HUBUNGAN ANTARA KARAKTERISTIK PERUSAHAAN DENGAN IMPLIED COST OF CAPITAL PADA PERUSAHAAN DI INDONESIA

Bahtiar Usman

Abstract


This study, proposes an altenative technique for estimating the cost of capital. Specifically, it use discounted residualincome model. The examine firms characteristic that are systemati- cally related to this estimate of cost of capital, it show that a firm's cost of capital isa function of its long term Debt to Book Ratio (Ln D/B), Long Fim Size (Ln Size), Eaming Variability (Ln Ev) and Long Debt to Market Ratio (Ln D/M). These variables explain around 63% of the coss secional variaton in future implied costof capital. The findings suggest that they can be exploited to estimate future cost of capital in Indonesia.

Keywords


Cost of capital, residual income model, firm characterisics.

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DOI: http://dx.doi.org/10.25105/mrbm.v3i2.8099

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This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.