Masyhuri Hamidi

There is no guarantee that people will follow their professional code of ethics. Large number of violation occurred in almost every organization. In this study we argued that commitment toward code of ethics, which is related to ethical feelings, is imperative to predict whether a person will obey their professional code. This study predicted that commitment to the code of ethics is determined by individual morality (i.e. moral judgment and moral maturity), and religious feeling. The survey was conducted through online questionnaire to Indonesian employees from various sectors and undergraduate students. The analysis revealed that moral judgment cannot predict commitment toward code of ethics. The result showed that religious feeling and moral maturity have positive association with commitment to code of ethics. In addition, these two concepts also produced favorable effect on moral judgment. Discussion, implication, and limitation are provided in the final part of article.

This study aims to provide empirical evidence about the determinants that can impact earnings management, through board diligence, ownership concentration, CEO ownership, and CEO tenure, as well as testing conservatism as a moderating variable. Secondary data, specifically information derived from annual financial reports, are utilized in this study. Information for financial reports is acquired from the Indonesia Stock Exchange (IDX) data stream and website from 2013 to 2022, the population of this study comprises all banking institutions listed on the Indonesia Stock Exchange. This study’s findings demonstrate that the presence of board diligence significantly hinders earnings management. Moreover, the findings of this study demonstrate that organizations characterized by a significant concentration of ownership will have the capacity to mitigate the prevalence of earnings management practices. Additionally, this study’s findings demonstrate that a reduction in earnings management activities is associated with greater CEO ownership. The findings of this study offer a practical illustration for stakeholders regarding the responsibilities of shareholders, which may prove beneficial in overseeing an organization’s operations. This study shows that high conservatism in companies actually mitigates the good effects of the ownership concentration and CEO ownership variables on earnings management. In summary, this study establishes that companies characterized by elevated levels of conservatism do not actively engage in earnings management practices that are beneficial to the organization.

Acknowledgment
This research received no specific grant from any funding agency in the public, commercial, or non-profit sectors.

Type of the article: Research Article

Abstract
Investment efficiency is a critical issue in emerging markets, as information asymmetry and agency conflicts can lead firms to make investments that deviate from optimal levels. This study aims to examine the impact of executive characteristics specifically executive experience and executive size and earnings smoothing on investment efficiency and debt maturity, while also investigating the mediating role of debt maturity. The study utilizes an unbalanced panel dataset of manufacturing firms listed on the Indonesia Stock Exchange from 2015 to 2024. Following data selection and outlier handling, the final sample comprises 275 observations from 87 firms. Analysis was conducted using panel data regression in STATA 17 and the Sobel test to assess mediation effects. The results indicate that executive experience and executive size both have a positive and significant impact on investment efficiency; earning smoothing also shows a significant positive effect. However, executive experience, executive size, and earning smoothing do not significantly affect debt maturity, nor does debt maturity significantly influence investment efficiency. The Sobel test reveals that debt maturity provides only marginal evidence of mediation regarding the relationship between executive size and investment efficiency, and it does not mediate the relationships of executive experience or earning smoothing with investment efficiency. These findings suggest that investment efficiency is driven more by internal capacity and governance mechanisms than by debt maturity.

Acknowledgment
This research was conducted without financial support from any public, commercial, or nonprofit funding agency.