APPENDICES
APPENDIX B: Australian companies Z Score CODE COMPANIES 2008 2007 2006 AAC Australian Agricultural Company Limited 1.687492 2.439943 2.125236 AAX Ausenco Limited 4.171274 2.666026 4.781802 ABC Adelaide Brighton Limited 4.086413 2.978026 2.599650 AGK AGL Energy Limited 4.823965 3.192924 4.767109 ALS Alesco Corporation Limited 1.928990 2.883471 2.489264 ANN Ansell Limited 2.655037 2.673849 2.763376 APN APN News & Media Limited 1.932602 0.941178 2.222776 AQA Aquila resources 5.584601 10.638907 2.519383 AWC Alumina Limited 6.748519 3.521548 3.367963 AWE BBG Australian Worldwide Exploration Limited 7.794152 11.348141 3.991867 Billabong International Limited 4.871234 5.020983 5.385626 BHP BHP Billiton Limited 4.550662 5.189359 5.010575 BKN Bradken Limited 2.930776 3.534908 3.135041 BLD Boral Limited 2.885466 2.734829 2.969401 BPT Beach Petroleum Limited 6.657515 3.416281 3.278460 BSL Bluescope Steel Limited 3.490069 2.597531 3.688311 CAB Cabcharge Australia Limited 5.008864 5.795604 5.724188 CCL Coca-Cola Amatil Limited 1.887265 1.910307 1.892622 CEY CMJ Centennial Coal Company Limited 3.007719 2.671950 1.153999 Consolidated Media Holdings Limited 32.950788 43.960253 5.540036 44
COH Cochlear Limited 6.790922 6.352308 4.129006 CPU Computershare Limited 2.975180 2.956089 3.235675 CRG Crane Group Limited 3.324288 2.933923 3.062481 CSL CSL Limited 8.823600 6.797001 5.890057 CSR CSR Limited 2.325189 1.595184 3.083639 CVN Camarvon Petrolium Limited 11.050610 6.245957 3.728591 DOM Dominion Mining 11.365971 10.631008 11.573732 EHL Emeco Holdings Ltd 3.201873 3.900337 3.936037 ERA Energy Resources Of Australia Limited 8.461893 6.255165 3.633850 ESG Eastern star limited 27.125080 42.674434 16.579515 EXT Extract Resources 1.281800 1.606308 0.899518 FGL Foster's Group Limited 2.520468 3.020140 4.032387 FWD Fleetwood Corp Ltd 6.068207 4.795408 4.650949 GBG Gindalble metals Limited 4.133458 15.657595 8.542795 GFF Goodman Fielder Limited 2.376210 1.578591 2.731510 GUD GUD. Holdings Limited 4.556567 4.837952 3.866521 GWT Gwa International Limited 3.556656 3.495837 3.902465 HIL Hills Industries Limited 4.207468 4.477500 4.348064 HST Hastile Group 2.202260 1.488555 2.096571 HVN Harvey Norman Holdings Limited 3.848269 4.618368 5.006568 IGO Independence Group NL 12.877920 11.645855 8.046913 ILU Iluka Resources Limited 0.992754 2.101832 1.783492 JBH JB Hi-Fi Limited 3.938770 3.629041 2.975355 JHX James Hardie Industries 12.199870 11.919454 11.218296 KAR Karoon Gas Australian Limited 18.664838 9.826869 20.280461 45
KCN Kingsgate Consolidated Limited 13.230589 12.841501 4.704349 LGL Lihir Gold Limited 10.148460 9.061568 17.688789 MAH Macmahon Holdings Limited 2.265084 2.436116 2.050007 MAP Macquarie Airports (MAP Group) 1.566300 2.677446 1.411137 MCC Macarthur Coal Limited 6.780302 4.910474 6.890090 MGX Mount Gibson Iron 4.546372 5.120933 2.204054 MMX Murchison Metals Ltd 24.997719 17.862812 0.309025 MND Monadelphous Group Limited 3.947449 3.259762 4.033449 MRE Minara Resources Limited 6.985646 5.173807 6.346890 MTS Metcash Limited 2.519157 2.604236 2.203628 NCM Newcrest Mining Limited 5.616798 4.809666 1.234700 NUF Nufarm Limited 3.219118 2.662249 2.436851 NWS News Corporation Inc 1.232634 2.922366 4.444435 ORG Origin Energy Limited 5.702291 1.945773 2.858306 ORI Orica Limited 3.327500 3.091545 2.478729 OSH Oil Search Limited 19.686275 8.988180 7.228190 OST Onesteel Limited 3.410770 2.371679 3.097746 PAN Panoramic Resources Limited 6.350123 7.125217 5.670974 PDN Paladin Energy Limited -3.686658 2.164624 2.260029 PNA PanAust Ltd 4.158527-2.303913 0.845609 PPX Paperlinx Limited 1.563313 2.734005 2.632200 RIV Riversdale Mining Limited 12.908245 21.000751 5.611155 RMD ResMed Inc 7.923355 8.079698 7.154978 ROC Roc Oil Company Limited -5.387101-6.141551-0.845978 SBM St Barbara Limited -0.293532 0.668874 1.394513 46
