Hubungan luas ungkapan sukarela dan asimetri informasi terhadap cost of equity capital perusahaan study empiris terhadap perusahaan-perusahaan manufaktur yang terdaftar di bursa Efek Indonesia (BEI)
HANAFIYANTO, KIKI YULIA, Wiwin Rahmanti, SE., M.Com,Ak
This research examines whether voluntary corporate disclosure level published in annual report and asymmetry information has an effect on cost of equity capital. The conventional wisdom, generally assumed that a company which has a disclosure at a greater extent will reduce the cost of equity capital. An empirical research indicated more disclosure will reduce information asymmetry. This research tries testing if the asymmetry information and voluntary corporate disclosure level will bring the effect on the cost of equity capital. The sample consists of 45 companies listed on the Indonesian Stock Exchange in 2005 and 2006.
The hypotheses tested was conducted by implementing pooled data method, for period of 2005-2006 The results support the hypotheses that voluntary corporate disclosure and information asymmetry have effect on cost of equity capital significantly.
Kata Kunci : Voluntary disclosure, asymmetry information, bid-ask spread, cost of equity capital, Capital Asset Pricing Model (CAPM)
