Chapter 1

The Research Problem

1.1 Background of the Study

In this study, we investigated the role of accounting and audit quality in the World

Bank allocation of international development aid loans for the ASEAN countries. World

Bank plays an important role in supporting the developing countries in improving

education, health, and infrastructure, modernizing financial sector, agriculture and natural

resources management by providing low-interest loans, interest-free credits, and grants.

However, there has been little empirical research on whether the World Bank’s aid

allocation decisions are influenced by the strength of the accounting and audit

environments in a country. The dollar amount of aid loans from the World Bank totalled $

1.38 trillion in 2015, available in the website of World Bank (World Bank 2017a). This

amount is 1.89 percent of the total year 2015 gross domestic product (GDP) amounting to

73.13 trillion (World Bank 2017b). In summary, World Bank development aid lending is

clearly substantial, both in total dollar amount and as a percentage of GDP, and is

especially important for the recipient countries.

As discussed in the next parts, the overtly stated purpose of World Bank aid is to

support the economic, environmental, and social development projects proposed by the

recipient countries. Therefore, accounting and audit infrastructures likely play a secondary

role that is considered only after these more important qualifications were first taken into

1
consideration. Another possibility is that accounting and auditing do not play a role at all in

aid allocation decisions. The researchers believe this latter possibility is unlikely because

recipient countries are required to submit an audited financial report annually. World Bank

relies on the reporting and auditing system that provides the information that will enable

them to track whether the fund extended to the recipient countries are being spent

efficiently and effectively in accordance with the proposal reviewed and approved by the

World Bank. Countries backing up the World Bank are unlikely to continue providing aid

if it is diverted by corrupt politicians, bureaucrats, and dictators for their own benefit.

Known for a long history of generously supporting the World Bank Group's

mission, US was a leading force in the establishment of the World Bank in 1944 and

remains the largest shareholder of the World Bank today and, thus, possesses an incentive

and ability to influence lending for geopolitical reasons. This study will try to identify the

possible effect of country’s political alignment with US in the association of accounting

quality, audit quality and World Bank lending.

1.2 Statement of the Problem

The major problem of this study is:

What is the effect of accounting quality and the strength of the audit profession in a

country on the level of World Bank lending, as moderated by political factors?

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1.3 Objectives of the Study

General Objective

This study analysed the effects of accounting quality and the strength of the audit

profession on World Bank lending for ASEAN countries as moderated by political factors.

Specific Objectives

The following objectives relate to the effect of accounting quality on the level of World

Bank lending:

1. Determined the effect of OPACITY to the level of World Bank lending.

2. Determined the effect of EARNINGS MANAGEMENT to the level of World Bank

lending.

3. Determined if mandatory IFRS implementation has an effect on the level of World

Bank lending.

The following objectives relate to the effect of the strength of the audit profession on the

level of World Bank lending:

1. Determined if the auditing standards in a country has an effect on the level of World

Bank lending.

2. Determined if auditor independence has an effect on the level of World Bank

lending.

3. Determined if auditor oversight has an effect on the level of World Bank lending.

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The following objectives relate to the political factors that influence the effect of

accounting quality and the strength of the audit profession on the level of World Bank

lending:

1. Determined the influence of a country’s alignment with U.S political interest on the

effect of accounting quality and the strength of the audit profession on the level of

World Bank lending.

2. Determined the influence of corruption present in a country on the effect of

accounting quality and the strength of the audit profession on the level of World

Bank lending.

1.4 Framework of the Study

This part of the study contained the different concepts and logical structures that

guided the researchers in the development of the study. It was further divided into two

sections, namely the Theoretical and Operational Framework.

1.4.1 Theoretical Framework

This section contained an explanation of a basic approach in understanding this

study. The theories, hereinafter identified and described, provide a point of focus for the

researchers.

Lending Credibility Theory. According to this theory, the main objective of the

audit function is to lend credibility to the financial statements. Put simply, this theory

considers that the auditor sells credibility to their clients. The confidence of financial users

4
is increased, and they perceive to gain additional benefits because of the credibility lent by

the auditors to the financial statements (Ittonen, 2010). This theory strengthens the

assumption that decisions made by banks (such as the World Bank) and other financial

statement users is affected by the opinions given by an auditor.

Credit Rationing Theory. As explained in the article of Stiglitx and Weiss (1981),

credit rationing theory is where lenders limit the supply of loans in the market even though

the debtors are willing to pay a higher interest rate. Another related study by Mookherjee

and Ray (1999) states that banks limit their supply loans due to numerous, such as

incentive problems, missing and imperfect information. This theory is vital to the study

because it explains the rationale of the Bank in offering credit to countries, and that the

quality of information provided by the accounting and audit profession is used by the Bank

in this regard.

Traditional Bank Theory. It states that the greatest risk faced by banks when

issuing loans is credit risk. (Freixas and Rochet, 1997; Graham et al., 2008). Credit risk is

one of the major indicators of loan pricing used by banks (Francis, Hasan, & Wu, 2013),

and banks measure credit risk of a firm based on the accounting information available to

forecast their ability to pay the loan in the future (Anagnostopoulou, 2016). To this effect,

the study used this theory to strengthen the assumption that the World Bank and other

financial institutions are more willing to lend money to creditors that have accounting

information that is reliable, accurate, and easy to understand (a high level of accounting

quality).

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 Politico-Economic model. This model was created by Frey and Schneider (1986),

which also developed three other competing models for Bank lending, and was used in the

study of Lamoreaux, Michas, & Schultz (2015). The “Politico-Economic” model considers

the Bank as a bureaucracy where members of the Bank use the Bank for their own personal

and political interest Frey and Schneider concluded that the “Politico-Economic” model

works best and that the behavior of the Bank is motivated by both economic and political

reasons. The study used this model to examine the effect of a country’s alignment with U.S

interests towards the association of World Bank lending and accounting and audit quality.

Deserts model. Based on the study of Frey and Schneider (1986), this model

stipulated that those countries with strong potential for development are given the most

credits for loans as the financial assistance provided by the Bank will be effective and put

into good use. This model gave importance to the ability of the countries to grow and

improve their standing. This is also in line with the study of Mason and Asher (1973),

which states that the IBRD, which is a branch of the Bank, provides aid to attainable

projects of countries with high level of creditworthiness and based on their overall

performance they will continue to be creditworthy.

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1.4.2 Operational Framework

In this study, there were different variables that must be taken into account. These

variables were considered in order to determine whether the accounting and audit quality of

the ASEAN countries has an effect to the assistance provided by the World Bank. These

are the following variables:

Independent Variables. Accounting and audit quality were the independent

variables for this study. They were considered to be independent as they were the presumed

cause or predictors of the dependent variable, World Bank lending. Each ASEAN country

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was evaluated based on the level of accounting and audit quality that it has to determine if

there is an impact to World Bank lending.

Accounting quality is measured in different ways, namely: Opacity, Earnings

Management and the mandated use of International Financial Reporting Standards (IFRS).

Opacity, as against to transparency, signifies how very little information available on the

financial statements that actually represents the financial performance of a firm

(Bhattacharya et al., 2003). It is calculated based on the equation made by Bhattacharya et

al. (2003) for each country-year group in which the firm-level median value for each

country-year group is measured, and then averaged. The next measure is Earnings

Management which is calculated using the equation from Leuz et al. (2003). Earnings

management is defined by Leuz et al. (2003) is the alteration of a firm’s reported economic

performance by the management to either mislead its financial statement users or gain an

unfair advantage against its competitors. This is also another measure of the imperfect

information provided by financial statements; but, unlike opacity, the imperfection of

information is caused by fraud from the firm’s management. Similar to opacity, earnings

management will also be averaged to get the final measure for each country year-group.

The next and final measure, the mandated use of International Financial Reporting

Standards (IFRS), is measured by determining whether the IFRS is mandatory for all

publicly listed firms in a given country-year group, with a score of 1 if IFRS

implementation is mandatory, and 0 if it is not. The readers must be guided that only the

data from publicly-listed firms are available to measure the variables of accounting quality

8
in each country. The researchers compiled all the information from firms, then averaged it

to arrive at a measurement of variable representative of each country. The comparison was

made across countries. This method will be used only to test the hypothesis involving

opacity, earnings management, and the use of IFRS. For the rest of the study, information

specific to a country is readily available on the database and websites cited on the latter

part of this framework.

On the other hand, audit quality is defined as the measure of the development of

audit profession in a country. It is determined using the audit profession development

measure which is composed thirteen individual components and further grouped into four

general aspects of audit profession: auditor education, auditing standards, auditor

independence and auditor oversight; three of which were used in this study- audit

standards, auditor independence, and auditor oversight. This measure involves coding of all

the elements which is done by answering the questions based on the study of Michas

(2011). To get the final measure for audit quality, it is calculated by first averaging the

components within each of the four aspects within each country, and then taking the

average of the four aspects. The value ranges from a theoretical low of 0 to a high of 1. The

related data was gathered from the World Bank’s Report on Standard and Codes (ROSC).

The study employed a country-level measure to show the Bank’s perception to the level of

audit quality that is present in the country.

Moderating Variables. Political Alignment with U.S. and the level of corruption

are the moderating variables in this study. These variables were used to test the strength of

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the relationship of accounting and audit quality to World Bank lending. In measuring these

variables, there are also factors that must be considered.

For the political alignment with U.S., it is measured using three variables, which are

the following: votes casted by a country that are aligned with the vote of U.S., a

membership in the United Nations Security Council and the minimum geographic distance

of a country’s capital to the following cities: New York, New York, Rotterdam,

Netherlands, Tokyo, Japan, and Washington, DC. The first measure was used by Andersen

et al. (2006) and Kilby (2009) which is based on the votes casted by a country that are

aligned with the vote of U.S. on an assembly held by U.N.. The votes casted by a country

that are aligned with the vote of U.S. are compiled by the U.S. Department of State (2014a)

and measured the percentage of occurrences each year in the U.N. General Assembly. This

variable was split into high and low voting alignment subsamples based on the threshold of

50 percent voting alignment. The second measure was based on whether a country is a

temporary member of United Nations Security Council or not and the consideration for a

country’s membership was to know if the aid given by the U.S. increases if the receiving

country is a member of the council (Kuziemko and Werker, 2006). The value is equal to 1

in the years a country is serving as a temporary member on the United Nations Security

Council (UNSC) and 0 if otherwise. This measure was used in the study of Dreher et al.

(2009). The final variable related to U.S. alignment is based on the minimum geographic

distance from the chosen country’s capital to the capital cities based on Lamoreaux, P. T.,

Michas, P. N., & Schultz, W. L. (2015). It is augmented to give focus on U.S. influence.

10
This measure was also split into high and low subsamples based on the median value of

4,678 miles across the countries.

Moreover, a country’s level of corruption is determined through the control of

corruption index which was assembled by Kaufmann, Kray and Mastruzzi (2009). This

control of corruption index addresses the perceived corruption levels in different sectors

such as Executive, Legislative, Judiciary and combines both public and expert opinions. It

is a composite indicator that aggregates 22 independent sub-sources which can be seen in

Appendix C. The index is multiplied by -1 so that the higher the level of the corruption

variable symbolizes higher levels of corruption present in a country. The measure is split

according to high and low subsamples based on the median value of 0.0 in Kaufmann et al.

(2009).

Dependent Variable. World Bank lending is the dependent variable in this study.

This is measurable through the natural log of the total amount of loans in a country within a

year which is provided by the World Bank’s International Bank for Reconstruction and

Development (IBRD). The measure for the lending was based on the loan aid given by the

World Bank (Lamoreaux, et. al., 2015). This variable was also based on a country-level

measure.

1.5 Assumptions of the Study

The following are the assumptions of this study:

1. Financial data from a country’s stock market and other relevant databases

are free from material misstatements.

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 2. Information gathered from the Reports on Standards and Codes (ROSC) and

from the International Federation of Accountants’ (IFAC) Assessments of

the Auditing Regulatory Standard Setting Framework (AARSSF) regarding

the development of the audit profession in a country fairly and truthfully

represents the audit profession in a particular country.

3. The surveys compiled in the control of corruption index are answered by the

participants in an honest and candid manner.

4. There is no corruption happening inside the organization that could possibly

influence the allocation decision of the World Bank (ex. Bribes coming

from loan applicants).

1.6 Research Hypothesis

Hypothesis Development - Accounting Quality. The greatest risk faced by

banking institutions when entering in loan agreements, in accordance with the traditional

banking theory, is credit risk (Francis, Hasan, & Wu, 2013); therefore, the primary

determinant of loan pricing is the likelihood of the debtor defaulting on their loan. Banks

use accounting information to predict future cash flows of their debtors and the level of

uncertainty on their financial position in pricing their loans (Anagnostopoulou, 2016).

In countries where accounting quality is low, the Bank prices their loans higher

because they spend more in monitoring costs compared to high quality audited financial

statements. Additionally, firms are required to prepare their financial statements in

12
accordance with accounting standards set by the Bank. The Bank has also collaborated with

stakeholders of developing countries to evaluate the level of accounting and audit quality,

and reports their findings in the Bank’s Reports on Standards and Codes (ROSC), which

contains the perspective of the Bank on a country’s accounting infrastructure and overall

financial management system. The “County Policy and Institutional Assessments” (CPIA)

of the Bank also considers the accounting of auditing in a country in its allocation of

International Development Assistance (IDA) loan and grants (Lamoreaux, Michas, &

Schultz, 2015).

Considering the discussion above gives the question on the extent of the effect of

accounting quality will affect Bank Lending. Even if the main goal of the Bank is to

provide funds for developing countries, the researchers believe that higher-quality

accounting information gives the Bank more incentive to enter into loan agreement, and

vice versa. The following hypotheses were developed for the variables used to measure the

effect of accounting quality on the level of World Bank lending:

For OPACITY:

H01: OPACITY has no effect on the level of World Bank lending.

HA1: OPACITY has a positive effect on the level of World Bank lending.

For EARNINGS MANAGEMENT:

H02: EARNINGS MANAGEMENT has no effect on the level of World Bank lending.

HA2: EARNINGS MANAGEMENT has a positive effect on the level of World Bank

lending.

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For mandatory implementation of the IFRS:

H03: Mandatory implementation of the IFRS has no effect on the level of World

Bank lending.

HA3: Mandatory implementation of the IFRS has a positive effect on the level of

World Bank lending.

Hypothesis Development - Audit Quality. Every time a country enters into a

Bank-funded project, an independent auditor is given the responsibility in auditing the cash

flows and financial statement in accordance with the loan agreement. Subsequently, aid

recipients will get fewer to misappropriate funds if they are in the presence of a high-

quality independent auditor. Additionally, debtor-countries are required to provide audited

financial statements that are in accordance with the standards set upon by the Bank on the

result of their project (Lamoreaux, Michas, & Schultz, 2015). Therefore, certain loan-

agreements approved by the Bank are affected by the level of audit quality the Bank

expects in a given project. The researchers believed that the Bank will enter into larger loan

agreements with countries that have high levels of auditing quality, which led to the

development of the following hypotheses:

For auditing standards:

H04: Auditing standards implemented in a country has no effect on the level of

World Bank lending.

HA4: Auditing standards implemented in a country has a positive effect on the level

of World Bank lending.

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For auditor independence:

H05: Auditor independence has no effect on the level of World Bank lending.

HA5: Auditor independence has a positive effect on the level of World Bank

lending.

For auditor oversight:

H06: Auditor oversight has no effect on the level of World Bank lending.

HA6: Auditor oversight has a positive effect on the level of World Bank lending.

Hypothesis Development - Influence of U.S geopolitical interest. The next

hypothesis is concerned about the political influences that affect the distribution of Bank

funds, which is contrary to the Bank’s main goal of providing funds to developing

countries. Not only is the headquarters of the Bank located at the Capital of the U.S, the

U.S is also the biggest provider of funds to the Bank, and also holds the majority of the

voting interest in the bank. Considering these factors, it is safe to say that U.S has the

capacity to transfer funds, via the Bank, to countries that are more aligned with U.S.

interests (Lamoreaux, Michas, & Schultz, 2015).

Researches have been made that investigated the geopolitical influence on

international aid. For example, countries whose political standpoints are aligned with those

of the U.S receive higher IDA grant amounts. (Andersen et al., 2006; Alesina and Dollar,

2000). In related studies made by Kilby (2013) and Dreher (2009) finds that countries that

are more aligned with U.S. interests receive more funding from the Bank and suffer less

15
restrictions. Additionally, Neumayer (2003) has provided evidence that U.N agencies

provide more funds to countries that are geographically close to the western world. All of

these examples taken together shows that international aid organizations, including the

Bank, does not provide aid based on economic factors alone. Consequently, these

influences may create a possibility where the assessments of accounting and audit quality

found in the CPIA and ROSC reports to be overlooked because the U.S may use the Bank

for their own political reasons (Lamoreaux, Michas, & Schultz, 2015).

Given the findings above that U.S political interest has an influence on the World

Bank, these interests may outweigh the effect of accounting quality and the strength of the

audit profession on the level of World Bank lending, which led to the development of the

following hypotheses:

For U.S. Vote Alignment on Assembly held by U.N.:

H07: The effect of audit and accounting quality on the level of World Bank lending

is not affected by the alignment of the country’s vote to U.S on assemblies

held by U.N.

HA7: The effect of audit and accounting quality on the level of World Bank lending

is weaker in countries where the country’s vote is aligned to U.S.’s vote on

assemblies held by U.N.

For minimum geographic distance between the country and Tokyo, Japan, Rotterdam,

Netherlands, New York, New York, and Washington, DC.

H08: The effect of audit and accounting quality on the level of World Bank lending

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 is not affected by the geographic distance of the countries.

HA8: The effect of audit and accounting quality on the level of World Bank lending

is weaker in countries with greater distance from Tokyo, Japan, Rotterdam,

Netherlands, New York, New York, and Washington, DC.

Hypothesis Development- Influence of Corruption. In the study of Alesina and

Weder (2002), the relationship between corruption in a country and international

development to that country is unclear. Two different arguments were mentioned that

suggest different possible responses of international government aid towards level of

corruption. It is unlikely that more funds will be given to more corrupt countries because of

the higher risk that the said aid may be diverted for personal gain by the government

officials. On the contrary, it is possible that more corrupt countries receive more aid, as the

purpose of the organization is to help improve foundational infrastructures which include

the aim of alleviating corruption in a country.

Consideration of the influence of corruption plays an important role in knowing the

effects of accounting and audit quality in allocation of Bank loans. In countries with low

level of corruption, intensive analysis of accounting and audit quality is unnecessary as the

likelihood of inappropriate usage of loan is lower. On the other hand, in countries with

higher level of corruption, there is a need for a stricter evaluation of the accounting and

audit quality sufficient to identify any misuse of the funds. Therefore, specific lending

transactions approved by the Bank are likely influenced, a priori, by the level of corruption

in a country. This leads to our fourth and final hypothesis in alternative form:

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 H09: The effect of accounting and audit quality on the level of World Bank lending

is not influenced by the level of corruption in a country.

HA9: The positive effect of accounting and audit quality on the level of World Bank

lending is stronger in countries with relatively high levels of corruption

compared to those with relatively low levels of corruption.

1.7 Significance of the Study

This study is significant to the following groups and individuals:

1. For the ASEAN and other developing countries. Developing countries, such as

those located in the ASEAN, can benefit from this study. The study provides data

that they can use to help them borrow more funds from the World Bank, which in

turn they can use to develop their country.

2. For the accounting and auditing profession. Understanding that the level of

World Bank lending is affected by accounting quality and the strength of the audit

profession can improve the value of the services they provide. The study can help in

the continuing development of the respective professions and an increase in the

quality of their work by providing results stating that their work not only provide

benefits on an entity level, but can also benefit their country’s economy as a whole.

3. For countries that have not yet, or are planning to, adopt, partially or as a

whole, the IFRS and other international standards. Part of the study shows some

of the benefits that a country experiences when they have adopted the IFRS, such as

18
 its effect on the level of World Bank lending. The study provides data that can help

other countries who have not yet adopted the IFRS in their decision to adopt it,

whether partially or as a whole.

