Internationul Journal of Economics and Accounting Volume 4, No. 2,2013 Publisher's website: wrvw.inderscience.com Email : [email protected] ISSN (Online) 2041 -E698 2041-868X ISSN(Print) Copyright@ lnderscience Enlerprises Ltd No part of this publication may be reproduced stored or transmitted in any material form or by any means (including electronic, mechaniCal, photocopying, recording or othenrise) without the prior written permission of the publisher, except in accordance with the provisions of the Copyright Designs and Patents Act .1988 or under the terms of a lig.n* issued by the Copyright Licensing Agency Ltd or the Copyright Clearance Center lnc. Published and typeset in the UK by lnderscience Enterprises Ltd ln!. J. Etttnomics und Accouttting. l/ol. 4, No. 2. 2013 Gontents 123 Stock option freud detection and an analysis for its reasons: Arabic Republic of Egypt case Trtkia M. Alaa Eldeen arul Ahned F. Elbaytumi r38 The finenciel condition of Nigerian benks: en evatuetion Jonathan Njoku and Eno L. Inango t55 On the informetion content of eudit opinion: evidence from the Tunisian Stock Exchange Faten Hakim Ghorbel and Mohamed Ali Omri r69 Examining bclief adjustment model on investment decision making Luciano Spica Almilia and Supriyadi 184 Voluntary disclosure in the annual reports of Fijian companies Umesh Sharma and Howard Davqt lnternational Journal of Economics and Accounting (tJEA) Editor in Chief Professor Tony Tinker llanrrch Collegc at thc Ciry tlnivcrsity of Ncw York, Onc llcrnard llaruch Way Ncw York, NY l0Ol0, trSA IimaiI: Anthony.Tinker(1 baruch.cuny.edu Editors Professor Aida Sy Marist College, School of Managcment, 3399 North Road, poughkeepsie, Iimail: [email protected] Ny l2fll-13E7, USA Professor Charles Eled University of Westminster, Wcslminstcr Busincss School,35 Marylebone Road l-ondon, NW I 5LS, UK Email: [email protected] Members of the Editoriel Board Professor Vicky Arnold [Jniversity of Central Florida College of Business Administration Kenneth C. Dixon School ofAccounting Orlando, FL 32816, USA Email: [email protected] Professor Stanley Aronowitz Distinguished Professor of Sociologr City University of New York & University Centre Department of Sociologr Center for Cultural Studies, 33 West 42nd St. Graduate School New York NY 10036, USA Emai I : [email protected] Professor Edward Arrington North Carolina at Greensboro Department of Accounting Bryan School oI Business & Economics PO Box 26165 Greensboro NC 27402-6165, USA Emai I : [email protected] Professor Atik Asuman Marmara University Faculty of Economics & Administrative Sciences, Department of Business Administration, Gozepe Campus Kadikoy, lstanbul, Turkey Email: [email protected] Da Owolabi Bakre Queen Mary, University of London Mile End Road London El 4NS, UK Email: owolabibakre@hotmai l.com Professor Bale Belechandren South Bank University AFBIS, South Bank Business Schor:l 103 Borough Rd., London SEI 0AA UK IJmail: [email protected] Professor Fnncisco Bastida University of Murcia Department of Accounting Facultad Economla y Empresa Campus Espinardo, 30100 Murcia, Spain limail: [email protected] Professor Devid Bean lona College, Accounting D€partment School of Business 7l 5 North Avenue, New Rochelle NY 1080t-1890, usA Email: [email protected] Professor Bernardino Benito University of Murcia Department of Accounting Facultad Economia y Empresa Campus Espinardo, 301 00 Murci4 Spain Email: [email protected] Professor Merk Bettner Bucknell University, Accounting Faculty Department of Management . lewisburg PA 17837, USA Email: [email protected] Agnes Bricerd Presidente d'honneur du Conseil Regional de I'Ordre des Experts Comptables Cabinet ABC Audit Bilan Conseil 63, Boulevard des Batignolles 75fi)8 Paris, France Email: [email protected] r Members of the Editorial Board (continued) Professor Susan Briggs Univenity of South Australia School of Commerce Adelaide, SA 