APPENDIX 1 LIST OF IPO COMPANIES

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1 79 APPENDIX 1 LIST OF IPO COMPANIES IPO Year Code Company List IPO Date 2000 KBLV First Media Tbk DSFI Dharma Samudera Fishing Ind. Tbk SIMM Surya Intrindo Makmur Tbk KPIG Global Land Development Tbk PGLI Pembangunan Graha Lestari Tbk MEGA Bank Mega Tbk APLI Asiaplast Industries Tbk BBCA Bank Central Asia Tbk FMII Fortune Mate Indonesia Tbk MYOH Myoh Technology Tbk ADFO Adindo Foresta Indonesia Tbk SMPL Summitplast Interbenua Tbk BBIA Bank Buana Tbk JAKA Jaka Arta Graha PANS Panin Sekuritas Tbk Setya Mandiri Miratama TMPO Tempo Inti Media Tbk BBNP Bank Nusantara Parahyangan Tbk PLAS Polaris Investama Tbk INAF Indofarma Tbk INDX Indoexchange Tbk BCAP Bhakti Capital Indonesia Tbk DOID Delta Dunia Makmur Tbk Tbk WAPO Wahana Phonix Mandiri Tbk KAEF Kimia Farma (Persero) Tbk

2 80 DEFI Danasupra Erapacific Tbk AKSI Asia Kapitalindo Securities Tbk BEKS Bank Pundi Indonesia Tbk ARNA Arwana Citramulia Tbk LAPD Leyand International Tbk BTON Betonjaya Manunggal Tbk LAMI Lamicitra Nusantara Tbk META Nusantara Infrastructure Tbk AIMS Akbar Indomakmur Stimec Tbk KARK Dayaindo Resources International Tbk PYFA Pyridam Farma Tbk RODA Royal Oak Development Asia Tbk CENT Centrin Online Tbk IATG Infoasia Teknologi Global Tbk CNKO Exploitasi Energi Indonesia Tbk ITTG Leo Investments Tbk CLPI Colorpak Indonesia Tbk IDSR Indosiar Visual Mandiri Tbk KOPI Kopitime Dot Com Tbk PANR Panorama Sentrawisata Tbk RYAN Ryane Adibusana Tbk LMAS Limas Centric Indonesia Tbk ANTA Anta Express Tour and Travel Service Tbk APEX Apexindo Pratama Duta Tbk FISH FKS Multi Agro Tbk CITA Cita Mineral Investindo Tbk FPNI Titan Kimia Nusantara Tbk ABBA Mahaka Media Tbk JTPE Jasuindo Tiga Perkasa Tbk ATPK ATPK Resources Tbk

3 81 UNIT Nusantara Inti Corpora Tbk BSWD Bank Swadesi Tbk SUGI Sugi Samapersada Tbk KREN Kresna Graha Sekurindo Tbk BABP Bank ICB Bumiputera Tbk Tbk SCMA Surya Citra Media Tbk GEMA Gema Grahasarana Tbk IIKP Inti Kapuas Arowana Tbk ARTA Arthavest Tbk BKSW Bank Kesawan Tbk TRUS Trust Finance Indonesia Tbk APIC Pan Pacific International Tbk PTBA Tambang Batubara Bukit Asam Tbk FORU Fortune Indonesia Tbk ARTI Ratu Prabu Energi Tbk TMAS Pelayaran Tempur Mas Tbk BMRI Bank Mandiri (Persero) Tbk BBRI Bank Rakyat Indonesia (Persero) Tbk PGAS Perusahaan Gas Negara (PERSERO) Tbk ASJT Asuransi Jasa Tania Tbk ADHI Adhi Karya (Persero) Tbk ADMF Adira Dinamika Multi Finance Tbk HADE HD Capital Tbk BTEK Bumi Teknokultura Unggul Tbk ENRG Energi Mega Persada Tbk PJAA Pembangunan Jaya Ancol Tbk SQMI Allbond Makmur Usaha Tbk IDKM Indosiar Karya Media Tbk AKKU Aneka Kemasindo Utama Tbk MAPI Mitra Adiperkasa Tbk

4 82 YULE Yulie Sekurindo Tbk WOMF Wahana Ottomitra Multiartha Tbk MASA Multistrada Arah Sarana Tbk APOL Arpeni Pratama Ocean Line Tbk PEGE Panca Global Securities Tbk RELI Reliance Securities Tbk MFIN Mandala Multifinance Tbk EXCL XL Axiata Tbk. Tbk MICE Multi Indocitra Tbk AMAG Asuransi Multi Artha Guna Tbk BTEL Bakrie Telecom Tbk MAIN Malindo Feedmill Tbk RAJA Rukun Raharja Tbk BBKP Bank Bukopin Tbk RUIS Radiant Utama Interinsco Tbk TOTL Total Bangun Persada Tbk IATA Indonesia Air Transport Tbk TRUB Truba Alam Manunggal Engineering Tbk CPRO Central Proteinaprima Tbk FREN Mobile-8 Telecom Tbk BNBA Bank Bumi Artha Tbk SDRA Bank Himpunan Saudara 1906 Tbk BISI BISI International Tbk WEHA Panorama Transportasi Tbk BKDP Bukit Darmo Property Tbk SGRO Sampoerna Agro Tbk MNCN Media Nusantara Citra Tbk MCOR Bank Windu Kentjana International Tbk PKPK Perdana Karya Perkasa Tbk LCGP Laguna Cipta Griya Tbk

