Small and medium-sized enterprises (SMEs) are increasingly considering international expansion as one of the sustainable growth strategic options. This study aims to reveal how the effect of internationalization as a moderator of SMEs size, age, and other financial determinants toward investment opportunity set of SMEs that listed on the Indonesia Stock Exchange (IDX) from 2006 to 2020. Market to book asset ratio used as a proxy of investment opportunity set of SMEs. This study is one of the most important in the context of Indonesian SMEs as there were limited previous studies that have explored the internationalization factor. A total of 102 SMEs companies with 156 data observations were studied. A moderation regression analysis was used to test whether the determinants of the investment opportunity set were statistically significant. Surprisingly, the study found that the degree of internationalization has a moderating effect that weakens the relationship between SMEs age and size on investment opportunities set (market value ratio).

This study aims to determine the effect of Intellectual capital Disclosure (ICD) and the type of ownership on financial performance after the IPO in short and medium period. This study uses a quantitative approach and multiple regression analysis. Data was obtained from prospectuses and financial statements of companies that conducted IPOs on Indonesia Stock Exchange for the period 2000-2015. The population in this study was all companies that conducted initial public offerings from 2000 to 2015, as many as 316 companies and 234 companies were selected as samples using purposive sampling methods. The results showed that Intellectual Capital Disclosure had a significant positive effect on short-term (1-year) and medium-term (3-year) financial performance post-IPO, however, type of ownership has no effect on short or medium-term financial performance post-IPO. These results show that the degree of intelectual capital disclosure can control the company's performance for the better. This provides broad insights for decision makers.