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PENGARUH KARAKTERISTIK DEWAN KOMISARIS TERHADAP COST OF EQUITY CAPITAL DENGAN CSR DISCLOSURE SEBAGAI VARIABEL INTERVENING (Studi Empiris Perusahaan Non Keuangan yang Terdaftar di Bursa Efek Indonesia Tahun 2018-2020)

*Wakhida Putri Irfani  -  Departemen Akuntansi Fakultas Ekonomika dan Bisnis Universitas Diponegoro
Muchamad Syafruddin  -  Departemen Akuntansi Fakultas Ekonomika dan Bisnis Universitas Diponegoro

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Abstract

This study aims to investigate the direct influence of the board characteristics, corporate social responsibility (CSR) Disclosures, and the cost of equity capital (CEQ) as well as indirect mediating impact of CSR Disclosures in the board characteristics-CEQ nexus, using agency theory, stakeholder theory, and signalling theory. This study applies panel data regression analysis to the population of non-financial companies listed on the Indonesia Stock Exchange from 2018 until 2020. By using a purposive sampling method, a sample of 32 non-financial companies was obtained, resulting in a total of 96 observations.

The main findings showed that board size, board independence, board gender diversity, and number of board meetings have a positive and significant effect on CSR Disclosure. In addition, three board characteristics (board size, board independence, and gender diversity) have a negative and significant effect on CEQ, but board meetings have an insignificant effect on CEQ. At the same time, CSR Disclosure has a negative and significant effect on CEQ and fully mediates the relationship between board characteristics (board size, board independence, board gender, and board meetings) and CEQ.
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Keywords: Corporate social responsibility, Corporate governance, Board characteristics, Cost of equity capital

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