Dampakpengungkapansukareladan Manajemen Laba Terhadap Biaya Modal Ekuitas Dengan Asimetri Informasi Sebagai Variabel Intervening (Studi Pada Perusahaan Publik Sektor Manufaktur)  

Oleh:

Utami, Wiwik

Jenis: Article from Journal - ilmiah nasional
Dalam koleksi: TEKUN : Jurnal Telaah Akuntansi dan Bisnis vol. 1 no. 2 (Mar. 2010), page 57-84.
Topik: Voluntary disclosures. Earnings management. Information asymmetry; Cost of equity capit

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: TT39 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

The objectives of the research are to find out empirical evidence of the impact of voluntary disclosures and earnings management on cost of equity capital with information asymmetry as intervening variable. The type of this research is market-based accounting research because the aim of this research is directed to find out the impact of accounting information on capital market participants (investors). The population of this study was public company of manufacturing sector listed at Jakarta Stock Exchange, and the sample was determined based on the following criteria: (a) the annual report ended 31 December; and (b) book value of equity is positive. There were 92 companies meeting the criteria. Data analysis was carried out in terms of pool cross-section covering stock transaction and annual financial report during 2001-2002. Voluntary disclosures were measured by index, earnings management were measured by modified Jones model, information asymmetry were measured by standardized residual on regression of bid-ask spread with independent variables were stock prices, stock volume transaction. depth, and variance returns. Cost of equity was estimated by Ohlson model. The research hypotheses were tested using the path analysis. The result of this research show that: (I) voluntary disclosures had significantly negative influence on information asymmetry and cost of equity capital; (2) earnings management had no impact on information asymmetry, but it had significant impact on cost of equity capita; and (3) the total impact of voluntary disclosures and earnings management to the cost of equity capital is 15.13%.

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