DAYA INFORMASI AKUNTANSI MEMODERASI PENGARUH POSITIF CORPORATE SOCIAL RESPONSIBILTY TERHADAP COST OF EQUITY CAPITAL
Gede Adi Yuniarta
Jurusan Akuntansi Fakultas Ekonomi dan Bisnis Universitas Pendidikan Ganesha
Jl. Udayana Singaraja, Bali, 81116.
Indonesia Australia Language Fondation
Jl. Raya Sesetan No.190 Denpasar, Bali.
Korespondensi dengan Penulis:
Gede Adi Yuniarta: Telp. +62 362 22570; Fax. +62 362 25735
This research investigated the influence of informativeness of accounting on the relation of Corporate Social Responsibility disclosure and the cost of equity capital of public companies listed in the Indonesian Stock Exchange in the period of 2008-2012. Purposive sampling method was used to determine samples and 154 observations were obtained. Hypothesis testing was conducted using moderated regression analysis (MRA). This study found that the informativeness of accounting influenced the relation of Corporate Social Responsibility disclosure and the cost of equity capital. It weakened the positive impact of corporate social responsibility on the cost of equity capital. The greater level of Corporate Social Responsibility disclosure accompanied by a good informativeness of accounting by companies, the lower the cost of equity capital was. Corporate Social Responsibility disclosure with good informativeness accounting would give potential benefits like the growing number of investors, reducing estimated risks and asymmetry of information each of which indicated a reduction in the cost of equity capital of firms.
Key words: Corporate Social Responsibilty, cost of equity capital, informativeness of accounting