79 APPENDIX 1 LIST OF IPO COMPANIES IPO Year Code Company List IPO Date 2000 KBLV First Media Tbk 28-01-2000 DSFI Dharma Samudera Fishing Ind. Tbk 24-03-2000 SIMM Surya Intrindo Makmur Tbk 28-03-2000 KPIG Global Land Development Tbk 25-02-2000 PGLI Pembangunan Graha Lestari Tbk 08-05-2000 MEGA Bank Mega Tbk 17-04-2000 APLI Asiaplast Industries Tbk 26-04-2000 BBCA Bank Central Asia Tbk 31-05-2000 FMII Fortune Mate Indonesia Tbk 20-06-2000 MYOH Myoh Technology Tbk 30-06-2000 ADFO Adindo Foresta Indonesia Tbk 02-02-2000 SMPL Summitplast Interbenua Tbk 20-06-2000 BBIA Bank Buana Tbk 28-07-2000 JAKA Jaka Arta Graha 30-06-2000 PANS Panin Sekuritas Tbk 31-05-2000 Setya Mandiri Miratama 21-02-2000 2001 TMPO Tempo Inti Media Tbk 08-01-2001 BBNP Bank Nusantara Parahyangan Tbk 10-01-2001 PLAS Polaris Investama Tbk 26-02-2001 INAF Indofarma Tbk 17-04-2001 INDX Indoexchange Tbk 17-05-2001 BCAP Bhakti Capital Indonesia Tbk 08-06-2001 DOID Delta Dunia Makmur Tbk Tbk 29-05-2001 WAPO Wahana Phonix Mandiri Tbk 22-06-2001 KAEF Kimia Farma (Persero) Tbk 04-07-2001
80 DEFI Danasupra Erapacific Tbk 06-07-2001 AKSI Asia Kapitalindo Securities Tbk 13-07-2001 BEKS Bank Pundi Indonesia Tbk 13-07-2001 ARNA Arwana Citramulia Tbk 17-07-2001 LAPD Leyand International Tbk 17-07-2001 BTON Betonjaya Manunggal Tbk 18-07-2001 LAMI Lamicitra Nusantara Tbk 18-07-2001 META Nusantara Infrastructure Tbk 18-07-2001 AIMS Akbar Indomakmur Stimec Tbk 20-07-2001 KARK Dayaindo Resources International Tbk 20-07-2001 PYFA Pyridam Farma Tbk 1610-2001 RODA Royal Oak Development Asia Tbk 22-10-2001 CENT Centrin Online Tbk 01-11-2001 IATG Infoasia Teknologi Global Tbk 15-11-2001 CNKO Exploitasi Energi Indonesia Tbk 21-11-2001 ITTG Leo Investments Tbk 26-11-2001 CLPI Colorpak Indonesia Tbk 30-11-2001 IDSR Indosiar Visual Mandiri Tbk 22-03-2001 KOPI Kopitime Dot Com Tbk 23-04-2001 PANR Panorama Sentrawisata Tbk 18-09-2001 RYAN Ryane Adibusana Tbk 17-11-2001 LMAS Limas Centric Indonesia Tbk 28-12-2001 2002 ANTA Anta Express Tour and Travel Service Tbk 18-01-2002 APEX Apexindo Pratama Duta Tbk 10-07-2002 FISH FKS Multi Agro Tbk 18-01-2002 CITA Cita Mineral Investindo Tbk 20-03-2002 FPNI Titan Kimia Nusantara Tbk 21-03-2002 ABBA Mahaka Media Tbk 03-04-2002 JTPE Jasuindo Tiga Perkasa Tbk 16-04-2002 ATPK ATPK Resources Tbk 17-02-2002
