This research investigates the impact of financial distress on the magnitude of different earnings management approaches, namely real earnings management and accruals earnings management. This research utilizes a total of 2002 firm-year observations from 259 publicly-listed companies and 20 sub-industries in Indonesia from the year 2005 to 2014. Financial distress causes a significant increase of real earnings management and a significant decrease of accruals earnings management. It means that the healthier the company, the bigger the magnitude of real earnings management that is conducted through managing production costs and discretionary expenses. On the other hand, the lower the financial health of the company, the bigger the magnitude of accruals earnings management that is conducted through managing discretionary component of accruals.

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In this paper, we examine simultaneous relationship between leverage, maturity and over(under)- investment in emerging markets. We divide leverage into short term and long term to investigate the relation between current and future simultaneous relationship between leverage and investment decision, between debt maturity and investment decision, and between leverage and debt maturity. This research used twenty emerging market data from 2006 – 2016. First of all, our results show that firms in emerging markets prefer to use short-term debt to long-term debt to minimize the underinvestment problem. Second, there is a simultaneous non-linear relation between long-term leverage and growth opportunities in emerging markets firms. Third, long-term debt has non-linear effects on investment decision in emerging markets firms. It can be concluded that firms in emerging markets have different characteristics with regard to their capabilities to manage the interaction between leverage, maturity and investment compared to developed markets.

<p>Penelitian ini berfokus hubungan antara return dan volume perdagangan dengan data harian perusahaan di<br />LQ45. Model GARCH Bivariat digunakan untuk mengamati hubungan antara return dan volume<br />perdagangan. Untuk mengetahui hubungan lebih lanjut antar variabel tersebut, digunakan pendekatan<br />time lag correlation. Untuk verifikasi hubungan tersebut, datanya dibagi menjadi dua kelompok<br />berdasarkan ukuran volume perdagangan dan ukuran perusahaan. Hasilnya menunjukkan bahwa<br />kelompok volume perdagangan hanya menyebabkan Granger kausal ke volume perdangangan, tetapi<br />sebaliknya tidak. Sementara pada kelompok ukuran perusahaan, masing-masing menunjukkan hasil yang<br />berbeda. Pada ukuran perusahaan kecil dan menengah, return dan volume mempunyai dua arah (bilateral)<br />Granger kausal. Namun, tidak ditemukan hubungan kausal bagi ukuran perusahaan besar. Semua<br />kelompok ukuran volume dan kelompok ukuran perusahaan menunjukkan korelasi lag waktu positif,<br />sehingga terdapat efek anti-leverage.<br />Kata kunci: return, volume perdagangan, Bivariat GARCH</p>

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