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The objectives of the research were to examine the effect of ownership structures and financial performance on earnings management. The study was conducted on manufacturing companies listed at the Indonesia Stock Exchange. The research findings indicated that the ownership structure and financial performance influenced earning management. In addition, institutional owneship structures and managerial ownership structures significantly and negatively affected earnings management and whereas size, leverage and profitability positively influenced on earnings management.


Keyword: ownership structures, financial performance. size, leverage, and earning management.

The objective of this study is to find out empirical evidence of the effect of ownership structures and financial performance on earning management and the impact on stocks return study on manufacturing companies listed at Indonesia Stock Exchange. The population of the study are listed manufacturing companies at Indonesia Stock Exchange, and the sample used in this study is based on the annual financial reports ended 31 December, information on the ownership stock and financial highlights over 2001 - 2005. The conclusions of the study are as follows: (1) if the size, leverage and profitability become bigger so the earnings management become bigger too, while if the institutional ownership structures and managerial ownership structures become bigger, so the earning management become smaller; (2) if the institutional ownership structures, size and profitability become bigger so stocks return become bigger too, while if the managerial ownership structures, leverage and earnings management become bigger so stocks return become smaller.

Key words: Ownership structures, financial performance, earnings management, stocks return

Today Indonesia suffering huge debt and experince inefficient agriculture, oceanic even industrial product, prone to impediment its economic growth. Indonesia now is oil importer country, experience unbalance international trade, hamper its economy prosperity. World, US and EU business with Indonesia hopefully under equal mutually benefit. Indonesian democracy continues causing prolonged economic disturbance laws uncertainty results higher social to Indonesia. World economic forum have unbalance policy trading with Indonesia pressing economy of Indonesia downward hard to compete future Globalization. In this coming future 10 years Indonesia keep uncompetitive facing global business.

The purpose of this paper is to deliver the understanding about the importance and urgency of educational science and social psychology convergence for character-and-cultural-based educational concept and practice. This approach is beyond the individual approach which has been widely-known. The writer of this paper used comprehensive literature review on empirical research findings, during the last decade. First of all, the writer explained the basic issues about the philosophy, terms usage, and methods on character-and-cultural-based education. Operationally, the writer tried to re-examine the construct of "character-and-cultural-based education" based on research findings on education and social psychology. The reexaminations shows the followings: The character-and-cultural-based education needs to (1) consider multiple values and goals brought by the students, (2) be aware of and exclude the "popular" criterions which encourage aggressive behaviour and deliver forgiving coping skills to students, (3) to pay attention to primary and secondary discourse which are competing within minority students' groups, (4) to avoid bad effect of "big fish in a little pond" through social comparison knowledge, (5) to be aware of power conflict at school and use social influence equally and flexibly, and (6) to understand students' cheating attribution and to develop teachers' pedagogic competence and students' constructive guilty feeling. These findings were further explained in the paper. Based on Brouwer's concepts and spiritual journey (2004), the writer then made a dynamic summary of cross-cultural learning points which are related to concept and practice of character-and-cultural-based education. Finally, the writer concluded that social process of global and local culture is a factor that highly influence character-and-cultural-based education. The writer's suggestions are that the stakeholders of the Higher Education Institute for Education Workforce, need to (1) do more empirical research on optimal convergence of educational science and social psychology, (2) to concentrate more on the relationship between science and social identity in order to overcome character-and-cultural-based educational crisis in Indonesia.

Keywords: character-based education, cultural-based education, educational science, social psychology, global wisdom, local wisdom, convergence approach, educational crisis

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