4. To the body of accounting and audit literature. The study contributes to the body

of accounting and audit literature by providing new evidence on the role played by

their respective professions on the level of World Bank lending.

5. To government regulatory boards. The study provides the governing bodies of

accounting and auditing, such as the Board of Accountancy (BoA) and the Auditing

Standards and Practices Council (ASPC) for the Philippines, more incentive to

improve the standards implemented in their respective countries. This study also

provides them a perspective where they can see the effects the standards and

regulations they set out on a macro-level, and allows them to compare with other

countries that are part of the ASEAN.

6. To the World Bank. The study would give the World Bank different factors that

they could use to determine the amount of credit they will lend to a country that

they might not be aware of prior to this study.

7. To the academe and future researchers. The study can serve as a reference to aid

future researchers in conducting similar studies on the effect of accounting quality

and the strength of the audit profession on the level of World Bank lending.

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1.8 Scope and Limitations of the Study

The scope of this study are the ASEAN countries. Because data from publicly listed

firms were needed to test the study’s H1, publicly listed firms located in the ASEAN

countries also formed part of the study’s scope.

The following countries are not included in the study because they have not

developed nor have underdeveloped stock markets, therefore, they cannot be used to test

the study’s H1:

1. Brunei

2. Cambodia

3. Myanmar

4. Laos

While this study was able to provide a deeper understanding on the effect of

accounting quality and the strength of the auditing profession on the level of World Bank

lending, limitations were taken into account in order to fully interpret the results of the

study.

The study was limited by the following:

1. The measurements used by the study came from the research used by Lamoreaux,

Michas and Schultz (2015). It must be noted that there may be other measurements

available that were not taken into account, and can show more significant results.

a. The study measured accounting quality using the variables from

Bhattacharya et al. (2003), Leuz et al. (2003), Bae et al. (2008), and the

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 mandated use of IFRS on publicly listed firms introduced by Lamoreaux et

al. (2015).

b. The study followed the measurement introduced by Michas (2011) to

measure the strength of the audit profession.

c. The study measured the political alignment of a country with the U.S. using

the votes casted by countries and its alignment with the U.S., as compiled by

the department state of the latter, second is the membership of a country on

the United Nations Security Council, and lastly, the model used by

Neumayer (2003b).

d. This study used the control of corruption index compiled by Kaufmann,

Kraay, and Mastruzzi (2009) to measure the level of corruption in a country.

2. The study is only involved with the effect of accounting quality and the strength of

audit profession on the level of World Bank lending. There might be other variables

that have an effect on the level of World Bank lending; the researchers did not

include other variables affecting the level of World Bank lending besides those

previously stated in the study.

3. Data gathered by for the study only included those from 2011 up to 2015. Any other

data or changes to the data were not taken into account by this study.

4. Only publicly-listed firms with data available from 2011 up to 2015 were used to

test the study’s H1.

5. Data used in the study were gathered from secondary sources.

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 6. The study is subject to human error that the researchers made while undertaking this

study.

7. The researchers used a small sample size for this study; therefore, the results of this

study may not be representative for other developing countries or for the rest of the

ASEAN countries that were not part of this study, neither can the results be used to

predict future trends in Bank lending, nor can it be used to analyze past trends. The

results of this study are only significant to the countries involved in this study and

only on the period it covered.

1.9 Definition of Terms

Assistance - Funding from World Bank

Audit quality - The level of assurance provided by an auditor to the financial

information of a company.

Bank - World Bank

Corruption - Dishonest or Fraudulent act of one in power; usually involves bribery or

theft

Big-4 Firms - This consists of the 4 biggest audit firms in the world (Deloitte, Ernst &

Young, PricewaterCooper, and Klynveld Peat Marwick and Goerdeler)

ASEAN Countries - The Association of Southeast Asian Nations (ASEAN) is a

regional organisation comprising of Brunei, Cambodia, Indonesia, Laos, Malaysia,

Myanmar, Philippines, Singapore, Indonesia, and Vietnam.

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 Chapter 2

Review of Related Literature

2.1 Literature Map

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Figure 2: Literature Map

2.2 Introduction

The Review of Related Literature is divided into four main parts. The first part

discussed about the World Bank and the nature of the assistance it provides to the different

countries in the world. The second part is about accounting and auditing quality in

developing countries, and the perception of banking entities on accounting and auditing

quality. The third part focused on the political alignment with U.S. and the influence of

U.S. on the decisions of the Bank. The last part discussed the influence of the level of

corruption in World Bank lending.

The following related studies and readings will provide a better understanding on

the different variables for this study and determine its effects.

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2.3 Foreign and Local Studies

2.3.1. World Bank Lending

In a perfect world, excess resources from developed countries will flow to

developing countries in the form of much-needed investments to improve their economy.

But this was not possible 70 years ago, after World War II, when global markets were

spread thin and were not trusted as a source of financing; as such war-stricken and

developing countries had a difficult time locating another institution to finance their

projects besides domestic earnings (Ravallion, 2016). To answer this problem, delegates

from 44 countries met in New Hampshire and created the World Bank (The Bank) and the

International Monetary Fund (IMF). The goal of the Bank is to reduce global poverty and

oversee the flow of capital from high-income countries to low-income countries (World

Bank 2014c).

The World Bank is an international organization that assists emerging market

countries to reduce poverty. It is not a bank in the conventional sense of the word. Instead,

it consists of two development institutions: the International Bank for Reconstruction and

Development (IBRD) and the International Development Association (IDA). The Bank's

186 member countries own them. The Bank works closely with three other organizations.

They are the International Finance Corporation (IFC), the Multilateral Guarantee Agency

(MIGA), and the International Centre for the Settlement of Investment Disputes (ICSID).

All five organizations make up the World Bank Group (World Bank 2014c).

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 The Bank enters into loan agreements with countries for specified projects, and in

turn, those countries need to provide reports stating that they are using their funds in

accordance with their established covenants and agreements. After the loan commitment

has been made, the fund is transferred through an intermediary- the central bank of the

country, a commercial bank, or another institution that meets the requirements and

standards of the Bank. The intermediary then provides the fund to the selected firms that

are involved in the project. The Bank then requires these firms to provide the Bank with

their audited financial statements, along with their unaudited interim reports, as required by

the schedule set upon by their agreement to support the funding of their expenditures. If

evidence is discovered that the fund was misappropriated, the Bank can suspend funding

until a necessary action has been taken. In addition, at the end of a project, the Bank

requires a final audit in accordance with “consistently applied auditing standards acceptable

by the Bank” made by an independent external auditor, who can either be from a private

firm or from a government entity. The audit made is similar to the audits of publicly held

firms under Generally Accepted Auditing Standards (GAAS) and International Auditing

Standards with test of controls, substantive testing, and the issuance of an audit opinion

(Lamoreaux, Michas, & Schultz, 2015). The detailed stages in the loan cycle can be seen in

Appendix A.

2.3.2 Accounting and Audit Quality

Due to the increase in the demand for internationally comparable financial

information, International Financial Reporting Standards has spread throughout the globe

26
starting from 2005 (Yip & Young, 2012). The effect of the adoption and implementation of

IFRS by countries towards the quality of the financial information they provide is debated

upon. It is generally believed that the adoption will yield higher quality financial

information, and will also improve its reliability and comparability (Ebrahim, 2014; Ballas

et al, 2010). The quality of financial information is important to banking institutions and

loan pricing, because it gives them the ability to predict the future financial position of their

debtors and their ability to repay their loans with ease (Anagnostopoulou, 2016; Bharath et

al., 2008; Graham et al., 2008).

On the other hand, Whitehouse (2012) and Soderstorm & Sun (2007) argues that its

mere implementation is not sufficient, and that significant differences in regulatory,

political, and institutional factors between countries that affect its implementation will

defeat the ultimate purpose of developing a global set of accounting standards such that

financial information will be comparable between countries. According to

Anagnostopoulou (2016), even the highest quality of accounting standards will offer no

difference if it is not enforced properly.

Another variable that affects the level of World Bank lending is the strength of the

audit profession present in a country. A study made by Chu, Mathieu, and Mbagwu (2013)

shows that banks rely more on financial statements that are audited by the big-4 firms as

compared to other firms, and this is reflected by the lower rates they charge on loans

borrowed by entities audited by the big-4 firms. The rationality behind this is that big-4

firms have a greater reputation to protect and faces more risk of litigation compared to

27
smaller firms; consequently, big-4 firms will have to perform higher-quality audits to avoid

any material misstatements and detect misstatement in the financial statements. This is also

supported by the study Michas (2015), which states that the big-4 firms play an important

role in determining the audit quality in developing countries. Moreover, the study shows

that hiring an auditor belonging to one of the big-4 firms is positively associated with audit

profession development. In a related study by Blackwell et al. (2002), banks also gain more

incentive in entering loan agreements with firms with audited financial statements. Banks

see audited financial statements as a reduction to their monitoring costs, and in turn will

lower the interest rate they apply to the loan.

Aside from having the big-4 firms as determinants or benchmark for audit quality, a

study of Favere-Marches (2000) determined whether legal environment has an effect to

auditors and the quality of their output on ASEAN countries. He included national laws

which have connection to the appointment and termination of auditors, independence and

incompatibilities issues of auditors, audit reporting, and the liability of auditors.

Questionnaires were solicited to the participants of his study and the response of those

participants was further reviewed by professional and governmental bodies responsible for

regulating the audit profession in the respective countries. With the information gathered,

comparison of national laws of every country was possible and he saw that national laws

and regulations affect audit quality by having or not having control, whichever the case

may be, over the contents of the audit, independence of the auditor, and the liability of

auditors.

28
 2.3.3 US-alliance influence of US in World Bank

Being the lender of developing countries, the bank plays a very crucial role not only

for the borrowing country, but also for the global economy (Kilby, 2013). This is why it is

important to know the factors that can dictate the decision of the bank. Different studies

have been conducted to uncover the basis of the bank with regards to the amount and the

approval of a loan. Kilby enumerated two kinds of influences on the Bank, formal and

informal influences. As per the report released by the Bank, the United States has the most

number of shares, owning 17.38% of the total number of shares in the bank, followed by

Japan, making only 7.49% of the total. Meanwhile, the composition of the number of votes

is almost equal to the composition of the number of shares. Having said that, Kilby pointed

out that this is how US influences the Bank formally.

On the other hand, the informal influence arises when project proposals from

favored countries are given more importance, and in the process economic factors are

sometimes overlooked. Kilby related the country’s alignment with the United States on

important United Nation votes to the approval of loan proposals. Countries deviate from

their normal manner of voting and they take into account what US considers as important

in making their votes. After comparing the least and most aligned country with the US,

results show that countries supporting the decision of US yield 33% higher chances of

receiving funds from the bank. This is relatively high as compared to the 15% and 18%

increase in the probability of receiving funding when moving between the extremes of

population and GDP, respectively (2013). Kilby focused on informal influences and

29
concluded that the significant statistical links between UN voting and banks disbursements,

as influenced by US, means that changes have to be made in the bank in order to make

objective decisions. The increase in probability of getting approval from the bank implies

that the number of loans that a country can get from the bank also increases, and this has

been proved by Andersen, Markussen, & Andersen (2005).

Another problem with giving aid arises because institutions such as the bank, often

fail to enforce conditions, which results to other borrowers to think that they may also do

away with the agreements since they will not be penalized (Kilby, 2005). Kanbur (2000)

stated that a possible reason for the lax enforcement of conditions is the pressure exerted by

powerful donors with geopolitical or commercial interest in the borrowing country. The

said selective enforcement was proven by Kilby with the results he obtained that indicates

how different the treatment of the Bank has for countries with close ties with the US and

those that do not have. The enforcement is almost non-existent on agreements with

countries aligned with US, meanwhile, significant degree of enforcement is exerted by the

bank to countries not aligned with US. He emphasized the need to understand the reasons

behind the non-enforcement of conditions in order to know where to start the reformation

that the bank needs to ensure the success in reaching the goal of the organization (2005).

Efforts by an organization to solve a problem may be futile if the management does not

know the main cause of it. Overall, the influence of US on the decisions of the bank is both

statistically and economically significant.

30
 2.3.4 Corruption

Corruption is a complex phenomenon that is widespread in all countries in different

levels. There is no international consensus definition of corruption but according to

Lambsdorff (2007), corruption is commonly defined as the misuse of public power for

personal gains.

Objective data on corruption are difficult to obtain, and there is still no

measurement system constructed that accurately accounts for actual levels of corruption

within a country and, by extension, at the global level. Kaufmann (2009) suggested that

even when objective or fact-based data are available, often such data may capture a de jure

notion of laws 'on the books' that differs substantially from the de facto reality that exists

'on the ground'. This emphasizes the importance of perceptions as the agents base their

actions on their perceptions, impression, and views.

Knowing and compiling different views and opinions of experts, investors, and

organizations were made possible by the continuous effort of the different organizations

collaborating with one another to arrive in a set of indices that can be used in measuring

corruption. The number of indices focused on corruption measurement has grown

exponentially over the past decade. They range from some of the more established and

widely used indicators like Transparency International’s (TI) Corruption Perceptions Index

(CPI) and the World Bank’s Worldwide Governance Indicators (WGI), to a newer

generation of measurement and assessment tools like TI’s Global Corruption Barometer

and Global Integrity Index.

31
 Very few studies were conducted previously involving corruption and international

aid. In the study of Alesina and Weder (2002), they found out that there’s no evidence that

bilateral or multilateral aid goes disproportionately to less corrupt governments. (for entire

sample period - 1975 to 1994) and that there is no evidence that debt relief programs have

been targeted to less corrupt countries. But based on their study, corruption is positively

correlated with aid received from the US. According to them, the possible reason is that US

pays little attention to corruption. They found out that US favors democracies over

dictatorships and that other motivations for aid-giving end up favoring more corrupt

governments.

Companies proven to be guilty of fraud and corruption are debarred from engaging

in any new Bank-Group-financed activity. Concerned governments are informed regarding

the results of the investigation made by the Bank Group. From the World Bank records for

the past seven years, the World Bank Group has debarred 368 firms and individuals (World

Bank 2017c).

2.4 Synthesis

No study has been found tackling the same topic in the ASEAN setting. Our

research will narrow down the scope giving focus on the ASEAN countries. The search for

the possible association of accounting/audit quality with the World Bank lending will be

more relevant, as this study becomes more suitable to these developing countries where the

international aids are more needed to fund the projects for faster development of the

32
country. We also considered two variables that were used in the previous researches that

suggest having possible association with the World Bank lending decision. US influence

has been proven to be both statistically and economically significant in the allocation

decision. We would like to consider this in evaluating its influence on the association

between the Accounting and Audit quality and World Bank lending. Same with corruption,

it has been part of the research studies that identify it as a factor being considered in bank

lending. With the presence of the accounting and audit quality to ensure that funds has been

properly used and not diverted into personal gains, this study will determine the impact of

corruption in the association of the accounting and audit quality with the World Bank fund

allocation.

33
 Chapter 3

Methodology

3.1 Research Design

The study will use causal design as it tries to prove that the level of World Bank

lending is affected by a country’s audit and accounting quality. Furthermore, the study also

investigated if the level of corruption and the alignment with U.S. interests of a country

affects the association of World Bank lending and audit and accounting quality.

3.2 Population and Respondents

The main population of this research would be the countries included in the

ASEAN. This population was used to determine the effect of audit quality on the level of

World Bank lending. It was also employed in determining the influence of U.S political

alignment and the level of corruption on the effect of audit and accounting quality on the

level of World Bank lending.

However, to test the effect of accounting quality on the level of World Bank

lending, the population used were publicly listed firms for each country. The data taken

was then aggregated for each country-year to represent the accounting quality present in

that specific country for that year. The population used to determine the sample size for

each country was calculated using the database, ORBIS.

34
3.3 Sampling Design

The information used for this research was based on relevance and certain

limitations inherent in the study. For this study’s main target sample size, the

researchers used convenience sampling based on the availability of data for each

country and arrived with the following target sample size:

Total Number of ASEAN countries 10

Countries with missing data (4)

Target Sample Size 6

On the other hand, Slovin’s formula was used to determine the target sample size

of firms in applicable countries that was used to study the effect of accounting quality on

the level of World Bank lending, as shown below.

𝑁
𝑛=
1 + 𝑁𝑒 2

Where:

n= Number of Samples

N= Total Population

e= Margin of Error, in this case .10

35
Indonesia:

The 296 publicly listed firms were narrowed down to 74 (rounded off to the nearest

whole number) firms following the formula below. The firms were then chosen using

stratified random sampling, then any firms with missing or unavailable date was replaced

with other firms using convenience sampling.

296
74 =
(1 + (296 ×. 102 ))

Malaysia:

The 740 publicly listed firms were narrowed down to 88 (rounded off to the nearest

whole number) firms following the formula below. The firms were then chosen using

stratified random sampling, then any firms with missing or unavailable date was replaced

with other firms using convenience sampling.

740
88 =
(1 + (740 ×. 102 ))

Philippines:

The 389 publicly listed firms were narrowed down to 79 (rounded off to the nearest

whole number) firms following the formula below. The firms were then chosen using

stratified random sampling, then any firms with missing or unavailable date was replaced

with other firms using convenience sampling.

36
 389
79 =
(1 + (389 ×. 102 ))

Singapore:

The 454 publicly listed firms were narrowed down to 81 (rounded off to the

nearest whole number) firms following the formula below. The firms were then

chosen using stratified random sampling, then any firms with missing or unavailable

date was replaced with other firms using convenience sampling.

454
81 =
(1 + (454 ×. 102 ))

Thailand:

The 797 publicly listed firms were narrowed down to 88 (rounded off to the nearest

whole number) firms following the formula below. The firms were then chosen using

stratified random sampling, then any firms with missing or unavailable date was replaced

with other firms using convenience sampling.

797
88 =
(1 + (797 ×. 102 ))

Vietnam:

The 577 publicly listed firms were narrowed down to 85 (rounded off to the nearest

whole number) firms following the formula below. The firms were then chosen using

37
stratified random sampling, then any firms with missing or unavailable date was replaced

with other firms using convenience sampling.

577
85 =
(1 + (577 ×. 102 ))

3.4 Research Procedures

To achieve the objectives of the study, the research procedures of the study are as follows:

1. Identified the target sample size used in the study

2. Gathered data necessary to test each hypothesis.

For the effect of accounting quality on the level of World Bank lending:

3. OPACITY is calculated for each country-year group using the following formula

made by Bhattacharya et al. (2003):

OPACITY= (∆CAkt - ∆CLkt - ∆Cashkt + ∆STDkt – DEPkt - ∆TPkt)/TAkt-1

Where:

∆CAkt = Change in Current Assets for k firm, year t

∆CLkt = Change in Current Liabilities for k firm, year t

∆Cashkt =Change in Cash for k firm, year t

∆STDkt = Change in the Current Portion of Long-term Debt for k firm, year t

DEPkt =Depreciation and Amortization Expense for k firm, year t

∆TPkt = Change in Tax Payable for k firm, year t

38
TAkt-1=Total Assets for k firm, year t-1

The researchers used the database, ORBIS, to gather the needed data for this

variable. The researchers then calculated the firm-level median value for each

country-year group, and then the average for each country-year will be computed as

the final measure of OPACITY.

4. Calculated Earnings Management with the equation developed by Leuz et al.

(2003), which is as follows:

EARNINGS MANAGEMENT=(∆CAkt - ∆Cashkt) - (∆CLkt - ∆STDkt - ∆TPkt)-DEPkt

Where:

∆CAkt = Change in Current Assets for k firm, year t

∆CLkt = Change in Current Liabilities for k firm, year t

∆Cashkt =Change in Cash for k firm, year t

∆STDkt = Change in the Current Portion of Long-term Debt for k firm, year t

DEPkt =Depreciation and Amortization Expense for k firm, year t

∆TPkt = Change in Tax Payable for k firm, year t

The researchers used the database, ORBIS, to gather the needed data for this

variable. The researchers then averaged the four decile ranks for each country-year

group to form the final measure of earnings management.