5001, Australia EmaiI: [email protected] Professor Abe Brilolf Emanuel Saxe Distinguished Professor Emeritus, Baruqh College at the City University of New York, Department olAccounting Zicklin School of Busincss One Bemard Baruch Way New York NY 10010-5585, LlSA Email: [email protected] Professor Alan Cherry Loyola Marymount University Department of Accounting Hilton Center for Business One LMU Drive: MS 8385 Los Angeles CA 9m45-2659, USA Email: [email protected] Professor Bernard Colesse U niversity of Paris-Dauphine Place du Marechal de Lanre de Tassigny, 757:-5 Paris Cedex 16, France Email : colasse@creli ge.dauphine.fr Professor Jean4uy Degos Montesquieu University FIRCCI Research Centre of IAE 35, avenue Abadie,33072 Bordeaux, l-rance F)mai I : jgdego@wanadoo. fr Professor Henrique Formigoni Presbyterian University Mackenzie Center for Applied Social Science Rua da Consolagio, 896 - Predio S5o Paulo, Brazil Email: [email protected] Professor Ross Fuerman Suffolk University, Department of Accountin& Sawyer Business School 8 Ashburton Place, Boston MA 02r08-2770, USA Email: [email protected] Professor Michael GaIlikin University of Wollongong Department of Accountancy PO Box I 144, Northfields Avenue Wollongong NSW 2522, Auslralia Email: [email protected] Professor Micheel M. Grayson Texas A&M International University Division of lntemational Banking and Finance Studies, A.R. Sanchez Jr. School ofBusiness, 5201 lJniversity Boulevard, [.aredo, TX 78(Xl-1900, L]SA Email : mgrayson@)tamiu.edu Professor Joshua O. Imoniana Presbyterian I Jniversity Mackenzie Center for Applied Social Sciencc Rua da Consolagio, 896 - Predio Sio Paulo, Brazil Emai Professor Peul De Lrnge RMIT University School of Accounling and [,aw L15,239 Bourke St It.,lelboume, Victoria 3000, Australia Fimail: [email protected] Professor Cebriel Donlervy Professor of Accounting School of Accounting University of Wcstem Sydney l.ocked Bag 1797 Pcnrith South DC. NSW 1797, Australia I : [email protected] Profcssor Ttriq lsmeil Cairo University, Department of Accounting, Faculty of Commerce Orman, Ciza I 261 3, Egypt Emai I : thassaneen(rlcu.edu.eg Dr. Kieran Jrmes Univcrsity of Southcrn Quecnsland School ofAccounting F:conomics and Finance, I"aculty of llusincss Toowoomha Qld. 4350, Australia I imai I : jamcsk(a)usq.edu.au l.)mail : houhynym(a)yahrxr.com Professor l,eonor Ferreira I'rolu;vrr oI Accounting I lnivenidadc Nova dc l.iskla l;aculdadc dc l]conomia Campus de CamJxrlidc I Ur9-012 I -istxra, l>ortugal l:mail: lconor.l'crrcira(a)l.r.unl.pt Professor Stewart Lawrence tlniversity of Waikato I)cpartmcnt 0l' Accounting Schrxrl of Managcmcnt Studics l'rivate llag 3 105, I lamilton, Ncw Zcaland l')mai I : stewanl(a)waikato.ac.nz Members of the Oditorial Board (continued) Professor Stewart l,eech tlnivcmity ol' Melboumc l)cpartmcnt ol'Accounting 'lh.L Sfxrt, l9{t l}crkelcy Sr l'arkvillc, Victoria 3010, Aus(ralia Iimail: s.loc.ch(a)ccomlhc.unimclb.cdu.au George Mickheil Senior l,ccturcr, llniversity of Wollongong Dcpartment ol Accountarrcy School of Accounting & Finance PO Box I 144, Northfields Avcnue Wollongong NSW 2522, Australia Email: [email protected] Dr. Hasri Mustgfe Universiti Putra Malaysia Department of Accounting and Finance F'aculty of l-)conomics and Management 43400 UPM Serdang Selangor, Malaysia llmail: h:[email protected] Professor Brendan O'Connelt RMI'l' University School ofAccounting and Law Level 15, 239 Bourke St Melboumc, Victoria 30fi), Australia Email : [email protected] Professor Frhrettin Okcabol 310 E. 70th Stre€r, Apr. 4-F New York NY 10021, USA Email: [email protected] Professor Bertell OIlman New York Univexity Department of Politics Washington Square New York NY 10003, USA Email: bol @is8.nyu.edu Professor Stephane Ouvrard Montesquieu Bordeaux I V University ERCCI - Research Centre for lntemational Auditing and Accounting 33072 Bordeaux cedex, France Email: [email