Pengaruh Pengungkapan Corporate Social Responsibility terhadap Biaya Ekuitas Modal pada Perusahaan yang Menerbitkan Sustainability Report
Safira Zakia dan Trisninik Wulandari

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Abstract

The study examines the effect disclosure of CSR to the cost of equity capital in the company sample who publishes sustainability report which listed on the BEI in 2014 until 2016. The research to test the negative relationship between CSR disclosure in 2015 with the cost of equity capital in 2016 and using a variable-variable control such as  financial leverage, market BETA, and market-to-book value in 2015. CSR disclosure is measured by the GRI-G4 index (Global Reporting Initiatives) which has 91 items of disclosure. The variable cost of equity capital using the CAPM models (Capital Asset Pricing Model), which proxied by IHSG, SBI interest rate and market risk premium with Damodaran calculation. By judgement sampling this research obtained 37 companies as a samples. Multiple regression analysis by eviews 9.0 was run for testing the hypothesis. The result show that CSR disclosure have negative effect to cost of equity. the result also find financial leverage have positive effect to cost of equity. BETA and market to book value have no effect to cost of equity.

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Keywords
disclosure, corporate social responsibility, and cost of equity capital

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