5. The final measure for this hypothesis will be measured by determining whether

IFRS is mandatory for all publicly listed firms in a given country-year group, with a

39
 score of 1 if IFRS implementation is mandatory, and 0 if it is not. The data used for

this test were gathered from the official site of the IFRS.

For the effect of the strength of the audit profession on the level of World Bank lending:

6. To test this hypothesis, the study used the development of the audit profession in

a country introduced by Michas (2011). This variable contains 9 distinct parts of

three general characteristics of the audit profession: (1) auditor independence, (2)

auditor oversight, and (3) auditing standards. Related data was gathered from the

World Bank’s Report on Standard and Codes (ROSC) and other relevant sources.

Since the bank does not provide a report on a firm-level, the study will employ a

country-level measure to show the Bank’s perception to the level of audit quality

that is present in the country. See Appendix B for the questions used to determine

the strength of the audit profession.

For the political factors that influences the effect of accounting quality and the strength of

the audit profession on the level of World Bank lending:

The study used three variables for the influence of U.S political alignment:

7. The first measure used is based on the votes casted by a country that are aligned

with the vote of U.S. on an assembly held by U.N., this method was also used by

Andersen et al. (2006) and Kilby (2009). The variable is then split into two

subsamples, high and low voting alignment based on the threshold of 50 percent

voting alignment. The data for this test was posted by U.S. on their website

(http://www.state.gov/p/io/rls/rpt/), under congressional reports. The average voting

40
percentage of the 6 countries was used as the basis whether a country is highly or

lowly aligned with U.S.

8. The final variable related to U.S. alignment is based on the minimum geographic

distance from the chosen country’s capital to one of the following cities: New York,

New York, Rotterdam, The Netherlands, Tokyo, Japan, and Washington, DC. A

country is considered geographically more distant, if the distance is greater than the

mean of the 5 countries.

9. The study used “the control of corruption” index assembled by Kaufmann, Kray

and Mastruzzi (2009) to test the influence of corruption on the effect of accounting

quality and the strength of the audit profession on World Bank lending. The

estimates found in the index were the basis of the scoring 0 and 1. The median was

identified and all the values above the median were given a score of 1 and was

considered having good governance or low corruption. Any value lower than the

median got a score of 0 and was considered having high level of corruption also

termed as having bad governance. Moderated regression analysis was performed to

know whether corruption influences the effects of accounting and audit quality on

level of World Bank lending.

10. Analyze, interpret and conclude the findings of the study.

11. Made recommendations based on the result of the study

41
3.6 Data Analysis

The study used the following model to measure the effect of accounting quality and

the strength of the audit profession on the level of World Bank lending, as well as the

political factors that influences it:

World Bank Loans = f (Accounting Quality, Audit Strength, Alignment with U.S.

Interests, Corruption levels)

The researchers will use secondary data which will then be analyzed with the help

of Phstat and R. The former programs will be used for the computation of mean, standard

deviation, critical value, f-value, p-value of the data gathered. A 5% level of significance

was used for various computations. The researchers used panel regression to test the effects

of the independent variables on the dependent variable. Panel regression is a dataset in

which behavior of entities is observed across a period of time. More specifically, the study

will use the random-effects model of panel regression after executing the Hausman test.

The researchers first checked the fixed effects model with all the explanatory

variables. As can be seen in the result below the variable for Earnings Management

(E_EM) is not significant and so is the variable for Opacity (E_O). Hence, in the second

result, Opacity was removed from the model. Earnings Management was still insignificant

and was also removed.

42
Model with all explanatory variables:

Table 10: Model with all explanatory variables (fixed effects)

Model without Opacity:

Table 11: Model without Opacity (fixed effects)

43
Model without Earnings Management and Opacity

Table 12: Model without Opacity and Earnings Management (fixed effects)

The researchers also tested for the random effects model with all the explanatory

variables. Earnings Management and Opacity were still insignificant and were taken out of

the model consecutively.

44
Model with all explanatory variables:

Table 13: Model with all explanatory variables (random effects)

45
Model without Earnings Management:

Table 14: Model without Earnings Management (random effects)

Model without Opacity and Earnings Management:

Table 15: Model without Earnings Management and Opacity (random effects)

46
 The best fit panel regression model for both fixed and random effects were then

compared to check which is better using the Hausman test. The test shows that the random

effects model is better for this analysis.

Table 16: Hausman Test

The researchers also tested the heteroscedasticity and the results show that the

errors were heteroscedastic in nature for the model. Variance Inflation Factor (VIF) values

are less than 5. The variables are only moderately correlated. Also, there is serial

correlation in the model

Table 17: Studentized Breusch-Pagan Test

Multicollinearity:

Table 18: Multicollinearity Test

VIF

Table 19: Variance Inflation Factor (VIF)

47
Autocorrelation:

Table 20: Autocorrelation

Due to the heteroscedasticity and serial correlations present in the model, a robust

covariance matrix is used to account for them. This results to the model below.

Table 21: Robust Covariance Matrix

The final model also fixed the issue with the presence of heteroscedasticity and

autocorrelation.

Table 22: Studentized Breusch-Pagan Test

Table 23: Breusch-Godfrey/Wooldridge Test

48
 Hence, the final model is the random effects model which shows that IFRS

Difference, Mandatory, Auditing standards, Auditor Independence, and Auditor Oversight

have significant effects on the level of World Bank lending. IFRS Difference and Auditor

Standard have negative effects while all the rest have positive effect.

. The researchers also used moderated regression analysis to test the effects of the

moderating variables on the relationship of the dependent and the independent variables.

49
 Chapter 4

Presentation of Findings, Analysis and Implications

This chapter includes presentation, analysis and interpretation of the data gathered

by the researchers. It contains the discussions on the different business implications

brought by the results of the hypotheses derived from the tests conducted for each of the

hypotheses in this study.

4.1 Descriptive Statistics

Table 1
Country-Level Descriptive Statistics
Panel A: Descriptive Statistics for World Bank Loans and the Four Measures of Accounting Quality in a Country
WB_LOANS OPACITY EARNINGS_MGT IFRS_YEAR
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
Indonesia 10.6183424 -0.98809 -0.01971 -0.05493 -3.01918 -0.01864 -9.8228 9.67813 -9.50222 -9.41732 8.32529 2008
Malaysia 9.618113 -0.25824 0.11056 -0.16428 -5091.349 -4.04155 -6.99057 -6.87095 -7.07475 -7.48304 -7.11411 2010
Philippines 10.1626334 -0.54928 -0.5355 0.16621 -0.05845 0.13256 -8.05829 7.52314 7.76977 -5.46222 -6.96198 2006
Singapore 8.2583978 -0.22281 0.06899 0.11701 -0.1869 0.11552 -9.74307 9.6895 9.18303 -10.15955 9.8632 2003
Thailand 9.9755761 -0.04244 -0.04719 0.06712 -0.08337 -0.02055 -6.86873 -6.55868 -5.25126 -6.94332 -6.73732 N/A
Vietnam 9.2474307 0.04703 -0.10381 0.18513 -0.14672 0.00423 -8.25054 -8.76648 8.87048 -9.22985 -8.36575 N/A
Mean 9.6467489 -0.33564 -0.08778 0.05271 -849.1407 -0.63807 -8.289 0.78245 0.66584 -8.11588 -1.83178
STD 0.82535 0.38012 0.23277 0.1367 2,078.25 1.66871 1.28255 9.02834 8.81638 1.78485 8.49609
N 6.00 495 495 495 495 495 495 495 495 495 495 6

Panel B: Descriptive Statistics for World Bank Loans and the Four Aspects of Audit Profession Development in a Country
WB_LOANS Standards Independence Oversight
1 2 3 4 5 6 Average 7 8 9 Average Sum
Indonesia 10.61834 0.33 1 0.33 1 1 0 0.67 1 1 1 1 6.66
Malaysia 9.61811 1 1 1 0 0 1 0.6 1 1 1 1 7
Philippines 10.16263 1 1 1 1 1 1 1 1 0.5 1 0.83 8.5
Singapore 8.2584 0.67 1 0.33 1 0 1 0.67 0 0.5 1 0.5 5.5
Thailand 9.97558 0.67 1 0.33 0 1 1 0.67 1 0.5 1 0.83 6.5
Vietnam 9.24743 0.33 1 1 0 1 0 0.6 1 0.5 1 0.83 5.83
Mean 9.64675 0.67 1 0.67 0.5 0.67 0.67 0.7 0.83 0.67 1 0.83 6.67

GOV DIST VOA VCA

2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
Indonesia 0 0 0 0 0 1 1 1 1 1 1 0 0 0 0 1 0 1 0 0
Malaysia 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 1 1 1 0
Philippines 0 0 1 0 0 0 0 0 0 0 1 0 1 1 1 1 0 1 0 0
Singapore 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 1 1 1 1 0
Thailand 0 1 1 1 1 0 0 0 0 0 0 0 1 1 1 0 1 1 1 1
Vietnam 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0
Mean 0.333 0.5 0.67 0.5 0.5

Table 1: Country-Level Descriptive Statistics

50
 Table 1, Panel A provides descriptive statistics for World Bank Loans and the four

measures of accounting quality in a given country-year. WB_LOAN shows the average

borrowings of a country from 2011 to 2015. The overall mean value of loans is 9.6467489

($11,937,215,500.00), with Indonesia having the most loans of 10.6183424

($41,528,132,000.00), and Singapore having the lowest amount of 8.2583978

($181,300,000.00).

The mean value of OPACITY for 2011 is -.033564, with Vietnam being the most

opaque with a value of .04703, while Indonesia ranks last, with a value of -.98809. The

mean value of OPACITY for 2012 is -.08778, with Malaysia being the most opaque with

the value of .11056, while Philippines ranks last with the value of -.54928. The mean value

of OPACITY for 2013 is .05271, with Vietnam being the most opaque having the value of

.18513, while Malaysia ranks last with the value of -.11056. The mean value of OPACITY

for the year 2014 is -849.14067, with Philippines being the most opaque having the value

of -.05845, while Malaysia ranks last with the value of -5,091.349391. The mean value of

OPACITY for 2015 is -.63807, with Philippines being the most opaque having the value of

.13256, while Malaysia ranks last with the value of -4.04155.

The mean value of EARNINGS_MGT for 2011 is -8.28900, with Thailand showing

the highest value of -6.86873, while Indonesia ranks last with the value of -9.82280. The

mean value of EARNINGS_MGT for 2012 is .78245, with Singapore exhibiting the

highest value of 9.68950, while Vietnam ranks last with the value of -8.76648. The mean

value for EARNINGS_MGT for 2013 is .66584, with Singapore exhibiting the highest

51
value of 9.18303, while Indonesia ranks last with a value of -9.50222. The mean value for

EARNINGS_MGT for 2014 is -8.11588, with Philippines showing the highest value of -

5.46222, while Singapore ranks last with the value of -10.15955. The mean value for

EARNINGS_MGT for 2015 is -1.83178, with Singapore exhibiting the highest value of

9.86320, while Vietnam ranks last with the value of -8.36575. Moreover, IFRS_YEAR

shows the year when the implementation of the IFRS was mandatory for that year.

Table 1, Panel B provides a detailed coding for the components that makes up the

four aspects of audit profession development, which also shows the average for each

component and for each country, as well as the sum of all the components that make up an

aspect. The coding is determined by answering the questions found in Appendix B. The

overall mean for WB_LOANS is 9.64675 having the same result as to measuring the effect

of accounting quality, with Indonesia in the highest rank having loans of 10.61834 and

Singapore in the lowest rank having loans of 8.2584.

The value of AUD_QUAL ranges from a theoretical low of 0 to a high of 1 in each

of the component. For auditing standards, the mean is 0.67 which indicates high

consistency with the International Standards on Auditing. For auditor independence, the

coding for the countries differs in components 2 to 6 but the mean is still in the mid-level

which is 0.70. For auditor oversight, the mean is equal to 0.83, which is already considered

high. The mean value for AUD_QUAL over the 6 countries, considering all the

components of the three aspects, is equal to 6.67. Philippines ranks highest with a value of

8.5, while Singapore ranks lowest with a value of 5.5.

52
 Table 1, Panel C provides a detailed coding for the different components of the

moderating variables. In knowing the level of corruption, each country is given a score of

0-1, with 1 signifying good governance and 0 denoting bad governance. For 2011, the

mean is .33. Malaysia and Singapore are the only countries with good governance. In 2012,

the mean is .5 which is higher compared in 2011. Thailand now has good governance along

with Malaysia and Singapore. In 2012, the mean reaches its highest value which is .67.

Malaysia, Singapore and Thailand are consistent for having good governance while

Philippines has just started having good governance. The mean goes down at .5 both in

2014 and 2015. Malaysia, Singapore and Thailand continue having a low level of

corruption while Indonesia and Vietnam are both consistent for having a high level of

corruption all throughout the five-year period. Philippines went back to having bad

governance in 2014 and 2015. Countries are also given a score of 0-1 if they are a member

of the United Nation Security Council. For the years 2011, 2012, 2013 and 2015, all of the

countries scored 0. For the year 2014, only Malaysia scored 1. Also included in this panel

are the US vote alignment on assembly held by UN and the minimum geographic distance

of the country to Washington, DC. For the two variables, countries are scored 0 to indicate

low voting alignment or are geographically more distant to Washington, otherwise, 1. A

country is considered to have a high US vote alignment if it has greater percentage of

alignment than the mean percentage of alignment of the 5 countries. Meanwhile, a country

is geographically more distant to Washington, DC if its distance is greater than the mean

distance of all 5 countries to Washington, DC.

53
4.2 Main Results

The Random Effects Model in the table below shows the P-values that the

researchers used in testing the effects of each independent variable on the dependent

variable, as well as the influence of corruption on their effect.

Table 24: Random Effects Model (Final Model)

Given these results, the researchers fail to reject the null hypotheses which states

that Opacity and earnings management have no effect on the amount of credit a country

54
receives from the Bank. Opacity and earnings management are both measures of the

accuracy of the financial performance that can be seen in the financial statements of a firm

(Bhattacharya et al, 2003; Leuz et al, 2003). For a commercial lender, this kind of

information is important because they can use this to measure the risk that they will face,

and thus, be able to price the loan accordingly. But the results suggest that the same is not

true for the Bank, whose primary purpose for lending to countries is not profit-based. First,

the primary purpose of the Bank is to provide aid to developing countries so that they can

improve their economy, unlike to that of a commercial lender, whose primary purpose is to

obtain profit from these transactions. Second, while a commercial lender charges interest

rates based on the risk they face in lending transactions that they measure using the

financial information provided to them, the Bank only charges interest based on the term of

the borrowing agreement (World Bank 2014e).

On the other hand, the researchers reject the null hypothesis stating that mandatory

implementation of the IFRS has no effect on the level of Bank lending. The results are

similar to the findings of Lamareaux et. al. (2015), which states that mandatory

implementation of the IFRS has an effect on the level of Bank lending. The result is

supported by the traditional bank theory, which presupposes that banks are more willing to

lend money to debtors that can offer them better accounting information; consequently, the

Bank are more willing to lend credit to countries which follow and mandatorily implement

the IFRS. This suggests that the Bank believes that IFRS implementation improves the

overall financial reporting environment of a country because it helps to monitor the

55
activities of companies, and it also improves the assessment and the collection of taxes.

Provided with this, it is clear that the Bank considers the implementation of the IFRS as a

benchmark in terms of accounting quality (Lamareaux, 2015). The result is also supported

by the study of Anagnostopoulou (2016), which states that in a period where the IFRS has

been widely adopted around the world, the point of focus now shifts on the differences in

the enforcement of this standard across different countries.

The results suggest that the other aspects of audit development in a country-

auditing standards, auditor independence, and auditor oversight- have a significant effect

on the level of Bank lending; thus, the researchers reject their respective null hypotheses.

This is in line with the results of Lamareaux et. al. (2015), which states that the audit

quality present in a country affects the amount of credit it receives from the Bank.

The negative effect of auditing standards might be because of numerous reasons.

First, there are translation problems when a country localizes the ISA, and the real meaning

or purpose of the standards are sometimes lost or misinterpreted by the auditors, There are

also regulatory issues with the ISA and a country’s laws because the penalties and fines

imposed by the ISA with a country’s regulatory board are usually different (Wong,

2004). Another study made by Kleinman et. al. (2014) stated that developing countries

have a harder time adopting the ISA because the ISA is prepared for the use of developed

countries such as America and the UK. Because of this, the auditors in those countries have

a hard time using the ISA as compared to localized auditing standards that is specifically

made for their country.

56
 The findings are supported by the lending credibility theory, which puts importance

on the opinion given by an auditor to the financial statements. The lending credibility

theory explains that the main product that an auditor offers to his clients is his credibility.

The users of the audited financial statements can put more faith on the work of the auditor

if they know that the auditor was unbiased on giving his opinion on the financial

statements, and that his work is subject to the review of his fellow auditors.

The effect of auditor independence on the level of Bank lending is supported by the

study of Menon and Williams (1991), which shows that auditor independence increases

their credibility, which in turn, would increase the value of their work. Another study by

Houghton et. al., (2009) states that auditor independence is perceived by the users of the

financial statements as something important and valuable that can affect how they use those

financial statements in their decisions. The results suggests that the auditors need to

become more ethical in their work and that they must always be unbiased when giving out

their opinions.

The effect of auditor oversight on the level of Bank lending is supported by the

study of Favere-Marchesi (2000) which states the importance of the legal environment in a

country on its audit profession. The finding of Favere-Marchesi (2000) shows that the

national laws implemented in a country has a direct effect on the work of an auditor. This is

also in line with the lending credibility theory, because the value of an auditor’s opinion is

increased when there are guidelines that the auditor has to follow when issuing his or her

opinion. The study of Roberts et al., (1990), also shows that the rules and regulations

57
implemented by a country also acts as a filter to find auditors that do not comply with

them. Indirectly, this improves the quality of the audit profession in that country because it

removes dishonest and fraudulent auditors.

Moderating Variables

Table 25: Moderated Regression Analysis Testing the Influence of Alignment of Votes

Coefficients Standard Error t Stat P-value

Intercept -18065424662.8891 21372247292.4037 -0.8453 0.4057

AAQ 4756669551.1073 3651946580.5874 1.3025 0.2042

Dist 36840375266.1275 44804170040.0654 0.8223 0.4184

Dist*AAQ -5096220919.3970 7415620799.8755 -0.6872 0.4980

Table 26: Moderated Regression Analysis Testing the Influence of Distance from US
Moderated regression is first used to determine whether alignment of votes with US

on UN Assembly and geographical distance has a role on the effect of accounting quality

and strength of audit profession on level of Bank lending. Results suggest that accounting

quality and strength of audit profession and its effect on Bank lending is not affected by the

58
geographical distance of the country to Washington, DC and the voting alignment with US.

The results of our study can be supported by the model that Frey and Schneider (1986)

presented in their study, specifically the “deserts-model”. With the deserts-model, countries

that get the most credits from the Bank are the deserving countries, not because of their

relationship with US, but because the Bank sees potential growth in them. This suits the

IBRD institution of the Bank as it lends for projects of creditworthy countries, that may

continue to be creditworthy based on their performance. The model also supports the prior

results of this study, such as the significant effect of mandatory implementation of the

IFRS, auditor independence, and auditor oversight. These factors can be seen by the Bank

as factors also relating to the growth of a country’s economy. Also, lending without being

influenced by the country’s relationship with US means that the accounting quality and

strength of audit profession on the country is given more attention.

