<p class="Style17">The objective of this research are to identi6 'the direct and indirect influences of corporate gover­nancesbucture such as, board of independent commissioner, institutional ownershi :rand manajerial ownership to the fimes value and earnings management debt as intervening variable.</p><p class="Style17">This research examine 37 manufacturing companies fisted in Jakarta Stock Exchange and issues waled financial statement since 2002-2004. The statistical methods used to test the hypothesis is Structural Equation Model (SEM). The empirical result of this research indicates that manajerial ownership has a positif significant and board of commissionerhas a negative significant influences to earnings management whereas institutional ownership have no influence to earnings manage­ment. The following test indicates that board of commissioner and manajerial ownership and institutional ownership have no significant influence to the firm's value. The control variable, firm's size, has a positive significant influence to earnings management whereas leverage has a negative significant influence to the firm's value. The Last test indicates that earnings management and debt have influence to the firm's value, so it can be concluded that earnings management and debt is an intervening variable.</p><p class="Style1"><strong><em>Keywords: </em></strong><strong><em>corporate governance, earnings management, debt, firm's value, board of director, </em></strong><strong><em>manajerial ownership, institutional</em></strong></p>

<p class="Style2">The objective of this research is to identify whether there is a significant difference between performance of state owned bank s and private banks. The mea-sure of performance is based on financial ratios CAMEL, which consist of CAR as represent of Capital, RORA as represent of asset quality, NPM as represent of Management, ROA as represent of earnings and LDR as represent of liquidity. This research also identify the influence of CAMEL to stock price.</p><p class="Style2">The sample of 26 state owned banks and 22 private banks. Kolmogorov Smimov test is used to test the normality of data distribution. For normally distributed data consist of CAR, NPM and LDR, test are conductable using West as parametric test. Meanwhile, RORA and ROA which non normally distributed, test are conducted using Mann-Whitney, as non parametric test to compare the difference between state owned banks and private bank's performance. The multiple reg4ession model is used to determine the relationship between CAMEL and stock price.</p><p class="Style2">The empirical result of this research indicates that the CAR, RORA, ROA dan LDR of state-owned banks and the private banks have a similar perfonance. Inspite of this, there is no significant difference in NPM between the state-owned banks and the private banks. The other analysis that CAMEL have simultaneously significant influence to the stock price.</p><p class="Style1"><strong><em>Keywords: CAMEL, financial ratio, bank performance, stock prise</em></strong></p>

The purpose of this study to determine the effect of operating cash flow to the abnormal return and the effect of operating cash flow to the abnormal return of companies that conduct the revaluation is higher than that of non revaluation which adopted SFAS No. 16 (2012). The analysis used in this study are multiple regression, for the period 2012-2015. The results showed that operating cash flow has no effect on non-sampled companies revaluation, while the sample of firms that perform revaluation proves that operating cash flow has a positive and significant impact on the abnormal return. Moreover, the effect of revaluation policy can strengthen the influence between operating cash flow to the firm abnormal return than non revaluation.DOI: 10.15408/etk.v16i1.4820

<p class="Style1"><em>The objective of this research is to discover whether there are different perceptions among </em><em>students, auditors and managers about the attitude and perfomiance of the auditors that </em><em>can cause a condition that is known as </em>expectation gap. <em>This </em>expectation gap <em>includes the </em><em>important aspects of the auditing process and the auditor's responsibility, the causes that </em><em>influence the auditor's performance, the auditor's integrity to his client and the auditor's </em><em>attitude to his client The questionnaire used in this research to collect data is the modification </em><em>model from the Humprey, Moizer and S. Turley (1993) research questionnaire. Data are </em><em>gathered through directly questionnaire, which collected from 120 respondents. There are </em><em>40 respondents from experienced auditor group from KAP, 40 respondents from finance </em><em>managers as the audited result financial report user and 40 respondents from Trisakti </em><em>students who majoring accountancy that have joined auditing class completely The tech-nique of convenience sampling is applied in gathering the data while the data are analyzed by using oneway ANOVA and Kruskal Waffis. The ANOVA test is used for analysis the </em><em>normally distributed data and kruskal waffis test is used for analysis the abnormal distributed </em><em>data. The result of this research shows that there are some differences in perceptions </em><em>among the students, auditors and managers about the integrity and performance of the </em><em>auditors for the first hypothesis. However, for the second, third and fourth hypothesis show </em><em>no perception difference among the students, auditors and managers about the attitude and </em><em>performance of the auditors.</em></p><p class="Style1"><strong><em>Keywords </em></strong><em>: Audito's performance, expectation gap, auditor's integrity</em></p>

<p class="Style1"><strong><em>The </em></strong><strong>objective </strong><strong><em>of this research is </em></strong><strong>to </strong><strong><em>obtain empirical evidence of whether market beta has </em></strong><strong><em>a significant influence on the expected return. This research examines 30 manufacturing </em></strong><strong><em>companies listed in Jakarta Stock Exchange during 2001-2005 period. Data are mostly </em></strong><strong><em>secondary data, obtained from Indonesian Capita! Market Directory and annual reports of the companies from 'Pusat Referensi Pasar Modal Indonesia' in Jakarta Stock Exchange. </em></strong><strong><em>The statistical method used to test the hypothesis is multiple regression. The test </em></strong><strong>of </strong><strong><em>heteroskedasticity, multicolinearity and autocorrelation used in this research are entirely </em></strong><strong><em>suitable and unbiased.The empirical result of this research indicates that market beta has a significant influence on the expected return, either individual equity or portfolio equity. </em></strong><strong><em>This result supports the CAPM theory which shows a positive correlation between risk and </em></strong><strong><em>expected return. However, this result contradicts the research's result of both Eugene F. </em></strong><strong><em>Fama and Kenneth R. French which shows a negative correlation between risk and </em></strong><strong><em>expected return. The result would be different if other independent variables such as size, </em></strong><strong><em>earning price ratio (E/P), book leverage (A/BE), market leverage (A/ME), book to market </em></strong><strong><em>equity (BE/ME) were being tested together. Beta market and BE/ME were the two vari­</em></strong><strong><em>ables that have a significant influence on the expected return.</em></strong></p><p class="Style1"><strong><em>Keywords: </em></strong><strong><em>beta market, beta portfolio, risk, expected return, CAPM, size, earning price </em></strong><strong><em>ratio, book leverage, market leverage, book to market equity</em></strong></p>