Dinamika Cost of Equity Sektor Non-Keuangan Pasca Covid-19

Abstract

This study aims to examine the dynamics of cost of equity among non-financial companies listed on the Indonesia Stock Exchange during 2021–2025. A descriptive quantitative approach was employed, with cost of equity estimated using the Capital Asset Pricing Model (CAPM) based on historical stock prices, market returns, and risk-free rates.  The empirical findings indicate that the cost of equity exhibited temporal fluctuations throughout the observation period, displaying no discernible monotonic trend.  Despite limitations inherent in its descriptive design and CAPM framework, this study offers practical insights into required rate of returns. Future research should explore broader cost-of-equity determinants, such as disclosure level, profitability, firm size, and additional risk factors.