Coefficients Standard Error t Stat P-value

Intercept -13522458145.3626 12072905652.2428 -1.1201 0.2729

Agg 12899169833.9007 4245814849.5437 3.0381 0.0054

Gov 23986752388.4838 19502115170.8266 1.2300 0.2297

Agg*Gov -14672650915.5190 6669802617.9421 -2.1999 0.0369

Table 27: Moderated Regression Analysis Testing the Influence of Corruption

59
 Using the moderated regression analysis, the researchers have proven that

corruption is indeed a moderating variable, thus, included in the final model. The final

model suggests that governance specifically weakens the relationship of the mandatory

implementation of IFRS to loan. This means that if a country has a low level of corruption,

the effect of mandatory implementation of IFRS to Bank lending is weaker. If the country’s

level of corruption is high, the effect of mandatory implementation of IFRS to Bank

lending is stronger. This means that countries with high level of corruption should consider

implementing IFRS in their respective countries in order to access aid despite being

assessed as highly corrupt country, while countries with good governance despite not

implementing IFRS can still access funds. The mandatory implementation of IFRS is a

preventive measure of corruption in making sure those transactions wherein the

funds coming from the bank being used are properly accounted for. On the other hand,

audit is more of a detective measure of corruption. Even though it has been detected,

corruption of fund has already been done. Therefore, it is important to control and prevent

it from the beginning by implementing the IFRS. That's why IFRS implementation matters

the most in countries with high level of corruption. Audit quality will follow and will be

needed irrespective of the level of corruption present in a country. This result partially

supports the findings of the study of Lamareaux et al. (2015) which states that in countries

with low level of corruption, Bank lenders rely on the limited level of corruption rather

than considering the accounting and audit quality levels in a country when making loan

amount decisions.

60
 CHAPTER 5

CONCLUSION AND RECOMMENDATIONS

Conclusion

The primary purpose of this study is to determine the effects of accounting quality

and the strength of the audit profession on the level of Bank loans received by ASEAN

countries. The study involves numerous variables that measure accounting quality and the

strength of the audit profession and each of the variable was further analyzed to test its

effects. This study is also important as it denotes how the level of bank lending is affected

by other factors present in a country, such as the alignment with US and the level of

corruption.

The first objective of this study was to determine if accounting quality has an effect

on the level of the Bank lending using opacity, earnings management, the difference

between the IFRS and local accounting standards, and the mandatory implementation of the

IFRS on countries. Through the use of panel regression, specifically, the random-effects

model, the researchers concluded that both opacity and earnings management have no

effect on the level of credit received by the ASEAN countries from the Bank; thus, the

researchers failed to reject the null hypotheses which states that opacity and earnings

management have no effect on the level of Bank loans received by ASEAN countries. On

the other hand, the results showed that the mandatory implementation of the IFRS has a

significant effect on the level of Bank lending; thus, the researchers reject the null

61
hypothesis stating that mandatory implementation of the IFRS has no effect on the level of

Bank lending.

The second objective of this study is to determine if the strength of the audit

profession has an effect on the level of Bank lending, using three out of the four aspects of

audit development: auditing standards, auditor independence, and auditor oversight. Using

the same model used on the first objective, the researchers are able to conclude that the

aspects of audit development has a significant effect on the level of Bank lending; thus, the

researchers reject the following null hypothesis: auditing standards has no effect on the

level of Bank lending; auditor independence has no effect on the level of Bank lending; and

that auditor oversight has no effect on the level of Bank lending.

The researchers further analyzed if the effect of accounting and audit quality on the

level of World Bank lending will be affected by a country’s political alignment with

America. The results indicates that political alignment with America as proxied by voting

alignment on UN votes and the minimum geographic distance of the country to

Washington, DC, has no role on the effect of accounting quality and strength of audit

profession on level of Bank lending; thus the researchers fail to reject the null hypotheses

of these moderating variables. The researchers also analyzed if the effect of accounting and

audit quality on the level of World Bank lending is influenced by the level of corruption

present in a country. The result leads us to the conclusion that in countries with high level

of corruption, the effect of mandatory implementation of IFRS is stronger; thus the

62
researchers reject the null hypothesis stating that the level of corruption has no influence on

the effect of accounting quality on the level of Bank lending.

The analysis of the data, as a whole, suggests that mandatory implementation of the

IFRS has a positive and significant effect on the level of Bank lending; while it seems like

audit standard, auditor independence and audit oversight has a significant effect on the

level of Bank lending. The study also suggests that the effect of mandatory implementation

of the IFRS on the level of Bank lending is influenced by the level of corruption present in

a country. The results imply that the Bank believes that the mandatory implementation of

the IFRS improves the reporting of financial performance in a country; while the results on

audit independence and auditor oversight allude to the value of an auditor’s opinion to the

Bank. The results also suggest that mandatory implementation of IFRS has a weaker effect

on the level of Bank lending if a country is less corrupt, and vice versa.

Recommendation

Based on the findings and conclusion of this study, the following recommendations are

presented:

1. For the ASEAN and other developing countries

First and foremost, it is duly recommended to fix the standards of the

countries to be able to have a more organized accounting and auditing system.

Basing from the results of this study, it is important to note that the level of Bank

loans is affected by the mandatory implementation of IFRS. This is a factor that the

63
Bank considers in giving aids and therefore, countries that are not yet implementing

IFRS in their countries such as Thailand and Vietnam should consider this in order

to get more financial assistance from the Bank. We recommend a strict

implementation of the standards to make sure that the funds coming from the Bank

are properly allocated and put the funds into good use for the betterment of a

country’s economy.

Moreover, in terms of the effect of the strength of audit profession on Bank

lending, the study implies that auditor independence has a positive effect on Bank

lending. According to the data, Indonesia and Singapore currently have modest

punishments to those auditors who do not abide by the independence rule. They are

only given low liability for defying what has been imposed in relation to their

work. With this being said, the researchers recommend to impose higher penalties

and fines to those auditors violating the rule in order to improve auditor’s

independence and be able to access more funds from the Bank. Also, external

auditor’s rotation for listed companies helps in preserving auditor’s independence.

Given that auditor independence has a positive effect on Bank lending, Singapore

and Malaysia which do not require this rule can consider this to receive more funds

from the Bank. Lastly, adopting the ethics code of the International Federation of

Accountants under auditor’s independence also has a positive effect on Bank

lending. Indonesia and Vietnam who are currently not adopting this code may

consider this in order to get more aids from the Bank.

64
 In the case of the moderating variables, since geopolitical interest of US has

no significant role on the effect of accounting quality and audit strength on Bank

lending for all countries, it is better for them to focus on improving the measures of

accounting quality and strength of audit profession that has an effect on Bank

lending. The study also suggests that if a country has a high level of corruption, the

positive effect of mandatory implementation to bank lending is stronger. Vietnam

recorded a high level of corruption and at the same time, IFRS implementation is

not mandatory. Therefore, mandatory implementation of IFRS is highly

recommended.

2. For the auditing profession

The results of this study show that the three aspects of audit development

have strong impact on the level of loans the Bank will lend to a country. The

researchers recommend to further improve the three aspects of audit development to

strengthen the effect of audit quality on the amount of credit the Bank lends them,

especially those aspects where they are lagging behind compared to other countries.

The researchers recommend that the auditors need to have discipline in their work

and to always be ethical at all times, because their opinion on the financial

statements has a huge impact on their respective country, as shown by the results of

this study. It is also encouraged that auditors to keep a watchful eye on their peers

to detect those who do not exercise independence in their work and are involved in

65
 fraudulent acts, because those acts will bring down the value of the auditing

profession in their country as a whole.

3. For countries that have not yet, or are planning to, partially or as a whole,

adopt the IFRS and other international standards

The results of the study show that the mandatory implementation of IFRS

has a significant effect on the level of Bank lending; therefore, the researchers

recommend that countries such as Thailand and Vietnam to fully adopt and strictly

implement IFRS so that they can increase the amount of loans they can borrow

from the Bank. But, there are also more benefits a country can gain from adopting

the IFRS. Adopting the IFRS will also make their financial statements more

globally comparative and more attractive to other financial statement users such as

potential investors and foreign companies that plan to enter their markets. It will

also increase the overall competence of their own accountants against other

countries.

4. To government regulatory bodies

The results of this study shows that mandatory implementation of IFRS and

auditing standards implemented in a country have effects on the amount of credit

the Bank will loan to them. Because of this, the researchers recommend that the

regulatory bodies in accounting and auditing for each country, like the Board of

Accountancy (BOA) and the Auditing Standards and Practices Council (ASPC) for

the Philippines, to make a move to fully mandate and implement the international

66
 standards for accounting and auditing. Adopting these international standards will

allow the financial statements on those countries to be more comparable to other

countries that also follow these standards. By adopting these standards, it will also

allow be more convenient for the Bank and other financial statement users to use

the financial statements for ease of checking and evaluation since they are already

aligned with the imposed standards.

5. The World Bank

It should provide a clearer rationale of the factors to be considered when

providing loans. This could be of help to the Bank enabling them to standardize

their system in providing aids to countries who needed them. They can use the

results of this study to better examine the clients availing for their assistance.

Accounting and audit quality might just be one of the many factors that

Bank considers in making allocation decisions of funds. Corruption was found to

have an impact on the effect of accounting and audit quality on Bank lending if we

consider only developing countries by just basing on this study. We believe that

even though the Bank prioritizes these developing countries that turned out having

high level of corruption, the Bank should also consider and observe the progress in

these countries, if corruption is actually being addressed across time. This is to

make sure that the funds are being used efficiently and that the goal of the Bank

which is to help them in improving foundational infrastructures including

alleviation of corruption is being met. If the Bank will not be strict and will

67
 continue to give funds to these countries despite having a high consistent level of

corruption, there is a high possibility that these funds are just ending up in the hands

of the corrupt politicians. If the Bank will impose stricter rules, in this case,

requiring good quality of accounting and audit profession, especially for those

countries recording high level of corruption, the bank can make sure that fund will

be spent accordingly. It will also encourage these countries to improve policies and

enforce standards in their respective countries.

6. The Academe and Future Researchers

This study is useful to future accounting and audit researchers as this

provides new evidence as to the effect of accounting and audit quality on Bank

lending. This can be used as a basis to further investigate on the different factors

affecting the assistance provided by the bank. In this study, it shows that the

mandatory implementation of IFRS moderated by the level of corruption and the

three aspects of audit profession development have significant effects on Bank

lending. The future researchers could consider other factors affecting Bank lending

other than those mentioned in this study. We also recommend increasing the sample

size of the study, adding more developing countries to address small sample size

bias, giving results with significant effects. Also, this could be of help to the

academe by incorporating the findings from this study to their teaching.

68
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50192

74
 Appendix A

Stages in a Loan Cycle

75
 Appendix B

Measurement of Audit Profession Development and Description of Data Sources

The 9 components are coded based on the answers on the following 9 questions

(Data sources indicated in the parentheses).

Auditing Standards:

1. To what extent are the country’s auditing standards consistent with International

Standards on Auditing? This variable is coded 0.00 if there is low consistency,

0.33 if medium, 0.67 if high, and 1.00 if they are exactly the same except for very

minor differences (ROSC).

Auditor Independence:

2. Are auditors in the country prohibited from both preparing and auditing a client’s

financial statements? This variable is coded as 1 if the answer is yes, and 0 if

the answer is no (ROSC).

3. What is the level of liability faced by auditors in the country? This variable is

coded 0.00 if liability is nonexistent, 0.33 if low, 0.67 if mid-level, and 1.00 if

high (ROSC).

4. Are companies’ audit committees responsible for appointing listed companies’

external auditors? This variable is coded as 1 if the answer is yes, and 0 if the

answer is no (ROSC and AARSSF).

5. Is auditor rotation required for external auditors of listed companies? This

76
 variable is coded as 1 if the answer is yes, and 0 if the answer is no (ROSC and

AARSSF).

6. Has the audit profession adopted the ethics code of the International Federation

of Accountants? This variable is coded as 1 if the answer is yes, and 0 if the

answer is no (ROSC).

Auditor Oversight:

7. Are auditors required to register with or be licensed by a central governing

organization, either public or private? This variable is coded as 1 if the answer is

yes, and 0 if the answer is no (ROSC).

8. What type of auditor practice reviews are mandatory within the country? This

variable is coded 0.00 if none are required, 0.50 if a government body or a peer

auditor conducts the review, and 1.00 if an independent, professional audit

organization (similar to the American Institute of Certified Public Accountants

[AICPA], for example) conducts the review (ROSC and AARSSF).

9. Does an organization within the country consistently issue published audit

implementation guidelines? This variable is coded as 1 if the answer is yes, and 0

if the answer is no (ROSC).

77
 Appendix C

Control of Corruption Indicator Sub-Sources

78
 Appendix D

Data for ASEAN countries

Table 2
Panel A: Change in Current Assets for Indonesia
Companies 2015 2014 2013 2012 2011
PT Telekomunikasi
INdonesia TBK 40,648,855,745.00 -27,593,055,270.00 742,176,242.00 16,634,313,109.00 11,624,536,560.00

Indofood Sukses Makmur -14,313,663,533.00 28,068,802,288.00 7,066,291,380.00 -6,501,947,520.00 20,764,740,290.00

PT Astra International
TBK 10,315,542,861.00 27,794,008,546.00 -2,616,677,877.00 4,513,483,396.00 91,134,247,071.00
Perusahan GAS Negara
(Persero) TBK 3,834,133.00 -1,670,187.00 -2,637,104.00 15,577,040.00 -1,436,027.00

PT Unilever Indonesia
TBK -114,808,521.00 3,774,712,015.00 -2,545,025,836.00 -4,034,959.00 3,257,715,143.00
Tiphone Mobile Indonesia
TBK., PT 5,810,095,516.00 5,631,229,148.00 5,177,255,990.00 -1,681,819.00 1,179,632,633.00
PT Japfa Comfeed
Indonesia TBK 1,558,096,282.00 -1,481,699,380.00 5,273,131,423.00 3,599,486,510.00 2,261,614,085.00

Sumber Alfaria Trijaya, PT -1,574,297,428.00 7,196,565,809.00 467,978,500.00 7,862,829,781.00 1,948,287,919.00

Hanjaya Mandala
Sampoerna 27,291,674,633.00 -2,682,451,261.00 -13,024,774,121.00 18,399,867,389.00 -4,960,363,696.00
Garuda Indonesia
(Persero) Tbk., PT 11,373,412.00 -990,540.00 34,531,139.00 13,854,529.00 13,854,529.00

PT United Tractors TBK 13,631,129,750.00 19,406,853,091.00 6,932,379,281.00 -29,849,167,898.00 48,370,819,266.00

PT Charoen Pokphand
Indonesia TBK 5,280,783,201.00 3,842,486,341.00 1,406,724,762.00 5,271,986,562.00 4,584,487,588.00

Adaro Energy TBK., PT -5,206,653.00 -4,149,814.00 2,645,878.00 1,242,663.00 8,295,158.00

Indah Kiat Pulp & Paper
Corporation 23,876,887.00 -4,855,789.00 9,730,655.00 4,602,011.00 16,569,973.00

PT
PT Gudang Garam
Sinar MAS AgroTBK 7,156,103,344.00 12,489,984,406.00 -2,162,683,376.00 -19,084,674,813.00 35,442,113,912.00
Resource And Technoloy
TBK 1,632,565,699.00 7,007,794,420.00 -3,527,835,108.00 -7,160,738,998.00 2,466,013,597.00

PT INdosat TBK 3,058,490,842.00 4,771,752,332.00 -9,439,853,633.00 7,588,628,308.00 -2,097,674,504.00

PT Barito Pacific TBK -9,836,253.00 -6,936,022.00 6,789,037.00 -2572209 4,863,407.00

Semen Indonesia
(Persero) TBK, PT -5,802,719,053.00 5,554,644,976.00 101,502,537.00 -1,841,132,475.00 1,223,723,268.00
PT Chandra Asri
Petrochemical TBK -10,083,326.00 -6,315,803.00 7,427,868.00 -10,357.00 1,196,553.00

XL Axiata TBK -13,092,488,516.00 26,539,331,912.00 5,619,024,694.00 -762,068,932.00 5,541,072,996.00

Erajaya Swasembada
TBK, PT 3,261,026,324.00 1,681,776,134.00 1,604,577,027.00 1,445,506,139.00 5,040,492,303.00

Multipolar TBK -4,255,868,299.00 -3,356,448,391.00 14,100,336,532.00 704,037,871.00 -5,042,258,637.00

PT Kalbe Farma TBK 746,148,077.00 1,888,723,647.00 -263,111,659.00 -1,306,910,809.00 4,284,523,435.00

Bentoel INternasional
Investama TBK 2,429,476,722.00 3,396,899,248.00 1,018,331,650.00 -1,644,443,255.00 5,876,758,298.00
PT Enseval Putera
Megatrading TBK 842,025,690.00 16,717,300,706.00 -1,414,814,039.00 -166,581,130.00 4,848,680,178.00

79
 Table 2
Panel B: Change in Current Assets for Indonesia
Companies 2015 2014 2013 2012 2011
Krakatau Steel
(Persero) TBK,. -5,135,040.00 -1,410,474.00 -9,011,492.00 -7,627,598.00 5,365,839.00
Indo
Tambangraa
Megah Tbk, PT -1,247,755.00 -1,529,430.00 -12,970,907.00 -6,933,921.00 20,157,210.00
Mayora Indah
Tbk 2,110,942,247.00 -17,945,375.00 676,951,416.00 2,882,517,936.00 6,742,784,265.00
Jasa Marga
(Persero) Tbk,
PT 15,325,464.00 -1,048,103,255.00 -5,589,012,799.00 14,551,725.00 -586,893,675.00
Pembangunan
Perumahan
(Persero) TBK 4,354,762,494.00 5,102,825,530.00 8,290,654,316.00 2,865,985,219.00 6,642,067,329.00
Medco Energi
INternasional
TBK 15,631,064.00 -2,832,713.00 -10,667,261.00 -10,071,802.00 12,379,272.00
Indomobil
Sukses
Internasional
TBK -855,943,749.00 211,764,148.00 376,684,289.00 6,179,106,486.00 13,787,226,207.00
PT Indocement
Tunggal
Prakarsa TBK -12,871,576,681.00 -3,513,035,699.00 -1,040,416,826.00 12,374,789,036.00 13,458,987,652.00
PT AKR
Corporindo TBK 845,619,972.00 -4,034,690,535.00 -3,600,242,646.00 6,384,035,668.00 5,673,369,971.00

Salim Ivomas
Pratama TBK PT -4,395,271,674.00 2,110,122,848.00 -9,584,917,498.00 -10,140,809,286.00 16,424,129,158.00
Astra Agro
Lestari TBK 989,192,428.00 2,477,746,260.00 -1,456,897,058.00 -1,524,558,482.00 -865,581,101.00
PT Mitra
Adiperkasa TBK 936,463,015.00 2,299,408,828.00 2,291,305,455.00 2,475,693,732.00 21,489,572.00
Tambang
Batubara Bukit
Asam (Persero)
Tbk, PT -657,443,772.00 3,062,344,202.00 -13,698,086,318.00 -5,634,470,545.00 10,500,933,341.00
Hero
Supermarket
TBK -997,846,620.00 -1,506,015,942.00 3,561,897,472.00 1,415,126,568.00 1,500,141,636.00
Gajah Tunggal
TBK 7,606,203.00 -2,333,322,490.00 -233,322,490.00 -2,366,087,887.00 2,682,201,531.00
Pabrik Kertas
Tijwi Kimia TBK -8,516,124.00 -5,615,771.00 1,241,120.00 1,446,358.00 10,287,423.00
Matahari Putra
Prima TBK -1,337,434,355.00 -1,142,727,652.00 -6,574,516,266.00 4,213,022,465.00 -8,780,686,513.00
Astra Otoparts
TBK -2,052,718,560.00 638,051,191.00 4,110,272,527.00 1,284,644,617.00 1,694,114,327.00
PT Tunas
Ridean TBK 55,586,530.00 347,646,784.00 -1,614,792,901.00 1,157,775,659.00 1,479,340,177.00
FKS Multi Agro
TBK 4,164,138.00 -3,494,711.00 988,032.00 884,478.00 4,326,824.00
Adhi Karya
(Persero) TBK 17,311,100,089.00 -186,826,772.00 1,968,693,072.00 5,091,852,032.00 6,814,618,801.00
PT Tigaraksa
Satria TBK 99,531,777.00 -53,258,545.00 -888,855,525.00 328,308,208.00 1,091,699,216.00

Dian Swastatika
Sentosa Tbk, PT 6,605,733.00 -5,630,016.00 -7,184,971.00 -9,530,973.00 34,068,697.00
Holcim
INdonesia TBK 688,335,512.00 553,058,769.00 -1,763,237,629.00 -2,604,802,094.00 966,864,194.00
PT Aneka
Tambang TBK 15,693,145,790.00 -2,979,087,189.00 2,468,084,783.00 -11,419,963,480.00 7,084,751,066.00
PT Indorama
Synthetics TBK 7,250,395.00 -424,280.00 13,018,246.00 -540,508.00 1,448,045.00

