The Effect of Voluntary Disclosure and Earnings Quality on Cost of Equity
The objective of this research is to examine the level and effect of voluntary disclosure and the earnings quality on cost of equity capital of listed manufacturing company in Indonesian Stock Exchange in 2008. This study uses secondary data from the annual reports of 75 manufacturing firms listed i...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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Department of Management, Faculty of Economics and Business, Universitas Surabaya
2013-09-01
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| Series: | Manajemen dan Bisnis |
| Subjects: | |
| Online Access: | https://www.journalmabis.org/mabis/article/view/15 |
| Summary: | The objective of this research is to examine the level and effect of voluntary disclosure and
the earnings quality on cost of equity capital of listed manufacturing company in
Indonesian Stock Exchange in 2008. This study uses secondary data from the annual
reports of 75 manufacturing firms listed in Indonesia Stock Exchange (IDX) in 2008. We
use multiple regressions to test hypotheses. We find that the average of voluntary
disclosure is only 29.7%, which indicates that firms’ disclosure in the annual report is still
low. The result also shows that the level of voluntary disclosure, in contrary to expectation,
has positive and significant effect on cost of equity capital. We find some evidences that
earnings quality can reduce cost of equity capital.
Tujuan penelitian ini adalah untuk menganalisis pengaruh tingkat pengungkapan sukarela
dan kualitas laba terhadap cost of equity capital pada perusahaan manufaktur yang terdaftar
di Bursa Efek Indonesia tahun 2008. Penelitian ini dilakukan pada 75 perusahaan yang
menjadi sampel penelitian. Hipotesis penelitian diuji menggunakan regresi linier berganda.
Hasil penilaian atas indeks pengungkapan sukarela menunjukkan rata-rata indeks
pengungkapan sukarela hanya 29.7% sehingga dapat disimpulkan bahwa tingkat
pengungkapan sukarela dalam laporan tahunan perusahaan masih rendah. Hasil penelitian
menunjukkan bahwa tingkat pengungkapan sukarela, berbeda dengan dugaan, mempunyai
pengaruh positif signifikan terhadap biaya modal ekuitas. Ditemukan juga bukti bahwa
kualitas laba dapat menurunkan biaya modal ekuitas. |
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| ISSN: | 1412-3789 2477-1783 |