Studi empiris karakteristik auditor, tata kelola perusahaan, kualitas laba, risiko litigasi dan biaya modal ekuitas (Studi pada perusahaan manufaktur yang terdaftar di BEI)

This study aims to examine the direct effect of auditor size, audit tenure, auditor specialization, institutional ownership, managerial ownership, audit committee and independent board of director on earnings quality, litigation risk and cost of equity capital. The study also examined the indirect effect of auditor size, audit tenure, auditor specialization, institutional ownership, managerial ownership, audit committee and independent board of director on the cost of equity capital through earnings quality and litigation risk. The research sample was 112 manufacturing companies listed on the Indonesia Stock Exchange, 448 observation data from 2011 to 2014. In this study earnings quality was formed from the attributes of accrual quality, persistence, predictability, and income smoothing. While litigation risk is formed from the attributes of stock volatility, financial risk and political cost risk. These two variables are also used as intervening variables. Analysis techniques use path analysis. The results of testing the direct effect showed that the variable of auditor size affects the quality of earnings, while the other variables have no effect. Variable of auditor size, institutional ownership, managerial ownership and audit committees effect litigation risk, while other variables have no effect. The variable of independent board of director and litigation risk affect the cost of equity capital, while the other variables have no effect. The results of testing the indirect effect showed that earnings quality does not mediate the effect of auditor size, audit tenure, auditor specialization, institutional ownership, managerial ownership, audit committee and independent commissioners on the cost of equity capital. The litigation risk mediates the effect of institutional ownership and managerial ownership on the cost of equity capital