Abstract
The cost of equity capital represents the number of expenses that must incur or must be paid to obtain capital either from debt, stock preference, ordinary shares, or retained earnings to finance corporate investment. This study aimed to examine the effect of voluntary disclosure, leverage and the market value of equity on the cost of equity capital. Samples in this research were 314 companies in the non-financial sector and were selected using purposive sampling method. The measurement used for the independent variables are voluntary disclosure, leverage, and market value of equity and dependent variable used cost of equity. Measures for control variable in this research is firm size. The results showed that only voluntary disclosure variables that significantly affect the value of equity capital, while the other two variables are not significant. DOI: 10.15408/ess.v8i2.7597
Highlights
Laporan keuangan merupakan salah satu media terpenting dalam memberikan informasi mengenai posisi keuangan, kinerja, serta perubahan posisi keuangan suatu perusahaan yang bermanfaat bagi sejumlah besar pengguna dalam pengambilan keputusan ekonomi (Ikatan Akuntansi Indonesia, 2012)
This study aimed to examine the effect of voluntary disclosure, leverage and the market value of equity on the cost of equity capital
The results showed that only voluntary disclosure variables that significantly affect the value of equity capital, while the other two variables are not significant
Summary
Determinan yang mempengaruhi Biaya Modal variabel leverage dan nilai pasar terhadap nilai buku tidak berpengaruh terhadap biaya atas modal ekuitas. Berdasarkan hasil penelitian terdahulu yang telah dilakukan oleh: Embong, dkk (2012), Setyaningrum dan Zulaikha (2013), Evimonita (2012), Juniarti dan Yunita (2003), Adhi (2012), Hanniarsa (2013), dan Yulistiana (2011) bahwa pengungkapan sukarela, leverage, dan nilai pasar ekuitas berpengaruh terhadap biaya atas modal ekuitas. Ketidakkonsistenan hasil penelitian membuat penulis ingin menguji kembali mengenai pengaruh pengungkapan sukarela, leverage, dan nilai pasar ekuitas terhadap biaya atas modal ekuitas. Oleh karena itu penelitian ini bertujuan sebagai berikut: pertama apakah terdapat pengaruh pengungkapan sukarela terhadap biaya atas modal ekuitas. Dalam penelitian ini yang menjadi variabel dependen adalah cost of equity capital. Operasional variabel dalam penelitian ini disajikan pada Tabel 1
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