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This study aims to determine the effect of CEO characteristics interms of facial masculinity, education, and experience to potential of financialdistress. Facial masculinity was measured using dummy variables consistingof masculinity and feminism. Education was measured using dummyvariables of educational level; meanwhile, experience was measured usingdummy variables from CEO work experience. This research used quantitativewith secondary data types taken from annual reports of non-financialcompanies that are listed on Indonesia Stock Exchange. The sampling methodused purposive sampling with the observation period of 2016–2018 andobtained a total sample of 259 samples. The method data analysis usedmultiple linear regression analysis. The result showed that: (1) CEO facemasculinity did not affect financial distress, (2) CEO education did notaffect financial distress, (3) CEO experience positively influenced financialdistress. The results showed the fact that CEO experience is an importantfactor that could improved company performance for avoiding financialdistress potential.

Indonesian capital market is very important in developing Indonesia's economy by getting a cheap funding for their industry. Industry in the Indonesian capital market there are a variety of products was traded like bonds, mutual funds, equity or shares, warrant or option. The phenomenon from stock trading on the Indonesia Stock Exchange is very diverse like how to analyse stock price movements. Investors try to analyse stock prices with model like fundamental analysis or technical analysis. The capital market industry or the Stock Exchange must run its business with efficiently both in the company's operations or other efficiency such how to disseminate information that will be received by stock investors and efficiency in managing information so investors can know much. Efficient Market Hypothesis relates to the efficiency of information obtained by investors like transparency of information from private information like information each issuer and other information like public information that has been exposed to the public such as announcements of a rights issue or announcement of a company's stock withdrawal from the capital market. These announcements will usually have a significant effect on the share price on the Indonesia Stock Exchange, which will increase or decrease. The more efficient a capital market is all the information received will result in the movement of shares accurately and immediately so that it is considered to be unpredictable or randomly moving from day to day. The methodology of this research is will take data on the Indonesia Stock Exchange like the IHSG (composite stock price index) data in 2019 daily and will be proven whether the movement of the composite stock price index is random walk or not with use a Stochastic Process.

The central government has established the industry road map through MP3EI to support the shipbuilding industry. The region of Surabaya, Gresik, Lamongan and Tuban areas will be developed as the national shipping industry. The purpose of this study is to f ormulate the shipbuilding industry development cooperation to support the development of regional innovation systems. The goal and objectives are to identify the type of support the shipbuilding industry in Lamongan, to obtain a general picture of the existing condition of shipbuilding industries and the subsequent descriptive analysis to identify factors that influence the development of the shipbuilding industry. The method is using a theoretical review of the literature and the descriptive analysis of the results of depth interviews with stakeholders in Lamongan. The results of this study are the factors that influence the development of the shipbuilding industry.

This research aims to determine the influence of CEO narcissism,CEO tenure, independent commissioner and audit quality against tax avoidanceon companies registered in the non-financial sector. CEO narcissismwas measured by scoring the photo of CEO in annual report, CEO tenurewas measured from the length of the CEO’s term, independent commissionerwas measured by the number of independent commissioners dividedby the total commissioner within the company. While audit quality wasmeasured using a dummy variable where score 1 was given was for companiesaudited by the big four accountant firms and 0 for companies auditedby non-big four accountant firms meanwhile the tax avoidance was measuredusing an ETR proxy. This research used secondary data in fom ofannual reports of non-financial sector companies listed on the IndonesiaStock Exchange in the year 2016–2018. The results of this research showthat: (1) the CEO of narcissism has no effect on the tax avoidance, (2) theCEO tenure has a significant positive influence on the tax avoidance, (3)independent commissioner has no influence on the tax avoidance, and (4)audit quality has a significant positive influence on the tax avoidance.