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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
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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
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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
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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
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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
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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
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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
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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
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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 0,0154NEG 0,3795 0,3313 1,1454 0,2545CFO -0,6054 0,0379 -15,9746 0,0000DCFONEG -0,4952 0,0590 -8,3981 0,0000 R-squared 0,5051 Mean dependent var 0,270111Adjusted R-squared 0,4918 S.D. dependent var 1,675262S.E. of regression 1,1943 Akaike info criterion 3,227188Sum squared resid 158,329 Schwarz criterion 3,322664Log likelihood -181,563 Hannan-Quinn criter. 3,265941F-statistic 37,767 Durbin-Watson stat 2,038862Prob(F-statistic) 0,000
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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 0,168332Adjusted R-squared 0,4964 S.D. dependent var 1,195507S.E. of regression 0,848383 Akaike info criterion 2,543195Sum squared resid 159,7855 Schwarz criterion 2,662781Log likelihood -284,467 Hannan-Quinn criter. 2,591433F-statistic 33,2474 Durbin-Watson stat 2,039169Prob(F-statistic) 2,11E-31
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Curriculum Vitae
Aurellia Setiabudi
Jalan Gunung Sahari 7A No.4
Jakarta Pusat 10720
[email protected]
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
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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.
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− 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.
