Dampak Tingkat Pengungkapan Corporate Social Responsibility Terhadap Biaya Modal Ekuitas

Abstract

The Purpose of this study is to analyze the effect of the disclosures level of corporate social responsibility (CSR) to the cost of equity capital. The research uses 118 public companies listed in BEI in 2006, except financial company. The disclosure level of CSR are measured by Global Reporting Initiative (GRI) 2006 index, and the cost of equity capital is measured by CAPM (capital asset pricing model). This research uses company size and company status as controlling variables, each be measured by log of market capitalization and dummy variable, i.e score 1 if the company is based foreign investment and 0 if it is based domestic investment. The research finds that the disclosure level of CSR has positive influences to the cost of equity capital in the significant level 10%