This research examined that (1) there is a recency effect on investor belief revision from mix information that presented sequentially, (2) there is an anchoring effect on investor belief revision from mix information that presented sequentially, and (3) there is an interaction between the order of information and the tolerance of ambiguity personality in affecting of the revision belief of investors. Belief adjustment theory is employed as the main framework of this research. Experiment method 2x2 between subject used in this research and the subject that use is 75 students postgraduate Universitas Hasanuddin (UNHAS) accounting majors. The hypothesis tested by using Independent Sample t-test, Kruskal-Wallis, ANOVA test. The results show that there are a recency effect and anchoring effect on investor belief revision from mix information that presented sequentially. Meanwhile, there is no interaction between sequence information and personality-ambiguity tolerance on investor belief revision. This study gives attention to the company's management to consider the sequencing of the presentation of information because the sequence of presentation can be as important as the content of the information presented to investors. If the information presented sequentially and mix, the company's management should present information in negative information early and positive information in the last section. The management of the company may consider the sequencing of the presentation of information as a strategic tool in communicating management planning to the various shareholders. Investors should realize that their perception could be influenced by the company's strategy of presenting information. Awareness of the influence of the order and how factors such sequence can influence a person's beliefs revision process allows investors to be more careful in assessing the information presented company.

This study aims to analyze the level of estimation bias made by investors based on the form of disclosure of single and multiple benchmark accounting information. The research design uses an experimental laboratory (between-subject). Respondents in this study used 40 students who had attended capital market schools on the Indonesia Stock Exchange as a representation of novice investors. The results of hypothesis testing indicate that the disclosure of accounting information in the form of multiple benchmarks is better than the form of single benchmark information. This is indicated by the smaller error rate of estimation made by investors in predicting future earnings. Thus, the bias in decision making can be minimized by presenting more comprehensive accounting information using multiple benchmark forms.

This study measures the cognitive moral development and tests its interaction with antecedent variables of prosocial behaviour such as fraud level, the status of person committing fraud and cohesiveness in affecting the willingness of internal auditors of local government (APIPs) to be a whistleblower. Quasi-experiment between subject design using pattern of 3×2×2×2 and 2×2 full factorial was employed in this research. The participants involved were internal auditors of 24 local governments in South Sulawesi which were divided into 18 groups. The data were analysed using ANOVA and t-test. The results of this study showed that based on the Cognitive Moral Development (CMD), majority of the internal auditors were categorised as pragmatic, the least number were autonomous, while accommodation was in between of both. Moreover, the intention of APIP to whistleblow was found high though insignificantly different among the three categories of CMD. Similarly, the different was insignificant among the variance of fraud level, the status of person committing fraud, and cohesiveness. The interaction between CMD and treatment variables resulted insignificant figure, except for the interaction between CMD and the fraud level which indicated significant result. Generally, it can be concluded that APIPs have a high intention to blow, but the intention will differ when their CMD interact with the fraud level and cohesiveness.

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This study examines the effect of the interaction between cognitive moral development (pragmatic, accommodating, and autonomous) and an organizational situation (agency and stewardship) in business ethical decision making (earnings management and expropriation). This research employed a laboratory experiment design of full factorial factor 3x2 between-within subjects.There were 97 postgraduate students of Hasanuddin University that acted as participants. Data were analyzed by ANOVA and t-test. The results showed that the level of cognitive moral development is positively related to the degree of ethical decisions in accounting and expropriation. The higher the level of cognitive moral development, the more managers act ethically in decisions relating to accounting and expropriation. Meanwhile, the agency and stewardship situation have no effect on the differences in ethical decision making both in accounting and expropriation. Similarly, the exposure to an organizational situation has no impact on the relationship between levels of cognitive moral development and ethical decision making.The assumption stating that cognitive moral development of each participant has been an anchor and not easily changed to the different or the opposite situations is empirically proven.