SEV Seven Network Limited 13.180502 7.260873 25.575491 SGM Sims Group Limited 3.367734 4.240066 4.321715 SHL Sonic Healthcare Limited 1.963665 1.381447 1.066921 SRL Straits Resources Limited 4.232491 1.157543 0.380953 STO Santos Limited 4.204593 4.191946 2.147628 TEN Ten Network Holdings Limited 0.603019 1.611120 1.128773 TOL Toll Holdings Limited 1.969376 1.753200 2.069745 TSE Transfield Services Limited 1.080553 1.632069 0.284465 WES Wesfarmers Limited 2.676162 1.814704-0.256560 WOR Worleyparsons Limited 3.465096 3.219386 2.945071 WPL Woodside Petroleum Limited 3.707791 2.755860 3.111904 WSA Western Areas NL 0.619681 0.698423 2.608367 DUE Duet Group 0.637904 0.175076 0.683636 LYC Lynas Corporation Limited 8.263075 5.203306 16.958062 NXS Nexus Energy Limited 2.311647 3.098459 2.474274 GNS Gunns Limited 1.892070 0.812577 2.291564 AUN Austar United Communications Limited -4.720808-3.866814-5.915014 IVC Invocare Limited 1.432281 1.222848 1.103718 SPT Spotless Group Limited 0.716822 0.229357 0.687689 TTS Tatts Group Limited 2.776561 2.509101 2.288030 RHC Ramsay Health Care Limited 1.336736 1.378192 1.456924 PMP PMP Limited -0.399353 0.872007-0.207744 DJS David Jones Limited 3.375408 2.708409 1.798618 SIP Sigma Pharmaceuticals Ltd 1.991671 3.087411 3.646511 PLA Platinum Australia Limited 0.982959 2.335755 0.192766 BXB Brambles Limited 2.885383 2.996769 3.103068 47
FXJ Fairfax Media Limited 1.872377 2.598573 2.682767 IPL Incitec Pivot Limited 0.783244 0.159200 14.963164 AVO Avoca Resources Limited 0.430834 0.403112 4.945943 QAN Qantas Airways Limited 0.416669 0.459859 0.081137 TAH Tabcorp Holdings Limited 1.551698 1.224021 0.729030 SPN Sp Ausnet 5.880869 1.018916 0.687416 HSP Healthscope Limited 1.323420 1.412695 1.246941 AMC Amcor Limited 0.803067 1.262695 1.383939 SKI Spark Infrastructure Group 0.586679 0.770920 0.556585 AJL AJ Licas Group Limited 3.266606 1.545883 1.428591 WOW Woolworths Limited 1.855692 1.505908 1.467892 TCL Transurban Group -0.888851-0.701659-0.307568 ALL Aristocrat Leisure Limited 1.176394 6.015848 5.923006 WTF Wotif.com Holdings Limited 2.120929 1.347888 4.840622 APA APA Group -0.229065 0.911629 0.791481 PRY Primary Health Care Limited -0.098670-1.211005 3.719265 48
APPENDIX A: Indonesian companies Z Score CODE COMPANIES 2008 2007 2006 AALI Astra Agro Lestari Tbk 11.75472508 10.08315578 8.2695554 AKRA AKR Corporindo Tbk 1.809910005 2.605448337 2.789890507 AMFG Asahimas Flat Glass Tbk 8.725269503 7.415284903 5.687675515 ANTM Aneka Tambang (Persero) Tbk 10.77805382 12.39240477 8.120746472 APOL Arpeni Pratama Ocean Line Tbk 1.38606114 2.327602054 2.712128662 ASGR Astra Graphia Tbk 2.499315837 3.948253392 5.212821898 ASII Astra International Tbk 4.060833018 3.931762571 1.925223114 BLTA Berlian Laju Tanker Tbk 0.958679722 0.444409033 3.191954743 BMTR Global Mediacom Tbk 4.894248278 4.988425316 4.011914062 BRPT Barito Pacific Tbk -0.965538065 2.292850387-2.090390006 BTEL Bakrie Telecom Tbk 2.362129579 1.010929923 1.621120119 BUDI Budi Acid Jaya Tbk 0.972438975 2.346436294 1.043708425 BUMI Bumi Resources Tbk 3.010808729 4.530317181 2.037215026 CMNP Citra Marga Nusaphala Persada Tbk -1.65640747 1.952459367 2.940283433 CPIN Charoen Pokphand Indonesia Tbk 5.044221877 4.256762946 3.170142514 CPRO Central Proteinaprima Tbk 1.949496755 3.092865159 4.309259959 DEWA Darma Henwa Tbk 1.427094932 2.185469502-0.596529241 ELSA Elnusa Tbk 2.731279976 1.65606047 1.85316153 ENRG Energi Mega Persada Tbk 1.083240392-0.460396982 0.809451647 EPMT Enseval Putra Megatrading Tbk 6.492163356 6.48635227 6.267762278 GGRM Gudang Garam Tbk 7.309720265 6.342589185 6.204624383 GJTL Gajah Tunggal Tbk 1.280956027 2.401560346 2.035149403 41
