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"This study examines whether voluntary corporate disclosure level that is published in annual report affects the return-earnings relationship. The study hypothesizes that the informativeness of earnings and voluntary disclosure is complementary to each other. This hypothesis implicitly presumes that investor will use the information provided in annual report disclosures together with information in earnings as one of the guidance in investment decisions. To test the hypothesis, current stock returns are regressed against current earnings changes. The sample consists of 90 annual reports of companies listed on the JSX as of December 31, 1998. The amount of voluntary disclosure provided in annual reports is measured by disclosure items and weighted scores developed by Botosan (1997), Sitanggang (2002), and Suripto (1999). Before deciding to use the weighted score, this study examines the differences between weighted scores and the equally weighted ones. The findings of the test of differences support the hypothesis that the two kinds of score measurement are statistically different, meaning that investors place different interests to each disclosure items. The findings of regression test support the hypothesis of complementary relationship, which remain consistent after controlling for other factors that have been identified in previous studies influence the earnings response coefficients. The findings are also robust with respect to different holding period returns and different earnings measurement."

"The purpose of this study is to investigate the relationship between governance, information asymmetry, and earnings management. Prior indicates that information asymmetry negatively correlated with management (Richardson, 2001). As predicted, this study also found correlation between bid-ask spread, as a proxy of information and discretionary accruals, as a proxy of earnings management. In we also test whether corporate governance mechanisms will impact the discretionary accruals and eventually affect firm value. We use several as proses of corporate governance mechanisms such as institutionalpip, audit quality, independent board, and existence of audit committee, 'that audit committee has significant negative relation with discretionary This indicates that audit committee existence is effectively constraining of earnings management. This study also has that proportion of independent board and existence committee increase the positive relationship between discretionary and stock return. These indicates that earnings management conductedhaving higher proportion of independent board and firms having auditfee will be valued higher by the market."

"Discontinuities in earnings distribution have been discovered by several studies in United States and Australia. These studies examined the pooled, cross sectional distribution of earnings and found discontinuities around earnings threshold which indicates the exercise of management discretion to exceed earnings threshold. This study examines the distribution of earnings in Indonesia for two important purposes which are avoiding losses and avoiding earnings decline.The result on listed companies at the JSX during 1999 - 2002 show abnormality in earnings distribution, whereas total small profit firms are above expectations, meanwhile total small loss firms are the opposite. We didn 't find such abnormality in the distribution of earnings changes, whereas total small decrease firms in contrary are above expectations. This suggests that the most important earnings threshold for Indonesian firms is to avoid reporting losses."

"The purpose of this study is to provide empirical on audit committee composition and audit committee effectiveness (ACE), based on a sun>ey of audit committees of publicly listed companies in the Jakarta Stock Exchange. The study finds that the majority of the companies comply with the JSX requirement about the minimum number of audit committee member (3 persons), their independence, and their competence (finance or accounting background). However, this study finds that audit committees are not yet effective in their authority, resources, and efforts. The interaction of audit committee with external auditors is the least effective while the communication to the board of commissioners and shareholders is the most effective. The interaction of audit committee with internal auditors and monitoring on compliance are also ineffective."

"The purpose of research is to analyze an impact of managerial stock owner ship structure on corporate bond returns. It is assumed that the change in managerial stock ownerships can influence managers 'attitudes toward risk. So it is hypothesized hat the change in managerial stock ownerships can influence corporate bond returns.This study suggested that there is a significant impact of managerial ownership structure on corporate bond returns. In 1998 - 1999 time series cross-section of 31 corporate bonds that were listed on Surabaya Stock Exchange, I've found evidence if a significant non-monotonic relationship between managerial stock ownership and corporate bond returns. Bond returns first increase, then decrease, and finally rise slightly as ownership by manager rises.There is also weak evidence of a non-monotonic relationship between managerial lock ownership and firm leverage. This study finds a positive relation between managerial stock ownership and leverage up to 19.9 percent ownership level. When ownership increases more (over 19.9 percent), however, the relationship becomes negative. This empirical evidence indicates that greater managerial ownership gives managers an incentive to decrease risk by using low level of debt."

"The purpose of this study is to examine whether Economic Value Added (EVA) is more highly associated with stock returns than other conventional accounting-based measures such as Earnings before Extraordinary Items, Cash Flow from Operation, and Residual Income, as claimed by Stern Stewart.Using pooled ordinary least square method or Panel Data on 121 Indonesian-listed companies in Jakarta Stock Exchange over the period 2001-2003, the test emphasize on two approaches. Relative Information Content describes the association of each individual performance measure relatively with stock returns and Incremental information Content describes the association of each performance measure with stock return individually and simultaneously.The relative information content tests reveal that earnings to be more closely associated with stock returns than EVA, Cash Flow from Operation, and Residual income. The incremental information content tests reveal that earnings and Cash Flow from Operation to be more closely associated with stock returns than EVA® and Residual Income. Other tests for components of EVA reveal only Cash Flow from Operation and Accruals to be significantly associated with stock returns, where Cash Flow from Operation and Accruals are equal with earnings."

"This study attempts to analyze the determinants of capital structure in the Indonesian manufacturing industry from 2000 to 2004. Empirical hyphoteses, drawn from five independent variables are tested against a sample of 49 firms or a cross sectional data. The results show that only In total asset (size), net operating income (NOI), and return on asset (ROA) affect long-term debt to total asset (leverage). It finds a positive relation between leverage and In total asset, a negative relation between leverage and profitability (NOI and ROA). Delta sales (growth) and ownership structure have no effect on leverage. These findings are stable in 2000 through 2004."