81 UNIT Nusantara Inti Corpora Tbk 18-02-2002 BSWD Bank Swadesi Tbk 01-05-2002 SUGI Sugi Samapersada Tbk 19-06-2002 KREN Kresna Graha Sekurindo Tbk 28-06-2002 BABP Bank ICB Bumiputera Tbk Tbk 15-07-2002 SCMA Surya Citra Media Tbk 16-07-2002 GEMA Gema Grahasarana Tbk 12-08-2002 IIKP Inti Kapuas Arowana Tbk 14-10-2002 ARTA Arthavest Tbk 05-11-2002 BKSW Bank Kesawan Tbk 21-11-2002 TRUS Trust Finance Indonesia Tbk 28-11-2002 APIC Pan Pacific International Tbk 18-12-2002 PTBA Tambang Batubara Bukit Asam Tbk 23-12-2002 FORU Fortune Indonesia Tbk 17-01-2002 2003 ARTI Ratu Prabu Energi Tbk 30-04-2003 TMAS Pelayaran Tempur Mas Tbk 09-07-2003 BMRI Bank Mandiri (Persero) Tbk 14-07-2003 BBRI Bank Rakyat Indonesia (Persero) Tbk 10-11-2003 PGAS Perusahaan Gas Negara (PERSERO) Tbk 15-12-2003 ASJT Asuransi Jasa Tania Tbk 29-12-2003 2004 ADHI Adhi Karya (Persero) Tbk 18-03-2004 ADMF Adira Dinamika Multi Finance Tbk 31-03-2004 HADE HD Capital Tbk 12-05-2004 BTEK Bumi Teknokultura Unggul Tbk 14-05-2004 ENRG Energi Mega Persada Tbk 07-06-2004 PJAA Pembangunan Jaya Ancol Tbk 02-07-2004 SQMI Allbond Makmur Usaha Tbk 15-07-2004 IDKM Indosiar Karya Media Tbk 04-10-2004 AKKU Aneka Kemasindo Utama Tbk 01-11-2004 MAPI Mitra Adiperkasa Tbk 10-11-2004
82 YULE Yulie Sekurindo Tbk 10-12-2004 WOMF Wahana Ottomitra Multiartha Tbk 13-12-2004 2005 MASA Multistrada Arah Sarana Tbk 09-06-2005 APOL Arpeni Pratama Ocean Line Tbk 22-06-2005 PEGE Panca Global Securities Tbk 24-06-2005 RELI Reliance Securities Tbk 13-07-2005 MFIN Mandala Multifinance Tbk 06-09-2005 EXCL XL Axiata Tbk. Tbk 29-08-2005 MICE Multi Indocitra Tbk 21-12-2005 AMAG Asuransi Multi Artha Guna Tbk 23-15-2005 2006 BTEL Bakrie Telecom Tbk 03-02-2006 MAIN Malindo Feedmill Tbk 10-02-2006 RAJA Rukun Raharja Tbk 19-04-2006 BBKP Bank Bukopin Tbk 10-07-2006 RUIS Radiant Utama Interinsco Tbk 12-07-2006 TOTL Total Bangun Persada Tbk 25-07-2006 IATA Indonesia Air Transport Tbk 13-09-2006 TRUB Truba Alam Manunggal Engineering Tbk 16-10-2006 CPRO Central Proteinaprima Tbk 28-11-2006 FREN Mobile-8 Telecom Tbk 29-11-2006 BNBA Bank Bumi Artha Tbk 01-06-2006 SDRA Bank Himpunan Saudara 1906 Tbk 15-12-2006 2007 BISI BISI International Tbk 28-05-2007 WEHA Panorama Transportasi Tbk 31-05-2007 BKDP Bukit Darmo Property Tbk 15-06-2007 SGRO Sampoerna Agro Tbk 18-06-2007 MNCN Media Nusantara Citra Tbk 22-06-2007 MCOR Bank Windu Kentjana International Tbk 03-07-2007 PKPK Perdana Karya Perkasa Tbk 11-07-2007 LCGP Laguna Cipta Griya Tbk 13-07-2007
83 DEWA Darma Henwa Tbk 26-09-2007 BACA Bank Capital Indonesia Tbk 04-11-2007 GPRA Perdana Gapura Prima Tbk 10-11-2007 WIKA Wijaya Karya (Persero) Tbk 29-11-2007 ACES Ace Hardware Indonesia Tbk 06-11-2007 CTRP Ciputra Property Tbk 07-11-2007 PTSN Sat Nusapersada Tbk 08-11-2007 JSMR Jasa Marga (PERSERO)Tbk 12-11-2007 JKON Jaya Konstruksi Manggala Pratama Tbk 04-12-2007 CSAP Catur Sentosa Adiprana Tbk 12-12-2007 ASRI Alam Sutera Realty Tbk 18-12-2007 ITMG Indo Tambangraya