MEKANISME TATA KELOLA KORPORAT: MAMPUKAH MENURUNKAN COST OF EQUITY CAPITAL?
Abstract
This objective of this study is to analyze the effect of good corporate governance mechanism that consist of board of commissioners’ independence, information transparency, and audit committee on the cost of equity capital. Board of commissioners independence, information transparency, and audit committee are able to role as the mechanism good corporate governance.
The result showed that cost of equity capital is effected by board of commissioners independence, information transparency, and audit committee. Thereby in order to reduce cost of equity capital those three variable must be well managed by means of good corporate governance effective.Keywords
Full Text:
PDF (Bahasa Indonesia)References
Ashbaugh, H., D.W. Collins, and R. LaFond, 2004, Corporate Governance and the Cost of Equity Capital. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=639681
Balling, M., C. Holm, and T. Poulsen, 2005, Corporate governance ratings as a means to reduce asymmetric information. http://www.mbs.ac.uk/research/accounting finance/documents/ClausHolm.pdf
Baker, James C., 1988, International Finance: Management, Markets, and Insttutions, Prentice-Hall, Inc.
Bergie, L.V., dan Ridder, L.D., 1999, International Standardization of Good corporate Governance: Best Pratice for the Board of Directors, Boston: Kluwer Academic Publisher.
Block, Stanley B and Hirt, Geoffrey A., 2000, Foundations of Financial Management, International Edition, McGraw-Hill.
Botosan, C.A., 1997, Disclosure Level and the Cost of Capital, Accounting Review 72, July, hal. 323-349.
---------, and Plumlee, M.A., 2000, Disclosure Level and Expected Cost of Equity Capital: An Examination of Analysis’ Ranking of Corporate Disclosure and Alternative Methods of Estimating Expected Cost of Equity Capital. http://papers.ssrn.com/paper.taf?astract_id=224385.
---------, and Plumlee, M.A., 2001, A Re-examination of Disclosure Level and the Expected Cost of Equity Capital, Journal of Accounting Research, Vol. 40, No. 1 March, pp. 21-40.
Brealey, Richard A., Myers, Stewart C, and Marcus, Alan J., 1995, Fundamentals of Corporate Finance, International Edition, McGraw-Hill, Inc.
Brigham, Eugene F., and Houston, Joel, F., 1998, Fundamentals of Financial Management, Eight Edition, The Dryden Press Harcourt Brace College Publisher.
Chang, Lucia S., Most, Kenneth S., dan Brain, Carlos W., 1983, The Utility of Annual Report: An International Study, Journal of International Business (Spring/ Summer), hal. 63-84.
Chen, Kevin C.W., Z. Chen, and K.C. John Wei, 2004, Disclosure, Corporate Governance, and the Cost of Equity Capital in Emerging Markerts. http://www.bm.ust.hk/~acct/acsymp2004/Papers/Chen_n.pdf.
Chtourou, S.M., J. Bedard, L., and Courteau, L., 2001, Corporate Governance and Earnings Management. http://papers.ssrn.com/sol3/papers.cfm?abstract_id= 275053
Claessens, S., S. Djankov, dan L.H.P. Lang, 2000, The Separation of Ownership and Control in East Asian Corporation, Journal of Financial Economics 59: 81-112.
Coles, J., dan U. Loewenstein, 1988, Equilibrium pricing and portofolio under parameter uncertainty, Journal of Financial and Quantitative Analysis (September), hal. 347-364.
Coombes, Paul and Mark Watson, 2000, Three Surveys on Corporate Governance, The McKinsey Quartely, No. 4.
Cotner, John S., and Fletcher, Harold D., 2000, Computing the Cost of Capital for Private Held Firm, American Bisnis Review: 27-33.
Desai, M.A., A. Dyck, and L. Zingales, 2003, Corporate Governance and Taxation, http://law.bepress.com/cgi/viewcontent.cgi?article=1093&context=alea.
Diamond, D.W., dan Verrechia, 1991, Disclosure, Liquidity and the Cost of Capital, Journal of Finance, September, hal. 1325-1359.
Financial Accounting Standard Board (FASB), 1978, Statement of Financial Accounting Concepts No. 1, Objective of Financial Reporting by Business Enterprises.
Forker, John J., 1992, Corporate Governance and Disclosure Quality, Accounting and Business Research, Spring: 111-124.
Forum for Corporate Governance in Indonesia (FCGI), 2000, Latar Belakang Corporate Governance, www.fcgi.or.id.
Francis, J., LaFand, R., Olson, P.M., and Schipper, K., 2004, Costs of Equity and Earnings Attributes, The Accounting Review, Vol. 79. No. 4, pp. 967-1010.
---------, Nanda, D., and Olsson, P., 2005, Voluntary Disclosure, Information Quality, and Cost of Capital, http://papers.ssrn.com/sol3/results.cfm.
Gibson, S.M., 1999, Is Corporate Governance Ineffective in Emerging Market? Working Paper, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=205808.
Gompers, Paul, J. Ishii, and A. Metrick, 2003, Corporate Governance and Equity Prices, Quartely Journal of Economics 118, 107-155.
Handa, P., dan S. Linn, 1993, Arbritrage Pricing with-Estimation Risk, Journal of Financial Economics, March, hal. 81-100.
Ho, Simon, S.M., dan Kar Shun Wong, 2000, A Study of The Relationship Between Corporate Governance Structure and the Extent of Voluntary Disclosure, Working Paper.
