JURNAL RISET AKUNTANSI DAN KEUANGAN, 2 (2), 2014, 364-375 364 | Jurnal Riset Akuntansi dan Keuangan Vol.2 | No.2 | 2014 PENGARUH MANAJEMEN LABA, UKURAN DEWAN KOMISARIS, KEPEMILIKAN INSTITUSIONAL, DAN KUALITAS AUDIT TERHADAP BIAYA MODAL PERUSAHAAN (Studi pada Badan Usaha Milik Negara Periode 2010 – 2012) Oleh: Denny Andriana (Program Studi Akuntansi Universitas Pendidikan Indonesia) Renny Friska (Program Studi Akuntansi Universitas Pendidikan Indonesia) Abstract This research aims to determine the effect of earnings management, board of commissioners size, institutional ownership, and quality audits of the cost of capital for Badan Usaha Milik Negara (BUMN) in the period 2010-2012. Purposive sampling method used in determining the sample resulted in 23 of 141 observations were carried out on state-owned enterprises listed on BUMN for the period 2010-2012. The data analysis technique used in this research is multiple regression. The test results indicate that earnings management and institutional ownership partially negatively affect the cost of capital. The test results indicate that earnings management and institutional ownership partially negatively affect the cost of capital. Keywords: Earnings Management, board of commissioners size institutional ownership, quality audits, cost of capital. Pendahuluan Kinerja Badan Usaha Milik Negara (BUMN) di Indonesia periode tahun 2010-2012 secara umum mengalami peningkatan. Salah satu indikatornya terlihat pada kinerja keuangan BUMN yang ditunjukkan dari adanya peningkatan total laba bersih sejumlah 141 BUMN seperti yang ditunjukan pada tabel 1 di bawah ini: Tabel 1 Kinerja Keuangan BUMN 2010 (Audited) (Rp. Trilyun) 2011 (Audited) (Rp. Trilyun) 2012 (Audited) (Rp. Trilyun) Jumlah BUMN 141 141 141 Total Aset 2.341 2.947 3.400 Total Kewajiban 1.771 2.258,36 2.600,8 Total Ekuitas 570 688,640 799,20 Total Penjualan 964 1.378,26 1.538 Total Laba BUMN 102,4 115,6 140,4 Rugi BUMN 23,9 (28 BUMN) 10,4 (23 BUMN) 2,27 (19 BUMN) LabaBersih BUMN 78,5 105,2 138,1 Sumber : Kementerian BUMN (bumn.go.id), LAKIP BUMN, data diolah.