scholarly journals PENGARUH ASIMETRI INFORMASI DAN MANAJEMEN LABA TERHADAP COST OF EQUITY CAPITAL (Studi Empiris Pada Perusahaan Food and Beverages yang terdaftar di Bursa Efek Indonesia Tahun 2015-2018)

2019 ◽  
Vol 14 (1) ◽  
pp. 1-14
Author(s):  
Rika Astutik ◽  
Dwi Cahyono ◽  
Ibna Kamelia Fiel Afroh
Keyword(s):  
Earnings Management ◽  
Information Asymmetry ◽  
Stock Exchange ◽  
Equity Capital ◽  
Analysis Method ◽  
Cost Of Equity Capital ◽  
Cost Of Equity ◽  
Food And Beverages ◽  
Independent Variable ◽  
The Cost

This study aims to examine the effect of information asymmetry and earnings management on the cost of equity capital for food and beverages companies listed on the Indonesia Stock Exchange. Objects in this study are food and beverages companies listed on the Indonesia Stock Exchange and research samples obtained by 11 companies with the study period is the financial year 2015-2018. The independent variables used are information asymmetry and earnings management, while the dependent variable is cost of equity capital. Data analysis method is done by using multiple regression calculation to test the influence of independent variable to dependent variable. The result of the research indicates that information asymmetry is not influence significantly and earnings management is influence significantly to cost of equity capital.

scholarly journals PENGARUH ASIMETRI INFORMASI DAN MANAJEMEN LABATERHADAP BIAYA MODAL EKUITAS PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI) TAHUN 2013-2015

2018 ◽  
Vol 6 (1) ◽  
Author(s):  
Yudi Partama Putra
Keyword(s):  
Earnings Management ◽  
Information Asymmetry ◽  
Stock Exchange ◽  
Equity Capital ◽  
Manufacturing Companies ◽  
Cost Of Equity Capital ◽  
Cost Of Equity ◽  
Capital Costs ◽  
The Cost ◽  
Variable Information

Yudi Partama Putra; This study aims to (1) determine the effect of asymmetry of information on costs of equity at manufacturing companies listed in Indonesia Stock Exchange period 2013-2015, (2) know the effect of earnings management on equity capital costs at manufacturing companies listed on the Stock Exchange in 2013- 2015, (3) determine the effect of information asymmetry and earnings management simultaneously on the cost of equity capital in manufacturing companies listed on the Indonesian Stock Exchange 2013-2015. The population in this study is manufacturing company listed on the Indonesia Stock Exchange. While the sample selection is taken by using purposive sampling method. The classical assumption test used in this research is using normality test, multicollinearity test, heteroscedasticity test, and autocorrelation test. Analysis of data used to test the hypothesis is multiple linear regression analysis techniques. Based on the results of the research indicate that (1) information asymmetry has positive and significant effect to cost of equity (2) earnings management has no significant effect on Cost of equity. F test results show that the variable information asymmetry and earnings management simultaneously affect the cost of equity capital. The result of determination coefficient test with R square shows that variable information asymmetry and earnings management influence cost equity capital equal 10,7%, while the rest 89,3% influenced by other variables.Key Words: Information Asymetry, Earnings Management, and Cost Of Equity.

scholarly journals The Effect of Information Asymmetry and Business Diversification on Cost of Equity Capital

2021 ◽  
Vol 5 (1) ◽  
pp. 104-112
Author(s):  
Nurul Intan Okci Pratiwi
Keyword(s):  
Information Asymmetry ◽  
Positive Impact ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Secondary Data ◽  
Equity Capital ◽  
Cost Of Equity Capital ◽  
Cost Of Equity ◽  
Quantitative Research Methods ◽  
The Cost

This study aims to examine the effect of information asymmetry and business diversification on the cost of equity capital in mining companies listed in the Indonesia Stock Exchange with a sample of 14 companies for the 2017-2019 period. Data analysis used descriptive research with quantitative research methods in the form of secondary data. Information asymmetry is measured using the bid-ask spread and diversification is measured using the Herfindahl Index proxy while the cost of equity capital is measured using the Ohlson model. Hypothesis testing is carried out using multiple linear regression analysis to see how much influence information asymmetry and diversification have on the cost of equity capital. The result indicated that information asymmetry had a positive impact on the cost of equity capital and business diversification had a positive impact on the cost of equity capital.

scholarly journals PENGARUH MANAJEMEN LABA, ASIMETRI INFORMASI, DAN PENGUNGKAPAN SUKARELA TERHADAP BIAYA MODAL EKUITAS

Paradigma ◽  
2020 ◽  
Vol 17 (2) ◽  
pp. 69-88
Author(s):  
Dian Desty Widyowati
Keyword(s):  
Earnings Management ◽  
Information Asymmetry ◽  
Voluntary Disclosure ◽  
Sampling Technique ◽  
Equity Capital ◽  
Cost Of Equity Capital ◽  
Cost Of Equity ◽  
Independent Variables ◽  
The Cost ◽  
Positive Effect

