Dividend policy has been puzzling for researchers for decades. The level of dividend varies not only across industries, but also across countries. This research analyzes the dividend policy of Indonesian public companies, in particular it examines the partial effect of cash ratio, debt ratio, company size, profitability, and asset growth on cash dividend policy in Indonesia Stock Exchange from 2008 to 2015. A total of 102 companies was used as a sample. The samples are divided into four groups: (1) a group of companies paying changeable dividends (Change group), (2) a group of companies paying continuous dividends, but then stop paying dividend (Omission group), (3) a group of companies that initially do not pay the dividends, but then continuously paying dividend (Initiation group); and (4) a group of companies paying constant dividends (Constant group). Results of hypotheses testing using multiple regression analysis show that profitability and asset growth affect dividend policy in all company groups. Company size affects dividend policy in the Change, Initiation, and Constant groups. Debt ratio influences dividend policy only in the Change group.

This paper examines whether the issuers of Indonesian manufacturing initial public offerings (IPOs) manage the firm's reported earnings by making income increasing discretionary accruals. The absence of market-determined prices for IPO shares prior to the offering has made issuers and underwriters to use nonprice information. The test was performed on a sample of 45 IPOs that went public during the period of July1991 through December 1994. The model used in this study follows the one developed by Friedlan (1994). The results show that there is no evidence that earnings management occurs among the sample firms. In other words, this study is unable to reject the null hypothesis that the issuers of Indonesian IPOs exercise accounting discretion that increases the reported earnings in the periods prior to the offering. In contrast, the study finds strong evidence of earnings management in the period after the offering, which could be interpreted as issuers trying to maintain the firm's performance after the offering by making income increasing discretionary accruals.

Index Terms-IPO underpricing, risk factors, underwriter reputation, use of proceeds.

This study examines the effect of audit quality on earnings management (as measured by discretionary current accruals) for

Rapid changes in business transactions and technology development have made risk-based management a significant issue for business entities. The ability in managing risk would lead to a better firm value. This study investigates the effect of enterprise risk-based management disclosures (ERMD) and intellectual capital (IC) on firm value. It also tests the moderating effect of profitability on the relationship ERMD and IC with firm value. It examines the annual reports of 49 finance firms listed on the Indonesia Stock Exchange (IDX). The data cover three years, from 2016 to 2018. It employs panel data regression to test the hypotheses. The results show that the effect of ERMD and IC on firm value is partially and positively moderated by profitability. The findings show that the application of ERDM and IC can increase firm value. The originality of this study is that profitability can moderate the effect of ERMD and IC on firm value. The increase of ERMD and IC management within the company must be balanced with profitability to raise capital from outside the company to increase firm value. AcknowledgmentThe Research was conducted with the support of the Universitas Riau, Indonesia.