80
 Table 2
Panel C: Change in Current Assets for Indonesia
Companies 2015 2014 2013 2012 2011
Tempo Scan
Pacific TBK 1,377,624,229.00 -1,179,315,671.00 11,260,769.00 -611,194,423.00 2,237,426,657.00
PT Central
Proteina
Prima TKB -1,063,801,672.00 -1,454,641,919.00 -2,557,198,656.00 -342,152,200.00 -2,743,956,117.00
Mid Utama
INdonesia
TBK., PT 145,898,870.00 763,382,496.00 516,874,465.00 381,615,156.00 336,144,269.00
Delta Dunia
Makmur TBK 1,049,536.00 -5,271,679.00 -18,305,281.00 -5,258,410.00 7,088,805.00
PT Energi
Mega
Persada TBK 2,401,007.00 -861,494.00 4,018,157.00 2,495,320.00 3,842,538.00

Vale
INdonesia TBK 571,241.00 2,965,938.00 1,491,633.00 -10,250,662.00 2,286,876.00
Catur
SEntosa
Adiprana Tbk,
PT -395,274,368.00 884,937,005.00 732,600,110.00 212,107,731.00 1,165,557,117.00
Bayan
Resources
Tbk., PT -1,141,987.00 -6,636,810.00 1,895,673.00 1,229,531.00 2,777,235.00
Timah TBK -4,721,470,857.00 4,239,280,296.00 2,170,657,661.00 -5,505,370,558.00 2,395,568,669.00
Tiga Pilar
Sejahtera
Food TBK 977,929,665.00 5,386,281,853.00 2,292,246,697.00 -1,757,211,130.00 5,114,676,481.00
PT Pan
Brothers TBK 1,965,736.00 5,146,834.00 1,455,764.00 625,701.00 2,176,005.00
PT Bumi
Serpong
Damai TBK 17,294,901,050.00 -2,936,336,224.00 4,010,359,863.00 1,264,575,087.00 1,051,018,548.00
Tunas Baru
Lampung TBK 422,535,617.00 1,022,211,444.00 -658,029,191.00 790,170,585.00 1,165,067,400.00
Lautan Luas
TBK 91,045,702.00 234,985,554.00 -514,916,099.00 -2,834,335,029.00 3,141,355,969.00
Tembaga
Mulia
Semanan TBK -968,472.00 -113,325.00 -516,757.00 -183,161.00 878,800.00
Mulia
Industrindo
TBK -616,215,144.00 373,832,639.00 -590,882,132.00 -438,042,788.00 742,288,183.00
Lotte
Chemical
Titan TBK -232,694.00 -961,997.00 -272,429.00 -325,497.00 1,871,872.00
Fajar Surya
Wisesa TBK -573,097,301.00 -317,578,197.00 -420,005,526.00 1,675,564,813.00 -392,719,236.00
Ramayana
Lestari
Sentosa TBK 1,188,901.00 1,039,547,335.00 -1,276,316,153.00 -416,276,300.00 870,381,521.00
Kimia Farma
(Persero) TBK -144,929,011.00 740,728,917.00 146,239,846.00 324,018,184.00 550,563,075.00
Samudera
Indonesia TBK 403,717.00 184,519.00 341,700.00 -245,928.00 376,828.00
Malindo
Feedmill TBK 199,022,029.00 3,107,373,659.00 -195,719,151.00 333,623,832.00 1,015,120,504.00

81
 Table 2
Panel D: Change in Current Liabilities for Indonesia
Companies 2015 2014 2013 2012 2011
PT Telekomunikasi
INdonesia TBK 5,010,680,828.00 12,609,014,476.00 396,282,154.00 -4,402,826,567.00 7,638,066,738.00
Indofood Sukses
Makmur -1,918,900,624.00 10,537,577,850.00 20,466,630.66 -7399433097 14,070,663,770.00
PT Astra
International TBK -5,956,914,170.00 7,814,959,745.00 27,193,994,880.00 -2,646,058,001.00 53,250,609,672.00

Perusahan GAS
Negara (Persero)
TBK 1,619,261.00 -9,501,112.00 19,883,189.00 7,446,228.00 -7,651,649.00

PT Unilever
Indonesia TBK 2,791,191,113.00 3,549,495,830.00 -3,931,776,635.00 859,934,065.00 9,888,653,652.00

Tiphone Mobile
Indonesia TBK., PT -4,557,860,061.00 -6,467,128,878.00 6,427,296,243.00 -2,124,809,470.00 1,087,557,252.00
PT Japfa Comfeed
Indonesia TBK 643,921,055.00 1,789,004,394.00 802,697,922.00 51,566,282.00 6,789,331,200.00
Sumber Alfaria
Trijaya, PT -6,637,096,617.00 5,262,475,039.00 4,513,491,183.00 5,862,865,072.00 1,478,807,238.00
Hanjaya Mandala
Sampoerna -33,326,601,377.00 4,735,783,676.00 -6,757,945,019.00 9,748,350,905.00 -6,564,775,014.00
Garuda Indonesia
(Persero) Tbk., PT 50,962,974.00 10,030,382.00 13,306,731.00 2,652,235.00 2,858,019.00
PT United Tractors
TBK 3,968,597,022.00 5,558,195,822.00 4,548,269,358.00 -23,883,180,186.00 23,942,354,365.00
PT Charoen
Pokphand
Indonesia TBK 3,457,900,863.00 7,577,622,614.00 -800,967,796.00 1,636,502,661.00 505,082,704.00
Adaro Energy
TBK., PT -13,124,431.00 197,927.00 -2,678,616.00 2,812,053.00 5,944,991.00
Indah Kiat Pulp &
Paper Corporation 16,247,227.00 -274,777.00 12,656,811.00 -19,811,026.00 13,495,473.00
PT Gudang Garam
TBK -3,204,361,824.00 12,307,859,851.00 14,099,903,505.00 -6,541,368,000.00 24,190,826,570.00
PT Sinar MAS Agro
Resource And
Technoloy TBK 1,527,049,207.00 5,687,036,051.00 11,667,977,067.00 -5,728,053,153.00 668,394,441.00

PT INdosat TBK 2,201,022,338.00 26,855,901,051.00 2,000,483,832.00 -532,568,922,450.00 -290,210,031.00

PT Barito Pacific
TBK -2,943,491.00 -6,036,792.00 7,742,577.00 3,429,450.00 -3,075,027.00
Semen Indonesia
(Persero) TBK, PT 3,629,156,249.00 -339,967,237.00 -1,355,070,696.00 6,636,213,924.00 1,717,024,391.00

PT Chandra Asri
Petrochemical TBK -3,505,901.00 -6,111,484.00 7,484,991.00 3,680,231.00 3,445,933.00
XL Axiata TBK -1,458,117,356.00 26,447,507,362.00 -8,510,862,002.00 -4,907,007,779.00 20,022,788,433.00
Erajaya
Swasembada TBK,
PT 4,577,535,360.00 2,465,526,395.00 2,569,389,024.00 1,754,359,488.00 2,426,773,253.00
Multipolar TBK 268,023,767.00 1,509,603,304.00 8,594,438,027.00 391,986,718.00 1,511,544,827.00
PT Kalbe Farma
TBK -479,827,578.00 -1,038,082,561.00 1,519,876,471.00 189,834,702.00 2,306,889,547.00

Bentoel
INternasional
Investama TBK -11,217,455,650.00 5,916,454,540.00 5,410,043,037.00 -373,806,433.00 114,057,578,100.00
PT Enseval Putera
Megatrading TBK -430,491,738.00 418,943,539.00 -1,080,053,633.00 750,280,674.00 2,262,920,487.00

82
 Table 2
Panel E: Change in Current Liabilities for Indonesia
Companies 2015 2014 2013 2012 2011
Krakatau Steel
(Persero)
TBK,. PT 5,672,700.00 12,507,322.00 -711,107.00 6,671,696.00 10,794,145.00
Indo
Tambangraa
Megah Tbk, PT -2,836,804.00 -392,598.00 -1,360,998.00 -1,798,690.00 5,251,396.00
Mayora Indah
Tbk -409,838,932.00 1,445,920,869.00 1,501,654,261.00 -712,143,897.00 3,866,791,511.00
Jasa Marga
(Persero) Tbk,
PT 11,029,624,728.00 -2,275,901,405.00 -10,699,754,684.00 10,170,406,078.00 6,167,769,844.00

Pembangunan
Perumahan
(Persero) TBK 1,409,196,727.00 3,486,851,220.00 6,139,188,399.00 1,100,011,164.00 6,497,222,298.00

Medco Energi
INternasional
TBK 3,968,858.00 2,657,374.00 410,150.00 -17,846,286.00 13,691,819.00
Indomobil
Sukses
Internasional
TBK 3,363,638,983.00 2,213,022,629.00 4,946,796,005.00 7,818,975,834.00 5,666,227,672.00

PT Indocement
Tunggal
Prakarsa TBK -2,520,585,296.00 1,741,146,219.00 -371,796,921.00 3,189,320,543.00 579,920,061.00

PT AKR
Corporindo TBK -5,553,046,169.00 -1,779,064,748.00 2,002,784,005.00 3,290,082,071.00 -49951535
Salim Ivomas
Pratama TBK
PT -6,405,901,101.00 1,271,437,169.00 3,911,017,252.00 -3,556,562,641.00 3,154,273,315.00
Astra Agro
Lestari TBK -2,721,911,266.00 1,087,334,050.00 2,559,028,970.00 4,142,013,607.00 1,798,227,261.00
PT Mitra
Adiperkasa
TBK -2,547,227,261.00 -736,101,027.00 3,064,327,295.00 437,984,182.00 3,868,566,509.00
Tambang
Batubara Bukit
Asam
(Persero) Tbk,
PT 3,970,119,212.00 4,635,201,655.00 655,797,450.00 -1,692,258,961.00 3,665,834,633.00
Hero
Supermarket
TBK -1,095,775,755.00 1,849,552,111.00 -6,109,271,445.00 4,093,517,789.00 1,566,704,440.00
Gajah Tunggal
TBK 1,503,717,195.00 407,280,697.00 -2,126,876,583.00 -1,135,498,687.00 1,615,684,226.00

Pabrik Kertas
Tijwi Kimia TBK 2,244,546.00 2,173,000.00 1,292,250.00 4,419,541.00 5,603,687.00
Matahari Putra
Prima TBK -261,162,519.00 -1,165,959,208.00 -560,458,609.00 -1,082,834,438.00 -2,246,229,287.00
Astra Otoparts
TBK -1,457,938,618.00 4,172,749,973.00 -2,082,077,980.00 2,597,145,144.00 3,063,753,139.00
PT Tunas
Ridean TBK 169,263,780.00 479,117,273.00 -1,236,748,701.00 1,128,796,623.00 811,888,707.00
FKS Multi Agro
TBK 3,882,318.00 -2,645,858.00 71,877.00 481,144.00 4,269,528.00
Adhi Karya
(Persero) TBK 6,902,585,585.00 1,486,177,878.00 -1,221,304,043.00 1,408,140,160.00 6,787,044,300.00
PT Tigaraksa
Satria TBK -84,171,486.00 -432,344,515.00 -830,201,465.00 5,910,454,973.00 864,258,258.00
Dian
Swastatika
Sentosa Tbk,
PT 5,802,238.00 -2,222,196.00 1,773,394.00 -3,514,130.00 5,102,820.00
Holcim
INdonesia TBK -143,881,460.00 1,806,606,259.00 5,211,998,255.00 -1,498,983,460.00 1,543,830,012.00
PT Aneka
Tambang TBK 962,955,859.00 -153,647,284.00 12,726,867,186.00 8,857,790,428.00 -5,553,962,366.00

PT Indorama
Synthetics TBK -422,419.00 -138396 2,260,189.00 -652,868.00 1,161,656.00

83
 Table 2
Panel F: Change in Current Liabilities for Indonesia
Companies 2015 2014 2013 2012 2011
Tempo Scan
Pacific TBK 1,356,574,182.00 -458,534,299.00 211,837,448.00 -213,977,748.00 1,079,908,330.00
PT Central
Proteina Prima
TKB 368,844,040.00 -529,330,127.00 -16,780,216,808.00 -1,420,742,447.00 272,915,300,285.00
Mid Utama
INdonesia TBK.,
PT 416,275,920.00 1,147,926,580.00 568,257,732.00 675,781,730.00 339,394,399.00
Delta Dunia
Makmur TBK -835,208.00 -7,653,422.00 4,845,340.00 -1,300,322.00 533,653.00

PT Energi Mega
Persada TBK 4,522,383.00 3,233,250.00 5,249,305.00 2,560,482.00 5,561,337.00
Vale INdonesia
TBK -2,293,633.00 1,796,213.00 677,451.00 -1,031,044.00 917,030.00
Catur SEntosa
Adiprana Tbk, PT -68,800,679.00 407,591,140.00 854,700,729.00 611,073,742.00 955,629,783.00
Bayan
Resources Tbk.,
PT -16,103,403.00 3,984,301.00 2,790,023.00 -10,802,821.00 1,106,120.00
Timah TBK -2,369,299,388.00 3,747,184,557.00 4,647,002,079.00 -2,658,214,065.00 696,806,263.00
Tiga Pilar
Sejahtera Food
TBK 4,040,837,986.00 279,761,447.00 -119,574,133.00 786,740,391.00 1,888,962,037.00
PT Pan Brothers
TBK 752,173.00 1,060,959.00 -2,495,969.00 965,814.00 1,115,934.00
PT Bumi
Serpong Damai
TBK 1,502,263,584.00 3,373,181,279.00 -1,963,332,438.00 589,832,078.00 4,495,028,312.00
Tunas Baru
Lampung TBK -43,643,014.00 1,044,094,372.00 2,017,608,366.00 -375,989,032.00 -543,462,667.00
Lautan Luas TBK 1,835,710,052.00 -173,008,372.00 -3,329,582,251.00 -650,369,113.00 3,523,304,783.00
Tembaga Mulia
Semanan TBK -1,822,152.00 98,730.00 -466,563.00 897,680.00 959,739.00
Mulia Industrindo
TBK 758,304,148.00 404,175,278.00 712,185,451.00 -75,863,030.00 523,697,531.00
Lotte Chemical
Titan TBK -1,035,457.00 111,120.00 -496,941.00 -627,783.00 1,088,938.00
Fajar Surya
Wisesa TBK -1,100,465,567.00 1,836,737,750.00 -7,543,096,579.00 8,138,823,209.00 -2,855,300,401.00
Ramayana
Lestari Sentosa
TBK -189,546,109.00 -30,035,724.00 -221,181,074.00 -53,869,526.00 460,457,734.00
Kimia Farma
(Persero) TBK 665,733,299.00 355,468,905.00 434,534,498.00 53,614,456.00 -64,507,228.00
Samudera
Indonesia TBK -45,568.00 -186,386.00 135,734.00 -13,349.00 1,045,393.00

Malindo Feedmill
TBK -1,057,972,759.00 2,668,707,487.00 -56,693,102.00 1,151,206,989.00 755,781,414.00

84
 Table 2
Panel G: Change in Cash for Indonesia
Companies 2015 2014 2013 2012 2011
PT
Telekomunikasi
INdonesia TBK 33,258,692,013.00 10,396,196,569.00 -2,615,615,633.00 9,423,108,190.00 383,904,860.00
Indofood
Sukses
Makmur 28,445,545,096.00 -11,368,800,547.00 5,184,829,898.00 -6,563,313,099.00 12,828,415,410.00
PT Astra
International
TBK 18,254,884,247.00 7,596,050,306.00 20,469,196,180.00 -15,883,870,326.00 29,368,947,422.00
Perusahan
GAS Negara
(Persero) TBK 2,016,719.00 -7,842,875.00 -6,943,046.00 18,020,429.00 -2,600,983.00

PT Unilever
Indonesia TBK -937,800,125.00 2,135,209,933.00 -31,674,817.00 -646,032,896.00 78,586,061.00
Tiphone Mobile
Indonesia
TBK., PT 2,009,105,230.00 497,085,275.00 105,257,803.00 412,732,354.00 683,931,852.00

PT Japfa
Comfeed
Indonesia TBK 319,446,513.00 -3,603,720,567.00 2,617,448,169.00 -275,450,394.00 90,287,827.00

Sumber Alfaria
Trijaya, PT 682,624,518.00 -267,779,123.00 -2,620,939,865.00 1,987,460,135.00 713,202,868.00
Hanjaya
Mandala
Sampoerna 5,642,723,148.00 -2,157,551,617.00 -958,371,834.00 -6,676,382,591.00 -5,624,106,676.00
Garuda
Indonesia
(Persero) Tbk.,
PT 5,146,679.00 -1,959,405.00 7,918,037.00 -4,905,293.00 12,583,978.00

PT United
Tractors TBK 16,987,473,180.00 8,140,849,484.00 12,455,519,798.00 -17,049,971,744.00 28,008,548,761.00

PT Charoen
Pokphand
Indonesia TBK 2,563,711,998.00 -994,651,909.00 90,931,060.00 -162,066,918.00 -2,177,439,110.00
Adaro Energy
TBK., PT -101,427.00 2,991,783.00 9,647,788.00 -3,945,119.00 -2,093,809.00
Indah Kiat
Pulp & Paper
Corporation 4,395,653.00 -3,302,848.00 6,385,516.00 1,435,553.00 8,574,101.00
PT Gudang
Garam TBK 3,616,371,487.00 595,193,213.00 -388,674,230.00 194,291,025.00 -788,660,370.00
PT Sinar MAS
Agro Resource
And Technoloy
TBK -512,098,021.00 4,319,388,726.00 -3,569,875,703.00 2,704,782,887.00 816,729,907.00
PT INdosat
TBK 135,067,155.00 4,392,570,016.00 -8,621,100,906.00 5,974,831,829.00 653,070,232.00
PT Barito
Pacific TBK -4,840,360.00 -1,554,236.00 5,926,733.00 6,030,162.00 -2,524,310.00
Semen
Indonesia
(Persero) TBK,
PT -4,422,420,604.00 2,879,774,996.00 1,007,721,139.00 -3,391,751,904.00 -845,926,240.00

PT Chandra
Asri
Petrochemical
TBK -4,744,061.00 -829,140.00 5,659,742.00 2,679,812.00 -5,198,415.00
XL Axiata TBK -13,568,445,441.00 20,348,232,716.00 1,545,676,480.00 -1,448,918,600.00 3,048,638,366.00
Erajaya
Swasembada
TBK, PT -180,250,661.00 353,848,158.00 -781,528,488.00 108,990,340.00 497,857,182.00
Multipolar TBK -3,611,505,506.00 -3,927,353,398.00 -233,929,295.00 -1,878,765,472.00 -7,109,995,009.00
PT Kalbe
Farma TBK 2,307,161,571.00 1,647,699,752.00 -2,077,710,915.00 -3,698,429,612.00 2,349,286,898.00
Bentoel
INternasional
Investama TBK 458,819,509.00 -1,038,832,665.00 474,040,390.00 345,838,215.00 -3,080,893.00
PT Enseval
Putera
Megatrading
TBK 1,528,348,120.00 1,312,082,001.00 -2,055,525,705.00 -154,396,796.00 2,489,491,089.00

