Pengaruh luas ungkapan sukarela, asimetri informasi dan ukuran perusahaan terhadap cost of equity capital perusahaan publik di Indonesia
HENNY, Zuni Barokah, SE, Akt, M.Com
This paper examines whether voluntary disclosures level published in annual report, information asymmetry, and company size has an effect on cost of equity capital. Data is selected using purposive sampling. The number of companies taken as samples in the research cover about 80 manufactured companies, listed at Indonesia Stock Exchange at 2007.
The statistics method used to test the hypotheses are multiple regression. This research adopts index as basis for measurement of voluntary disclosures, bid ask spread as basis for measurement of information asymmetry, and capital asset pricing model (CAPM) used to estimate the quantity of cost of equity capital. In order to control the size effects, analytical method in the research also utilizes the variables of market values of equity.
The results of this study reveal the existence of a positive relationship between the level of voluntary disclosures and cost of equity capital. There is no significant relationship between information asymmetry and cost of equity capital. Companies size doesn't significantly moderate the relationship between voluntary disclosure level and cost of equity capital.
The limitation of this study is small sample, the imprecise of CAPM as the proxy of cost of equity capital, and the imprecise of formula of bid ask spread as the proxy of information asymmetry.
Kata Kunci : voluntary disclosures, CAPM, bid ask spread, company size, cost of equity capital
