DAMPAK KARAKTERISTIK KOMITE AUDIT, KONEKSI POLITIK DAN KARAKTERISTIK DEWAN DIREKSI TERHADAP BIAYA MODAL EKUITAS
Abstract
Penelitian ini bertujuan untuk menguji apakah karakteristik komite audit seperti ukuran , frekuensi pertemuan, independensi dan keahlian keuangan komite audit, koneksi politik dan karakteristik dewan direksi seperti independensi, ukuran dan frekuensi pertemuan dewan direksi berpengaruh terhadap biaya modal ekuitas. Penelitian ini menguji data panel dengan pendekatan random effect model. Penelitian biaya modal ekuitas menggunakan forecast 2 tahun kedepan. Berdasarkan hasil analisis, dapat disimpulkan bahwa karakteristik komite audit tidak berpengaruh signifikan terhadap biaya modal ekuitas. Koneksi politik, independensi dan ukuran dewan direksi berpengaruh signifikan terhadap biaya modal ekuitas. Variabel kontrol yang hanya berpengaruh signifikan terhadap biaya modal ekuitas adalah leverage dan return of assets.
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Srivastava, V., Das, N., & Pattanayak, J. K. (2019). Impact of corporate governance attributes on cost of equity: Evidence from an emerging economy. Managerial Auditing Journal, 34(2), 142–161. https://doi.org/10.1108/MAJ-01-2018-1770
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Zheng, Z., Lin, Y., Yu, X., & Liu, X. (2021). Product market competition and the cost of equity capital. Journal of Business Research, 132(March), 1–9. https://doi.org/10.1016/j.jbusres.2021.04.013.
Zulkarnaen, W., Fitriani, I., & Yuningsih, N. (2020). Development of Supply Chain Management in the Management of Election Logistics Distribution that is More Appropriate in Type, Quantity and Timely Based on Human Resources Competency Development at KPU West Java. MEA Scientific Journal (Management, Economics, & Accounting), 4(2), 222-243. https://doi.org/10.31955/mea.vol4.iss2.pp222-243.
Aghazadeh, S., Sun, L., Wang, Q., & Yang, R. (2018). Investors’ perception of CEO overconfidence: evidence from the cost of equity capital. Review of Quantitative Finance and Accounting, 51(4), 1129–1150. https://doi.org/10.1007/s11156-017-0699-9
Amelia, V. R. I. K. Y. (2016). Pengaruh good corporate governance, kepemilikan keluarga dan kepemilikan institusional pada biaya ekuitas perusahaan manufaktur. E-Jurnal Akuntansi, 16(2), 1264–1289.
Anwar, Z., Asghar, M. J. e K. A., Khan, M. K., & Danish, R. Q. (2019). Corporate governance and cost of equity: evidence from Asian countries. Journal of Political Studies, 26(1), 207–230.
Appuhami, R. (2018). The signalling role of audit committee characteristics and the cost of equity capital: Australian evidence. Pacific Accounting Review, 30(3), 387–406. https://doi.org/10.1108/PAR-12-2016-0120
Balakrishnan, K., Shivakumar, L., & Taori, P. (2021). Analysts’ estimates of the cost of equity capital. Journal of Accounting and Economics, 71(2–3), 101367. https://doi.org/10.1016/j.jacceco.2020.101367
Belkhir, M., Ben Naceur, S., Chami, R., & Samet, A. (2021). Bank capital and the cost of equity. Journal of Financial Stability, 53, 100843. https://doi.org/10.1016/j.jfs.2021.100843
Chih-yang Tseng, S. D. (2021). Joint effect of CEO overconfidence and corporate social responsibility discretion on cost of equity capital. Journal of Contemporary Accounting and Economics, 17(1), 100241. https://doi.org/10.1016/j.jcae.2020.100241
Guindy, M. Al. (2021). Corporate twitter use and cost of equity capital. Journal of Corporate Finance, 68(March), 101926. https://doi.org/10.1016/j.jcorpfin.2021.101926
Gul, S. (2016). The impact of corporate governance on cost of capital: the case of small, medium, and large cap firms. IBT Journal of Business Studies, 12(1). https://doi.org/10.46745/ilma.jbs.2016.12.01.16
Habib, A., Bhuiyan, M. B. U., & Sun, X. (Sean). (2019). Audit partner busyness and cost of equity capital. International Journal of Auditing, 23(1), 57–72. https://doi.org/10.1111/ijau.12144
Habib, A., Bhuiyan, M. B. U., & Wu, J. Y. H. (2021). Audit committee ownership and the cost of equity capital. Managerial Auditing Journal, 36(5), 665–698. https://doi.org/10.1108/MAJ-05-2020-2671
Houqe, M. N., Ahmed, K., & van Zijl, T. (2017). Audit quality, earnings management, and cost of equity capital: evidence from India. International Journal of Auditing, 21(2), 177–189. https://doi.org/10.1111/ijau.12087
Ke, Y. (2021). The impact of COVID-19 on firms’ cost of equity capital: Early evidence from U.S. public firms. Finance Research Letters, June, 102242. https://doi.org/10.1016/j.frl.2021.102242
Khemakhem, H., & Naciri, A. (2015). Do board and audit committee characteristics affect firm’s cost of equity capital? Journal of Business and Management, 4(2), 1–18. https://doi.org/10.12735/jbm.v4i2p01
Khlif, H., Samaha, K., & Soliman, M. (2019). Internal control quality, voluntary disclosure, and cost of equity capital: The case of an unregulated market. International Journal of Auditing, 23(1), 144–160. https://doi.org/10.1111/ijau.12151
Lisa Kurnia, M. Y. A. (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.