5 83 DEWA Darma Henwa Tbk BACA Bank Capital Indonesia Tbk GPRA Perdana Gapura Prima Tbk WIKA Wijaya Karya (Persero) Tbk ACES Ace Hardware Indonesia Tbk CTRP Ciputra Property Tbk PTSN Sat Nusapersada Tbk JSMR Jasa Marga (PERSERO)Tbk JKON Jaya Konstruksi Manggala Pratama Tbk CSAP Catur Sentosa Adiprana Tbk ASRI Alam Sutera Realty Tbk ITMG Indo Tambangraya Megah Tbk COWL Cowell Development Tbk DGIK Duta Graha Indah Tbk BAEK Bank Ekonomi Raharja Tbk BAPA Bekasi Asri Pemula Tbk TRIL Triwira Insanlestari Tbk ELSA Elnusa Tbk YPAS Yanaprima Hastapersada Tbk BTPN Bank Tabungan Pensiunan Nasional Tbk KOIN Kokoh Inti Arebama Tbk GZCO Gozco Plantations Tbk TPIA Tri Polyta Indonesia Tbk BSDE Bumi Serpong Damai Tbk INDY Indika Energy Tbk VRNA Verena Oto Finance Tbk PDES Destinasi Tirta Nusantara Tbk KBRI Kertas Basuki Rachmat Indonesia Tbk ADRO Adaro Energy Tbk HOME Hotel Mandarine Regency Tbk

6 84 BYAN Bayan Resources Tbk TRAM Trada Maritime Tbk SIAP Sekawan Intipratama Tbk AMRT Sumber Alfaria Trijaya Tbk TRIO Telkomsel Oke Tbk BPFI Batavia Prosperindo Finance Tbk INVS Inovisi Infracom Tbk GTBO Garda tujuh Buana Tbk MKPI Metropolitan Kentjana Tbk RINA Katarina Utama Tbk BWPT BW Plantation Tbk DSSA Dian Swastatika Tbk BCIP Bumi Citra Permai Tbk NIKL Pelat Timah Nusantara Tbk BBTN Bank Tabungan Negara (Persero) Tbk GDST Gunawan Dianjaya Steel Tbk

7 85 IPO Companies that are excluded from the sample Companies in the Finance Industry IPO Year Code Company List IPO Date 2000 MEGA Bank Mega Tbk BBCA Bank Central Asia Tbk BBIA Bank Buana Tbk PANS Panin Sekuritas Tbk BBNP Bank Nusantara Parahyangan Tbk BCAP Bhakti Capital Indonesia Tbk DEFI Danasupra Erapacific Tbk AKSI Asia Kapitalindo Securities Tbk BEKS Bank Pundi Indonesia Tbk UNIT Nusantara Inti Corpora Tbk BSWD Bank Swadesi Tbk KREN Kresna Graha Sekurindo Tbk BABP Bank ICB Bumiputera Tbk Tbk ARTA Arthavest Tbk BKSW Bank Kesawan Tbk TRUS Trust Finance Indonesia Tbk APIC Pan Pacific International Tbk BMRI Bank Mandiri (Persero) Tbk BBRI Bank Rakyat Indonesia (Persero) Tbk ADMF Adira Dinamika Multi Finance Tbk HADE HD Capital Tbk Tbk YULE Yulie Sekurindo Tbk WOMF Wahana Ottomitra Multiartha Tbk PEGE Panca Global Securities Tbk RELI Reliance Securities Tbk

8 86 MFIN Mandala Multifinance Tbk BBKP Bank Bukopin Tbk BNBA Bank Bumi Artha Tbk SDRA Bank Himpunan Saudara 1906 Tbk MCOR Bank Windu Kentjana International Tbk BACA Bank Capital Indonesia Tbk BAEK Bank Ekonomi Raharja Tbk VRNA Verena Oto Finance Tbk BPFI Batavia Prosperindo Finance Tbk BBTN Bank Tabungan Negara (Persero) Tbk Companies with no available Financial Statement Data IPO Year Code Company List IPO Date 2000 KBLV First Media Tbk PGLI Pembangunan Graha Lestari Tbk MYOH Myoh Technology Tbk Setya Mandiri Miratama TPIA Tri Polyta Indonesia Tbk DSSA Dian Swastatika Tbk GDST Gunawan Dianjaya Steel Tbk RINA Katarina Utama Tbk

