PENGARUH PENGUNGKAPAN INTELLECTUAL CAPITAL
TERHADAP COST OF EQUITY CAPITAL
Studi Empiris pada Perusahaan yang Terdaftar di Indeks LQ45
Bursa Efek Indonesia Tahun 2012
The purpose of this study is to analyze empirically the impact of
Intellectual Capital (and its three aspects : Human Capital, Structural Capital &
Relational Capital) disclosure and Cost of Equity Capital (COEC). This study
used Intellectual Capital disclosure as independent variable and Cost of Equity
Capital as dependent variable. This study also used firms size, beta, leverage,
market value to book value ratio, and industry type as control variables.
The sample used in this study was the secondary data from Bursa Efek
Indonesia (BEI/Indonesia Exchange Stock), i.e. the annual report of companies
that listed in Indeks LQ45 BEI in 2012. The sample was taken using the method of
purposive sampling, and those meeting the selection criteria were also taken. The
sample used was contain of 44 firms.
The statistics method used was multiplied analysis linear regression, with
hypotheses testing of statistic t and F tests. The result show: (1) agregatly,
Intellectual Capital disclosure has a negative significant impact on Cost of Equity
Capital (COEC). (2) Human Capital disclosure has a negative significant impact
on Cost of Equity Capital (COEC). (3) Structural Capital disclosure has a
negative significant impact on Cost of Equity Capital (COEC). (4) Relational
Capital disclosure has no significant impact on Cost of Equity Capital (COEC)