HEXA Hexindo Adiperkasa Tbk 4.502787295 2.553218355 1.832444542 INCO International Nickel IndonesiaTbk 9.96562474 11.85549157 10.48097075 INDF Indofood Sukses Makmur Tbk 1.138381395 1.334541298 2.614871229 ISAT Indosat Tbk 1.650924964 1.930322296 2.239762655 ITMG Indo Tambangraya Megah Tbk 5.937769447 3.861649578 1.188518321 JSMR Jasa Marga Tbk 2.139269991 2.721086101 1.227988876 KAEF Kimia Farma Tbk 5.58266599 5.220784026 5.412326104 KLBF Kalbe Farma Tbk 9.728370655 10.56596613 10.13766835 LSIP PP London Sumatera Tbk 5.71922815 3.797207044 1.237327492 LTLS Lautan Luas Tbk 3.079733355 2.062473169 1.853103363 MEDC Medco Energi International Tbk 4.916176151 2.587346257 2.917506522 META Nusantara Infrastructure Tbk 1.470929852 1.713618803 2.93493383 MIRA Mitra Rajasa Tbk -0.766462655-0.184486307-3.790114649 MNCN Media Nusantara Citra Tbk 4.954751615 5.98287048 5.163948717 MPPA Matahari Putra Prima Tbk 1.168375066 3.159096504 2.616707005 MTDL Metrodata Electronics Tbk 2.76656684 2.592523522 3.501439741 PGAS Perusahaan Gas Negara (Persero) Tbk 0.855616314 1.843804041 2.811694089 PTBA Tambang Batubara Bukit Asam Tbk 10.24317944 8.954196916 9.671274474 RALS Ramayana Lestari Sentosa Tbk 9.323110641 8.847244045 9.145117251 RMBA Bentoel International Investama Tbk 4.668144308 5.607758021 4.341586235 SGRO Sampoerna Agro Tbk 7.133380323 6.332408785 5.445256709 SMCB Holcim Indonesia Tbk -0.569472806-2.329014305 11.6744306 SMGR Semen Gresik (Persero) Tbk 10.84232924 10.68193639 8.699941862 SOBI Sorini Agro Asia Corporinndo Tbk 5.845620085 5.877515533 4.973974529 SPMA Suparma Tbk 2.244229555 2.605030879 1.984088626 SULI Sumalindo Lestari Jaya Tbk -3.947081651-0.961599262-1.576482671 42
TBLA Tunas Baru Lampung Tbk 1.338169769 2.717163834 2.295956974 TINS Timah Tbk 8.921986733 10.9910702 6.524693393 TKIM Pabrik Kertas Tjiwi Kimia Tbk 2.080427609 1.954986535 1.634004412 TLKM Telekomunikasi Indonesia Tbk 2.610341302 3.895464542 4.357282695 TMAS Pelayaran Tempuran Emas Tbk 1.412841472 0.390311596 0.267234334 TMPI AGIS Tbk 6.452685625 1.629490058 2.105077074 TSPC Tempo Scan Pacific Tbk 9.915513009 10.20015855 10.76095878 UNSP Bakrie Sumatra Plantations Tbk 1.71482851 3.917918599 4.054034267 UNTR United Tractors Tbk 4.549024262 4.097694991 3.508210994 UNVR Unilever Indonesia Tbk 6.00029028 6.318275882 6.806985475 YPAS Yanaprima Hastapersada Tbk 4.220899515 2.348980341 2.947221908 Average 4.029150138 4.133991647 3.822522283 43
APPENDIX C: F Test: Two Samples For Variance Result F-Test Two-Sample for Variances I-2008 A-2008 I-2007 A-2007 I-2006 A-2006 Mean 4.029 4.524 4.134 4.415 3.823 3.840 Variance 12.477 31.793 11.229 43.017 10.437 18.675 Observations 59 112 59 112 59 112 df 58 111 58 111 58 111 F 0.392444956 0.261036308 0.558842913 P(F<=f) onetail 7.15357E-05 5.92364E-08 0.007782117 F Critical onetail 0.736857607 0.736857607 0.736857607 49
Curriculum Vitae PERSONAL DETAILS Name: Livia Ishak Address: Jl.Yusuf Adiwinata No 44, Jakarta Pusat Phone : (021) 390-3640 Mobile Phone: 0817715829 E-mail: Livia.ishak@yahoo.com Place & Date of birth : Jakarta, 20 th January 1988 Gender : Female GPA : 2.93 EDUCATION & QUALIFICATIONS 2006-present: Bina Nusantara University International, South Jakarta 2009: Bachelor of Commerce In Finance, Curtin University of Technology, Perth, Australia 2008: Taxation Brevet A & B (LP3I) 2004-2006: SMU St. Bellarminus, Jakarta 2001-2003: SLTP St. Bellarminus, Jakarta SKILLS & ABILITIES Computing Microsoft Word Microsoft Excel Microsoft PowerPoint MYOB Language Indonesia English 39