The research method used multiple regression analysis. The data used are the annual financial statements of property companies listed on the Indonesia Stock Exchange 2014-2016. The sample is 87 companies with purposive sampling technique. The data is processed using SPSS (Statistical Product and Service Solution) Version 22. The results of this study indicate that earnings management has a positive effect on the cost of equity capital with a significant level of 0.000 and beta 0.712, information asymmetry has a significant effect on the cost of equity capital with a significant level of 0.087 and beta 0.139. , then voluntary disclosure has no significant effect on the cost of equity capital with a significant level of 0.955 and beta 0.004. In general, it can be concluded that earnings management has a positive effect on the cost of equity capital, while information asymmetry and voluntary disclosure have no significant effect on the cost of equity capital. Future studies consider adding other independent variables that can affect the cost of equity capital so that it can show a better correlation between the dependent and independent variables.

scholarly journals Pengaruh Siklus Hidup Perusahaan Dalam Memoderasi Hubungan Manajemen Laba Dan Cost Of Equity Capital

2019 ◽  
Vol 1 (3) ◽  
pp. 1013-1032
Author(s):  
Indri Adelina Rizal ◽  
Nurzi Sebrina
Keyword(s):  
Life Cycle ◽  
Earnings Management ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Equity Capital ◽  
Manufacturing Companies ◽  
Cost Of Equity Capital ◽  
Cost Of Equity ◽  
The Cost ◽  
The Relationship

This study aims to provide empirical evidence whether earnings management can influence the cost of equity capital and whether the company's life cycle can strengthen or weaken the relationship between earnings management and the cost of equity capital. Profit Management in this study was measured using a discretionary accrual proxy. The company's life cycle is measured using the company's cash flow pattern and the cost of equity capital measured using measurements from Ohlson's (1995) model modified by Utami (2005). This study is classified as causative research. The population in this study are manufacturing companies listed on the Indonesian Stock Exchange period of 2013 to 2017.By using purposive sampling method, there were 60 companies as the research’s sample. The type of data used is secondary data obtained from www.idx.co.id. The analysis used in this study is multiple linear regression analysis. The results of this study are that earnings management has no significant positive effect on the cost of equity capital and the company's life cycle is not able to strengthen or weaken the relationship of earnings management with the cost of equity capital.

scholarly journals The Effect of Intellectual Capital Disclosure, Information Asymmetry, and Firm Size on Cost of Equity Capital with Managerial Ownership as a Moderating Variable

2018 ◽  
Vol 8 (2) ◽  
pp. 163
Author(s):  
Devita Hendini Putri ◽  
Nur'aini Rokhmania
Keyword(s):  
Information Asymmetry ◽  
Firm Size ◽  
Intellectual Capital ◽  
Stock Exchange ◽  
Equity Capital ◽  
Least Square ◽  
Managerial Ownership ◽  
Cost Of Equity Capital ◽  
Cost Of Equity ◽  
The Cost

The purpose of this study is to find out the effect of intellectual capital disclosure, information asymmetry, and firm size on cost of equity capital with managerial ownership as moderating variable. Total sample used in this study is 47 companies listed in the LQ45 Index in Indonesia Stock Exchange (IDX) during the period February 2014 - January 2017. The study period was 2013-2016. Data analysis technique used in this study is descriptive statistical analysis, ordinary least square analysis, and moderated regression analysis. The results of this study show that intellectual capital disclosure has an effect on the cost of equity capital. Components of intellectual capital disclosure, such as human capital, structural capital, and relational capital, have a significant effect on the cost of equity capital. But information asymmetry and firm size have no significant effect on the cost of equity capital. Managerial ownership, as moderating variable, cannot moderate the effect of intellectual capital disclosure, information asymmetry, and firm size on the cost of equity capital.

scholarly journals LUAS PENGUNGKAPAN SUKARELA, ASIMETRI INFORMASI,DAN BIAYA MODAL EKUITAS

2017 ◽  
Vol 27 (1) ◽  
pp. 59
Author(s):  
Novita Adeliana Darma
Keyword(s):  
Information Asymmetry ◽  
Voluntary Disclosure ◽  
Stock Exchange ◽  
Equity Capital ◽  
Manufacturing Companies ◽  
Cost Of Equity Capital ◽  
Cost Of Equity ◽  
Analysis Model ◽  
The Cost ◽  
Path Analysis Model

This study examines the effect of voluntary disclosure on the cost of equity capita lwith information asymmetry as an intervening variablein manufacturing companies listed in Indonesia Stock Exchange in the period of 2008-2012. The total population of this study were 203 companies. The research hypotheses were tested using path analysis model with unbalanced panel data. The study concluded that the voluntary disclosure had indirect effect on the cost of equity capital by the information asymmetry as an intervening variable.Keywords: Voluntary Disclosure, InformationAsymmetry, Cost Of EquityCapital

scholarly journals Information Asymmetry, Ownership Structure and Cost of Equity Capital: The Formation for Open Innovation

2021 ◽  
Vol 7 (1) ◽  
pp. 48
Author(s):  
Ade Imam Muslim ◽  
Doddy Setiawan
Keyword(s):  
Stock Market ◽  
Information Asymmetry ◽  
Ownership Structure ◽  
Trading Volume ◽  
Foreign Ownership ◽  
Equity Capital ◽  
Cost Of Equity Capital ◽  
Cost Of Equity ◽  
Ownership Structures ◽  
The Cost

