The influence of Voluntary Disclosure, Asymmetri Information, Stock Risk, Firm Size and Institutional Ownership Towards Cost of Capital (COC)
Downloads
Abstract: This study aims to determine the influence of the information toward the decisions taken by investors based on the theory of Efficient Markets Hypothesis (EMH), which is expressed by Fama (1970),by examining the influence of several independent variables towards the cost of capital (COC). Independent variables were used to reflect information, including voluntary disclosure, information asymmetry, risk stock, firm size and institutional ownership. This study used purposive sampling technique in conducting sample of the 131 manufacturing companies listed on the Indonesia Stock Exchange in 2011, which produced 75 research samples. This study used the linear regression to analyze the data. The results of this study indicate that there is an influence of the informationtoward the decision making of investors, which is seen from the simultaneous test results that show all variables simultaneously influencing the COC. The results also indicate that voluntary disclosure variables, the risk of the stock, and the firm size are partially influencing the COC, whereas the information asymmetry variables and institutional ownership are partially show no influence on the COC.
Alencar, R., Carvalho, dan Lopes, A.B. 2005. Disclosure and Cost of Equity Capital in Emerging Markets: the Brazilian Case.
Akerlof, George, A. 1970. The Market for “Lemonsâ€: Quality Uncertainty and the Market Mechanism.The Quarterly Journal of Economics. Vol. 84, No. 3. Hlm. 488– 500.
Attig, N., Cleary, S.W., Ghoul, S.E., dan Guedhami, O. 2012. Institutional Investment Horizon, Corporate Governance, and the Cost of Equity Capital. https://secure. northernfinance.org/2011.
Benardi, Meliana, K., Sutrisno, dan Asih, P. 2009. FaktorFaktor Yang Mempengaruhi Luas Pengungkapan dan Implikasinya Terhadap Asimetri Informasi. Simposium Nasional Akuntansi XII. Nopember, 2009. Palembang.
Bertomeu, J., Beyer, A., dan Dye, R. 2009. Capital Structure, Cost of Capital, and Voluntary Disclosures. http:// qbox.wharton.upenn.edu
Blasco, M.E., dan Trombetta, M. 2002. Disclosure Interactions and The Cost Of Equity Capital: Evidence From The Spanish Continuous Market.
Botosan, C.A. 1997. Disclosure Level and the Cost of Equity Capital. The Accounting Review. Vol.72, No.3, pp. 323–349.
Cheynel, E. 2009. A Theory of Voluntary Disclosure and Cost of Capital.
Chau, Gerald, K., dan Gray, S.J. 2002. Ownership Structure And Corporate Voluntary Disclosure in Hong Kong And Singapore. The International Journal of Accounting. Vol. 37, No. 247 265. University of Illinois.
Dhaliwal, D., Li, Oliver Z., Tsang A., dan Yang George Y. 2009. Voluntary Non-Financial Disclosure and the Cost of Equity Capital: The Case of Corporate Social Responsibility Reporting. http://www.accountancy. smu.edu.sg.
Diamond, Douglas, W., dan Verrechia, Robert, E. 1991. Disclosure, Liquidity, and the Cost Of Capital. The journal of finance. Vol. 46, No. 4.
Eisenhardt, K.M. 1989. Agency Theory: An Assesment and Review. Academy of management review. Vol. 14, No. 1, Hlm. 57–74.
Elliot, R.G., dan P.D. Jacobson. 1994. Cost and Benefit of Business Information Disclosure. Accounting Horizon. vol 8, Des., 80–86.
Fama, E.1970. Efficient Capital Markets: A Review of Theory and Empirical Work. Journal of Finance. Vol.25, Hlm. 383–417.
Francis, J., Nanda, D., dan Olsson, P. 2007. Voluntary Disclosure, Earnings Quality, and Cost of Capital. http:// www.emeraldinsight.com.
Halim, A. 2005. Analisis Investasi. Edisi ke-2. Jakarta: Salemba Empat.
Hartono, J. 2010. Teori Portofolio dan Analisis Investasi. Edisi tujuh. Yogyakarta: BPFE.
