Tren Penelitian Cost of Capital di Indonesia: A Systematic Literature Review

Wa Ode Asyra Aulia Mahrami (Universitas Negeri Malang)
Dudung Ma’ruf Nuris (Universitas Negeri Malang)
Rizky Firmansyah (Universitas Negeri Malang)

JIBEMA: Jurnal Ilmu Bisnis, Ekonomi, Manajemen, dan Akuntansi
Vol. 4 No. 2 (2026): October

The Cost of Capital is a key factor in corporate investment and financing decisions. This study aims to analyze the development of Cost of Capital research in Indonesia from 2013 to 2026 using a Systematic Literature Review (SLR) approach on 57 journal articles indexed in Sinta 1, 2, and 3. The results show that publications on the Cost of Capital have increased since 2018, with a dominance of agency theory and quantitative methods. ESG performance is the primary factor influencing the Cost of Capital, while information asymmetry dominates the Cost of Equity, and governance and institutional ownership influence the Cost of Debt. Additionally, the Cost of Capital affects firm value, financial performance, and stock prices. Further research is recommended to explore new variables, non-quantitative approaches, and cross-country studies in developing nations to expand understanding of the Cost of Capital.