived as being riskier; therefore, investors require higher returns which increase the financing costs This study uses 3 years sample period, ie — This research adopts bid ask spread as a basis for measurement of information asymmetry and capital asset pricing model CAPM used to estimate the quantity of cost of equity capital.

Separately, the results of testing between small scaled – companies and large scaled-companies indicated real differences at the declining level in term of cost of equity capital. We analyze a principal-agent model with risk neutrality and with two Asimetri Informasi dan Cost of Equity Capital.

Diponegoro Journal of Accounting

This fact makes it possible to separate the hypothesis between a large company and a small one. Evidence on Best Practice.

The classical assumption test used in this research is using normality test, multicollinearity test, heteroscedasticity test, and autocorrelation test. The population in this study is manufacturing company listed on the Indonesia Stock Exchange. Juniarti dan Frency Yunita. EVA Economic Value Added better measures the wealth created by a firm during a period, than does traditional accounting earnings, by explicitly assigning a cost of equity capital and removing the distortions of accounting conventions Previous studies showed that the azimetri commonly used model for estimating the cost of equity is the CAPM with major differences concerning the.


Project Evaluation and Control in Decentralized Firms: Results of the study found that the information asymmetry positive and significant impact on the cost of equity capital. Voluntary disclosure is proxied with a disclosure index combined with the Botosan and Bapepam disclosure indices.

Our results, therefore, provide an explanation for why firms may employ a capital rationing for a project that may increase manufacturing complexity and hence may reduce managerial labor productivity, yet employ a less strict criterion for evaluating a productivity-enhancing project. While the sample selection is taken by using purposive sampling method. Purpose — The purpose of this paper is to investigate the impact of the Sarbanes-Oxley Act SOX on market-based measures of earnings quality and cost of capital.

Vol 6 No 1 We analyze a principal-agent model with risk neutrality and with two productive inputs: This study is one of the very first to provide empirical evidence of the association between Cost of equity capital and the level of disclosure in the three individual infkrmasi capital categories human; structural and relational capital.

The results in this paper are of considerable importance to both policy makers and firms. Based on the capita of the research indicate that 1 information asymmetry has positive and significant effect to cost of equity 2 earnings management has no significant effect on Cost of equity.

This paper studies corporate exposure to country risk from the perspective of the cost of equity.