scholarly journals Kualitas Akrual Memoderasi Earnings Opacity Terhadap Biaya Ekuitas

2019 ◽  
Vol 1 (3) ◽  
pp. 1363-1375
Author(s):  
Liza Andriani ◽  
Mayar Afriyenti
Keyword(s):  
Manufacturing Companies ◽  
Cost Of Equity ◽  
Accrual Quality ◽  
Earnings Smoothing ◽  
Two Measures ◽  
The Cost ◽  
The Relationship

This study aims to examine the effect of earnings opacity on the cost of equity with accrual quality as a moderating variable. This studyuses two measures for earnings opacity which are earnings aggressiveness and earnings smoothing. Number of sampleis 40 manufacturing companies that distribute dividend periods 2015-2017. The method of analysis using interaction moderation regression.The results of this study showed that accrual quality strengthen the relationship between earnings aggressiveness and cost of equity. Accrual quality also weaken the relationship between earnings smoothing and cost of equity. Earnings aggressiveness has positive and significant effect on cost of equity. Earnings smoothing has positive but not significant effect on cost of equity.

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 Risk Disclosure and Cost of Equity: A Bayesian Approach

Revista CEA ◽  
2020 ◽  
Vol 6 (11) ◽  
pp. 25-43
Author(s):  
Jose Miguel Tirado-Beltrán ◽  
José David Cabedo ◽  
Dennis Esther Muñoz-Ramírez
Keyword(s):  
Information Disclosure ◽  
Stock Exchange ◽  
Risk Information ◽  
Financial Risks ◽  
Risk Disclosure ◽  
Cost Of Equity ◽  
Global View ◽  
Bayesian Linear Regression ◽  
The Cost ◽  
The Relationship

This paper aims to analyze the relationship between risk information disclosure and the cost of equity of companies in the Spanish capital market. This study uses a set of 71 firms listed on Madrid stock exchange between 2010 and 2015; all of them are non-financial listed companies for which profit forecasts existed. The problem was analyzed using a Bayesian linear regression approach. The results show that cost of equity and disclosed risk information are not related if a global view of the latter is adopted. However, a positive relationship between financial risks and the cost of equity occurs when risk information is divided into financial and non-financial risks.

scholarly journals Carbon Information Disclosure, Marketization, and Cost of Equity Financing

2019 ◽  
Vol 16 (1) ◽  
pp. 150 ◽  
Author(s):  
Li Li ◽  
Quanqi Liu ◽  
Jun Wang ◽  
Xuefei Hong
Keyword(s):  
Negative Correlation ◽  
Information Disclosure ◽  
Cost Of Equity ◽  
Equity Financing ◽  
Heavy Pollution ◽  
The Cost ◽  
The Relationship

Using listed enterprises in China’s heavy pollution industry from 2009 to 2013, this study tests the relationship between marketization degree, carbon information disclosure, and the cost of equity financing. The results show that, regardless of marketization degree, the overall level of carbon information disclosure of listed enterprises in China’s heavy pollution industry is low. The content of carbon information disclosure is mainly non-financial carbon information, and the financial carbon information disclosure is very low. The cost of equity financing is different in areas with different marketization degrees, specifically speaking, the cost of equity financing is lower in regions with a high marketization degree than that of a low marketization degree. Carbon information disclosure, non-financial carbon information disclosure, and financial carbon information disclosure are negatively correlated with the cost of equity financing. The marketization degree has strengthened the negative correlation between carbon information disclosure, non-financial carbon information disclosure, financial carbon information disclosure, and the cost of equity financing, respectively.

Costs of Equity and Earnings Attributes

2004 ◽  
Vol 79 (4) ◽  
pp. 967-1010 ◽  
Author(s):  
Jennifer Francis ◽  
Ryan LaFond ◽  
Per M. Olsson ◽  
Katherine Schipper
Keyword(s):  
Value Relevance ◽  
Positive Association ◽  
Equity Capital ◽  
Cost Of Equity Capital ◽  
Cost Of Equity ◽  
Operating Cycle ◽  
Accrual Quality ◽  
Accounting Data ◽  
Earnings Attributes ◽  
The Cost

We examine the relation between the cost of equity capital and seven attributes of earnings: accrual quality, persistence, predictability, smoothness, value relevance, timeliness, and conservatism. We characterize the first four attributes as accounting-based because they are typically measured using accounting information only. We characterize the last three attributes as market-based because proxies for these constructs are typically based on relations between market data and accounting data. Based on theoretical models predicting a positive association between information quality and cost of equity, we test for and find that firms with the least favorable values of each attribute, considered individually, generally experience larger costs of equity than firms with the most favorable values. The largest cost of equity effects are observed for the accounting-based attributes, in particular, accrual quality. These findings are robust to controls for innate determinants of the earnings attributes (firm size, cash flow and sales volatility, incidence of loss, operating cycle, intangibles use/intensity, and capital intensity), as well as to alternative proxies for the cost of equity capital.

