Pengaruh Voluntary Disclosure, Manajemen Laba terhadap Cost Of Equity Capital dengan Asimetri Informasi sebagai Intervening Variable pada Perusahaan Manufaktur Sub Sektor Farmasi yang Terdaftar di Bursa Efek Indonesia Periode 2012-2016

Abstract

Cost of equity capital is one benchmark in assessing an investment. This study aims to determine the influence of voluntary disclosure and earnings management to cost of equity capital with information asymmetry as intervening. The statistical method used is path analysis, taking samples from manufacturing companies listing in Indonesia Stock Exchange (IDX) period 2012-2016 taken using purposive sampling method. Voluntary disclosure is proxied with a disclosure index combined with the Botosan and Bapepam disclosure indices. As for measuring earnings management, researchers used a specific aqrual model and for information asymmetry was measured using spreads. Then Cost of Equity Capital method CAMP (Capital Asset Model Price). The results of the analysis show that voluntary disclosure and earnings management have a effect on information asymmetry and cost of equity capital, but based on the analysis of the voluntary disclosure path and earnings management will have a greater effect on cost of equity capital if tested directly, rather than through information asymmetry with 80.2% presentation for the effect of voluntary disclosure and earnings management directly.