Pengaruh tingkat pengungkapan sukarela terhadap cost of equity capital dengan likuiditas saham sebagai variabel mediasi

Deskripsi

The purpose of this research is to find the effect of voluntary disclosure on cost of equity capital both directly and through stock liquidity as intervening variable. This research uses 71 samples of manufacturing companies in Indonesia. The result shows that there is no significance effect of voluntary disclosure on cost of equity capital which is measured by Capital Asset Pricing Model (CAPM). Meanwhile, voluntary disclosure has no effect on cost of equity capital using stock liquidity as intervening variable when voluntary disclosure, size of company and trading volume are tested simultaneously. Sensitivity analysis shows that the effect of voluntary disclosure on stock liquidity would be reflected if the size of company and trading volume is excluded from the research. It implies that voluntary disclosure has not been being a factor that influences investors? decision yet.Ada tabel