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: Majar Faugal
Country: Morocco
Language: English (Spanish)
Genre: Marketing
Published (Last): 19 June 2007
Pages: 203
PDF File Size: 9.42 Mb
ePub File Size: 1.87 Mb
ISBN: 126-5-19737-248-4
Downloads: 24389
Price: Free* [*Free Regsitration Required]
Uploader: Kilrajas

Abstract Cost of equity capital is one benchmark in assessing an investment. Pengujian hipotesis dilakukan secara cross cqpital dengan mengambil periode penelitian tahun Diponegoro Journal of Accounting. Asimefri and Business Research, 22 Summer: These results show that the greater the value of asymmetry of information will increase the cost of equity capital. A case of French firms. Juniarti dan Frency Yunita. The findings confirm our hypotheses that stipulate the existence of a significant and negative association between intellectual capital disclosure with its two components human capital, structural and the cost of equity.

The measures for pre-SOX are compared to the measures. This paper presents the theoretical background concerning capital budgeting techniques and cost of capital estimation and a literature review on cost of capital estimation practice applied by key European corporations as opposed to Asian and American firms. Skip to main content. The statistical method used is path analysis, taking samples from manufacturing companies listing in Indonesia Stock Exchange IDX period taken 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. F test results show that the variable information asymmetry and earnings management simultaneously affect the cost of equity capital.

Asimetri Informasi dan cost of equity capital

Previous studies showed that the most commonly used model for estimating the cost of equity is the CAPM with major differences concerning the. Guna mengontrol size effect, model analisis dalam riset dsn juga memasukkan variabel nilai pasar ekuitas perusahaan.

User Username Password Remember me. Indeed, corporations located into emerging countries are perceived as being riskier; therefore, investors require higher returns Sawah Lebar, Kota Bengkulu. Riset empiris dsn telah banyak menunjukkan bahwa disclosure perusahaan cappital menurunkan asimetri informasi.


This result contrasts with earlier results where only a capital rationing is shown to be optimal. 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.

Empirical Perspective on Corporate Cost of Equity.

Cost of equity capital Research Papers –

Dengan menggunakan perusahaan yang terdaftar di BEJ sebelum tahun o, dan menggunakan bid-ask spread sebagai dasar pengukuran asimetri informasi, penelitian ini menemukan hubungan positif antara asimetri informasi dan dxn of equity capital.

Journal of Finance, 38 Desember: The fundamental premise of Log In Sign Up. Lebih lanjut, penelitian ini juga menguji perbedaan besaran penurunan cost of equity capital untuk perusahaan besar dan perusahaan kecil.

The population in this study are manufacturing companies listed on the Stock Exchange The conventional wisdom, it is generally assumed that a company which has a disclosure at a greater extent will reduce the cost of equity capital. We analyze a principal-agent model with risk neutrality and with two User Username Password Remember me.

We show that when the two inputs are substitutes, the optimal solution entails a marginal capital rationing. The empirical research is based on companies listed in the French SBF stock market index.

Diponegoro Journal of Accounting

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 This results implied that the 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.

Results of the study found that the information asymmetry positive and significant impact informaei the cost of equity capital. Bid ask spread digunakan sebagai dasar pengukuran asimetri informasi, dan capital asset pricing model CAPM digunakan untuk mengestimasi besarnya cost of equity capital. 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 intellectual capital categories human; eequity and relational capital.


Penelitian ini mencoba untuk menguji apakah penurunan asimetri informasi sebagai akibat adanya disclosure dapat menurunkan cost of equity capital. 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.

Skip to main content Skip to main navigation menu Skip to site footer. 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.

Lebih jauh, riset ini mencoba menguji perbedaan tingkat penurunan cost of equity capital sebagai akibat penurunan asimetri informasi antara perusahaan besar dan perusahaan kecil. Keywords Earnings Management, asymmetry of information, the size of the company, Cost of Equity Capital. Help Center Find new research papers in: Remember me on this computer. This study examines the direct and indirect impacts of earnings quality on cost of equity capital by using path analysis.

Hasil uji beda koefisien antara perusahaan besar dan kecil menunjukkan bahwa penurunan cost of equity capital pada perusahaan besar lebih besar dibandingkan perusahaan kecil.

An empirical research indicated more disclosure will reduce information asymmetry. Asimetri Informasi dan Cost of Equity Capital. However, the negative impact of the relational capital disclosure is not validated. 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.

This study aims to determine the influence of voluntary disclosure and earnings management to cost of equity capital with information asymmetry as intervening. Journal of Accounting and Economics 31