Pengaruh disclosure level dan asimetri informasi terhadap cost of equity capital (studi pada perusahaan perbankan yang terdaftar di bursa efek Indonesia 2005-2008)
WARANGI, SEKAR , Wiwin Rahmanti, SE, M.Com
This research examines the relationship between disclosure level and information asymmetry toward cost of equity capital. Previous researches indicate that the increased of disclosure level will reduce cost of equity capital. However, asymmetry brings positive effects toward cost of equity capital.
The number of companies taken as samples in the research cover about 8 companies on banking industry listed at Indonesian Stock Exchange (IDX) for the years from 2005 to 2008. This research adopts Bid-Ask Spread as a basis for measurement of information asymmetry, whereas to measure disclosure level used disclosure index. And Capital Asset Pricing Model (CAPM) used to estimates the quantities of cost of equity capital. Multiple regressions were employed to test the relationship between disclosure level, information asymmetry, and cost of equity capital.
The first result of this studies show that there is a significant relationship between disclosure level and cost of equity capital. Second result did not support the hypothesis that there is a positive relationship between information asymmetry and cost of equity capital, during the event window.
Kata Kunci : Disclosure Level, Information Asymmetry, Bid-Ask Spread, Capital Asset Pricing Model, Cost of Equity Capital.
