DOES THE RISK DISCLOSURE DECREASE COST OF DEBT?
Empirical study on Consumption Sector Companies Listed on the Indonesia Stock Exchange for the period of 2019 to 2022
DOI:
https://doi.org/10.35794/jmbi.v11i1.54643Abstrak
Penelitian ini bertujuan untuk mengetahui apakah Pengungkapan Risiko dapat mengurangi biaya utang pada perusahaan publik di Indonesia, khususnya pada perusahaan sektor konsumsi. Periode dalam penelitian ini adalah tahun 2019 hingga 2022. Pengungkapan Risiko diukur menggunakan analisis konten.
Hipotesis diuji menggunakan analisis regresi data panel dengan Random Model dan menambahkan variabel kontrol yang terdiri dari Return On Equity, Leverage, ukuran perusahaan, dan proporsi komisaris independen.
Hasil penelitian ini menunjukkan bahwa pengungkapan risiko berpengaruh positif terhadap biaya utang. Artinya semakin tinggi pengungkapan risiko tidak menurunkan biaya utang, namun malah meningkatkan biaya utang. Temuan ini bertentangan dengan hipotesis yang menyatakan bahwa pengungkapan risiko mempunyai pengaruh negatif terhadap biaya utang. Variabel kontrol yang berpengaruh terhadap cost of debt adalah ukuran perusahaan dan proporsi komisaris independen, sedangkan Return On Equity dan Leverage tidak berpengaruh terhadap cost of debt. Temuan ini memberikan referensi mengenai konsekuensi pengungkapan risiko terhadap biaya utang Perusahaan. Penelitian mengenai biaya hutang sangat relevan di Indonesia karena banyak perusahaan yang masih mengandalkan kreditor sebagai sumber pendanaannya.
Kata Kunci: biaya utang, pengungkapan Risiko, sektor konsumsi.
Referensi
Abdi, H. & Omri, M.A.B. (2020). Web-based disclosure and the cost of debt: MENA countries, Journal of Financial Reporting and Accounting, 18 (3), 533-561.
Alamsyah, F., Saerang, I.S., Tulung, J. E. (2019). Analisis Akurasi Model Zmijewski, Springate, Altman, dan Grover Dalam Memprediksi Financial Distress. Jurnal EMBA : Jurnal Riset Ekonomi, Manajemen, Bisnis dan Akuntansi 7(2). https://doi.org/10.35794/emba.v7i2.49101
Alshirah, M., Alshirah, A. & Lutfi, A. (2021). Audit committee’s attributes, overlapping
memberships on the audit committee and corporate risk disclosure: evidence from Jordan”,
Accounting, 7 (2), 423-440.
Alshirah, M. & Alshira’h, A. (2023). The impact of corporate ownership structure on corporate risk disclosure: evidence from an emerging economy, Competitiveness Review, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/CR-01-2023-0007
Amrah, M.R. & Hashim, H.A. (2020). The effect of financial reporting quality on the cost of debt: sultanate of Oman evidence. International Journal of Economics, Management and Accounting, 28 (2), 393-414
Azarberahman, A., Pakdelan, S., Akbari, S., & Azarberahman, J. (2021). Does Risk Disclosure
Affect Firm's Cost of Capital?. International Journal of Management, Accounting and Economics, 8(11), 816-837. DOI: 10.5281/zenodo.5988549
Botosan, C.A. (1997). Disclosure level and the cost of equity capital, The Accounting Review,
(3), 323-349.
Core, J.E., Hail, L. & Verdi, R.S. (2015). Mandatory disclosure quality, inside ownership, and cost of capital, European Accounting Review, 24 (1), 1-29.
Cormier, D., Ledous, M.J. & Magnan, M. (2011). The informational contribution of social and environmental disclosures for investors, Management Decision, 49 (8), 1276-1304.
Diamond, D.W. & Verrecchia, R.E. (1991). Disclosure, liquidity, and the cost of capital, The Journal of Finance, 46 (4), 1325-1359.
Easly, D. & O’ Hara, M. (2004). Information and cost of capital, Journal of Finance, LIX (4), 1553-83.
Eliwa, Y., Aboud, A. & Saleh, A. (2019). ESG practices and the cost of debt: evidence from EU countries, Critical Perspectives on Accounting, 68, 13-41, 102097.
Elshandidy, T., & Neri, L. (2015). Corporate Governance, Risk Disclosure Practices, and Market Liquidity: Comparative Evidence from the UK and Italy. Corporate Governance, 23(4), 331–356. doi:https://doi.org/10.1111/corg.12095
Gerwanski, J. (2020). Does it pay off? Integrated reporting and cost of debt: European evidence. Corporate Social Responsibility and Environmental Management, 27 (5), 2299-2319.
