RISIKO INVESTASI, BID-ASK SPREAD, DAN COST OF EQUITY CAPITAL DI PASAR MODAL INDONESIA
Prodi Akuntansi Fakultas Ekonomi dan Bisnis Universitas Merdeka Malang
Jl. Terusan Raya Dieng No.62-64 Malang, 65146, Indonesia.
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A number of studies investigated how financial information affected investment decisions. The study extended this line of research by examining the effect of risk, proxied by price per share, number of shareholders, number of dealers, trading volume, accounting risk and market risk measures on the bid ask spread. Further, the research tried to test the relationship between bid ask spread and cost of equity capital. The samples of this research were the manufacturing companies listed at Indonesian Stock Exchange which shared the dividend for 3 years; there were 40 companies. Data analysis technique used multiple regression analysis. The results of regression provided evidence of statistically significant effect of price per share, market value, asset size and price variability on bid ask spread. At last, there was a positive relationship between bid ask spread and cost of equity capital
Keywords: bid-ask spread, cost of equity capital, invesment risk