Pengaruh Struktur Kepemilikan Dalam Mekanisme Corporate Governance Terhadap Cost Of Equity Capital
DOI:
https://doi.org/10.26740/jaj.v1n1.p89-104Keywords:
corporate governance, managerial ownership, institutional ownership, cost of equity capitalAbstract
Abstract
Corporate governance mechanisms believed to have strong impact to the companies performance. Corporate governance mechanisms examined in this study are managerial ownership and institutional ownership structure. The purposes of this study are to know the variables effect of managerial ownership and institutional ownership on cost of equity capital. The samples of the study are firms listed in Jakarta Stock Exchange in 2005. The F-test on the all variables at the level confidence 1% indicates the effect of all variables on cost of equity capital is significant. The result of this study showed that managerial ownership and institutional ownership have positive significant impact (at the level of confidence 1% and 5%) on the cost of equity capital. However this result showed that corporate governance mechanisms fail to decrease the cost of equity capital.
References
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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. https://doi.org/10.1016/s0304-405x(00)00067-2
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Komalasari, Puput Tri, dan Baridwan, Zaki, 2001, Informasi asimetris 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. https://doi.org/10.1111/j.1540-6261.1996.tb04078.x
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. https://doi.org/10.2139/ssrn.823504
La Porta, Rafael; Lpoez-de-Silanes; A. Shleifer; dan R. Vishny, 1999, Corporate Ownership around the word, Journal of Finance 54, hal. 471-517. https://doi.org/10.1111/0022-1082.00115
Levy, Haim dan Sarnat, Marshall, 1994, Capital Investment and Financial Decisions, Fifth Edition, Prentice Hall, Singapore. https://doi.org/10.2307/2327195
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. https://doi.org/10.2307/2327478
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 informasi asimetris terhadap cost of equity capital pada perusahaan publik di Indonesia, Simposium Nasional Akuntansi VI, Surabaya, 16-17 Oktober 2003, hal. 316-327.
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 survei of corporate governance. Journal of Finance 52, hal. 737-783. https://doi.org/10.1111/j.1540-6261.1997.tb04820.x
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. https://doi.org/10.1111/j.1911-3846.1995.tb00467.x
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. https://doi.org/10.1016/s0929-1199(02)00006-8
Botosan, C.A., 1997, Disclosure Level and the Cost of Capital, Accounting Review 72, July, pp. 323-349.
Botosan, C, A dan 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. https://doi.org/10.2139/ssrn.224385
Botosan, C, A., dan 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. https://doi.org/10.1111/1475-679x.00037
Brigham, Eugene F., dan Houston, Joel, F., 1998, Fundamentals of Financial Management, Eight Edition, The Dryden Press Harcourt Brace College Publisher. https://doi.org/10.2307/2327254
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. https://doi.org/10.1057/palgrave.jibs.8490507
Chen, Kevin C.W., Z. Chen, dan 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. https://doi.org/10.2139/ssrn.422000
Chtourou, S.M., J. Bedard, L., dan Courteau, L., 2001, Corporate Governance and Earnings Management. http: //papers.ssrn.com/sol3/papers.cfm?abstract_id= 275053 https://doi.org/10.2139/ssrn.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. https://doi.org/10.1016/s0304-405x(00)00067-2
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 danMark Watson, 2000, Three Surveis on Corporate Governance, The McKinsey Quartely, No. 4.
Desai, M.A., A. Dyck, dan 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. https://doi.org/10.2307/2328861
Financial Accounting Standard Board (FASB), 1978, Statement of Financial Accounting Concepts No. 1, Objective of Financial Reporting by Business Enterprises.
Forum for Corporate Governance in Indonesia (FCGI), 2000, Latar Belakang Corporate Governance, www.fcgi.or.id.
Gibson, S.M., 1999, Is Corporate Governance Ineffective in Emerging Market? Working Paper, http: //papers.ssrn.com/sol3/papers.cfm?abstract_id=205808. https://doi.org/10. 2139/ssrn.205808
Handa, P., dan S. Linn, 1993, Arbritrage Pricing with-Estimation Risk, Journal of Financial Economics, March, hal. 81-100. https://doi.org/10.2307/2331152
Jensen, M. C., dan Meckling, 1976, Theory of the firm: Managerial behavior, agency costs and ownership structure, Journal of Financial Economics 3, 305-360. https://doi.org/10.1016/0304-405x(76)90026-x
Jensen, M.C., 1993, The Modern Industrial Revolution, Exit, and the Failure of Internal Control System, Journal of Finance 48: 831-880. https://doi.org/10.1111/j.1540-6261.1993.tb04022.x
Jones, J., 1991, Earnings Management during Import Relief Investigations, Journal of Accounting Research, hal. 193-228. https://doi.org/10.2307/2491047
Khomsiyah, dan Susanti, 2003, Pengungkapan, Informasi asimetris, 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. https://doi.org/10.1016/0165-4101(94)90004-3
Komalasari, Puput Tri, dan Baridwan, Zaki, 2001, Informasi asimetris 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. https://doi.org/10.1111/j.1540-6261.1996.tb04078.x
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. https://doi.org/10.2139/ssrn.823504
La Porta, Rafael; Lpoez-de-Silanes; A. Shleifer; dan R. Vishny, 1999, Corporate Ownership around the word, Journal of Finance 54, hal. 471-517. https://doi.org/10.1111/0022-1082.00115
Levy, Haim dan Sarnat, Marshall, 1994, Capital Investment and Financial Decisions, Fifth Edition, Prentice Hall, Singapore. https://doi.org/10.2307/2327195
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. https://doi.org/10.2307/2327478
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 informasi asimetris terhadap cost of equity capital pada perusahaan publik di Indonesia, Simposium Nasional Akuntansi VI, Surabaya, 16-17 Oktober 2003, hal. 316-327.
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 survei of corporate governance. Journal of Finance 52, hal. 737-783. https://doi.org/10.1111/j.1540-6261.1997.tb04820.x
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. https://doi.org/10.1111/j.1911-3846.1995.tb00467.x
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. https://doi.org/10.1016/s0929-1199(02)00006-8
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2009-10-26
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tarjo, tarjo. (2009). Pengaruh Struktur Kepemilikan Dalam Mekanisme Corporate Governance Terhadap Cost Of Equity Capital. AKRUAL: Jurnal Akuntansi, 1(1), 89–104. https://doi.org/10.26740/jaj.v1n1.p89-104
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