The Influence of Voluntary Disclosure, Stock Beta, and Firms Size on Cost of Equity Capital

Yati Mulyati

Abstract


This study aimed to examine the effect of voluntary disclosure, stock beta, and firm size on the cost of equity capital in manufacturing companies in the period 2013-2015. This research used a purposive sampling method and analyzed by multiple regression, a total sample of 39 manufacturing companies listed in the IDX period 2013-2015. The results showed that voluntary disclosure did not affect the cost of equity disclosure, the more voluntary disclosure had not been able to decrease the occurrence of cost of equity disclosure, beta of stock variables affected the cost of equity capital, because the stock beta was an indicator to see the condition of the company’s financial health, the company had no effect on voluntary disclosure, this result showed that the size of a company’s size could not reduce the risk level.

DOI: https://doi.org/10.26905/jkdp.v21i3.1506


Keywords


Voluntary Disclosure; Stock Beta; Firm Size; Cost of Equity Capital

References


Armadi, H. & Anggraeni, M.D. 2010. Pengaruh Pengungkapan Sukarela pada Cost of Equity Capital dengan Asimetri Informasi sebagai Intervening Variabel. Trikonomika, 9(1): 62–71.

Astria, T. & Khairani, S. 2012. Pengaruh Tingkat Pengungkapan Sukarela dan Beta Pasar terhadap Cost of Equity Capital (Studi Kasus Perusahaan Industri Barang). Jurnal Akuntansi S1 STIE MDP, 1–8.

Febrian, B. 2007. Pengaruh Pengungkapan Sukarela, Beta saham, dan Ukuran Perusahaan terhadap Cost of Equity Capital Pada Perusahaan Manufaktur yang Go Public di Indonesia. Skripsi. Universitas Brawijaya Malang.

Botosan, C.A. 1997. Disclosure Level and the Cost of Equity Capital. The Accounting Review, 72(3), 323–349.

Dewi, L.P.K.S., Wahyuni, M.A., & Sujana, E. 2017. Pengaruh Asimetri Informasi, Pengungkapan Sukarela, Manajemen Laba, dan Beta Saham terhadap Cost of Equity Capital. E-Journal S1 Ak Universitas Pendidikan Ganesha Jurusan Akuntansi Program S1, 7(1): 1-12.

Dewi, S.P. & Chandra, J.S. 2016. Pengaruh Pengungkapan Sukarela, Asimetri Informasi, dan Manajemen Laba terhadap Cost of Equity Capital pada Perusahaan Manufaktur. Jurnal Bisnis dan Akuntansi, 18(1): 25–32.

Diamond, D.W. & Verrecchia, R.E. 1991. Disclosure, Liquidity, and the Cost of Capital. The Journal of Finance, 46(4): 1325–1359.

Djakman, C. 2001. Dasar-Dasar Manajemen Keuangan. Edisi Ketujuh. Jakarta: Salemba Empat.

Embong, Z., Mohd-Saleh, N., & Hassan, M.S. 2012. Firm Size, Disclosure, and Cost of Equity Capital. Asian Review of Accounting, 20(2): 119–139.

Fahdiansyah, R. 2016. The Influence of Voluntary Disclosure, Asymmetri Information, Stock Risk, Firm Size and Institutional Ownership Towards Cost of Capital (COC). Jurnal Aplikasi Manajemen, 14(2): 387–397.

Gulo, Y. 2000. Analisis Efek Luas Pengungkapan Sukarela dalam Laporan Tahunan terhadap Cost of Equity Capital Perusahaan. Jurnal Bisnis dan Akuntansi, 2(1): 45–62.

Indayani & Mutia, D. 2013. Pengaruh Informasi Asimetri dan Voluntary Disclosure terhadap Cost of Capital pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Jurnal Reviu Akuntansi dan Keuangan, 3(1): 373–382.

Jensen, M. & Meckling, W. 1976. The Theory of Firm: Managerial Behavior, Agency Costs, and Ownership Structure. Journal of Financial Economics, 3(4): 305–360.

Jones, J.J. 1991. Earnings Management during Import Relief Investigations. Journal of Accounting Research, 29(2): 193-228.

Komalasari, P. & Baridwan, Z. 2001. Asimetri Informasi dan Cost of Equity Capital. The Indonesian Journal of Accounting Research, 4(1).

Mangena, M., Pike, R., & Li, J. 2010. Intellectual Capital Disclosure Practices and Effects on the Cost of Equity Capital: UK Evidence. Dissertation. The Institute of Chartered Accountants of Scotland.

Mardiyah, A.A. 2002. Pengaruh Informasi Asimetri dan Disclosure terhadap Cost of Capital. Jurnal Riset Akuntansi Indonesia, 5(2).

Meek, G.K., Roberts, C.B., & Gray, S.J. 1995. Factors Influencing Voluntary Annual Report Disclosures By U.S., U.K., and Continental European Multinational Corporations. Journal of International Business Studies, 26(3): 555–572.

Murni, S.A. 2004. Pengaruh Luas Ungkapan Sukarela dan Asimetri Informasi terhadap Cost of Equity Capital pada Perusahaan Publik di Indonesia. Jurnal Riset Akuntansi Indonesia, 7(2): 192–206.

Murwaningsari, E. 2012. Faktor-faktor yang Mempengaruhi Cost of Capital (Pendekatan: Structural Equation Model). Jurnal Ekonomi dan Bisnis Airlangga, 22(2): 157-172.

Putri, E. 2013. Pengaruh Luas Pengungkapan Sukarela terhadap Biaya Modal dengan Asimetri Informasi Sebagai Variabel Intervening (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di BEI). Jurnal Akuntansi, 1(1): 1-27.

Yustiantomo, S.B. 2009. Analisis Faktor-faktor yang Mempengaruhi Beta Saham. Disertasi. Universitas Diponegoro.


Full Text: pdf

Refbacks

  • There are currently no refbacks.




rsz_8th_ifma rsz_6th_perbanas_conference rsz_the_6th_indonesian_finance_association_international_conference


Journal of Finance and Banking

Diploma Program of Banking and Finance
Faculty of Economics and Business University of Merdeka Malang

Mailing Address:

2nd-floor Banking and  Finance Building, Terusan Raya Dieng Street No.57 Malang, 65146, East Java, Indonesia
Phone/WhatsApp: +628123321664; Fax. +62 341 580511
Email:
jkpunmermlg@yahoo.com


Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.