The Associations Among Earnings Quality, Voluntary Disclosure, Information Asymmetry, and Cost of Equity Capital: A Structural Equation Modeling Approach

2015 ◽  
Author(s):  
Lisa A Hinson ◽  
Steven Utke
Keyword(s):  
Structural Equation Modeling ◽  
Information Asymmetry ◽  
Voluntary Disclosure ◽  
Structural Equation ◽  
Earnings Quality ◽  
Equity Capital ◽  
Equation Modeling ◽  
Cost Of Equity Capital ◽  
Cost Of Equity ◽  
Modeling Approach

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 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 The Effect of Voluntary Disclosure and Earnings Quality on Cost of Equity

2015 ◽  
Vol 12 (2) ◽  
Author(s):  
A. Ardiansyah ◽  
Sylvia Veronica Siregar
Keyword(s):  
Voluntary Disclosure ◽  
Annual Report ◽  
Stock Exchange ◽  
Earnings Quality ◽  
Secondary Data ◽  
Manufacturing Firms ◽  
Equity Capital ◽  
Cost Of Equity Capital ◽  
Cost Of Equity ◽  
Multiple Regressions

The objective of this research is to examine the level and effect of voluntary disclosure andthe earnings quality on cost of equity capital of listed manufacturing company inIndonesian Stock Exchange in 2008. This study uses secondary data from the annualreports of 75 manufacturing firms listed in Indonesia Stock Exchange (IDX) in 2008. Weuse multiple regressions to test hypotheses. We find that the average of voluntarydisclosure is only 29.7%, which indicates that firms’ disclosure in the annual report is stilllow. The result also shows that the level of voluntary disclosure, in contrary to expectation,has positive and significant effect on cost of equity capital. We find some evidences thatearnings quality can reduce cost of equity capital.Tujuan penelitian ini adalah untuk menganalisis pengaruh tingkat pengungkapan sukareladan kualitas laba terhadap cost of equity capital pada perusahaan manufaktur yang terdaftardi Bursa Efek Indonesia tahun 2008. Penelitian ini dilakukan pada 75 perusahaan yangmenjadi sampel penelitian. Hipotesis penelitian diuji menggunakan regresi linier berganda.Hasil penilaian atas indeks pengungkapan sukarela menunjukkan rata-rata indekspengungkapan sukarela hanya 29.7% sehingga dapat disimpulkan bahwa tingkatpengungkapan sukarela dalam laporan tahunan perusahaan masih rendah. Hasil penelitianmenunjukkan bahwa tingkat pengungkapan sukarela, berbeda dengan dugaan, mempunyaipengaruh positif signifikan terhadap biaya modal ekuitas. Ditemukan juga bukti bahwakualitas laba dapat menurunkan biaya modal ekuitas.

scholarly journals Pengaruh Kualitas Laba Dan Pengungkapan Sukarela Terhadap Cost of Equity Capital

2019 ◽  
Vol 1 (3) ◽  
pp. 883-905
Author(s):  
Novia Yolanda ◽  
Erly Mulyani
Keyword(s):  
Voluntary Disclosure ◽  
Stock Exchange ◽  
Earnings Quality ◽  
Equity Capital ◽  
Manufacturing Companies ◽  
Cost Of Equity Capital ◽  
Cost Of Equity ◽  
Panel Data Regression ◽  
The Cost ◽  
Positive Effect

This study aims to determine and analyze the effect of earnings quality and voluntary disclosure on cost of equity capitalin manufacturing companies listed on the Indonesia Stock Exchange for the period 2015-2017 both simultaneously and partially. The data analysis method used is panel data regression analysis. Using a purposive sampling method to get a sample of 71 companies from 213 manufacturing companies. Based on the results of the study it is known that the expertise of earnings quality and voluntary disclosure simultaneously influence the cost of equity capital. But partially, earnings quality has a positive effect on the cost of equity capitaland voluntary disclosure has a positive effect on the cost of equity capitalin manufacturing companies listed on the Indonesia Stock Exchange for the period 2015-2017

scholarly journals The Effects of Information Asymmetry, Earning Management, Voluntary Disclosure and Market Value of Equity on Cost of Equity Capital

2018 ◽  
Vol 21 (1) ◽  
Author(s):  
Rizki Istiawati Sunaryo ◽  
Dian Saripujiana
Keyword(s):  
Information Asymmetry ◽  
Voluntary Disclosure ◽  
Linear Regression Analysis ◽  
Market Value ◽  
Equity Capital ◽  
Earning Management ◽  
Manufacturing Companies ◽  
Cost Of Equity Capital ◽  
Cost Of Equity ◽  
The Cost

This study aims to examine the effect and prove that (1) the higher of the information asymmetry, the higher of the cost of equity capital, (2) the higher of the earning management caused the higher of the cost of equity capital, (3) the higher of the voluntary disclosure caused the lower of the cost of equity capital and (4) the higher of the market value of equity caused the lower of the cost of equity capital. This research was conducted in the manufacturing companies sector listed on Indonesian Stock Exchange (IDX) in 2012-2014. This study used a purposive sampling method for getting sample. The data were analyzed using Multiple Linear Regression Analysis with one-tailed test with SPSS 22.0 program. The results show that market value of equity were statistically supported or hypothesis accepted. While the information asymmetry, earning management and voluntary disclosure were not statistically supported, although the information asymmetry had a significant effect but the hypothesized results were different so the hypothesis remains rejected.

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