EFEK KUALITAS INTEGRATED REPORTING TERHADAP BIAYA MODAL EKUITAS YANG DIMODERASI DENGAN KOMPLEKSITAS ORGANISASI

The Effect of Integrated Reporting Quality on Equity Capital Costs Moderated by Organizational Complexity

Penelitian ini menguji pengaruh kualitas Integrated Reporting (IR) terhadap biaya modal ekuitas dengan kompleksitas organisasi sebagai variabel moderasi. Sampel terdiri dari 117 observasi perusahaan dalam indeks ESG Bursa Efek Indonesia periode 2019 2023. Analisis dilakukan dengan regresi linear berganda menggunakan pendekatan Moderated Regression Analysis (MRA). Hasil menunjukkan bahwa kualitas IR tidak berpengaruh terhadap biaya modal ekuitas, dan kompleksitas organisasi (leverage) tidak memoderasi hubungan tersebut. Faktor penyebab antara lain keterbatasan pengukuran kompleksitas, dampak pandemi COVID-19, belum wajibnya penerapan IR dan perlu dilanjutkan dalam jangaka panjang, dan rendahnya respon pasar terhadap informasi non-keuangan. Penelitian ini memiliki implikasi bagi investor dan kebijakan yang mendukung standarisasi pelaporan terintegrasi, agar IR dapat berfungsi optimal dalam menurunkan biaya modal dan meningkatkan efisiensi pasar. iii Kata Kunci: Integrated Reporting, biaya modal ekuitas, Asimetri informasi, kompleksitas organisasi. 

This study examines the effect of Integrated Reporting (IR) quality on the cost of equity capital with organizational complexity as a moderating variable. The sample consists of 117 observations of companies in the ESG index of the Indonesia Stock Exchange for the period 2019-2023. The analysis was conducted with multiple linear regression using the Moderated Regression Analysis (MRA) approach. The results show that IR quality has no effect on the cost of equity capital, and organizational complexity (leverage) does not moderate the relationship. Causal factors include the limitations of complexity measurement, the impact of the COVID-19 pandemic, the implementation of IR is not yet mandatory and needs to be continued in the long term, and the low market response to non-financial information. This study has implications for investors and policies that support the standardization of integrated reporting, so that IR can function optimally in reducing the cost of capital and increasing market efficiency. Keywords: Integrated Reporting, cost of equity capital, Asymmetric Information, organizational complexity,