Our study aims to investigate how information asymmetry and ownership structure affect cost of equity capital. For that purpose, we collected 246 issuers over 4 years for a total of 984 observations. By using panel data processing, we found that the information asymmetry we proxied through Price non-Synchronization and trading volume had an effect on the cost of equity capital. Our results also confirmed both Agency Theory and Pecking Order Theory. Both theories are in line with the conditions of the stock market in Indonesia. In addition, we found that institutional and foreign ownership structures also had an effect on the cost of equity capital. Furthermore, our results also confirmed Interest Alignment Theory and Entrenchment Theory. Our research is expected to contribute to the debate on the existence of information asymmetry and ownership structures in relation to the cost of equity capital. We also hope that it will be a valuable input for investors in considering their investment. Moreover, from the results of this study, investors can also consider foreign ownership or institutional ownership in determining their investment. In addition, stock market regulators in Indonesia can develop approaches to minimize information asymmetry and encourage foreign investors to invest in Indonesia.

Ambiguous Customer Identity Disclosure and the Cost of Equity Capital

2017 ◽  
Vol 20 (03) ◽  
pp. 1750021 ◽  
Author(s):  
Hsin-Yi Yu ◽  
Li-Wen Chen
Keyword(s):  
Information Asymmetry ◽  
Market Competition ◽  
Equity Capital ◽  
Cost Of Equity Capital ◽  
Cost Of Equity ◽  
Proprietary Information ◽  
Customer Information ◽  
Identity Disclosure ◽  
The Cost ◽  
Proprietary Cost

In deciding how much customer information to disclose, managers face a tradeoff between the benefits of reducing information asymmetry and the losses of revealing proprietary information. This paper investigates which factors affect the level of ambiguous customer identity disclosure and whether such ambiguous disclosure affects the cost of equity capital. The empirical evidence shows that the proprietary cost is a crucial factor in ambiguous customer identity disclosure. Firms with a higher level of ambiguous customer identity disclosure generate a higher cost of equity capital. Moreover, the higher cost of equity capital is concentrated among firms under imperfect market competition.

scholarly journals Cost Adjustment in the Korean Defense Industry: Empirical Research on the Relation between Earnings Management and Sustainability

2019 ◽  
Vol 11 (5) ◽  
pp. 1481 ◽  
Author(s):  
Sangkyun Sohn ◽  
Joonho Park ◽  
Jinseek Lee
Keyword(s):  
Earnings Management ◽  
Indirect Costs ◽  
Defense Industry ◽  
Equity Capital ◽  
Cost Of Equity Capital ◽  
Cost Of Equity ◽  
Cost System ◽  
The Difference ◽  
Integrated Cost ◽  
The Cost

This article is a demonstrative research on the motivation and method for earnings management in the Korean defense industry and its connection with the cost of equity capital. The data for this article comes from the Korean DICS (Defense Integrated Cost System). The difference between the cost data submitted by defense corporations and those verified by DAPA (Defense Acquisition Program Administration) serves as an indicator of earnings management; such a direct measurement of earnings management distinguishes this research from previous studies focusing on indirect indicators of earnings management, such as discretionary accruals. This article purposefully names such a specific form of earnings management as ‘cost adjustment’ that takes advantage of the difference between the submitted cost and the verified cost. The result of the research shows that cost adjustment activities in the defense industry are proportional to the capital cost required by shareholders. It is also notable that the cost adjustment activities in the defense industry are mostly done by making use of direct costs, in contrast to other industries utilizing indirect costs, which are hardly traceable. As a result of cost adjustment to meet short-term target profit, the long-term sustainability of the company would get impaired from the inflated costs in direct cost adjustments.

scholarly journals The effect of risk disclosure on the cost of equity capital and firm value (An empirical study of manufacturing companies listed on the Indonesia Stock Exchange period 2015-2017)

2019 ◽  
Vol 9 (2) ◽  
pp. 133
Author(s):  
Eka Sri Sumardani ◽  
Rr Sri Handayani
Keyword(s):  
Firm Value ◽  
Stock Exchange ◽  
Equity Capital ◽  
Manufacturing Companies ◽  
Cost Of Equity Capital ◽  
Risk Disclosure ◽  
Cost Of Equity ◽  
Net Profit ◽  
The Cost ◽  
Corporate Risk

This study examines the effect of corporate risk disclosure on cost of equity capital and firm value. It uses the ratio of market value to book value, the ratio of leverage, consumer price index, growth, firm size, independent audit committee, and net profit during the study period and net profit in the previous year as control variables. The population consists of all manufacturing companies listed on the Indonesia Stock Exchange for the period 2015 - 2017. The sample was taken using a purposive sampling method, with the total sample of 99 companies. The data were analyzed using multiple regression analysis to test the hypothesis. The results indicate that corporate risk disclosure has a negative effect on the cost of equity capital but corporate risk disclosure has a positive effect on firm value.

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