Pengaruh Tingkat Disclosure, Manajemen Laba, Asimetri Informasi Terhadap Biaya Modal (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di BEI Tahun 2009-2011)

Abstract

This study aimed to examine and discover how far the empirical evidence: 1) The effect of the level of disclosure as measured by give scored for every item on cost of capital, 2) The effect of earnings management as measured by discretionary accruals on capital costs, 3) The effect of information asymmetry as measured by relative bid ask spread on the cost of capital.

This study considered the causative research. The population in this study is a manufacturing company listed on the Indonesia Stock Exchange in 2009 until 2011. Sample selection by setting specific criteria and samples that meet the criteria are as many as 33 companies. The analysis used is multiple linear regression and t-test to see the effect of the level of disclosure, earnings management, information asymmetry on the cost of capital.

The results show that 1) the level of disclosure has no effect on the cost of capital, where the significant value 0514> α 0.05 and β value -0.047 with a negative direction (H1 rejected). 2) earnings managements has no significant effect on the cost of capital, where the significant value 0604> α 0.05, the β-value 4.083 in the positive direction (H2 rejected). 3) information asymmetry has effect on the cost of capital, where the significance value 0.000 <α 0.05 and β-value 0.130 with the positive direction (H3 accepted).

In this study suggested: 1) For investors should consider the information in the capital markets to assess risks to be faced in the future, 2) For further research should use another proxy to assess the level of cost of capital.

Kata Kunci : Cost Of Capital, Disclosure, Earnings Management, Information Asymmetry