Horn Van C. James, dan Wachowicz, M.J. 2000. PrinsipPrinsip Manajemen Keuangan. edisi 2. Jakarta: Salemba Empat.
Jensen, Michael, C., dan W.H. Meckling. 1976. Theory of The Firm: Managerial Behavior, Agency Cost and Ownership Structure. Journal of Financial Economics. Vol.3. Hlm. 305 360.
Jones, C.P. 2004. Investments: Analysis and Management. Ninth Edition. John Wiley & Sons, Inc.
Keown, Arthur, J., dan Martin, J.D. 2000. Dasar-dasar Manajemen Keuangan. 443–480. Edisi 2. Jakarta: Salemba Empat.
Komalasari, Puput, T. 2000. “Asimetri Informasi dan Cost of equity Capitalâ€, Simposium Nasional Akuntansi III.
Lang, Mark, H., dan Lundholm, Russell, J. 1996. Corporate Disclosure Policy And Analyst Behavior. The Accounting Review. Vol. 71, No. 4. Hlm. 467 492.
Lang, Mark, H., dan Lundholm, R.J. 2000. Voluntary Disclosure and Equity Offering: Information Asymmetry or Hyping The Shock? Contemporary Accounting Research. Vol. 17, No. 4. Hlm. 623–662.
Mardiyah, A.A. 2001. Pengaruh Asimetri Informasi dan Disclosure terhadap Cost of Equity Capital. Jurnal Riset Akuntansi Indonesia. Vol. 5 No 2, Mei, Hlm 229256.
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. Vol. 7, No. 192–206.
Rahmawati, Suparno, Y., dan Qomariyah, N. 2006. Pengaruh Asimetri Informasi terhadap Praktik Manajemen Laba pada Perusahaan Perbankan Publik yang terdaftar di Bursa Efek Jakarta. Simposium Nasional Akuntansi IX.
Rouf, Md. Abdur. 2010. Corporate Characteristics, Governance attributes and the extent of Voluntary disclosure in Bangladesh. Asian Journal of Management Research. Online Open Access publishing platform for Management Research.
Putra, W.M. 2011. Pengaruh Konflik Keagenan terhadap Corporate Governance Dan Kinerja Perusahaan. Maksimum. Vol.1, No.2, Hlm. 109–114.
Scott, William, R. 2009. Financial Accounting Theory. USA: Prentice-Hall.
Sekaran, U. 2003. Research Methods for Business: A Skill Building Approach. Edisi Keempat. New York: John Willey and Sons Inc.
Sudarmadji, A M., dan Sularto, L. 2007. Pengaruh Ukuran Perusahaan, Profitabilitas, Leverage, dan Tipe Kepemilikan Perusahaan Terhadap Luas Voluntary Disclosure Laporan Keuangan Tahunan. Proceeding PESAT, vol. 2, No. 53–61.
Tarjo. 2010. Pengaruh Konsentrasi Kepemilikan Institusional dan Leverage terhadap Manajemen Laba, Nilai Pemegang Saham terhadap Cost of Equity Capital. Simposium Nasional Akuntansi XI.
Tian, Y., dan Chen, J. 2009. Concept of Voluntary Information Disclosure and A Review of Relevant Studies. International Journal of Economics and Finance. Vol. 1, No. 2.
Ujiyantho, M.A., dan Bambang, A.P. 2007. Mekanisme Corporate Governance, Manajemen Laba dan Kinerja Keuangan. Simposium Nasional Akuntansi X.
Wardani, D.T., dan Masodah. 2011. Pengaruh Asimetri Informasi, Struktur Kepemilikan Manajerial, Dan Leverage terhadap Praktik Manajemen Laba. Proceeding PESAT. vol. 4, No. 128 134.
Weygandt, J.J., Kieso, D.E., dan Kimmel, P.D. 2007. Accounting Principles. Edisi 7. Jakarta: Salemba Empat.
Witmer, J., dan Zorn, L. 2007. Eatimating and Comparing the Implied Cost of Equity for Canadian and U.S Firm. Ban of Canada. Available at http://www.bank of canada.ca/en/res/wp/2007/wp07-48.pdf
