This study aimed to test the usefulness of accounting information and market of the CEO turnover issues in Indonesia. The results of this study is planned for the long term to capture the overall factors that affect CEO turnover in Indonesia, not only from the accounting side but also from market side, so it can make a significant contribution for the company strategy to determine the corporate governance' setting. Previous research show inconclusive results about CEO turnover is whether the antecedent factors and consequences. Also, the issue of CEO turnover research is still very rarely done in Indonesia, since the turn of information not generally available. The sample used is all firms that are identified through the turn (either routine or nonroutine) in the company's top management level (in this case is President Director). The main advantage of this study is to use the sample all firms that conduct the CEO turnover period 1998-2005, and subsequently determine the accounting variables that allegedly able to explain these changes. For the companies that during the year observations is never do turnover action we define as a control sample. Final sample that we used for testing accounting data is as much as 140 companies, consisting of 81 companies that make the turnover and the 59 companies that did not. For the final sample testing of market data totaled 131 firms, consisting of 77 companies that make the turnover and the 54 companies that did not. Final sample for the second data source is set after considering the availability of data and the confounding effects during the observation period. Both of accounting data and market data are tested using logit models (separately), because the dependent variable used is a binary variable, 1 for turnover and 0 for others. The results of test show that accounting data (i.e. Total Asset, Total Sales, ROA, ROE and Earnings), statistically have a negative significant effect of turnover decisions while CurRatio and D/ Equity is not significant. The results of test for market data show the performance of stock prices statistically negative significant effect, while market risk have a statistically positive significant effect. This finding is consistent with previous research which states that in the CEO turnover decision making, the company will consider the performance of accounting and market performance achievements of the CEO. From the results of different test using paired samples t-test, we found the stock price rose significantly after the turn while the risk of being seen significant decreases. These findings reveal a positive response to the changing market. And finally, from the analysis of this study we conclude that the better performance of both (accounting and market) then there is a tendency for the incumbent CEO who will not be fired and the worse the performance of both the CEO who is appointed will have the potential to be replaced (down position or enter to the board of commissioners) and fired from the company as ultimatelly.

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This research is aiming investigated the relationship between environmental performance with the quality of corporate social responsibily disclosure, the relationship between audit commitee performance with environmental performance, and the relationship between audit commitee performance with the quality of corporate social responsibily disclosure. Environmental performance is measured by ISO 14001 certificate. The proxy of audit commitee performance are audit commitee meeting, audit commitee report, audit charter. The quality of corporate social responsibily disclosure is measured by CSR index from Global Reporting Initiative. The number of samples used in this research were one hundred thirteen manufacturing company. The sampling method used purposive sampling method. Data are taken from annual report 2010-2011 of the manufacture companies listed on Indonesia Stock Exchange. The examined technique hypothesis is mutiple regression by using SPSS program. The result showed that environmental performance has a positif significant relationship with the quality of Corpoate Social Responsibility disclosure as the first hypothesis. The second hypothesis showed that environmental performance has a positif and sgnificant relationship with audit commitee performance. The third hypothesis showed that audit commitee performance has a positif and sgnificant relationship with the quality of Corpoate Social Responsibility disclosure.

<p><strong><em>ABSTRACT: </em></strong><em>The purpose of this study was to examine the information content of the announcement of the first Covid-19 case in Indonesia by looking at the differences in Abnormal Return and Trading Volume Activity both before and after the event. The method used in this research is an event study. The research period used was 6 stock exchange days, namely 3 days before and 3 days after the announcement of the first Covid-19 case in Indonesia. The statistical test used to test the hypothesis is the One Sample t-test and the Wilcoxon Signed Rank Test. The results of the One Sample t-test show that there are significant negative abnormal returns at t + 1 and t + 2 after the announcement event, which indicates that the Covid-19 pandemic has a negative impact on company operations. Meanwhile, the results of the Wilcoxon Signed Rank test show that there is a significant difference between the Abnormal Return before and after the announcement of the first Covid-19 case in Indonesia. However, the results of the Wilcoxon Signed Rank Test on Trading Volume Activity (TVA) show that there is no significant difference between before and after the announcement of the first Covid-19 case in Indonesia.</em></p><p><strong><em>Keywords: </em></strong><em>Abnormal Return, Trading Volume Activity, Event Study, Covid-19</em></p><p><em><br /></em></p><p><strong>ABSTRAK:</strong> Tujuan dari penelitian ini adalah untuk menguji kandungan informasi dalam pengumuman kasus Covid-19 pertama di Indonesia, menganalisis perbedaan antara <em>abnormal return</em> dan volume perdagangan baik sebelum maupun sesudah peristiwa. Metode yang digunakan dalam penelitian ini adalah studi peristiwa. Periode penelitian yang digunakan adalah 6 hari bursa, masing-masing 3 hari sebelum dan 3 hari setelah pengumuman kasus Covid-19 pertama di Indonesia. Uji statistik yang digunakan untuk menguji hipotesis adalah uji <em>One Sample</em> dan <em>uji Wilcoxon Signed Rank</em>. Hasil uji <em>One Sample</em> menunjukkan bahwa terdapat <em>abnormal return</em> negatif yang signifikan pada t+1 dan t+2 setelah peristiwa pengumuman, yang mengindikasikan bahwa pandemi Covid-19 berdampak negatif terhadap operasional perusahaan. Sementara itu, hasil uji <em>Wilcoxon Signed Rank</em> menunjukkan terdapat perbedaan yang signifikan antara <em>abnormal return</em> sebelum dan sesudah pengumuman kasus Covid-19 pertama di Indonesia. Namun, hasil <em>Wilcoxon Signed Rank Test </em>pada<em> Trading Volume Activity (TVA)</em> menunjukkan tidak ada perbedaan yang signifikan antara sebelum dan sesudah pengumuman kasus Covid-19 pertama di Indonesia.</p><p> <strong>Kata Kunci: </strong><em>Abnormal Return</em><strong>, </strong><em>Trading Volume Activity, </em>Studi Peristiwa, Covid-19</p><p><em><br /></em></p>

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