Megah Tbk 18-12-2007 COWL Cowell Development Tbk 19-12-2007 DGIK Duta Graha Indah Tbk 19-12-2007 2008 BAEK Bank Ekonomi Raharja Tbk 08-01-2008 BAPA Bekasi Asri Pemula Tbk 14-01-2008 TRIL Triwira Insanlestari Tbk 28-01-2008 ELSA Elnusa Tbk 06-02-2008 YPAS Yanaprima Hastapersada Tbk 05-03-2008 BTPN Bank Tabungan Pensiunan Nasional Tbk 12-03-2008 KOIN Kokoh Inti Arebama Tbk 09-04-2008 GZCO Gozco Plantations Tbk 15-05-2008 TPIA Tri Polyta Indonesia Tbk 26-05-2008 BSDE Bumi Serpong Damai Tbk 06-06-2008 INDY Indika Energy Tbk 11-06-2008 VRNA Verena Oto Finance Tbk 25-06-2008 PDES Destinasi Tirta Nusantara Tbk 08-07-2008 KBRI Kertas Basuki Rachmat Indonesia Tbk 11-07-2008 ADRO Adaro Energy Tbk 16-07-2008 HOME Hotel Mandarine Regency Tbk 17-07-2008
84 BYAN Bayan Resources Tbk 12-08-2008 TRAM Trada Maritime Tbk 10-09-2008 SIAP Sekawan Intipratama Tbk 17-10-2008 2009 AMRT Sumber Alfaria Trijaya Tbk 15-01-2009 TRIO Telkomsel Oke Tbk 14-04-2009 BPFI Batavia Prosperindo Finance Tbk 01-06-2009 INVS Inovisi Infracom Tbk 03-07-2009 GTBO Garda tujuh Buana Tbk 09-07-2009 MKPI Metropolitan Kentjana Tbk 10-07-2009 RINA Katarina Utama Tbk 14-07-2009 BWPT BW Plantation Tbk 27-10-2009 DSSA Dian Swastatika Tbk 10-12-2009 BCIP Bumi Citra Permai Tbk 11-12-2009 NIKL Pelat Timah Nusantara Tbk 14-12-2009 BBTN Bank Tabungan Negara (Persero) Tbk 17-12-2009 GDST Gunawan Dianjaya Steel Tbk 23-12-2009
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 17-04-2000 BBCA Bank Central Asia Tbk 31-05-2000 BBIA Bank Buana Tbk 28-07-2000 PANS Panin Sekuritas Tbk 31-05-2000 2001 BBNP Bank Nusantara Parahyangan Tbk 10-01-2001 BCAP Bhakti Capital Indonesia Tbk 08-06-2001 DEFI Danasupra Erapacific Tbk 06-07-2001 AKSI Asia Kapitalindo Securities Tbk 13-07-2001 BEKS Bank Pundi Indonesia Tbk 13-07-2001 2002 UNIT Nusantara Inti Corpora Tbk 18-02-2002 BSWD Bank Swadesi Tbk 01-05-2002 KREN Kresna Graha Sekurindo Tbk 28-06-2002 BABP Bank ICB Bumiputera Tbk Tbk 15-07-2002 ARTA Arthavest Tbk 05-11-2002 BKSW Bank Kesawan Tbk 21-11-2002 TRUS Trust Finance Indonesia Tbk 28-11-2002 APIC Pan Pacific International Tbk 18-12-2002 2003 BMRI Bank Mandiri (Persero) Tbk 14-07-2003 BBRI Bank Rakyat Indonesia (Persero) Tbk 10-11-2003 2004 ADMF Adira Dinamika Multi Finance Tbk 31-03-2004 HADE HD Capital Tbk Tbk 12-04-2004 YULE Yulie Sekurindo Tbk 10-12-2004 WOMF Wahana Ottomitra Multiartha Tbk 13-12-2004 2005 PEGE Panca Global Securities Tbk 24-06-2005 RELI Reliance Securities Tbk 13-07-2005