M., O. M. &, & Butar, S. B. (2019). Pengaruh beta saham, likuiditas saham, atribut audit, dan tata kelola perusahaan terhadap biaya modal ekuitas. Jurnal Akuntansi Bisnis, 16(2), 118. https://doi.org/10.24167/jab.v16i2.2251
Mejda, D. (2020). Ownership structure and cost of equity capital : Tunisian evidence Mejda Dakhlaoui * Marjène Rabah Gana. Business Governance and Ethics, 14(1), 96–121.
Mulyati, S. (2018). Pengaruh nilai pasar ekuitas , leverage dan voluntary disclosure terhadap cost of equity capital pada perusahaan yang tergabung dalam LQ45 di BEI. Jurnal Visioner & Strategis, 7(1), 51–60.
Nosheen, S., Naveed-Ul-Haq, N.-U.-H., & Sajjad, M. F. (2018). Corporate governance, disclosure quality, and cost of equity: Evidence from Pakistan. Lahore Journal of Business, 6(2), 63–91. https://doi.org/10.35536/ljb.2018.v6.i2.a4
Pham, A. V. (2019). Political risk and cost of equity: The mediating role of political connections. Journal of Corporate Finance, 56(March 2018), 64–87. https://doi.org/10.1016/j.jcorpfin.2019.01.001
Prabasari, L. A. (2018). Pengaruh political connection terhadap cost of capital (Studi empiris pada perusahaan non keuangan yang terdaftar di bursa efek Indonesia tahun 2011 – 2015). Univeresitas Negri Semarang.
Rahmah, A. A., Karlina, R., & Kusumadewi, A. (2020). Pengaruh karakteristik komite audit terhadap biaya modal ekuitas. Diponegoro Journal of Accounting, 9(1), 1–12.
Salehi, M., Arianpoor, A., & Dalwai, T. (2020). Corporate governance and cost of equity: Evidence from Tehran stock exchange. Journal of Asian Finance, Economics and Business, 7(7), 149–158. https://doi.org/10.13106/jafeb.2020.vol7.no7.149
Sani, A. A., Abdul Latif, R., & Al-Dhamari, R. A. (2020). CEO discretion, political connection and real earnings management in Nigeria. Management Research Review, 43(8), 909–929. https://doi.org/10.1108/MRR-12-2018-0460
Setiany, E., Suhardjanto, D., Lukviarman, N., & Hartoko, S. (2017). Board independence, voluntary disclosure, and the cost of equity capital. Review of Integrative Business & Economics Research, 6(4), 389–399.
Srivastava, V., Das, N., & Pattanayak, J. K. (2019). Impact of corporate governance attributes on cost of equity: Evidence from an emerging economy. Managerial Auditing Journal, 34(2), 142–161. https://doi.org/10.1108/MAJ-01-2018-1770
Wahab, E. A. A., Agustia, D., Azmi, N. A., Harymawan, I., Ramli, R., & Zakaria, N. B. (2020). Political connections, corporate governance, and the cost of equity in Malaysia. International Journal of Innovation, Creativity and Change, 10(10), 710–731.
Zheng, Z., Lin, Y., Yu, X., & Liu, X. (2021). Product market competition and the cost of equity capital. Journal of Business Research, 132(March), 1–9. https://doi.org/10.1016/j.jbusres.2021.04.013.
Zulkarnaen, W., Fitriani, I., & Yuningsih, N. (2020). Development of Supply Chain Management in the Management of Election Logistics Distribution that is More Appropriate in Type, Quantity and Timely Based on Human Resources Competency Development at KPU West Java. MEA Scientific Journal (Management, Economics, & Accounting), 4(2), 222-243. https://doi.org/10.31955/mea.vol4.iss2.pp222-243.
Published
2022-12-24
How to Cite
Wati, E., & Selfina, S. (2022). DAMPAK KARAKTERISTIK KOMITE AUDIT, KONEKSI POLITIK DAN KARAKTERISTIK DEWAN DIREKSI TERHADAP BIAYA MODAL EKUITAS. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 6(3), 2084-2103. https://doi.org/10.31955/mea.v6i3.2588
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