iv ABSTRAK
Penelitian ini bertujuan untuk menganalisis pengaruh Informasi Asimetri Terhadap Cost of Equity Capital dengan Manajemen Laba Sebagai Variabel Intervening Pada Perusahaan Perbankan Yang Terdaftar Di Bursa Efek Indonesia (BEI).
Populasi penelitian ialah seluruh perusahaan perbankan di Indonesia yang terdaftar di Bursa Efek Indonesia selama periode 2011-2014 dengan sampel penelitian sebesar 13 perusahaan perbankan yang terdaftar di Bursa Efek Indonesia selama periode 2011-2014. Penelitian ini menggunakan analisis regresi linear sederhana untuk hipotesis 1, hipotesis 2, dan hipotesis 3 dan analisis jalur untuk hipotesis 4.
Hasil penelitian menunjukkan bahwa, (1) Infomasi Asimetri berpengaruh terhadap Cost of Equity Capital, (2) Informasi Asimetri berpengaruh terhadap Manajemen Laba, (3) Manajemen Laba berpengaruh terhadap Cost of Equity Capital, (4) Hasil penelitian ini menunjukkan Manajemen Laba sebagai Variabel Intervening mampu memediasi hubungan antara Informasi Asimetri terhadap Cost of Equity Capital.
Kata kunci : Cost of Equity Capital, Asimetri Informasi, Manajemen Laba,
v ABSTRACT
This research aims to analyze the Influence of Asymmetric Information on Cost of Equity Capital with the Earnings Management as Intervening Variable of Banking Companies listed in Indonesia Stock Exchange.
Populations of this research are whole banking companies listed in Indonesia Stock Exchange during the period of 2011-2014. Sample of this research are 13 banking companies listed in Indonesia Stock Exchange during the period of 2011-2014. This research used simple regression analysis for hypothesis 1, hypothesis 2, hypothesis 3 and path analysis for hypothesis 4.
The result of this research shows that, (1) Asymmetric Information have an influence on Cost of Equity Capital, (2) Asymmetric Information have an influence on Earning Management, (3) Earning Management have an influence on Cost of Equity Capital, (4) The research prove the role of Earning Management as Intervening Variable on relation between Asymmetric Information and the Cost of Equity Capital.
Key word : Cost of Equity Capital, Asymmetric Information, Earning