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"The purpose of this study is to investigate the relationship between governance, information asymmetry, and earnings management. Prior indicates that information asymmetry negatively correlated with management (Richardson, 2001). As predicted, this study also found correlation between bid-ask spread, as a proxy of information and discretionary accruals, as a proxy of earnings management. In we also test whether corporate governance mechanisms will impact the discretionary accruals and eventually affect firm value. We use several as proses of corporate governance mechanisms such as institutionalpip, audit quality, independent board, and existence of audit committee, 'that audit committee has significant negative relation with discretionary This indicates that audit committee existence is effectively constraining of earnings management. This study also has that proportion of independent board and existence committee increase the positive relationship between discretionary and stock return. These indicates that earnings management conductedhaving higher proportion of independent board and firms having auditfee will be valued higher by the market."

"ABSTRAKThe purpose of our study is to empirically investigate the relation betweencertain corporate governance mechanisms and the likelihood of a companyhaving accounting problem, as evidenced by a misstatement of its earnings.We use public listed firms in JSE as our sample, with total samples of 160firms-years. Our study finds that proportion of independent board, proportion ofinstitutional ownership, and audit quality is significantly have negativerelationship with the probability of restatement. These results suggest that thosegovernOJtce mechanisms are able to prevent misstated financial misstatement.But, we find that three governance mechanisms board size, existence of auditcommittee, and block holders - do not have significant relationship with theprobability of restatement.Keywords: restatement, corporate governance, independent board, board size,audit committee, institutional ownership, block holders, audit quality."