Pengaruh Beta Saham, Likuiditas Saham, Atribut Audit, dan Tata Kelola Perusahaan Terhadap Biaya Modal Ekuitas

Olivia Meirina M (Universitas Katolik Soegijapranata)
Sansaloni Butar Butar (Universitas Katolik Soegijapranata)

Jurnal Akuntansi Bisnis
Vol 16, No 2: September 2018

Abstract This study aims to examine the effect of stock beta, stock liquidity, KAP size, industry auditor specialization, board of commissioner independence, and audit committee expertise on cost of equity capital. Cost of equity capital was measured with Capital Assets Pricing Model (CAPM). This research use secondary data and the data was collected using purposive sampling at company that is registeres at Indonesian Stock Exchange 2013-2016. Total of the sample in this research is 800 companies. The test equipment in this research using multiple regression test. The results showed that stock beta, KAP size, and independence of board of commissioner have a positive effect on cost of equity capital. Auditor industry specialization has negative effect on the cost of equity capital. Meanwhile stock liquidity and audit committee's expertise have no effect on cost of equity capital. Keywords: beta stocks, stock liquidity, audit attributes, good corporate governance, cost of equity capital Abstrak Penelitian ini bertujuan untuk menguji pengaruh beta saham, likuditas saham, ukuran KAP, spesialisasi industri auditor, independensi dewan komisaris, dan keahlian komite audit terhadap biaya modal ekuitas. Biaya modal ekuitas diukur menggunakan Capital Assets Pricing Model (CAPM). Penelitian ini menggunakan data sekunder dan pemilihan sampel menggunakan metode purposive sampling pada perusahaan yang terdaftar di Bursa Efek Indonesia periode 2013-2016. Sampel yang digunakan dalam penelitian ini sebanyak 800 perusahaan. Alat uji yang digunakan pada penelitian ini adalah uji regresi berganda. Hasil penelitian menunjukan bahwa beta saham, ukuran KAP, dan independensi dewan komisaris berpengaruh positif terhadap biaya modal ekuitas. Spesialisasi industri auditor berpengaruh negatif terhadap biaya modal ekuitas. Sedangkan likuiditas saham dan keahlian komite audit tidak berpengaruh terhadap biaya modal ekuitas. Kata kunci: beta saham, likuiditas saham, atribut audit, good corporate governance, biaya modal ekuitas