摘要：The previous research found that there was effect of positive and negative information order of company annual reports. The objective of this research is to examine whether the order of positive and negative information of a company in the president letter in annual reports can influence the perception of the investor about the company. The subjects of this research are the students of Magister of Management Program in one of State University in Indonesia. The method used is laboratory experiment. The result of this research implies that the ordering of positive and negative information of a company in impression management of annual reports can influence investor's perception. Positive information presented at the first part will result in positive judgment on the previous and potential performance compare with receiving negative information on the first part.
