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59 JURNAL BISNIS DAN AKUNTANSI Vol. 10, No. 2, Agustus 2008, Hlm. 59 – 68 PENGARUH KUALITAS LABA PADA YIELDS OBLIGASI DENGAN CORPORATE GOVERNANCE SEBAGAI VARIABEL PE MODERASI ELIADA HERWIYANTI dan ZAKI BARIDWAN Universitas Jenderal Soedirman , Jl. HR . Boenyamin No.708 . Purwokerto, elly_idc@yahoo.com Universitas Gadjah Mada, Jl. Humaniora No.2 Bulaksumur Jogjakarta 55281 The objective of this research is to study the effect of earnings quality to bond yields, and whether the effect of earnings quality to bond yields can be moderated by corporate governance. In this paper, earnings quality was proxied by discretionary accruals. Yield to maturity approximation was used to count the bond yields. The proxies of corporate governance are institutional ownership and outside director. This research is using purposive sampling method to choose the sample. From six years observation period, 153 observation bonds obtained. To test the hypothesis, this res earc h using logistic regression . This research indicated that model of logistic regression is fit, although the result for hypothesis examination not significant. The lowest Nagelkerke’s R 2 value indicated that other variables which not include in this research may have contribution for the research model. Result of this research could be happened because of the naive behavior from investor it - self, the characteristic of bond market, less familiarity of corporate governanc e regulation, or may be from the lack of variable used in the research model. Key w ords

E arnings quality, bond yields, corporate governance , institutional ownership and outside director .