85
 Table 2
Panel H: Change in Cash for Indonesia
Companies 2015 2014 2013 2012 2011
Krakatau Steel
(Persero) TBK,.
PT -2,170,259.00 2,663,375.00 -2,829,244.00 -6,566,018.00 -2,256,196.00
Indo
Tambangraa
Megah Tbk, PT 2,543,108.00 -2,733,836.00 -6,176,354.00 1,519,899.00 13,975,049.00
Mayora Indah
Tbk 3,190,694,809.00 -4,208,423,350.00 1,041,860,094.00 4,151,413,107.00 -749,833,433.00
Jasa Marga
(Persero) Tbk,
PT -458,270,616.00 -964,631,617.00 -5,618,194,476.00 9,408,855.00 -1,277,131,319.00
Pembangunan
Perumahan
(Persero) TBK 1,914,810,686.00 15,275,410.00 3,185,832,032.00 -297,201,677.00 1,023,919,905.00
Medco Energi
INternasional
TBK -17,939,823.00 -1,775,215.00 -11,428,255.00 -7,378,270.00 26,562,802.00
Indomobil
Sukses
Internasional
TBK 333,067,487.00 8,047,939,341.00 -772,070,638.00 -2,941,733,533.00 5,405,858,578.00
PT Indocement
Tunggal
Prakarsa TBK -780,663,338.00 -4,857,990,061.00 1,044,407,953.00 11,532,866,556.00 10,402,657,899.00
PT AKR
Corporindo TBK 1,189,875,622.00 236,501,448.00 -5,075,033,138.00 1,618,136,192.00 3,066,931,691.00
Salim Ivomas
Pratama TBK
PT -4,687,409,306.00 1,996,815,144.00 -7,058,974,539.00 -7,058,974,539.00 13,840,534,891.00
Astra Agro
Lestari TBK -1,188,316,551.00 -384,785,655.00 1,606,046,473.00 -3,085,769,329.00 -1,990,648,054.00

PT Mitra
Adiperkasa TBK -28,827,476.00 520,532,574.00 2,503,098,396.00 248,818,191.00 248,818,191.00
Tambang
Batubara Bukit
Asam (Persero)
Tbk, PT 505,038,715.00 429,779,901.00 -12,814,459,374.00 -7,594,932,869.00 8,247,480,065.00
Hero
Supermarket
TBK -202,177,102.00 -4,122,753,928.00 3,768,858,217.00 561,474,543.00 -375,002,025.00
Gajah Tunggal
TBK -418,092,167.00 -4,363,507,179.00 3,861,698,898.00 -851,410,958.00 -2,261,628,200.00
Pabrik Kertas
Tijwi Kimia TBK -3,959,099.00 -9,646,749.00 8,901,836.00 -271,014.00 827,713.00
Matahari Putra
Prima TBK -1,287,157,792.00 -2,282,929,663.00 -7,497,107,409.00 3,774,165,085.00 -10,592,707,328.00
Astra Otoparts
TBK -1,235,939,233.00 815,506,321.00 2,574,958,598.00 1,016,684,377.00 -597,956,536.00
PT Tunas
Ridean TBK 57,613,838.00 275,527,113.00 -790,514,514.00 -1,662,616,756.00 621,542,724.00
FKS Multi Agro
TBK 395,894.00 46,915.00 128,134.00 -12,573.00 196,523.00
Adhi Karya
(Persero) TBK 11,847,143,155.00 -4,143,823,402.00 3,001,422,797.00 1,371,781,144.00 1,494,392,727.00
PT Tigaraksa
Satria TBK -38,188,550.00 -149,792,435.00 -168,257,934.00 -122,486,079.00 77,696,857.00
Dian
Swastatika
Sentosa Tbk,
PT 2,272,179.00 -3,376,395.00 -5,124,160.00 -7,858,629.00 18,355,288.00
Holcim
INdonesia TBK 1,411,890,116.00 -595,763,988.00 -2,239,479,558.00 -3,084,524,684.00 241,121,550.00
PT Aneka
Tambang TBK 18,243,027,112.00 -754,853,971.00 -6,448,926,972.00 -10,704,718,815.00 6,306,729,579.00
PT Indorama
Synthetics TBK -1,004,367.00 1,641,656.00 -617,604.00 425,223.00 -3,252,310.00

86
 Table 2
Panel I: Change in Current Liabilities for Indonesia
Companies 2015 2014 2013 2012 2011
Tempo Scan
Pacific TBK 721,519,870.00 -1,422,594,003.00 -602,874,028.00 -720,654,004.00 1,042,097,056.00
PT Central
Proteina Prima
TKB -97,441,652.00 -21,276,045.00 164,101,840.00 -300,494,368.00 -486,950,215.00
Mid Utama
INdonesia TBK.,
PT 255,103,702.00 -413,233,324.00 35,958,944.00 -29,649,107.00 -139,566,496.00
Delta Dunia
Makmur TBK -19,700.00 -6,210,577.00 7,210,960.00 -7,006,316.00 6,660,534.00
PT Energi Mega
Persada TBK 2,315,858.00 -2,939,652.00 2,507,171.00 594,056.00 -192,122.00
Vale INdonesia
TBK 1,502,231.00 -491,768.00 1,074,838.00 -9,725,230.00 -201,121.00
Catur SEntosa
Adiprana Tbk, PT 21,324,967.00 -25,373,725.00 -83,414,392.00 28,498,015.00 28,498,015.00
Bayan Resources
Tbk., PT -1,268,922.00 -2,496,667.00 1,762,995.00 -82,423.00 2,606,040.00
Timah TBK 456,467,611.00 -988,337,978.00 -637,281,931.00 -324,468,601.00 -930,236,334.00
Tiga Pilar
Sejahtera Food
TBK -2,357,032,144.00 2,817,177,613.00 1,115,198,742.00 -3,460,384,446.00 3,821,983,547.00
PT Pan Brothers
TBK -3,231,452.00 3,999,493.00 973,197.00 -125,773.00 723,315.00
PT Bumi Serpong
Damai TBK 10,563,557,922.00 -7,204,960,528.00 -356,991,605.00 -356,991,605.00 -347,507,517.00
Tunas Baru
Lampung TBK -855,501,717.00 -493,310,760.00 3,411,944.00 -294,817,582.00 1,452,729,672.00
Lautan Luas TBK -372,228,326.00 -20,727,850.00 39,062,544.00 -223,359,532.00 -743,967,868.00

Tembaga Mulia
Semanan TBK 544,632.00 -1,041,621.00 -245,520.00 164,078.00 17,237.00
Mulia Industrindo
TBK -226,018,638.00 501,982,144.00 105,147,770.00 144,582,030.00 -446,264,288.00
Lotte Chemical
Titan TBK -29,818.00 -133,812.00 152,112.00 -36,255.00 -86,976.00
Fajar Surya
Wisesa TBK -947,180.00 -73,139,118.00 -19,372,822.00 107,068,489.00 -623,865,300.00

Ramayana Lestari
Sentosa TBK 190,688,416.00 1,429,779,993.00 -374,663,073.00 -1,171,046,305.00 882,642,601.00

Kimia Farma
(Persero) TBK -483,029,320.00 625,199,604.00 91,943,247.00 376,386,167.00 -328,673,284.00
Samudera
Indonesia TBK 40,112.00 1,151,965.00 515,884.00 -235,599.00 -840,546.00
Malindo Feedmill
TBK 679,616,234.00 812,442,234.00 -85,866,597.00 -35,049,913.00 -157,885,200.00

87
 Table 2
Panel J: Change in Current Portion of Long-term Debts for Indonesia
Companies 2015 2014 2013 2012 2011
PT
Telekomunikasi
INdonesia TBK -12,492,207,044.00 7,585,446,236.00 -4,088,259,263.00 394,608,045.00 -2,338,620,338.00
Indofood Sukses
Makmur 8,479,766,693.00 -6,674,885,395.00 15,532,863,150.00 -7,399,433,097.00 12,187,233,008.00
PT Astra
International TBK -10,483,174,925.00 -3,300,092,345.00 21,533,119,980.00 12,645,344,151.00 15,091,927,059.00
Perusahan GAS
Negara (Persero)
TBK 3,606,140.00 -16,256,269.00 14,323,909.00 -252,643.00 -5,657,281.00
PT Unilever
Indonesia TBK 1,323,090,710.00 935,549,546.00 3,394,328,894.00 -3,226,744,117.00 2,459,724,051.00

Tiphone Mobile
Indonesia TBK., PT -4,739,365,572.00 962,719,118.00 4,611,527,227.00 -1,718,131,436.00 948,022,442.00

PT Japfa Comfeed
Indonesia TBK -1,890,141,658.00 -1,806,017,761.00 -10,478,424,520.00 -1,286,656,226.00 8,144,576,221.00
Sumber Alfaria
Trijaya, PT -6,282,060,339.00 1,044,132,589.00 3,947,089,155.00 1,938,578,183.00 583,166,740.00
Hanjaya Mandala
Sampoerna -19,138,867.00 -8,865,358,729.00 -1,084,483,477.00 9,822,904,738.00 -59,861,340.00

Garuda Indonesia
(Persero) Tbk., PT 2,875,141.00 6,456,418.00 74,522,813.00 440,088.00 4,297,821.00
PT United Tractors
TBK -536,598,659.00 -2,924,053,783.00 -6,278,050,171.00 -282,989,420.00 -273,062,550.00

PT Charoen
Pokphand
Indonesia TBK 1,418,424,854.00 6,287,250,137.00 -2,289,028,676.00 1,388,181,388.00 520,103,966.00
Adaro Energy
TBK., PT -2,748,499.00 252,213.00 -5,449,904.00 6,286,919.00 -2,301,134.00
Indah Kiat Pulp &
Paper Corporation 12,794,966.00 466,125.00 14,346,138.00 1,938,044.00 -12,091,505.00
PT Gudang Garam
TBK 5,124,823,185.00 17,955,707,174.00 7,314,899,621.00 5,051,111,149.00 16,767,701,779.00
PT Sinar MAS
Agro Resource
And Technoloy
TBK 2,324,436,969.00 6,484,229,106.00 10,910,886,427.00 -3,977,137,292.00 -866,091,207.00
PT INdosat TBK -17,940,979,550.00 20,958,680,136.00 2,435,725,361.00 -3,628,524,188.00 3,230,905,165.00
PT Barito Pacific
TBK 2,838,476.00 91,883.00 2,062,661.00 -283,633.00 -6,603,721.00

Semen Indonesia
(Persero) TBK, PT 669,344,230.00 -1,098,109,962.00 371,954,461.00 2,308,114,925.00 -45,689,284.00

PT Chandra Asri
Petrochemical TBK 2,664,583.00 26,825.00 1,995,647.00 -69,607.00 1,098,774.00
XL Axiata TBK -2354085709 2,715,813,967.00 -7,043,530,638.00 -90,603,399.00 13,738,952,704.00
Erajaya
Swasembada
TBK, PT -184,698,131.00 942,936,190.00 1,578,812,710.00 449,272,865.00 1,327,400,267.00
Multipolar TBK 1,583,024,276.00 -1,463,832,563.00 -1,709,635,214.00 -438,286,417.00 997,794,809.00
PT Kalbe Farma
TBK 5,257,114.00 904,720,351.00 -127,139,043.00 -552,567,715.00 559,761,042.00
Bentoel
INternasional
Investama TBK -7,803,776,039.00 3,097,532,101.00 3,649,079,388.00 -37,219,491,018.00 2,575,407,686.00

PT Enseval Putera
Megatrading TBK 84,838,288.00 -29,761,597.00 421,252,675.00 -132,660,260.00 21,230,907.00

88
 Table 2
Panel K: Change in Current Portion of Long-term Debts for Indonesia
Companies 2015 2014 2013 2012 2011
Krakatau Steel
(Persero) TBK,. PT 8,289,316.00 10,504,343.00 3,644,768.00 5,049,078.00 3,342,958.00
Indo Tambangraa
Megah Tbk, PT 0.00 0.00 0.00 0.00 0.00
Mayora Indah Tbk -2,492,102,835.00 3,030,313,551.00 777,513,517.00 -21,734,773.00 2,413,261,492.00
Jasa Marga
(Persero) Tbk, PT 9,584,670,976.00 -2,317,760,707.00 3,040,389,983.00 -950,278,081.00 946,434,577.00
Pembangunan
Perumahan
(Persero) TBK 571,502,226.00 619,482,159.00 -366,712,692.00 -611,421,604.00 1,113,021,542.00

Medco Energi
INternasional TBK 3,988,429.00 1,902,678.00 1,232,643.00 -15,569,658.00 12,934,540.00

Indomobil Sukses
Internasional TBK 4,378,624,806.00 1,892,186,602.00 7,380,094,363.00 9,175,996,589.00 718,186,479.00
PT Indocement
Tunggal Prakarsa
TBK 0.00 -244,752,992.00 21,987,003.00 4,917,988.00 -1,036,134,975.00
PT AKR
Corporindo TBK -2,555,467,194.00 -3,664,523,528.00 6,380,849,825.00 1,801,192,692.00 -5,757,094,338.00
Salim Ivomas
Pratama TBK PT -5,550,870,605.00 721,846,529.00 3,769,060,268.00 -3,583,599,567.00 2,420,427,406.00
Astra Agro Lestari
TBK -1,334,257,305.00 429,491,270.00 7,827,893,620.00 4,155,325,736.00 0.00
PT Mitra
Adiperkasa TBK -2,426,663,744.00 4,475,203,800.00 477,282,428.00 -4,096,280,854.00 2,577,867,282.00
Tambang Batubara
Bukit Asam
(Persero) Tbk, PT -78,146,360.00 4,362,753,385.00 134,109,591.00 61,341,583.00 23,105,624.00
Hero Supermarket
TBK -878,067,882.00 1,071,015,320.00 148,959,044.00 410,574,071.00 26,764,866.00

Gajah Tunggal TBK 1,235,976,471.00 886,425,110.00 -864,655,758.00 333,746,909.00 530,908,849.00

Pabrik Kertas Tijwi
Kimia TBK 1,500,856.00 1,500,856.00 845,553.00 5,342,043.00 5,361,709.00
Matahari Putra
Prima TBK 854,766,204.00 -1,905,935,750.00 -1,916,117,429.00 1,691,036,718.00 316,932,476.00

Astra Otoparts TBK -582,323,004.00 4,383,563,227.00 -4,763,812,155.00 2,101,946,029.00 2,453,667,772.00

PT Tunas Ridean
TBK 233,819,144.00 999,832,053.00 -1,086,734,950.00 971,758,705.00 29,430,517.00
FKS Multi Agro
TBK 566,545.00 556,391.00 -1,910,374.00 27,213.00 2,119,606.00
Adhi Karya
(Persero) TBK 1,450,785,952.00 -853,930,075.00 -499,264,304.00 62,189,030.00 -685,703,538.00
PT Tigaraksa
Satria TBK -114,738,399.00 2,667,480,573.00 0.00 -3,332,365,488.00 1,053,933,127.00

Dian Swastatika
Sentosa Tbk, PT 2,566,022.00 -1,216,466.00 120,199.00 -2,799,284.00 2,570,225.00

Holcim INdonesia
TBK 1,235,268,738.00 -677,150,074.00 4,633,250,528.00 -837,277,705.00 -268,148,856.00
PT Aneka
Tambang TBK 1,014,656,105.00 899,024,228.00 1,675,435,274.00 7,271,458,678.00 -3,709,669,553.00
PT Indorama
Synthetics TBK 1,553,337.00 642768 -8,239.00 233,168.00 -1,257,485.00

89
 Table 2
Panel L: Change in Current Portion of Long-term Debts for Indonesia
Companies 2015 2014 2013 2012 2011
Tempo Scan Pacific
TBK -22,519,289.00 -353,922,839.00 263,495,277.00 -274,997,407.00 121,352,797.00
PT Central Proteina
Prima TKB 878,861,373.00 -642,082,679.00 423,247,570.00 -751,513,862.00 -92,862,694.00
Mid Utama
INdonesia TBK., PT 346,872,039.00 700,755,560.00 47,226,905.00 284,339,304.00 999,282,051.00
Delta Dunia
Makmur TBK 346,213.00 -5,807,029.00 1,695,656.00 1,367,953.00 -1,563,416.00

PT Energi Mega
Persada TBK 1,006,436.00 452,494.00 526,202.00 61,450.00 61,450.00

Vale INdonesia TBK -33,766.00 6,239.00 -322,903.00 -233,164.00 2,291,899.00

Catur SEntosa
Adiprana Tbk, PT 281,068,872.00 327,921,346.00 327,921,346.00 237,967,864.00 395,774,769.00
Bayan Resources
Tbk., PT -12,564,459.00 6,783,755.00 4,742,872.00 9,813,553.00 2,075,658.00
Timah TBK 7,229,745,899.00 -4,928,902,429.00 3,801,926,102.00 1,012,207,931.00 1,012,207,931.00

Tiga Pilar Sejahtera

Food TBK 3,277,050,637.00 -214,396,586.00 3,238,897,808.00 468,443,875.00 1,682,682,399.00
PT Pan Brothers
TBK -296,978.00 555,259.00 -2,874,048.00 388,507.00 760,173.00
PT Bumi Serpong
Damai TBK 1,391,029,722.00 569,403,687.00 4,838,813,187.00 -229,929,675.00 -229,929,675.00
Tunas Baru
Lampung TBK 317,252,717.00 3,379,793,774.00 -830,715,719.00 -1,642,044,705.00 458,703,254.00
Lautan Luas TBK 1,558,094,351.00 518,232,094.00 -3,850,870,213.00 319,345,113.00 1,171,824,096.00
Tembaga Mulia
Semanan TBK -2,329,008.00 43,674.00 287,685.00 -170,077.00 886,479.00
Mulia Industrindo
TBK 1,637,098,423.00 82,340,230.00 84,321,371.00 16,989,452.00 -89,415,586.00
Lotte Chemical
Titan TBK 28,823.00 503671 -461,103.00 -30,759.00 131.00
Fajar Surya Wisesa
TBK 1,315,876,086.00 1,079,381,367.00 -8,209,339,658.00 7,051,342,316.00 -3,687,570,267.00

Ramayana Lestari
Sentosa TBK 0.00 0.00 0.00 0.00 0.00

Kimia Farma
(Persero) TBK -60,866,348.00 466,016,430.00 -86,318,805.00 -1,288,447.00 -117,578,455.00
Samudera
Indonesia TBK 315,133.00 98,377.00 -256,686.00 -45,513.00 566,305.00
Malindo Feedmill
TBK -508,210,289.00 2,049,408,102.00 -167,299,733.00 1,414,552,923.00 488,934,615.00

90
 Table 2
Panel M: Depreciation for Indonesia
Companies 2015 2014 2013 2012 2011
PT
Telekomunikasi
INdonesia TBK 63,368,947,319.00 61,525,225,596.00 57,410,881,269.00 61,802,961,924.00 71,984,767,403.00
Indofood Sukses
Makmur 6,840,023,796.00 7,546,790,263.00 6,104,188,303.00 2,233,914,573.00 2,252,992,937.00
PT Astra
International TBK 26,908,040,110.00 27,991,804,815.00 27,151,926,927.00 28,699,729,067.00 26,080,735,549.00
Perusahan GAS
Negara (Persero)
TBK 14,541,750.00 9,988,006.00 10,213,221.00 7,851,401.00 8,478,053.00
PT Unilever
Indonesia TBK 1,724,993,420.00 1,346,221,211.00 1,876,750,066.00 1,667,598,335.00 1,748,997,858.00