Hunton, J., R. Libby, and C. Mazza, 2004, Financial Reporting Transparency and Earnings Management. http://www.biz.uiowa.edu/acct/outreach/winterpapers/ hunton_libby_mazza.pdf.
Jensen, M. C., and Meckling, 1976, Theory of the firm: Managerial behavior, agency costs and ownership structure, Journal of Financial Economics 3, 305-360.
Jensen, M.C., 1993, The Modern Industrial Revolution, Exit, and the Failure of Internal Control System, Journal of Finance 48:831-880.
Jones, J., 1991, Earnings Management during Import Relief Investigations, Journal of Accounting Research, hal. 193-228.
Khomsiyah, 2003, Hubungan Corporate Governance dan Pengungkapan Informasi: Pengujian secara Simultan, Makalah Simposium Nasional Akuntansi ke V, di Universitas Diponegoro Semarang, hal. 200-213.
------------, dan Susanti, 2003, Pengungkapan, Asimetri Informasi, dan Cost of Equity Capital, Makalah Simposium Nasional Akuntansi ke V, di Universitas Diponegoro Semarang, hal. 1008-1021.
Kim, O., dan R. Verrechia, 1994, Market Liquidity and Volume Around Earnings Announcements, Journl of Accounting and Economics 17, January, hal. 41-67.
Komalasari, Puput Tri, dan Baridwan, Zaki, 2001, Asimetri Informasi dan Cost of Capital, Jurnal Riset Akuntansi Indonesia, Vol. 4., No. 1, hal. 64-81.
Krinsky dan Lee, 1996, Earnings Announcement and the Components ot theBid-Ask Spreads, Journal of Finance 51, Sptember, hal. 1523-1535.
Kurniawan, M. Dudi dan Nur Indriantoro, 2000, Corporate Governance in Indonesia, The Role of Disclosure in Strengthening Corporate Governance and Accountability, The Second Asian Rountable on Corporate Governance, Hongkong 31 May – 2 June 2000.
Lambert, R., Leuz, C., and Verrechia, R.E., 2005, Accounting Information, Disclosure, and the Cost of Capital, http://papers.ssrn.com/sol3/papers.cfm?abstract_id= 501547.
La Porta, Rafael; Lpoez-de-Silanes; A. Shleifer; dan R. Vishny, 1999, Corporate Ownership around the word, Journal of Finance 54, hal. 471-517.
Levy, Haim dan Sarnat, Marshall, 1994, Capital Investment and Financial Decisions, Fifth Edition, Prentice Hall, Singapore.
Mardiyah, A.A., 2002, Pengaruh Informasi Asimetri dan Disclosure terhadap Cost of Equity Capital, Jurnal Riset Akuntansi Indonesia, vol. 5, No. 2, hal. 229-256.
Martin, John D., Pety, William J., Keown, Arthur J., and Scott Jr., David F., 1991, Basic Financial Management, Fifth Edition, Prentice Hall Internartional Inc., Singapore.
Midiastuty, P.P. dan Machfoedz, M., 2003, Analisis hubungan Mekanisme Corporate Governance dan Indikasi Manajemen Laba, Simposium Nasional Akuntansi VI, Surabaya, 16-17 Oktober 2003, hal. 176-186.
Modigliani, F., and M.H. Miller, 1958, The cost of equity, corporate finance, and the theory of investment, American Economics Review 48: 261-297.
Murni, Siti Aisah, 2002, Pengaruh luas ungkapan sukarela dan asimetri informasi terhadap cost of equity capital pada perusahaan publik di Indonesia, Simposium Nasional Akuntansi VI, Surabaya, 16-17 Oktober 2003, hal. 316-327.
Sabeni, Arifin, 2002, An Empirical Analysis of The Relation between The Board of Director’s Composition and the Level of Voluntary Disclosure, Makalah Simposium Nasional Akuntansi ke V, di Universitas Diponegoro Semarang.
Scott, William R., 2003, Financial Acounting Theory, Third Edition, Pearson Education Canada Inc., Toronto, Ontario, 368-389.
Shleifer, A. dan R.W. Vishny, 1997, A survey of corporate governance. Journal of Finance 52, hal. 737-783.
Watts, R., dan Zimmerman, J.L., 1986, Positive Accounting Theory.
Welker, M., 1995, Disclosure policy, informations asymmetry and liquidity in equity markets, Contemporary Accounting Research (Spring), hal. 801-828.
Weston, J. Fred and Copeland, Thomas E., 1996, Managerial Finance, 9th ed, The Dryden Press.
Xie, B., W.N. Davidson III, and P.J. Dadalt, 2001, Earnings Management and Corporate Governance: The Role of the Board and the Audit Committee, Working Paper, July, 5 2001. http://papers.ssrn.com/sol3/papers.cfm?abstract_id= 304195.
Young, M. N., D. Ahlstrom, G. D. Bruton, dan E. S. Chan, 2001, The Resource Dependence, Service and Control Functions of Boards of Directors in Hongkong and Taiwanese Firms, Asia Pasifics Journal of Management 18, hal. 234-244.
DOI: https://doi.org/10.21107/infestasi.v6i1.481
Refbacks
- There are currently no refbacks.
Copyright (c) 1970 - Tarjo
This journal is licensed under a Creative Commons Attribution 4.0 International License.