Asymmetric Information, Earnings Management and Cost of Equity
DOI:
https://doi.org/10.55927/eajmr.v2i9.6206Keywords:
Asymmetric Information, Earnings Management, Cost of Equity, Agency Theory, Data Panel RegressionAbstract
The purpose of this study was to determine whether there is an influence of asymmetric information and earnings management on cost of equity. The total samples on this research are 241 that are determined using the purposive sampling method at manufacturing companies listed on the Indonesia stock exchange in 2015 to 2017. The analysis used is panel data regression. The findings indicate that asymmetric information affected the cost of equity, whereas earnings management had no effect on the cost of equity. The lack of impact from earnings management is due to the bias in investor perspectives on financial statements, where they believe the reported numbers are genuine and unaltered, without verifying whether a company employs earnings management practices or not.
References
Aisyah, S., & Kusumaningtias, R. (2014). Pengaruh Level of Disclosure terhadap Cost of Equity Capital dengan Variabel Kontrol Debt to Equity Ratio, Size, Beta dan Market to Book Value pada Index Kompas 100. Jurnal Akuntansi Aktual, 2(4), 273–286. https://journal.um.ac.id/index.php/jaa/article/view/8331
Andriani. (2013). Pengaruh Tingkat Disclosure, Manajemen Laba, Asimetri Informasi terhadap Biaya Modal. Jurnal Akuntansi, 1(2), 1–27. https://ejournal.unp.ac.id/students/index.php/akt/article/view/624
Brigham, E. F., & Houston, J. F. (2015). Essential of Financial Management. Cengage.
Cooper, D., & Schindler, P. (2014). Business Research Methods. MCGRAW-HILL US HIGHER ED. https://books.google.co.id/books?id=AZ0cAAAAQBAJ
Dawar, V. (2014). Agency theory, capital structure and firm performance: some Indian evidence. Managerial Finance, 40(12), 1190–1206. https://doi.org/10.1108/MF-10-2013-0275
Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1996). Causes and consequences of earnings manipulation: An analysis of firms subject to enforcement actions by the SEC. Contemporary Accounting Research, 13(1), 1–36. https://doi.org/10.1111/j.1911-3846.1996.tb00489.x
Evodila, Erlina, & Kholis, A. (2020). The Effect of Information Asymmetry, Financial Performance, Financial Leverage, Managerial Ownership on Earnings Management with the Audit Committee as Moderation Variables. Jurnal Mantik, 4(3), 1734–1745. https://doi.org/https://doi.org/10.35335/mantik.Vol4.2020.987.pp1734-1745
Ghozali, I., & Ratmono, D. (2013). Analisis Multivariat dan Ekonometrika. Badan Penerbit Universitas Diponegoro.
Ifonie, R. R. (2012). Pengaruh Asimetri Informasi dan Manajemen Laba Terhadap Cost Of Equity Capital Pada Perusahaan Reat Estate Yang Terdaftar di Bursa Efek Indonesia. Jurnal Ilmiah Mahasiswa Akuntansi, 1(1), 103–107.
Khomsiyah, & Susanti. (2019). Pengungkapan, Asimetri Informasi, Dan Cost of Capital. In Jurnal Bisnis Dan Akuntansi (Vol. 5, pp. 237–257). https://doi.org/https://doi.org/10.34208/jba.v5i3.401
Komalasari, P. T., & Baridwan, Z. (2001). Asimetri Informasi dan Cost of Equity Capital. The Indonesian Journal of Accounting Research, 4(1), 64–81. https://doi.org/http://doi.org/10.33312/ijar.51
Kurnia, L., & Arafat, M. Y. (2015). Pengaruh Manajemen Laba dan Ukuran Perusahaan terhadap Biaya Modal Ekuitas Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Jurnal Ilmiah Wahana Akuntansi, 10(1), 45–70. https://journal.unj.ac.id/unj/index.php/wahana-akuntansi/article/view/874
Mahiswari, R., & Nugroho, P. I. (2014). Pengaruh Mekanisme Corporate Governance, Ukuran Perusahaan dan Leverage terhadap Manajemen Laba dan Kinerja Keuangan. Jurnal Ekonomi Dan Bisnis, 17(1), 1–20. https://doi.org/10.24914/jeb.v17i1.237
Mahrani, M., & Soewarno, N. (2018). The effect of good corporate governance mechanism and corporate social responsibility on financial performance with earnings management as mediating variable. Asian Journal of Accounting Research, 3(1), 41–60. https://doi.org/10.1108/AJAR-06-2018-0008
Meini, Z., & Siregar, S. V. (2014). The effect of accrual earnings management and real earnings management on earnings persistence and cost of equity. Journal of Economics, Business, and Accountancy | Ventura, 17(2), 269. https://doi.org/10.14414/jebav.v17i2.309
Nasih, M., Komalasari, P. T., & Madyan, M. (2016). Hubungan Antara Kualitas Laba, Asimetri Informasi, dan Biaya Modal Ekuitas:Pengujian Menggunakan Analisis Jalur. Jurnal Akuntansi Dan Keuangan Indonesia, 13(2), 221–242. https://doi.org/10.21002/jaki.2016.12
Nuryaman. (2014). The Influence of Asymmetric Information on the Cost of Capital with the Earnings Management as Intervening Variable. Journal of Advanced Management Science, 2(1), 42–49. https://doi.org/10.12720/joams.2.1.42-49
Pramita, Y. D. (2016). Earnings quality and beta on cost of equity capital kualitas laba dan beta terhadap biaya modal ekuitas. Jurnal Analisis Bisnis Dan Ekonomi, 14(2), 123–131. https://journal.unimma.ac.id/index.php/bisnisekonomi/article/view/255
Richardson, V. J. (2000). Information Asymmetry and Earnings Management: Some Evidence. Review of Quantitative Finance and Accounting, 15(4), 325–347. https://doi.org/10.1023/A:1012098407706
Rinobel, B., & Laksito, H. (2015). Pengaruh Pengungkapan Corporate Responsibility (CSR), Ukuran Perusahaan, Financial Leverage dan Manajemen Laba terhadap Cost of Equity Perusahaan. Diponegoro Journal of Accounting, 4(2), 1–9. https://ejournal3.undip.ac.id/index.php/accounting/article/view/15155
Setiawati, L., & Na’im, A. (2000). Manajemen laba. Jurnal Ekonomi Dan Bisnis Indonesia, 15(4), 424–441.
Tandelilin, E. (2017). Pasar Modal Manejemen Portofolio dan Investasi. Kanisius.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2023 Dian Urna Fasihat, Rizkiana Iskandar, Lilis Marlina
This work is licensed under a Creative Commons Attribution 4.0 International License.