86 MFIN Mandala Multifinance Tbk 06-09-2005 2006 BBKP Bank Bukopin Tbk 10-07-2006 BNBA Bank Bumi Artha Tbk 01-06-2006 SDRA Bank Himpunan Saudara 1906 Tbk 15-12-2006 2007 MCOR Bank Windu Kentjana International Tbk 03-07-2007 BACA Bank Capital Indonesia Tbk 04-10-2007 2008 BAEK Bank Ekonomi Raharja Tbk 08-01-2008 VRNA Verena Oto Finance Tbk 25-06-2008 2009 BPFI Batavia Prosperindo Finance Tbk 01-06-2009 BBTN Bank Tabungan Negara (Persero) Tbk 17-12-2009 Companies with no available Financial Statement Data IPO Year Code Company List IPO Date 2000 KBLV First Media Tbk 28-01-2000 PGLI Pembangunan Graha Lestari Tbk 08-05-2000 MYOH Myoh Technology Tbk 30-06-2000 Setya Mandiri Miratama 21-02-2000 2008 TPIA Tri Polyta Indonesia Tbk 26-05-2008 2009 DSSA Dian Swastatika Tbk 10-12-2009 GDST Gunawan Dianjaya Steel Tbk 23-12-2009 RINA Katarina Utama Tbk 14-07-2009
87 APPENDIX 2 EVIEWS OUTPUT Pre IPO Dependent Variable: ACCNI Method: Least Squares Date: 05/29/11 Time: 12:44 Sample: 1 115 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 0,0379-15,9746 0,0000 DCFONEG -0,4952 0,0590-8,3981 0,0000 R-squared 0,5051 Mean dependent var 0,270111 Adjusted R-squared 0,4918 S.D. dependent var 1,675262 S.E. of regression 1,1943 Akaike info criterion 3,227188 Sum squared resid 158,329 Schwarz criterion 3,322664 Log likelihood -181,563 Hannan-Quinn criter. 3,265941 F-statistic 37,767 Durbin-Watson stat 2,038862 Prob(F-statistic) 0,000
88 Post IPO Dependent Variable: ACCNI Method: Least Squares Date: 05/29/11 Time: 12:49 Sample: 1 230 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 0,0379-15,9746 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 0,168332 Adjusted R-squared 0,4964 S.D. dependent var 1,195507 S.E. of regression 0,848383 Akaike info criterion 2,543195 Sum squared resid 159,7855 Schwarz criterion 2,662781 Log likelihood -284,467 Hannan-Quinn criter. 2,591433 F-statistic 33,2474 Durbin-Watson stat 2,039169 Prob(F-statistic) 2,11E-31
89 Curriculum Vitae Aurellia Setiabudi Jalan Gunung Sahari 7A No.4 Jakarta Pusat 10720 aurellia_s@hotmail.com 085719530866 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 2000-2009 in Indonesia. Enrolled for CFA Level 1 exam June 2011 Mahatma Gading School, Jakarta July 2004 June 2007
90 Organization and Work experiences Research and Development Committee of D ABC 2008 - BINUS International University. November 2007 - February 2008. 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 2008 - 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 2008 - 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 2009 - January 2010 Accommodated questions and offer solutions on accounting problems. Assisted in deciphering lectures and grading homework Prepared students for upcoming tests.
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.