Pengaruh Financial dan Non-financial Disclosure terhadap Biaya Modal Ekuitas dengan Pengungkapan Lingkungan Sebagai Variabel Moderating (Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar Di BEI Periode 2017-2021)

Abstract

This study aims to determine the effect of Financial and Non-financial Disclosure on the Cost of Equity Capital with Environmrntal Disclosure as a Moderating Variable empirically. This study uses samples from manufacturing companies listed on the Indonesian Stock Exchange (BEI) with purposive sampling method with a study period of 5 years (2017-2021), obtained a sample of 110 samples in Model I and 55 samples in each Model II and Model III. Testing the hypothesisby conductingthe T Test.The result showed that in Model I, Financial Disclosure had no significant relationship to the Cost of Equity Capital and Non-financial Disclosure had a negativeeffect on the Cost of Equity Capital. Meanwhile both Model II and Model III did not show significant result, which means there is no ability of the Environmental Disclosure variable in moderating the relationship between Financial and Non-financial Disclosure to the Cost of Equity Capital. Leverage and company size are factors that strengthen the relationship between Financial and Nonfinancial Disclosure to the Cost of Equity Capital. Indonesian manufacturing companies have low level of awarness, this is influenced by the regulation that causesthe ow level disclosure cused by a greater level of risk, so companies prefer to withhold company information. In addition, the test results are caused by many considerations and factors owned by each companyresearch.