FAKTOR-FAKTOR YANG MEMPENGARUHI COST OF CAPITAL. (Pendekatan: Structural Equation Model)

Etty Murwaningsari

Abstract


The objectives of this research are to identify the influences of information asymmetry and
earning  management  toward  disclosure  and  cost  of  capital.  This  research  examines  53
manufacturing  companies  listed  in  Jakarta Stock  Exchange  and  issues  audited  financial
statement since 2006-2008 therefore total observations consist of 159 firm. The statistical
method used to test the hypothesis is Structural Equation Model. The empirical result of this
research  indicates  that  there  are  three  hypotheses  which  have  significant  influences:
information  asymmetry  with  disclosure,  information  asymmetry  with  cost  of  capital  and
earning management with cost of capital. The other two independent variables do not have a
significant influence toward dependent variable. The subsequent test indicates that there are
three hypotheses which have significant influences: size with disclosure, beta with cost of
capital, and the influence of audit quality with cost of capital. The other control variable
doesn’t show significant influence toward dependent variable.

Keywords: information asymmetry, Earning Management, Disclosure and Cost of Capital

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