Tiphone Mobile
Indonesia TBK., PT 90,806,942.00 73,003,518.00 54,627,654.00 54,627,654.00 37,476,830.00
PT Japfa Comfeed
Indonesia TBK 1,958,344,593.00 1,693,400,039.00 316,065,456.00 30,765,528.00 1,847,378,170.00
Sumber Alfaria
Trijaya, PT 5,782,154,884.00 4,874,470,767.00 3,949,632,148.00 3,391,048,488.00 2,229,793,917.00
Hanjaya Mandala
Sampoerna 2238687394 2,035,597,519.00 1,799,871,148.00 1,977,523,772.00 2,631,543,795.00
Garuda Indonesia
(Persero) Tbk., PT 8,267,304.00 8,005,628.00 7,367,927.00 3,457,986.00 5,589,846.00
PT United Tractors
TBK 12,025,527,936.00 13,424,042,118.00 14,864,444,822.00 17,637,208,370.00 15,210,648,214.00
PT Charoen
Pokphand
Indonesia TBK 2,396,572,969.00 1,656,109,956.00 57,017,955.00 1,114,043,706.00 892,019,274.00
Adaro Energy
TBK., PT 15,091,092.00 14,709,689.00 17,158,904.00 10,824,846.00 8,911,234.00
Indah Kiat Pulp &
Paper Corporation 13,974,484.00 12,721,288.00 11,618,302.00 10,290,833.00 10,948,175.00
PT Gudang Garam
TBK 1,395,187,008.00 1,059,303,416.00 4,031,320,774.00 437,718,533.00 4,250,922,577.00
PT Sinar MAS
Agro Resource
And Technoloy
TBK 1,807,242,443.00 1,540,504,592.00 334,412,926.00 305,731,420.00 256,249,886.00
PT INdosat TBK 29,500,022,891.00 32,592,473,820.00 32,592,473,820.00 35,368,361,004.00 32,166,826,540.00
PT Barito Pacific
TBK 3,643,479.00 3,460,182.00 3,434,401.00 3,005,616.00 2,321,463.00
Semen Indonesia
(Persero) TBK, PT 5,005,223,212.00 4,788,523,550.00 4,049,286,949.00 3,236,995,944.00 2,733,725,565.00
PT Chandra Asri
Petrochemical TBK 3,007,823.00 2,835,053.00 42,993.00 47,000.00 46,871.00
XL Axiata TBK 24,396,060,027.00 24,570,379,514.00 20,950,653,113.00 21,659,757,779.00 22,680,277,426.00
Erajaya
Swasembada
TBK, PT 177,504,538.00 158,227,146.00 131,688,134.00 103,954,048.00 50,571,927.00
Multipolar TBK 2,562,233,498.00 1,274,571,672.00 846,359,361.00 1,260,616,254.00 1,159,059,853.00
PT Kalbe Farma
TBK 743,248,386.00 688,059,235.00 929,194,760.00 936,830,087.00 959,109,779.00
Bentoel
INternasional
Investama TBK 778,278,305.00 937,003,579.00 163,777,454.00 147,902,149.00 638,733,438.00

PT Enseval Putera
Megatrading TBK 441,344,016.00 413,791,462.00 349,189,941.00 344,139,854.00 344,139,854.00

91
 Table 2
Panel N: Depreciation for Indonesia
Companies 2015 2014 2013 2012 2011
Krakatau Steel
(Persero) TBK,.
PT 858,940.00 744,078.00 262,753.00 220,872.00 193,415.00
Indo Tambangraa
Megah Tbk, PT 3,019,897.00 3,113,107.00 3,213,975.00 2,567,703.00 2,360,603.00
Mayora Indah Tbk 1,603,076,393.00 1,476,027,316.00 1,325,754,467.00 46,264,515.00 961,367,461.00
Jasa Marga
(Persero) Tbk, PT 2,523,939,496.00 3,208,341,942.00 3,880,157,953.00 2,477,081,457.00 3,276,885,598.00
Pembangunan
Perumahan
(Persero) TBK 275,618,378.00 204,931,587.00 7,445,023.00 11,622,274.00 11,527,738.00

Medco Energi
INternasional TBK 16,565,360.00 4,393,927.00 6,489,551.00 3,638,119.00 5,753,206.00

Indomobil Sukses
Internasional TBK 1,829,231,163.00 1,691,784,161.00 603,538,784.00 487,960,143.00 422,903,302.00
PT Indocement
Tunggal Prakarsa
TBK 265,069,838.00 299,699,786.00 314,461,008.00 283,491,589.00 237,865,026.00
PT AKR
Corporindo TBK 1,208,128,936.00 1,107,971,597.00 568,612,005.00 590,408,924.00 653,980,866.00

Salim Ivomas
Pratama TBK PT 2,922,626,863.00 2,641,763,392.00 2,442,738,405.00 2,081,365,231.00 1,929,068,749.00
Astra Agro
Lestari TBK 2,967,536,279.00 2,574,215,295.00 2,005,913,635.00 2,040,224,535.00 1,592,687,800.00
PT Mitra
Adiperkasa TBK 1,980,316,331.00 1,967,683,384.00 1,639,507,203.00 1,456,569,372.00 1,343,678,498.00
Tambang
Batubara Bukit
Asam (Persero)
Tbk, PT 1,280,973,148.00 818751312 589,552,995.00 318,552,884.00 358,819,853.00
Hero
Supermarket TBK 1,470,724,407.00 1,352,007,046.00 1,106,232,735.00 1,129,575,676.00 1,056,291,584.00

Gajah Tunggal
TBK 2,196,810,688.00 2,062,827,935.00 1,837,439,257.00 1,879,616,354.00 1,937,694,522.00
Pabrik Kertas
Tijwi Kimia TBK 4,218,244.00 3,938,432.00 39,009,409.00 3,458,810.00 3,627,969.00
Matahari Putra
Prima TBK 1,050,456,379.00 940,713,552.00 728,466,953.00 1,176,046,330.00 1,131,162,910.00
Astra Otoparts
TBK 1,526,889,385.00 1,440,091,085.00 1,182,955,211.00 1,008,539,176.00 830,132,619.00
PT Tunas Ridean
TBK 908,859,229.00 763,503,951.00 701,937,160.00 680,007,866.00 695,374,887.00
FKS Multi Agro
TBK 42,685.00 34,623.00 33,000.00 28,011.00 27,455.00
Adhi Karya
(Persero) TBK 109,433,720.00 91,519,159.00 34,381,041.00 30,070,176.00 29,109,544.00

PT Tigaraksa
Satria TBK 128,599,192.00 108,817,200.00 112,022,076.00 132,166,125.00 130,209,837.00

Dian Swastatika
Sentosa Tbk, PT 1,444,176.00 1,195,423.00 1,070,599.00 913,227.00 1,077,905.00

Holcim INdonesia
TBK 3,148,657,819.00 2,380,115,078.00 2,179,776,194.00 244,208,481.00 3,010,336,814.00
PT Aneka
Tambang TBK 2,594,713,345.00 2,854,544,152.00 2,892,507,331.00 2,713,951,560.00 2,729,883,667.00
PT Indorama
Synthetics TBK 1,583,268.00 1,408,336.00 1,418,272.00 1,433,605.00 1,363,174.00

92
 Table 2
Panel O: Depreciation for Indonesia
Companies 2015 2014 2013 2012 2011
Tempo Scan
Pacific TBK 397,734,364.00 454,031,007.00 271,150,453.00 328,816,855.00 315,329,751.00
PT Central
Proteina Prima
TKB 1,076,133,556.00 1,725,396,317.00 1,325,314,550.00 649,418,478.00 4,327,610,110.00
Mid Utama
INdonesia TBK.,
PT 1,154,156,615.00 915,616,461.00 900,794,190.00 830,881,312.00 616,285,117.00
Delta Dunia
Makmur TBK 4,640,427.00 4,708,343.00 5,429,700.00 7,475,977.00 6,654,961.00

PT Energi Mega
Persada TBK 15,448,516.00 15,596,274.00 8,644,830.00 5,985,733.00 2,726.00
Vale INdonesia
TBK 5,724,443.00 5,450,100.00 4,918,762.00 4,213,365.00 4,143,465.00
Catur SEntosa
Adiprana Tbk, PT 194,342,701.00 193,716,538.00 179,384,934.00 191,134,813.00 187,152,544.00

Bayan Resources
Tbk., PT 2,479,422.00 2,472,451.00 2,551,273.00 2,233,430.00 1,390,623.00
Timah TBK 1,571,607,334.00 1,451,547,829.00 1,216,772,330.00 1,760,294,227.00 1,273,679,479.00
Tiga Pilar
Sejahtera Food
TBK 128,666,247.00 84,876,870.00 22,676,934.00 39,156,982.00 63,581,782.00
PT Pan Brothers
TBK 535,051.00 366,930.00 317,160.00 243,774.00 201,148.00

PT Bumi Serpong
Damai TBK 400,787,643.00 204,038,137.00 174,292,778.00 221,626,892.00 217,566,324.00
Tunas Baru
Lampung TBK 748,819,643.00 789,179,267.00 582,454,856.00 582,454,856.00 759,970,700.00
Lautan Luas TBK 87,145,124.00 215,365,226.00 80,076,901.00 560,553,207.00 315,662,911.00

Tembaga Mulia
Semanan TBK 99,567.00 92,045.00 121,650.00 86,750.00 67,342.00
Mulia Industrindo
TBK 1,269,793,733.00 1,319,012,526.00 1,341,532,549.00 1,480,837,706.00 1,605,769,660.00
Lotte Chemical
Titan TBK 19,480.00 21,282.00 14,790.00 513,829.00 550,506.00
Fajar Surya
Wisesa TBK 858,041,774.00 867,075,744.00 826,700,318.00 899,869,941.00 867,331,299.00
Ramayana
Lestari Sentosa
TBK 634,520,306.00 707,053,452.00 645,679,589.00 736,180,329.00 822,940,439.00
Kimia Farma
(Persero) TBK 333,146,609.00 299,836,149.00 109,918,480.00 125,191,621.00 136,254,093.00
Samudera
Indonesia TBK 2,188,738.00 1,638,604.00 1,609,297.00 1,459,927.00 1,202,895.00
Malindo Feedmill
TBK 1,507,150,970.00 1,372,559,323.00 31,492,095.00 274,932,845.00 209,853,677.00

93
 Table 2
Panel P: Changes in Taxes Payable for Indonesia
Companies 2015 2014 2013 2012 2011
PT Telekomunikasi
INdonesia TBK 1,080,302,632.00 1,403,241,662.00 -4,682,886,715.00 -1,011,826,618.00 -952,680,220.00
Indofood Sukses
Makmur -861,066,542.00 2,797,351,926.00 -1,989,917,733.00 -529,362,247.00 -227,735,219.00
PT Astra
International TBK -3,960,718,288.00 -1,318,159,781.00 -3,029,908,987.00 -695,743,855.00 3,102,814,970.00
Perusahan GAS
Negara (Persero)
TBK -8,055,998.00 -435,458.00 523,805.00 2,160,794.00 -361,591.00
PT Unilever
Indonesia TBK -424,425,200.00 614,993,653.00 -387,211,792.00 127,140,035.00 1,204,328,703.00
Tiphone Mobile
Indonesia TBK., PT 52,551,498.00 33,732,809.00 65,737,254.00 32,550,088.00 65,235,791.00

PT Japfa Comfeed
Indonesia TBK 19,166,495.00 -355,878,624.00 -312,293,661.00 268,475,949.00 -712,379,028.00
Sumber Alfaria
Trijaya, PT -294,924,348.00 313,267,365.00 37,409,492.00 113,762,702.00 70,983,528.00
Hanjaya Mandala
Sampoerna -499,963,014.00 -725,676,951.00 -1268699278 911,151,303.00 2,447,675,412.00

Garuda Indonesia
(Persero) Tbk., PT 5,258,865.00 -3,909,014.00 -1,672,867.00 736,475.00 -119,847.00

PT United Tractors
TBK -1,226,837,945.00 -492,566,676.00 -732,612,810.00 -1,890,054,287.00 9,680,035,388.00
PT Charoen
Pokphand
Indonesia TBK 241,447,984.00 -2,062,950,057.00 382,787,922.00 9,524,671.00 46,753,074.00

Adaro Energy
TBK., PT -91,771.00 -2,364,221.00 71,779,374.00 -6,179,378.00 7,569,698.00
Indah Kiat Pulp &
Paper Corporation 328,292.00 642,662.00 88,553.00 -1,025,896.00 -2,347,464.00
PT Gudang Garam
TBK 918,109,958.00 896,312,902.00 -602,647,964.00 -1,774,447,459.00 1,117,534,326.00

PT Sinar MAS
Agro Resource
And Technoloy TBK -1,139,049,089.00 617,555,123.00 -1,990,149,895.00 211,924,983.00 987,852,749.00
PT INdosat TBK -1,826,904,170.00 2,127,083,494.00 -2,317,765,439.00 -1,391,871,577.00 -463,084,022.00
PT Barito Pacific
TBK 1,115,345.00 1,467.00 1,224,081.00 -504,311.00 -4,683,996.00
Semen Indonesia
(Persero) TBK, PT -889,808,978.00 -276,078,477.00 -120,017,948.00 322,312,692.00 309,713,756.00
PT Chandra Asri
Petrochemical TBK 1,114,289.00 15,193.00 1,233,583.00 -519,581.00 -4,599,189.00
XL Axiata TBK -1,351,916,630.00 -2,015,553,967.00 -2,920,408,391.00 -791,811,719.00 247,918,496.00
Erajaya
Swasembada TBK,
PT 16,148,751.00 -100,188,613.00 -714,997,336.00 172,040,058.00 97,741,077.00
Multipolar TBK -209,589,094.00 74,824,476.00 438,969,841.00 -16,210,934.00 49,462,832.00
PT Kalbe Farma
TBK -41,524,384.00 118,548,291.00 -87,901,505.00 29,637,812.00 168,386,220.00
Bentoel
INternasional
Investama TBK -3,049,398,101.00 3,016,431,556.00 -543,822,941.00 -1,317,076,441.00 142,401,632.00

PT Enseval Putera
Megatrading TBK 14,219,110.00 58,138,635.00 -10,449,056.00 45,000,000.00 45,772,388.00

94
 Table 2
Panel Q: Changes in Taxes Payable for Indonesia
Companies 2015 2014 2013 2012 2011
Krakatau Steel
(Persero) TBK,. PT 908,382.00 -1,178,121.00 -218,927.00 -300,322.00 -1,122,226.00

Indo Tambangraa
Megah Tbk, PT 839,437.00 -1,256,700.00 -2,534,379.00 -1,522,246.00 4,861,979.00
Mayora Indah Tbk 904,615,703.00 -816,426,732.00 325,309,807.00 228,470,273.00 -81,495,971.00
Jasa Marga
(Persero) Tbk, PT 357,347,621.00 814,636,673.00 -831,503,469.00 246,411,527.00 -1,225,676,200.00
Pembangunan
Perumahan
(Persero) TBK 119,869,956.00 131,819,110.00 251,724,642.00 144,395,636.00 253,713,619.00
Medco Energi
INternasional TBK -2,726,829.00 -2,524,384.00 378,216.00 961,774.00 -109,338.00
Indomobil Sukses
Internasional TBK 392,179,029.00 404,653,662.00 -837,011,259.00 -309,447,295.00 569,254,073.00
PT Indocement
Tunggal Prakarsa
TBK -1,059,929,198.00 -295,375,743.00 -2,128,902,273.00 951,256,145.00 367,562,845.00
PT AKR Corporindo
TBK 107,334,610.00 262,681,416.00 -388,706,088.00 136,386,075.00 284,581,052.00

Salim Ivomas
Pratama TBK PT -984,478,736.00 966,337,674.00 -1,032,094,105.00 -1,038,716,929.00 150,770,699.00
Astra Agro Lestari
TBK -2,165,532,474.00 1,252,140,582.00 -1,741,069,619.00 254,005,664.00 -154,325,159.00
PT Mitra
Adiperkasa TBK 46,129,121.00 -215,040,317.00 -132,591,267.00 103,661,353.00 236,932,560.00

Tambang Batubara
Bukit Asam
(Persero) Tbk, PT 166,758,334.00 -232,767,074.00 2,208,685,375.00 -418,438,490.00 1,773,801,757.00
Hero Supermarket
TBK -118,218,997.00 -415,950,655.00 10,585,465.00 -6,373,789.00 81,760,635.00

Gajah Tunggal TBK -520,879,331.00 289,601,900.00 -1,222,231,480.00 556,823,637.00 -579,889,453.00

Pabrik Kertas Tijwi
Kimia TBK -200,019.00 122,811.00 -821,703.00 -601,512.00 202,471.00
Matahari Putra
Prima TBK -463,930,831.00 125,273,980.00 385,912,625.00 -89,597,038.00 356,788,486.00

Astra Otoparts TBK -112,707,015.00 -274,301,830.00 221,268,784.00 -198,536,898.00 -639,515,316.00

PT Tunas Ridean
TBK 10,087,837.00 -135,212,197.00 -242,306,463.00 18,210,843.00 136,022,496.00

FKS Multi Agro TBK 35,015.00 -39,028.00 25,004.00 92,232.00 -21,658.00

Adhi Karya
(Persero) TBK -1,155,557.00 -150,887,392.00 215,233,134.00 201,883,741.00 58,956,671.00
PT Tigaraksa Satria
TBK 27,038,556.00 -10,565,949.00 208,603,916.00 23,161,937.00 80,554,098.00
Dian Swastatika
Sentosa Tbk, PT 318,420.00 20,923.00 17,883.00 -294,389.00 -148,820.00
Holcim INdonesia
TBK -653,827,857.00 -173,221,916.00 -2,091,545,416.00 -43,504,667.00 1,102,019,374.00
PT Aneka Tambang
TBK -609,533,925.00 1,805,357,990.00 -5,832,994,813.00 753,926,177.00 189,519,757.00
PT Indorama
Synthetics TBK -1,149,767.00 43,069.00 -19,403.00 1,755.00 -114,960.00

95
 Table 2
Panel R: Changes in Taxes Payable for Indonesia
Companies 2015 2014 2013 2012 2011
Tempo Scan
Pacific TBK 60,473,967.00 -148,602,312.00 -61,235,575.00 13,002,704.00 87,617,935.00
PT Central
Proteina Prima TKB 1,058,682,604.00 940,828,657.00 -1,231,054,305.00 1,313,826,136.00 -492,858,526.00
Mid Utama
INdonesia TBK., PT -10,761,647.00 117,037,759.00 56,912,877.00 -43,218,317.00 23,955,665.00
Delta Dunia
Makmur TBK -412,758.00 478,980.00 153,174.00 -648,357.00 -381,204.00
PT Energi Mega
Persada TBK -4,523,892.00 -3,376,034.00 3,504,770.00 596,588.00 -1,420,302.00

Vale INdonesia TBK -1,973,358.00 5,969,525.00 -239,217.00 -4,222,377.00 -1,110,502.00

Catur SEntosa
Adiprana Tbk, PT -70,983,697.00 25,202,699.00 -20,088,445.00 -10,339,832.00 52,130,401.00
Bayan Resources
Tbk., PT 1,147,990.00 46,510.00 -596,817.00 1,973,132.00 1,311,938.00
Timah TBK -1,035,947,866.00 328,278,174.00 15,994,509.00 -878,793,854.00 923,562,424.00
Tiga Pilar
Sejahtera Food
TBK 51,081,590.00 7,844,105.00 71,526,811.00 132,074,793.00 98,725,306.00
PT Pan Brothers
TBK -24,667.00 58,200.00 16,254.00 -2,540.00 46,703.00
PT Bumi Serpong
Damai TBK 24,710,445.00 -1,346,283,596.00 427,420,833.00 164,561,471.00 71,787,054.00
Tunas Baru
Lampung TBK -238,766,085.00 333,900,005.00 -169,616,129.00 -287,480,188.00 203,651,202.00
Lautan Luas TBK -119,050,757.00 97,989,486.00 25,480,254.00 313,280.00 -36,107,640.00
Tembaga Mulia
Semanan TBK -12,928.00 99,362.00 -84,507.00 21,062.00 30,189.00
Mulia Industrindo
TBK -261,559,662.00 33,982,926.00 81,039,227.00 -68,609,260.00 -222,527,175.00
Lotte Chemical
Titan TBK 105,996.00 116,809.00 -324,517.00 316,731.00 92,401.00
Fajar Surya
Wisesa TBK -469,983,482.00 440,603,418.00 -316,863,723.00 -216,362,442.00 -236,865,208.00
Ramayana Lestari
Sentosa TBK -21,732,526.00 -124,951,258.00 -59,719,835.00 29,621,921.00 -3,857,336.00

Kimia Farma
(Persero) TBK -4,007,073.00 60,361,929.00 1,948,212,597.00 9,168,621.00 96,242,973.00
Samudera
Indonesia TBK -2,031.00 -40,851.00 -12,563.00 106,699.00 80,042.00

Malindo Feedmill
TBK 50,351,772.00 -336,630,773.00 -92,855,315.00 55,946,904.00 69,452,800.00

