No abstract

This study aims to investigate the influence of auditor's industry specialization, auditor's independence and audit procedures to detect fraud towards audit quality. This study applies explanatory research in which questionnaires and interviews serve as the primary data. The sample of this study is 50 public accounting firms which are registered in the Indonesian capital market. The results of this study depicted that auditor's industry specialization and auditor's independence have significant influence on the implementation of audit procedures to detect fraud, and the auditor's industry specialization, auditor's independence, and audit procedures to detect fraud have significant influence on the audit quality. Such results indicate that the measures to enhance audit quality can be taken by means of developing a competency in auditor's industry specialization, promoting auditor's independent mental attitude and implementing sufficient audit procedures to detect material fraud in a financial statements audit.

The purpose of this study is to prove that there was herding behavior by domestic investors following that of foreign investors in the Indonesian Capital Market (IDX) and that the herding was influenced by information asymmetry. It began when global investors undertook international diversification to the IDX because the returns on their portfolios were not on the efficient frontier during the crisis and because of the low correlation between Indonesia’s economy and the American and European economies. Utilizing the IDX daily transaction data during the years 2009-2011, the herding behavior of domestic investors, which followed that of foreign investors, was tested by Lakonishok models as was the influence of information asymmetry on the herding. It was found that the herding behavior in the IDX occurred in buy, sell or entire herdings (buy and sell). There were 0.40 to 0.55 buy herdings and 0.20 to 0.40 sell herdings during the crisis in 2008 and 2009. Buy herding then continued in 2010 onwards, although with lower intensity (0.05 to 0.20); however, sell herding decreased dramatically, and there has been almost no sell herding since then. Nevertheless, domestic investors did then sell in the opposite strategy, which was to sell when foreign investors tended to buy. Subsequent findings demonstrated that herding occurred with the influence of information asymmetry between domestic and foreign investors.

<p>The purpose of this study is to prove that there was herding behavior by domestic investors following that of foreign investors in the Indonesian Capital Market (IDX) and that the herding was influenced by information asymmetry. It began when global investors undertook international diversification to the IDX because the returns on their portfolios were not on the efficient frontier during the crisis and because of the low correlation between Indonesia’s economy and the American and European economies. Utilizing the IDX daily transaction data during the years 2009-2011, the herding behavior of domestic investors, which followed that of foreign investors, was tested by Lakonishok models as was the influence of information asymmetry on the herding. It was found that the herding behavior in the IDX occurred in buy, sell or entire herdings (buy and sell). There were 0.40 to 0.55 buy herdings and 0.20 to 0.40 sell herdings during the crisis in 2008 and 2009. Buy herding then continued in 2010 onwards, although with lower intensity (0.05 to 0.20); however, sell herding decreased dramatically, and there has been almost no sell herding since then. Nevertheless, domestic investors did then sell in the opposite strategy, which was to sell when foreign investors tended to buy. Subsequent findings demonstrated that herding occurred with the influence of information asymmetry between domestic and foreign investors. </p>

This study used data of manufacturing companies listed on the Jakarta Stock Exchange (JSX) as unit of analysis. The purpose of this study is to find out the influence of voluntary disclosures and audit quality on information asymmetry. This study also aims to determine the effect of voluntary disclosure, audit quality and information asymmetry on stock return. In addition, this study aims to find out the ability of information asymmetry to mediate the effect of voluntary disclosure and audit quality on information asymmetry.This research used verificative-descriptive method with quantitative approach. The analytical method used in statistical data processing was path analysis. There are 132 manufacturing companies listed on JSX became the research samples of this study.The testing results shows that there are significant impact of voluntary disclosure and audit quality on information asymmetry. The testing results also show that there are significant impact of voluntary disclosure and information asymmetry on stock return, while the audit quality has no significant impact on stock return. At the same time, information asymmetry is significant to be the mediating variable on the impact of voluntary disclosure and audit quality towards stock return. Voluntary disclosure, audit quality and information asymmetry can be the determinant variables on Stock Return of manufacturing companies, listed on JSX.Keywords: voluntary disclosure, audit quality, information asymmetry, stock return.Abstrak: Penelitian ini menggunakan data perusahaan manufaktur yang terdaftar di Bursa Efek Jakarta (BEJ) sebagai unit analisis. Tujuan dari penelitian ini adalah untuk mengetahui pengaruh pengungkapan sukarela dan kualitas audit pada asimetri informasi. Penelitian ini juga bertujuan untuk mengetahui pengaruh pengungkapan sukarela, kualitas audit dan asimetri informasi terhadap return saham. Selain itu, penelitian ini bertujuan untuk mengetahui kemampuan asimetri informasi untuk menengahi efek pengungkapan sukarela dan kualitas audit pada penelitian asymmetry.This informasi menggunakan metode verifikatif-deskriptif dengan pendekatan kuantitatif. Metode analisis yang digunakan dalam pengolahan data statistik adalah analisis jalur. Ada 132 perusahaan manufaktur yang terdaftar di BEJ menjadi sampel penelitian study.The ini menguji hasil menunjukkan bahwa ada dampak signifikan dari sukarela pengungkapan dan kualitas audit pada asimetri informasi. Hasil pengujian juga menunjukkan bahwa ada dampak signifikan dari pengungkapan sukarela dan asimetri informasi terhadap return saham, sedangkan kualitas audit tidak berpengaruh signifikan terhadap return saham. Pada saat yang sama, asimetri informasi adalah signifikan menjadi variabel mediasi tentang dampak sukarela pengungkapan dan kualitas audit terhadap return saham. Sukarela pengungkapan, kualitas