Corporate governance and cost of equity: empirical evidence from Latin American companies

2016 ◽  
Vol 16 (5) ◽  
pp. 831-848 ◽  
Author(s):  
Emanuele Teti ◽  
Alberto Dell’Acqua ◽  
Leonardo Etro ◽  
Francesca Resmini
Keyword(s):  
Corporate Governance ◽  
Latin American ◽  
Cost Of Capital ◽  
Negative Relationship ◽  
Developed Countries ◽  
Equity Capital ◽  
Cost Of Equity ◽  
Content Type ◽  
The Cost ◽  
The Relationship

Purpose This paper aims to investigate the extent to which corporate governance (CG) systems adopted by Latin American listed firms affect their cost of equity capital. Several studies on the link between the two aforementioned dimensions have been carried out, but none in the context of Latin American firms. Design/methodology/approach A CG index is created by taking into account the peculiarities of each country and the recommendations given by the corresponding CG institutes. In particular, to assess the level of CG quality, three sub-indexes have been identified: “Disclosure”, “Board of Directors” and “Shareholder Rights, Ownership and Control Structure”. Findings The results indicate a negative relationship between CG quality and the cost of equity. In particular, the “Disclosure” component is the one mostly affecting the cost of equity. Research limitations/implications This study contributes to the literature by adding knowledge on the relationship between CG and cost of capital considering, for the first time, the overall Latin American market. Practical implications The paper proves that institutional investors all over the world are disposed to pay a premium to invest in firms with effective CG standards; moreover, this premium is higher in emerging countries such as those analyzed in this paper, rather than in developed countries. Originality/value To the authors' knowledge, this is the first paper empirically investigating the relationship between CG and cost of capital in Latin America.

The Relationship between Mental Workload and Situation Awareness

2000 ◽  
Vol 44 (21) ◽  
pp. 3-460-3-463 ◽  
Author(s):  
Michael A. Vidulich
Keyword(s):  
Cognitive Processing ◽  
Situation Awareness ◽  
Mental Workload ◽  
Processing Abilities ◽  
Common Goals ◽  
Two Measures ◽  
The Cost ◽  
The Relationship ◽  
Simple Fashion ◽  
Empirical Database

Mental workload and situation awareness are both outgrowths of the practical need to assess operators' performing and managing dynamic complex tasks. Mental workload refers to the cost placed on the human operator's cognitive processing abilities by performing the required task-related mental processing. Situation awareness is the operator's apprehension of the current situation. Common goals of designing a new system or modifying an existing one are often to reduce the operator's mental workload while increasing the operator's situation awareness. However, the empirical database obtained from concurrent evaluation of mental workload and situation awareness demonstrates that the two measures generally do not co-vary in such a simple fashion. The lack of a single straightforward correlation could be interpreted as an indication that mental workload and situation awareness must be considered independent of each other. However, parsing the available studies into sub-categories based on the type of manipulation that was investigated allows some possible relationships between mental workload and situation awareness to emerge. This suggests that researchers should continue to examine the relationship between these concepts and system evaluators should not consider mental workload or situation awareness in isolation from the other.

scholarly journals Pengaruh Kualitas Laba Dalam Memoderasi Hubungan Kepemilikan Kas dan Efisiensi Perusahaan (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2013-2016)

2019 ◽  
Vol 7 (1) ◽  
pp. 1477
Author(s):  
Dina Kaltsum ◽  
Nurzi Sebrina
Keyword(s):  
Sampling Method ◽  
Stock Exchange ◽  
Earnings Quality ◽  
Cash Holdings ◽  
Secondary Data ◽  
Panel Regression ◽  
Manufacturing Companies ◽  
Accrual Quality ◽  
Relationship Of ◽  
The Relationship

This study aims to examine the effect of earnings quality in moderating the relationship of cash holdings and firms efficiency. 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 2016. By using purposive sampling method, there were 88 companies as the research’s sample. Firms Efficiency variable are measured by the DEA model, cash holdings variable are measured by cash ratio, and earnings quality variable are measure by accrual quality. The type of data used is secondary data obtained from www.idx.co.id and used is panel regression analysis. The results of this study indicate that cash holdings has a positive and significant effect on firms efficiency, but earnings quality is not able to strengthen or weaken the relationship between cash holdings and firms efficiency. Keywords: Cash holdings, earnings quality, firms Efficiency.

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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