Firm disclosures often reach only a portion of investors, which results in information asymmetry among investors, and therefore lower market liquidity. This issue is particularly salient for firms that are not highly visible, as they tend not to receive broad news dissemination via traditional intermediaries, such as the press. This paper examines whether firms can reduce information asymmetry by more broadly disseminating their news. To isolate the impact of dissemination, we focus our analysis on firms' use of Twitter and exploit the 140-character message restriction. Specifically, using a sample of technology firms, we examine the impact of using Twitter to send market participants links to press releases that are provided via traditional disclosure methods. We find this additional dissemination of firm-initiated news via Twitter is associated with lower abnormal bid-ask spreads and greater abnormal depths, consistent with a reduction in information asymmetry. Moreover, this result holds mainly for firms that are not highly visible, consistent with them being in greater need of this additional dissemination channel. We also examine the impact of dissemination on a volume-based measure of liquidity, and find that dissemination is positively associated with liquidity.

The Role of Dissemination in Market Liquidity: Evidence from Firms' Use of Twitter

Research aims: This study examines the order of information’s effect according to the Belief Adjustment Model. In particular, this study investigates the effect of the direction of the order and the pattern of presenting information in making investment decisions. Design/Methodology/Approach: The research applied an experimental method with web-based instruments using a 2x2 factorial design between subjects, involving 65 investors. Research findings: The investors’ investment valuation who received negative to positive information sequence direction was higher than the investors who received positive to negative information direction. Furthermore, there was an order effect in the form of recency on investors who received a partial presentation pattern. Meanwhile, investors who received a simultaneous pattern did not show an order effect in their assessment. These findings underline that the simultaneous pattern could reduce the order effect, so that investors need to generalize the information as a whole to avoid this bias. Theoretical contribution/Originality: This study extends the investigation of investment decisions using a long sequence of information perspectives and more varied types of information (e.g., financial information, corporate governance, and industry sectoral information that has an impact on company conditions) in making investment decisions on the belief adjustment model. Practitioner/Policy implication: Companies must maintain the direction of the order and the presentation patterns when issuing company information to maintain the quality of investors' decisions and avoid the risk of volatility in company shares. Research limitation/Implication: Participants who joined this research were active investors but had not yet had a comprehensive experience.

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Does the Order of Information Affect Investors' Investment Decisions? Experimental Investigation

Research aims : This study aims to examine the effect of Enterprise Resource Planning (ERP) system implementation on company performance with organizational capabilities as a mediating variable. Design/Methodology/Approach : This research is a quantitative study using 117 samples of manufacturing companies listed on the IDX from 2013 to 2018. Analysis and testing in this study employed SEM-PLS to test the effect of Enterprise Resource Planning (ERP) system implementation on company performance with organizational capabilities as a mediating variable. Research findings : The results showed that the ERP system's implementation had a significant positive effect on company performance and organizational capabilities. Organizational capabilities also had a significant positive effect on company performance. Besides, it was found that organizational capabilities mediated the relationship between ERP system implementation and company performance. Theoretical contribution/Originality : This study utilized a cybernetics approach theory, Resource-Based View (RBV) theory, and organizational capabilities theory to investigate the mediating role of organizational capabilities in increasing the impact of ERP systems on company performance. Practitioner/Policy implication : This study provides evidence that ERP implementation makes an integrated operating system and can increase organizational capabilities by utilizing existing resources, and ultimately will also increase company performance. Research limitation/Implication : In this research, it is challenging to find organizational capability measures, such as marketing capability and process improvement. This study only used one intervening variable so that the information obtained from the results is still limited.

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The Influence of Enterprise Resource Planning (ERP) Implementation System on Company Performance Mediated by Organizational Capabilities

This study aims to examine the factors that affect sticky cost. Specifically, this study examines the effect of sales, company size, asset intensity, and intellectual capital on sticky costs in industrial and consumer goods manufacturing companies listed on the Indonesia Stock Exchange. The research data consisted of 32 companies in the 2012-2017 period with 192 observations. Data were analyzed by multiple regression analysis. The results of this study indicate that the variable sales, company size, asset intensity, intellectual capital affect sticky cost. This research underlines that the company does not reduce costs related to intellectual capital despite a decrease in sales, but will try to find solutions through its resources to increase sales productivity. Thus, the company will need more costs because it will cause sticky costs.

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Faktor-Faktor Yang Mempengaruhi Sticky Cost

This study aims to examine: 1) The effect of company value information in this case the price book value (PBV) on stock prices, 2) The effect of dividend policy in this case the dividend payout ratio (DPR) on stock prices, 3) The effect of capital structure in terms of This is a debt to equity ratio (DER) to stock prices. This type of research is classified as research that is causative. The population in this study are manufacturing companies listed on the Indonesia Stock Exchange in 2008 to 2010. The sample selection is by purposive sampling method. The data used in this study include secondary data. Data collection techniques with documentation techniques. The analysis used is multiple linear regression. The results showed that: 1) Company value had no effect on stock prices, where the significance value was 0.031 t table was 2.214> 1.995 but the negative β value was -0.028 (H1 was rejected). 2) Dividend policy has a significant positive effect on stock prices, where the significance value is 0.034 t table is 2.171> 1.995 and a positive β value of 0.032 (H2 is accepted). 3) Capital structure has a significant negative effect on stock prices, where the significance value is 0.006 t table is 2.861> 1.995 and the negative β value is -0.040 (H3 accepted).

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Influence of company value information, dividend policy, and capital structure on stock price

This researcher explores and reviews studies that discuss the problem of market reaction based on information available on the internet and social media and looks at investor behavior to respond to that information. This study looks at the information contained in online news articles and various social media platforms based on stock trading days and investor trading patterns. Specifically, this study will discuss how investors' behavior responds to the stock market with a defusion of accounting information or other information related to investment in companies or shares on the internet that is classified based on the impact of news on the internet, social media, as well as an overview of the defusion of information related to investment in the emerging stock market countries and developed stock markets. This research found information reflected in the news media on the internet and social media can be used to make investment decisions in the short term and this information is a small part of the reflection of stock price movements. This research contributes to investors when making decisions in utilizing information on the

Does the Information on the Internet Media Respond to the Stock Market

The application of information technology governance (IT Governance) plays an important role in utilizing information technology to fit the company's vision, mission and goals. However, there are still many companies that have not implemented IT Governace due to various factors such as: the existence of internal companies that refuse the application of information technology, the limited human resources who master information technology competence, the unavailability of frameworks and policy foundations in the information technology environment, the lack of commitment from top management, the high cost of investment in IT Governance and so on. The greater use of technology has not been accompanied by greater support for the achievement of strategies so that investments made are in vain. research and research results show that the lack of understanding of IT Governance makes unproductive investments made by companies. The method used in this research is descriptive qualitative which presents a systematic review of the problems in the implementation of Information Technology Governance (IT Governance).

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Defriko Gusma Putra

Papers

The Influence of Enterprise Resource Planning (ERP) Implementation System on Company Performance Mediated by Organizational Capabilities

Influence of company value information, dividend policy, and capital structure on stock price

Does the Information on the Internet Media Respond to the Stock Market

Peranan Implementasi Tata Kelola Teknologi Informasi (IT Governance) sebagai Faktor Penting dalam Meningkatkan Kinerja Perusahaan

The Role of Good Corporate Governance (GCG) Implementation in Indonesian Company