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

Rizki Istiawati Sunaryo, Dian Saripujiana
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引用次数: 2

Abstract

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.
信息不对称、盈余管理、自愿披露和股权市场价值对股权资本成本的影响
本研究旨在检验其影响并证明:(1)信息不对称程度越高,股权资本成本越高;(2)盈余管理程度越高,股权资本成本越高;(3)自愿披露程度越高,股权资本成本越低;(4)股权市值越高,股权资本成本越低。本研究于2012-2014年在印尼证券交易所(IDX)上市的制造业公司部门进行。本研究采用目的性抽样的方法获取样本。采用SPSS 22.0软件对数据进行单尾检验的多元线性回归分析。结果表明,股权的市场价值在统计上得到支持或假设被接受。而信息不对称、盈余管理和自愿披露没有得到统计上的支持,虽然信息不对称有显著的影响,但假设的结果不同,因此假设仍然被拒绝。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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