9 87 APPENDIX 2 EVIEWS OUTPUT Pre IPO Dependent Variable: ACCNI Method: Least Squares Date: 05/29/11 Time: 12:44 Sample: Included observations: 115 White heteroskedasticity-consistent standard errors & covariance Variable Coefficient Std. Error t-statistic Prob. C 0,0318 0,0129 2,4620 0,0154 NEG 0,3795 0,3313 1,1454 0,2545 CFO -0,6054 0, ,9746 0,0000 DCFONEG -0,4952 0,0590-8,3981 0,0000 R-squared 0,5051 Mean dependent var 0, Adjusted R-squared 0,4918 S.D. dependent var 1, S.E. of regression 1,1943 Akaike info criterion 3, Sum squared resid 158,329 Schwarz criterion 3, Log likelihood -181,563 Hannan-Quinn criter. 3, F-statistic 37,767 Durbin-Watson stat 2, Prob(F-statistic) 0,000

10 88 Post IPO Dependent Variable: ACCNI Method: Least Squares Date: 05/29/11 Time: 12:49 Sample: Included observations: 230 White heteroskedasticity-consistent standard errors & covariance Variable Coefficient Std. Error t-statistic Prob. C 0,0318 0,0129 2,4620 0,0146 NEG 0,3795 0,3313 1,1454 0,2533 CFO -0,6054 0, ,9746 0,0000 DCFONEG -0,4952 0,0590-8,3981 0,0000 POST 0,0185 0,0215 0,8618 0,3897 POSTNEG -0,3899 0,3325-1,1726 0,2422 POSTCFO 0,0452 0,1248 0,3622 0,7176 POSTDCFONEG -0,0953 0,1988-0,4795 0,6320 R-squared 0,5118 Mean dependent var 0, Adjusted R-squared 0,4964 S.D. dependent var 1, S.E. of regression 0, Akaike info criterion 2, Sum squared resid 159,7855 Schwarz criterion 2, Log likelihood -284,467 Hannan-Quinn criter. 2, F-statistic 33,2474 Durbin-Watson stat 2, Prob(F-statistic) 2,11E-31

11 89 Curriculum Vitae Aurellia Setiabudi Jalan Gunung Sahari 7A No.4 Jakarta Pusat Education Curtin University of Technology, Perth February 2010 November 2010 Major: Finance Bina Nusantara International, Jakarta September 2007 June 2011 Major: Accounting (Double degree in Finance) Cumulative GPA: 3.50 Thesis proposed for Sarjana Ekonomi title: Completion: June 2011 Title: Earnings quality around initial public offering: Evidence from Indonesia Objectives: To identify the quality of earnings by measuring the level of conservatism by IPO companies for the periods of Pre-IPO (T-1) and Post-IPO (T) during the years of in Indonesia. Enrolled for CFA Level 1 exam June 2011 Mahatma Gading School, Jakarta July 2004 June 2007

12 90 Organization and Work experiences Research and Development Committee of D ABC BINUS International University. November February Accounting and Business Competition for high school students Prepared general concepts for the competition. Provided and designed questions for the competition. Accountable for every marking guide as well as rules and regulation during competition. President of ASC (Accounting Student Club) BINUS International University August July 2009 Organized events for the students of Accounting School Prepared students to participate in accounting competitions Accommodated any problems from the accounting students Treasurer of D ABC 2009 BINUS International University November February 2009 Accounting and Business Competition for high school students Designed proper budgeting and financing for the project. Recorded and prepared financial statements upon transactions of the project. Teaching Assistant BINUS International University Course: Cost accounting and Introduction to Financial Accounting September January 2010 Accommodated questions and offer solutions on accounting problems. Assisted in deciphering lectures and grading homework Prepared students for upcoming tests.

13 91 Winthrop Florist Winthrop, Western Australia Job Title: Store Person August 2010 December 2010 Received and processed customer orders Provided customer service Arranged flowers to customer s order specification Achievements 2007: Granted for scholarship from BINUS International University 2010: Dean s List-even semester. Skills Good communication and writing skills for both in English and Bahasa Indonesia. Self motivated and fast learner. Able to do various other duties as needed. Good organizational skills with an attention to detail. High levels of initiative and problem solving skills. Able to work in group. Good in Microsoft Office including Word, Excel and PowerPoint.

Data Hasil Olahan Populasi

LAMPIRAN 1 Data Hasil Olahan Populasi No. Kode Bank Nama Bank Kriteria 1 Kriteria 2 Sampel terpilih 1. AGRO Bank Rakyat Indonesia Agro Niaga Tbk 2. AGRS Bank Agris Tbk X X 3. BABP Bank MNC Internasional