The Effect of Voluntary Disclosure and Earnings Quality on Cost of Equity
Abstract: The objective of
this research is to examine the level and effect of voluntary disclosure and the earnings
quality on cost
of equity capital
of listed manufacturing
company in Indonesian Stock
Exchange in 2008.
This study uses
secondary data from
the annual reports of 75
manufacturing firms listed in Indonesia Stock Exchange (IDX) in 2008. We use multiple
regressions to test
hypotheses. We find
that the average
of voluntary disclosure is only
29.7%, which indicates that firms’ disclosure in the annual report is still low.
The result also shows that the level of voluntary disclosure, in contrary to
expectation, has positive and
significant effect on
cost of equity
capital. We find
some evidences that earnings quality can reduce cost of
equity capital.
Author: Ardiansyah
Journal Code: jpmanajemengg130084

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