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The ability to compete between companies at the time of intercompany production efficiency is
no longer a differentiator, the determinant of competitiveness includes the aspect of funding to be
one of the determinants of competitiveness. One of the company's competitiveness capabilities is
determined by the capital cost or the discount rate used in evaluating a project. The higher the
cost of capital will be the lower the competitiveness of the company. There are many factors that
determine the cost of a company's capital, but this research focuses only on the aspects of
Corporate Governance (CG). Investors will assume that the risk in companies that have good CG
quality will be smaller than companies that do not have good CG quality. On the other hand,
IFRS implementation has a variety of purposes including improving the implementation of CG in
a company, so it is theoretically suspected that IFRS implementation will increase CG's influence
on CoE. The approach used is to study the capability of the linear regression model formed and
to conduct a comparative analysis among regression models established by data from
manufacturing companies listed on the Indonesia Stock Exchange during 2007-2011 as data prior
to IFRS implementation and 2012-2015 for data after IFRS implementation. Based on the results
of data processing obtained evidence that Corporate Governance negatively affect the Cost of
Equity (CoE). This contradicts the theory because the better the CG value of a firm the CoE will
be to decrease. When compared to the period before and after IFRS implementation, there is no
evidence of a relationship between CG and CoE.