ANALISIS PENGARUH KUALITAS CORPORATE GOVERNANCE DAN KUALITAS LABA TERHADAP BIAYA MODAL EKUITAS (Studi Empiris Pada Perusahaan Manufaktur yang terdaftar di BEI )

  • Monalisa Monalisa STIKes Perintis Padang
Keywords: Corporate Governance Index, Agency Theory, Stewardship Theory, Signalling Theory, Earning Quality, Cost of Equity

Abstract

            This Study aims to examine the Effect of corporate governance quality and earning quality on cost of equity capital. Corporate Governance Quality is measured by an index called IGOV which is developed from 23 binary question related to corporate governance practices conducted by the firms and divided into 4 aspects: information access, content of public information, board structure, and ownership structure and shareholder’s rights. All of the questions can be answered by the publicly available information in Indonesia Capital Market without any means of direct contacts.  Corporate governance index resulted in the research able to create a simple picture about corporate governance and can be used to assess its quality only by analyze the annual report and financial statement. Its Earning quality measured by a discretionary accrual model Modified Jones and cost of equity capital of its proxy Capital Asset Pricing Model (CAPM). The samples of this study are 159  manufacturing firms listed on Indonesia Stock Exchange for period 2012-2014.  The sampling method used in this study is purposive sampling. Used answer hypothesis using , this studies uses multiple regression as an analysis technique to examine the hypothesis. Result of the empirical evidence shows that corporate governance quality has not influenced on cost of equity, and earning quality has not either on cost of equity.

References

Ashbaugh, Hollis., Daniel, W., Collins., dan Ryan, Lafond. (2004). “Corporate Governance and the Cost of Equity Capital”. Working Paper. www.ssrn.com.
Brook, Leonard J. dan Paul Dunn. (2008). “Bussines & Professional Ethics” 5^th edition”
”: www.ecgi.org.
Candra, Emy R. (2015). “ Analisis Kualitas Akrual pada Biaya Modal” Disampaikan pada Simposium Nasional Akuntansi XVIII.
Dechow, Patricia dan Schrand. (2004). Earning Quality. The Research Foundation of CFA Instituet
Efendi, Arief M. (2009). “The Power of Good Corporate Governance” : Teori dan Implementasi. Jakarta : Salemba Empat.
Francis, Jenifer., Ryan, LaFond., Ohlson dan Schipper, K. (2005). ” The Market Pricing of Accrual Quality”. Journal of Accounting and Economics 39: 295-327
Ghazali, Imam. (2011). “Aplikasi Analisis Multivariate dengan Program IBM SPSS 19 “ edisi kelima Penerbit Universitas Diponegoro semarang..
Gray, Philip., Koh, Ping-Sheng, dan Tong, Yen H. (2009). “The Accruals Quality, Information Risk, and Cost of Capital” : Evidence from Australia. Journal of Business Finance and Accounting, 36 (1) & (2), 51-72.
IICG (The Indonesian Institue For Copoprate Governance). (2009-2013). Jakarta melalui situs www.iicg.org
Ikatan Akuntansi Indonesia. (2013). Pernyataan Standar Akuntansi Keuangan 01 , “Penyajian Laporan Keuangan” (revisi 2013). Jakarta : IAI
Hutabarat, Esna M. dan Situmeang, Chandra. (2016). “Analisis Pengaruh Non Financial Measures Disclosure, Corporate Governance Dan Kualitas Audit Terhadap Performance Melalui Cost Of Equity Perusahaan” Disampaikan pada Simposium Nasional Akuntansi XIX, Lampung.
Jansen,Michael C dan Meckling,Willyam H. (1976). Theory of Firm : Manajerial Behavior, Agency Cost, and Owners Structure. Journal of financial Economic :305-360
Kantiasih,Wulan. (2010). “Kualitas Corporate Governance dan Nilai Perusahaan” Tesis Pada Fakultas Ekonomi Universitas Sebelas Maret .
Nasr, Hamdi Ben dan Abdullah, Mohammad A. (2015). “ The Impact of Earning Quality on the Cost of Equity :Eviden from Privatied Firms “ International Journal f financial Research.
Ramly, Zulkifly. (2012). “Impact of Corporate Governance on the Cost of Equity Capital in an emerging market”: eviden From Malaysian Listed firms” African journal of Business Managemen Vol. 6(4). Pp 1733-1748, 01 February 2012
Regalli, Massimo dan Maria-Gaia, Soana. (2012). “ Corporate Governance Quaity and Cost of Equity in Financial Companies“ International journal of Business Administration
Sefiana, Eka. (2009). “Pengaruh Penerapan Corporate Governance terhadap manajemen laba” pada perusahaan perbankan yang telah Go Publik di BEI. http://library.gunadarma.ac.id
Sekaran, Uma. (2006). “Research Methode For Business”, Edisi Empat, Penerbit Salemba Empat, Jakarta.
Sondang, Maria. (2012) “Pengaruh Kualitas Akrual Terhadap Premi Resiko” Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Tahun 2006-2009. http://lontar.ui.ac.id
Susanto,Siswardika, Sylvia Veronica S.(2012). “Corporate Governance Kualitas Laba dan Biaya Ekuitas“ : Studi pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia Tahun 2009. Disampaikan pada Simposium Nasional Akuntansi XII.

Triyono. (2014). “Pengaruh Corporate Governance Kepemilikkan Institusi terhadap Kinerja dan resiko perusahaan”. Disampaikan pada Simposium Nasional Akuntansi XVII, di Mataram.
Published
2018-06-22
How to Cite
Monalisa, M. (2018). ANALISIS PENGARUH KUALITAS CORPORATE GOVERNANCE DAN KUALITAS LABA TERHADAP BIAYA MODAL EKUITAS (Studi Empiris Pada Perusahaan Manufaktur yang terdaftar di BEI ). PROSIDING SEMINAR KESEHATAN PERINTIS, 1(1). Retrieved from https://jurnal.upertis.ac.id/index.php/PSKP/article/view/261