Gietzmann, M. & Ireland, J. (2005). Cost of capital, strategic disclosures and accounting
choice, Journal of Business Finance and Accounting, 32 (3/4), 559-634.
Jensen, M., & Meckling, W. (1976). Theory of the Firm: Managerial Behavior. Agency Costs and Ownership Structure. Journal of Financial Economics, 3 (4), 305-360.
Khlif, H. & Souissi, M. (2010). The determinants of corporate disclosure: a meta-analysis,
International Journal of Accounting and Information Management, 18 (3), 198-219.
Leuz, C. & Verrecchia, R. (2000). The economic consequences of increased disclosure. Journal of Accounting Research, 38 (1), 91-124.
Lopes, A.B. & de Alencar, R.C. (2010). Disclosure and cost of equity capital in emerging markets: the Brazilian case. The International Journal of Accounting, 45 (4), 443-464.
Linsley, Philip M., & Philip J. Shrives. (2006). Risk Reporting : A Study of Risk Disclosure in the Annual Reports of UK Companies. The Bristish Accounting Review, 38, 387- 404
Luo, W., Guo, X., Zhong, S. & Wang, J. (2019). Environmental information disclosure quality, media attention and debt financing costs: evidence from Chinese heavy polluting listed companies. Journal of Cleaner Production, 231, 268-277.
Muttakin, M.B., Mihret, D., Lemma, T.T. & Khan, A. (2020). Integrated reporting, financial reporting quality and cost of debt. International Journal of Accounting and Information Management, 28 (3), 517-534.
Nahar, S., Azim, M., & Jubb, C. (2016). Risk Disclosure, Cost of Capital and Bank Performance. International Journal of Accounting & Information Management 24(4) , 476-494.
Najah, A. & Jarboui, A. (2013). Extra-financial disclosure and the cost of debt of big French companies. Business Excellence and Management, 3 (4), 57-69.
Pitoy, R. R., Saerang, I. S., & Tulung, J. E. (2022). Reaksi Pasar Modal Terhadap Disahkannya RUU Cipta Kerja Menjadi Undang-Undang Pada Emiten Perbankan. JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis Dan Inovasi Universitas Sam Ratulangi)., 9(1). https://doi.org/10.35794/jmbi.v9i1.40783
Puspaningrum, W., & Taswan (2020). Pengaruh Ukuran Perusahaan, Likuiditas, Leverage, dan Profitabilitas terhadap Risk Management Disclosure, Jurnal Bisnis dan Ekonomi, 27 (2), 163-178.
Riskanah, D., & Juliarto, A. (2019). Analisis Pengaruh Pengungkapan Risiko Perusahaan terhadap Biaya Modal Ekuitas dan Kinerja Perusahaan. Diponegoro Journal of Accounting, 7(4).
Raimo, N., Caragnano, A., Mariani, M. & Vitolla, F. (2021). Integrated reporting quality and cost of debt financing. Journal of Applied Accounting Research, 23 (1), 2022, 122-138. DOI 10.1108/JAAR-04-2021-0097
Solomon, J.F., Solomon, A., Norton, S.D. & Joseph, N.L. (2000). A conceptual framework for corporate risk disclosure emerging from the agenda for corporate governance reform. The British Accounting Review, 32 (4), 447-478.
Shad, M.K., Lai, F.W., Shamim, A. & McShane, M. (2020), The efficacy of sustainability reporting towards cost of debt and equity reduction. Environmental Science and Pollution Research, 27 (18), 22511-22522
Supriyadi, A., & Setyorini, C. T. (2020). Pengaruh Pengungkapan Manajemen Risiko terhadap Nilai Perusahaan melalui Kinerja Keuangan di Industri Perbankan Indonesia. Owner: Riset dan Jurnal Akuntansi, 4(2), 467-484.
Tulung, J. E., Saerang, I. S., & Pandia, S. (2018). The influence of corporate governance on the intellectual capital disclosure: a study on Indonesian private banks. Banks and Bank Systems, 13(4), 61-72.
Utami, C. C. A., & Ratmono, D. (2019). Pengaruh Pengungkapan Risiko Terhadap Biaya Modal Ekuitas dan Kinerja Bank. Diponegoro Journal of Accounting, 7(4).
Watts, R.L. & Zimmerman, J.L. (1986). Positive Accounting Theory, Prentice Hall, Englewood
Cliff, NJ.
Verrecchia, R.E. (1983). Discretionary disclosure, Journal of Accounting and Economics, 5, 179-194.
Zhang, L. & Ding, S. (2006). The effect of increased disclosure on cost of capital: evidence from China, Review of Quantitative Finance and Accounting, 27 (4), 383-401.