PENGARUH GOOD CORPORATE GOVERNANCE TERHADAP BIAYA EKUITAS DAN BIAYA UTANG (Studi pada Perusahaan Manufaktur yang Terdaftar di BEI pada Tahun 2010-2012)
Abstract: This research aims
to determine the impact of good corporate governance to cost of equity and cost
of debt. The proxy of good corporate governance is family ownership, managerial
ownership, institutional ownership, frequency of audit committees meeting,
audit quality, and independent commissioner. While the dependent variable used
in this research is cost of equity was assessed by using the measurement model
Ohlson and cost of debt which is rated by using the measurement of cost of debt
(COD). In addition, this research also added three control variables are
leverage, firm performance, and firm size.
This study used secondary data with entire population of manufacturing
companies listed in the Indonesia Stock Exchange (BEI) in 2010-2012. The method
used to determine the sample using purposive sampling. The analytical method
used is multiple linear regression, regression testing prior to first tested
the classical assumptions.
The result of this research showed that institutional ownership and
frequency of audit committees meeting positive significant with cost of equity.
Other result noted that audit quality is negatively significant with cost of
equity. While family ownership, managerial ownership, and independent
commissioner did not significantly affect with cost of equity. And the result
of this research also showed that audit quality is negatively significant with
cost of debt. Other result noted that independent commissioner positive
significant with cost of debt. While family ownership, managerial ownership,
institutional ownership, and frequency of audit committees meeting did not
significantly affect with cost of debt. Overall it can be concluded from these
results that the good corporate governance affect cost of equity and cost of
debt.
Penulis: Dwi Ricky Nugroho,
Wahyu Meiranto
Kode Jurnal: jpakuntansidd141129
