Pengaruh Asimetri Informasi, Pengungkapan Modal Intelektual, dan Kepemilikan Institusional Terhadap Biaya Modal Ekuitas

Abstract

This research proves and analyzes the effect of information asymmetry, intellectual capital disclosure and institutional ownership on the cost of equity capital in the mining company. The population in this study won 46 mining companies and, using the Purposive sampling method through predetermined criteria, obtained 20 sample companies. The data used are secondary data, which are the company's financial statement files for the 2016-2018 reporting period obtained from the IDX website. The analytical method used in this study is multiple linear regression with the results of multiple linear regression with regression results that reveal the variables of intellectual capital disclosure and institutional ownership that significantly affect the cost of equity capital. In contrast, the information asymmetry variable is not particularly important in the cost of equity capital. The results showed that concurrent information asymmetry, intellectual capital disclosure, and institutional ownership did not affect the cost of equity capital. Disclosing intellectual capital and institutional ownership can affect the cost of equity capital in a company. Future studies can add other variables related to the cost of equity capital using companies in different sectors to provide broader results about the cost of equity capital for companies.

Key Word: Cost of Equity Capital, Information Asymmetry, Intellectual Capital Disclosure, and Institutional Ownership.