PENGARUH PENGUNGKAPAN MODAL INTELEKTUAL TERHADAP BIAYA MODAL EKUITAS

Abstract

The cost of equity capital is the rate of return expected by investors, which must be
paid by the company as a form of return on the capital provided by investors to the
company. This study examines the effect of intellectual capital disclosure and its three
components, namely human capital disclosure, structural capital disclosure, and
relational capital disclosure on the cost of equity capital. The population in this study
are banking sector companies listed on the Indonesia Stock Exchange in 2015-2019.
Based on the purposive sampling method, 165 data were obtained. The test results
using ordinary least square regression showed that the disclosure of intellectual
capital, disclosure of human capital, disclosure of relational capital had a significant
negative effect on the cost of equity capital. However, the disclosure of structural
capital has no effect on the cost of equity capital