protected] Dr. Akintole Owolabi Pan-African University Lagos Business School Km 22 Lagm-Epe Express Way P.O. Box 73668, Victoria Island Lagos, Nigeria Email: [email protected] Professor Bob Peece North Carolina State [Jnivorsity I)cpartmcnt of Accounting Collcgc ol'Managcmcnt Campus llox 8l ll, Nclson llall Ralcigh, NC 27695 - 8tI3, USA limail: peace@pomfs I .com.ncsu.edu Professor Yvon Pesq ueux ProGsseur Titulaire dc la Chaire C.N.A.M., Dcveloppement des Systemes d'Organivtion, 292, rue SainrMartin 75141 Paris Cedex 03, France limail: [email protected] Professor Norio Sawebe Kyoto University Craduate School of Economics Kyoto, Japan Emai I : [email protected] jp Professor Farhad Simyar Chicago State Universiry Deparlment of Accounting and Finance College of Business Administration Chicago lL 6062E-1598, USA Email: [email protected] Professor L Murphy Smith David and Ashley Dill Distinguished professor ofAccounting Murray State University, College of Business 351 Business Building Murray, KY 42071-3314, USA Email: [email protected] Professor Miklos Vesarhelyi Rutgers, The State UniveBity of New Jersey, Rutgers Business School Department of Accounting & lnformation Systems, Newark. NJ 07102, IJSA Email: [email protected] lnt. J. Ettmomic's und Acuunting. Vol. 4. No. 2. 2013 Examining belief adjustment model on investment decision making Luciana Spica Almilia" Perbanas Business and Banking College, Nginden Semolo No. 3zl-36 Surabaya 601 I 8, Indonesia E-mai I : [email protected] *Corresponding author Supriyadi Faculty of Business and Economics, Gadjah Mada University, Jl. Nusantara, Bulaksumur, Yogyakarta 5528 l, lndonesia E-mail: [email protected] Abstrrct: This research aims to examine the influence of order effecB and of sequence (EoS)] or belief adjustment model on investment decisions making. The contribution of this research to the accounting litcrature is the cxistence of Belief Adjustmcnt model developed by llogarth and Einhorn that will be resred in this study in rcsponse mode [a step by step (SbS) ard an end setting the investment decision. Experimcnt mcthod is used to examine the research hypotheses. Final participant(s) in this research werc (are) 93 people who are accounting students majoring in accounting at the private university in Surabaya lndonesia. The resuls of this study show that a step by step (SbS) response mode tends to find significant recency efTect, while judgment that require only onejudgment at the end of the evidence series. Meanwhile, an end of sequence (EoS) response mode tends to find no recency effect. Practical implications of the research is to understand the impact of the presentation of accounting information, lhe order of information presentation, and the presentation of information investment decision pattern. For lhe Capital Market Supervisory Agency (BAPEPAM), this research may contribute to setting policies rclated to information order and disclosure pattem. Kcywords: slep by step; SbS; end of sequerrce; EoS; order effect; recency effect; investment decision. Reference to this paper should be made as follows: Almilia, L.S. and Supriyadi (2013) 'Examining belief adjustment model on investment decision making', lnt. J. Economics and Accounting, Vol.4, No.2, pp.l69-183. Biogrrphicel notes: Luciana Spica Almilia holds a Master of Science from the Accounting Department at Cadjah Mada University - Indonesia. She is a Senior l,ecturer at the Deparunent of Accounting, Perbanas Banking and Business College, Surabay4 lndonesia- His research interest is in the fields of information system and financial accounting. She has already published in international joumals such as lnternatiottal Jownal of Business Infurmotion Systems, Journal of lndonesia fuonomic and Business, university of the Thai Chamber of Commerce - lnternotiorral Jownal of Business and bonomics, and, Accounting and Taxation. Copyright O 2013 lnderscience Enterprises Ltd. t69