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Jurnal Reviu Akuntansi dan Keuangan
Published by Universitas Muhammadiyah Malang
ISSN : 20880685     EISSN : 26152223     DOI : https://doi.org/10.22219/jrak.
Core Subject : Economy,
Economics, Econometrics & Finance
Jurnal Reviu Akuntansi dan Keuangan Investasi (JRAK) focuses on the research related on accounting and finance that are relevant for the development of the theory and practice of accounting in Indonesia and southeast asia. JRAK covered various of research approach, namely: quantitative, qualitative and mixed method. JRAK focuses related on various themes, topics and aspects of accounting and investment, including (but not limited) to the following topics: Islamic Accounting & Ethical Finance Cultural Accounting Corporate Governance Behavioral Accounting Digital Accounting Information Systems Sustainability Accounting
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 571 Documents
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The Moderating Role of Information Asymmetry: Contrasting Effects of Intellectual Capital and ESG Disclosure on Cost of Equity Umi Nandiroh; Anik Malikah; Nabila Firda
Jurnal Reviu Akuntansi dan Keuangan Vol. 16 No. 3 (2026): Jurnal Reviu Akuntansi dan Keuangan
Publisher : Universitas Muhammadiyah Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/jrak.v16i3.42338

Abstract

Purpose: This study aims to examine the direct effects of intellectual capital disclosure and ESG disclosure on the cost of equity, as well as the moderating role of information asymmetry in these relationships, with leverage as a control variable. Methodology/approach: This quantitative research uses a sample of 59 companies listed on the Indonesia Stock Exchange (IDX) during the period 2021 to 2024, resulting in 236 observations. The data were analyzed with Moderated Regression Analysis (MRA) using STATA software to test the direct relationships and interaction effects. Findings: The results of the study prove that intellectual capital disclosure and ESG disclosure each have a significant negative effect on equity costs. However, the role of information asymmetric moderation produces different dynamics. Information asymmetry does not significantly moderate the intellectual capital-equity cost relationship, suggesting the consistency of intellectual capital benefits. In contrast, information asymmetry significantly strengthens the relationship between ESG disclosure and equity costs. Practical implications: Companies should prioritize increasing intellectual capital disclosure and building a solid foundation of transparency before implementing large-scale ESG programs. This is important to avoid the perception of greenwashing which can actually increase capital costs amid high information asymmetry. For investors, these findings emphasize the need for caution in assessing the credibility of ESG reports from companies with low transparency. Originality/value: This study makes an original contribution by uncovering the critical contextual role of information asymmetry that can reverse the expected benefits of ESG disclosures. These findings shed light on the paradox in the previous literature and affirm the consistent superiority of intellectual capital disclosure as a strategy to reduce the cost of capital over ESG, the effectiveness of which is highly dependent on the context of the information.

Page 58 of 58 | Total Record : 571

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