96
 Table 2
Panel S: Total Assets from the Prior Year for Indonesia
Companies 2015 2014 2013 2012 2011
PT
Telekomunikasi
INdonesia TBK 509,347,413,720.00 465,512,019.00 476,129,916,060.00 499,113,114,440.00 486,433,268,545.00
Indofood Sukses
Makmur 309,142,623,690.00 282,366,273,072.00 253,904,339,785.00 253,904,339,785.00 259,528,421,117.00
PT Astra
International TBK 847,680,486,935.00 778,554,127,138.00 778,554,127,138.00 779,266,261,886.00 743,535,859,277.00

Perusahan GAS
Negara (Persero)
TBK 253,851,453.00 191,780,136.00 160,985,011.00 150,025,718.00 150,025,718.00
PT Unilever
Indonesia TBK -45,906,690,479.00 46,217,825,922.00 51,238,738,296.00 50,768,135,044.00 42,428,320,031.00
Tiphone Mobile
Indonesia TBK.,
PT 18,021,500,325.00 12,571,233,021.00 5,808,422,435.00 5,760,704,150.00 4,205,099,680.00
PT Japfa Comfeed
Indonesia TBK 56,597,601,286.00 54,273,256,547.00 46,862,959,479.00 40,036,069,770.00 34,034,094,810.00
Sumber Alfaria
Trijaya, PT 50,241,033,769.00 39,882,833,507.00 38,238,303,984.00 24,288,415,095.00 20,786,515,322.00
Hanjaya Mandala
Sampoerna 101,927,772,068.00 99,703,541,974.00 112,214,645,254.00 93,843,877,008.00 100,082,779,638.00

Garuda Indonesia
(Persero) Tbk., PT 138,896,244.00 132,918,352.00 103,721,333.00 87,226,219.00 66,637,021.00
PT United
Tractors TBK 216,589,110,961.00 208,695,626,083.00 215,047,600,033.00 224,919,401,281.00 144,824,955,783.00
PT Charoen
Pokphand
Indonesia TBK 74,852,381,017.00 57,200,582,082.00 52,793,423,098.00 42,853,791,756.00 31,783,837,813.00
Adaro Energy
TBK., PT 286,167,367.00 297,393,961.00 275,667,412.00 248,586,831.00 196,171,169.00
Indah Kiat Pulp &
Paper Corporation 290,870,400.00 301,002,287.00 273,823,823.00 277,573,776.00 260,023,535.00
PT Gudang
Garam TBK 209,145,822,856.00 184,712,601,530.00 177,462,592,175.00 189,315,167,698.00 149,899,841,529.00
PT Sinar MAS
Agro Resource
And Technoloy
TBK 7,647,254,307.00 66,874,268,279.00 69,461,616,945.00 71,301,384,326.00 60,832,616,162.00
PT INdosat TBK 191,315,750,706.00 198,358,200,245.00 236,100,743,100.00 257,819,147,343.00 257,547,246,753.00
PT Barito Pacific
TBK 103,752,192.00 103,088,001.00 87,346,030.00 92,193,492.00 78,091,836.00
Semen Indonesia
(Persero) TBK, PT 130,447,986,601.00 112,030,837,296.00 113,632,132,209.00 95,225,452,957.00 75,886,911,568.00

PT Chandra Asri
Petrochemical
TBK 85,821,289.00 84,716,949.00 69,495,642.00 70,501,012.00 65,234,920.00
XL Axiata TBK 228,527,493,605.00 146,538,276,557.00 151,581,875,077.00 150,966,310,838.00 132,880,273,175.00
Erajaya
Swasembada
TBK, PT 21,986,137,963.00 1,819,694,432.00 16,619,685,615.00 14,188,327,884.00 6,265,761,518.00
Multipolar TBK 81,894,126,430.00 73,692,829,127.00 60,230,453,620.00 69,329,264,202.00 68,346,917,882.00
PT Kalbe Farma
TBK 44,675,076,340.00 41,166,517,073.00 40,264,087,511.00 40,075,479,588.00 34,291,234,885.00

Bentoel
INternasional
Investama TBK 38,864,818,076.00 33,587,970,497.00 29,651,403,191.00 30,676,742,339.00 23,905,607,543.00
PT Enseval
Putera
Megatrading TBK 22,256,165,218.00 20,112,245,770.00 11,028,723,229.00 21,168,487,108.00 15,870,621,419.00

97
 Table 2
Panel T: Total Assets from the Prior Year for Indonesia
Companies 2015 2014 2013 2012 2011

Krakatau Steel
(Persero) TBK,. PT 116,198,595.00 105,683,288.00 105,531,722.00 105,342,811.00 85,741,825.00
Indo Tambangraa
Megah Tbk, PT 58,470,310.00 58,926,540.00 69,339,204.00 69,339,204.00 447,821,747.00
Mayora Indah Tbk 36,984,798,897.00 35,327,787,441.00 35,495,259,903.00 31,964,498,795.00 21,450,944,628.00
Jasa Marga
(Persero) Tbk, PT 114,423,640,715.00 102,082,883,838.00 105,827,531,627.00 103,800,522,144.00 92,412,687,798.00
Pembangunan
Perumahan
(Persero) TBK 52,360,386,675.00 45,170,755,504.00 36,556,992,904.00 33,579,751,415.00 26,545,909,053.00
Medco Energi
INternasional TBK 119,027,581.00 112,441,938.00 109,399,362.00 113,659,172.00 94,589,837.00
Indomobil Sukses
Internasional TBK 84,305,098,533.00 81,186,635,466.00 75,148,844,798.00 62,503,826,499.00 38,935,842,340.00
PT Indocement
Tunggal Prakarsa
TBK 103,737,883,639.00 96,802,607,981.00 97,283,915,818.00 87,910,875,334.00 74,829,510,946.00
PT AKR
Corporindo TBK 53,118,001,267.00 53,238,374,044.00 50,394,573,789.00 40,769,555,911.00 37,378,270,055.00

Salim Ivomas
Pratama TBK PT 111,320,940,421.00 102,106,674,875.00 113,612,368,660.00 123,552,454,980.00 102,709,009,180.00
Astra Agro Lestari
TBK 66,655,095,544.00 54,439,158,713.00 53,097,790,714.00 49,422,606,408.00 42,869,788,500.00
PT Mitra
Adiperkasa TBK 31,248,564,884.00 28,408,197,689.00 25,611,235,077.00 21,384,471,835.00 1,787,783,671.00
Tambang
Batubara Bukit
Asam (Persero)
Tbk, PT 53,371,224,346.00 42,483,888,420.00 54,419,530,166.00 42,532,849,224.00 42,532,849,224.00
Hero Supermarket
TBK 29,793,429,777.00 28,226,299,897.00 22,559,346,575.00 18,014,755,910.00 15,239,641,528.00

Gajah Tunggal TBK 57,901,576,205.00 55,849,196,152.00 55,021,536,162.00 55,959,247,554.00 50,572,912,745.00

Pabrik Kertas Tijwi
Kimia TBK 120,950,707.00 115,696,513.00 110,478,675.00 112,846,504.00 102,241,252.00
Matahari Putra
Prima TBK 20,952,620,110.00 23,937,637,941.00 35,164,782,321.00 49,924,722,318.00 55,688,114,178.00
Astra Otoparts
TBK 51,672,311,422.00 45,422,423,266.00 1,648,445,231.00 33,729,278,122.00 27,237,234,817.00
PT Tunas Ridean
TBK 14,246,438,758.00 12,607,531,396.00 14,161,262,039.00 12,327,489,493.00 10,240,584,185.00
FKS Multi Agro
TBK 8,985,061.00 11,642,597.00 1,167,134.00 9,710,636.00 5,370,222.00
Adhi Karya
(Persero) TBK 37,562,609,018.00 35,366,855,618.00 33,655,054,450.00 29,606,374,379.00 24,027,994,040.00
PT Tigaraksa
Satria TBK 8,873,933,946.00 899,363,672.00 1,007,892,518.00 9,775,980,544.00 8,494,064,912.00

Dian Swastatika
Sentosa Tbk, PT 58,123,190.00 53,338,104.00 50,098,164.00 56,392,920.00 29,188,527.00
Holcim INdonesia
TBK 61,770,536,378.00 54,191,033,105.00 52,023,408,469.00 53,035,677,012.00 50,893,185,473.00
PT Aneka
Tambang TBK 79,026,689,186.00 79,549,788,242.00 84,258,868,682.00 73,622,914,032.00 60,028,497,167.00

PT Indorama
Synthetics TBK 34,794,567.00 32,640,781.00 28,340,343.00 29,585,068.00 24,824,296.00

98
 Table 2
Panel U: Changes inTotal Assets for Indonesia
Companies 2015 2014 2013 2012 2011
Tempo Scan
Pacific TBK 20,146,473,561.00 19,675,261,712.00 19,807,152,308.00 20,585,495,001.00 17,503,268,387.00
PT Central
Proteina Prima
TKB 25,462,852,635.00 26,120,084,578.00 30,477,675,787.00 34,205,710,441.00 4,112,240,714.00
Mid Utama
INdonesia TBK.,
PT 9,251,083,187.00 7,672,600,461.00 7,406,466,786.00 6,175,995,669.00 5,435,905,569.00
Delta Dunia
Makmur TBK 40,496,530.00 48,047,286.00 47,773,288.00 52,402,562.00 37,240,997.00

PT Energi Mega
Persada TBK 85,712,379.00 102,980,385.00 85,364,242.00 84,053,265.00 57,352,992.00

Vale INdonesia
TBK 104,144,554.00 101,313,617.00 96,104,232.00 106,365,587.00 96,118,461.00

Catur SEntosa
Adiprana Tbk, PT 11,882,569,640.00 11,307,161,944.00 10,740,348,146.00 9,730,907,134.00 8,313,334,151.00
Bayan
Resources Tbk.,
PT 51,829,605.00 69,587,365.00 68,500,072.00 40,823,187.00 35,411,625.00
Timah TBK 35,353,635,116.00 29,993,434,473.00 26,208,628,496.00 31,819,015,594.00 28,676,935,870.00
Tiga Pilar
Sejahtera Food
TBK 26,482,919,398.00 18,284,980,034.00 16,534,840,362.00 17,388,653,587.00 9,444,780,627.00

PT Pan Brothers
TBK 16,386,842.00 10,385,858.00 8,580,335.00 7,337,663.00 4,326,496.00
PT Bumi
Serpong Damai
TBK 101,303,681,815.00 82,122,152,631.00 71,639,098,381.00 71,639,098,381.00 57,024,889,795.00

Tunas Baru
Lampung TBK 26,319,691,334.00 22,601,838,083.00 22,220,815,465.00 20,557,615,518.00 17,803,194,362.00

Lautan Luas TBK 16,789,792,675.00 583,968,349.00 17,335,157,937.00 19,568,048,965.00 17,510,792,661.00

Tembaga Mulia
Semanan TBK 7,833,719.00 7,517,602.00 8,135,956.00 7,189,608.00 6,041,712.00

Mulia Industrindo
TBK 25,933,607,463.00 26,158,331,012.00 28,041,149,737.00 29,636,557,679.00 22,099,995,923.00

Lotte Chemical
Titan TBK 11,431,188.00 12,872,465.00 13,108,860.00 14,552,204.00 14,330,822.00

Fajar Surya
Wisesa TBK 20,043,916,206.00 20,708,884,930.00 23,848,753,223.00 23,906,584,099.00 21,918,228,545.00
Ramayana
Lestari Sentosa
TBK 16,398,309,651.00 15,930,086,099.00 17,414,639,043.00 18,205,869,341.00 16,998,035,448.00

Kimia Farma
(Persero) TBK 10,820,260,657.00 8,993,423,825.00 8,894,898,471.00 8,689,898,405.00 8,081,139,071.00

Samudera
Indonesia TBK 27,918,463.00 28,688,778.00 29,014,780.00 31,381,954.00 27,663,237.00

Malindo Feedmill
TBK 12,678,497,665.00 8,056,437,287.00 7,694,937,220.00 6,430,832,227.00 4,711,877,069.00

99
 Table 2
Panel V: OPACITY for Indonesia
Companies 2015 2014 2013 2012 2011

PT Telekomunikasi
INdonesia TBK -0.1463872636 -227.5801333005 -0.1131093474 -0.0977383570 -0.1434279830
Indofood Sukses
Makmur -0.1240188044 0.0420765457 0.0523015378 -0.0064716765 0.0155190572
PT Astra
International TBK -0.0417762642 -0.0225941117 -0.0679063472 0.0098615467 -0.0075005575
Perusahan GAS
Negara (Persero)
TBK -0.0105631028 -0.0528470634 -0.0744812447 -0.1343400003 -0.0330419215
PT Unilever
Indonesia TBK 0.0423832997 -0.0635178961 0.0648574955 -0.1032028971 -0.1697716778
Tiphone Mobile
Indonesia TBK., PT 0.1928877326 0.9909334686 0.5398822655 -0.0164760902 0.0602728518

PT Japfa Comfeed
Indonesia TBK -0.0578279637 -0.0517846645 -0.1841371326 0.0558864277 0.0702698911
Sumber Alfaria
Trijaya, PT -0.1470733313 -0.0486860004 -0.0382999545 -0.0639699390 -0.0943560218
Hanjaya Mandala
Sampoerna 0.5221117713 -0.1548185983 -0.0617041795 0.2372251600 0.0208770925
Garuda Indonesia
(Persero) Tbk., PT -0.3987672194 -0.0504197720 0.7918730084 0.1416227155 -0.0414131058
PT United Tractors
TBK -0.0861549734 -0.0486245046 -0.1417420704 -0.0219908085 -0.1984729072
PT Charoen
Pokphand
Indonesia TBK -0.0261905598 0.0691182804 -0.0115937369 0.0947912347 0.1836837844
Adaro Energy
TBK., PT -0.0339962418 -0.0653435562 -0.3580817743 0.0161600676 -0.0730896904

Indah Kiat Pulp &

Paper Corporation 0.0059345915 -0.0470959511 -0.0243674525 0.0563835360 -0.1007286398
PT Gudang Garam
TBK 0.0456887915 0.0843852670 -0.0675504944 -0.0335406710 0.1563656929

PT Sinar MAS
Agro Resource
And Technoloy TBK 0.2973430772 0.0198512682 0.0135425429 -0.1210672487 -0.0185641300
PT INdosat TBK -0.2346471566 -0.2028532012 -0.1298522791 1.9260699232 -0.1201075626
PT Barito Pacific
TBK -0.0382907573 -0.0263343937 -0.1084891208 -0.1607137194 0.0796697365
Semen Indonesia
(Persero) TBK, PT -0.0648191277 -0.0231696726 -0.0273554881 -0.0665451096 -0.0360602827

PT Chandra Asri
Petrochemical TBK -0.0383458818 -0.0259523038 -0.0719152145 -0.0846431254 0.1318331808
XL Axiata TBK -0.1026754132 -0.2736173830 -0.0823948453 -0.1017756341 -0.2010802385
Erajaya
Swasembada TBK,
PT -0.0688893064 -0.1388698880 0.1190659347 -0.0172370509 0.5258657103
Multipolar TBK -0.0205387952 -0.0509130543 0.0455726832 0.0073291545 0.0050545610
PT Kalbe Farma
TBK -0.0397907055 0.0334548409 -0.0167322682 0.0170340691 -0.0273944047
Bentoel
INternasional
Investama TBK 0.1969765201 -0.0695673369 -0.0282154236 -1.2278615293 -4.4501469415

PT Enseval Putera
Megatrading TBK -0.0281519985 0.7201872748 0.1635073300 -0.0606687250 -0.0171645915

100
 Table 2
Panel W: OPACITY for Indonesia
Companies 2015 2014 2013 2012 2011
Krakatau Steel
(Persero) TBK,. PT -0.0182057881 -0.0533933520 -0.0177216761 -0.0247263954 0.0128252344

Indo Tambangraa
Megah Tbk, PT -0.0823220024 -0.0044021421 -0.0881629821 -0.1110567551 -0.0140498246
Mayora Indah Tbk -0.1532983477 0.1447945214 -0.0771966089 -0.0266927644 0.2405123074
Jasa Marga (Persero)
Tbk, PT -0.0336700070 -0.0406366807 0.1013032402 -0.1333233589 -0.0712273085
Pembangunan
Perumahan (Persero)
TBK 0.0230473656 0.0416957906 -0.0454153457 0.0385868317 -0.0011788893

Medco Energi
INternasional TBK 0.1659441184 -0.0327434502 -0.0483026583 -0.0441389543 -0.2176203877
Indomobil Sukses
Internasional TBK -0.0284138877 -0.1262947896 0.0507729130 0.1647794784 0.0626972197
PT Indocement
Tunggal Prakarsa
TBK -0.0845927098 -0.0066658214 0.0012684564 -0.0406915276 0.0111566524
PT AKR Corporindo
TBK 0.0251865610 -0.1413886865 0.1125706593 0.0625519469 -0.1080645636

Salim Ivomas
Pratama TBK PT -0.0071054017 -0.0396093988 -0.0358987696 -0.0336012747 -0.0022402231
Astra Agro Lestari
TBK 0.0414545822 -0.0297886077 0.0365566453 -0.0145623081 -0.0492543356
PT Mitra Adiperkasa
TBK -0.0301003085 0.1843671348 -0.1681197229 -0.1808611524 -1.7332292236

Tambang Batubara
Bukit Asam (Persero)
Tbk, PT -0.1247578564 0.0417601086 -0.0772434668 0.0896706556 -0.0828041715
Hero Supermarket
TBK -0.0647950595 0.0319611429 0.2187320243 -0.2194031160 -0.0526815628

Gajah Tunggal TBK -0.0262164489 0.0028093380 -0.0626665226 -0.0443514063 0.0494582801

Pabrik Kertas Tijwi
Kimia TBK -0.0770474206 -0.0060711337 -0.4190412222 -0.0019267234 0.0526919604
Matahari Putra Prima
TBK 0.0228671455 -0.0278123541 -0.0440055974 0.0425897060 0.0518464528

Astra Otoparts TBK -0.0262296392 -0.0249311034 -1.5473029938 -0.0307519523 0.0547547577

PT Tunas Ridean TBK -0.0601146030 -0.0028123906 -0.0800702176 0.1594108670 -0.0738295889

FKS Multi Agro TBK 0.0417104569 -0.0287712441 -1.0113294617 0.0332498304 0.3676909446
Adhi Karya (Persero)
TBK -0.0025589506 0.0473962664 -0.0166484402 0.0723548859 -0.0932490650
PT Tigaraksa Satria
TBK -0.0054636798 3.4447774837 -0.2093696642 -0.9152385478 0.1168949500

Dian Swastatika
Sentosa Tbk, PT -0.0114456553 -0.0462003111 -0.0958615569 -0.0279527288 0.4197446826
Holcim INdonesia
TBK -0.0297752695 -0.0653581697 -0.0036663606 0.0177375794 -0.1021471217
PT Aneka Tambang
TBK -0.0567322324 -0.0733058375 0.0095665577 -0.0783649252 -0.0049491348
PT Indorama
Synthetics TBK 0.2815674355 -0.0838269464 0.3510602889 -0.0512101240 0.0416124590

101
 Table 2
Panel X: OPACITY for Indonesia
Companies 2015 2014 2013 2012 2011
Tempo Scan
Pacific TBK -0.0586304814 0.0021580957 0.0230158147 -0.0142517650 -0.0094938622
PT Central
Proteina Prima
TKB -0.1017623156 -0.1612683675 0.4720800804 -0.0390482713 -67.8705211771
Mid Utama
INdonesia TBK.,
PT -0.1429025828 -0.0395184685 -0.1347231280 -0.1243266996 0.0911269758
Delta Dunia
Makmur TBK -0.0488192939 -0.0499930839 -0.7169026968 -0.0460175783 -0.2132744996
PT Energi Mega
Persada TBK -0.1674836490 -0.1254883442 -0.1799549394 -0.0854230826 -0.0008308372
Vale INdonesia
TBK -0.0232581341 -0.0962545143 -0.0547645394 0.0026461566 0.0086341686
Catur SEntosa
Adiprana Tbk, PT -0.0159972795 0.0541003748 0.0120981767 -0.0380530960 0.0406480886
Bayan Resources
Tbk., PT 0.0007421820 -0.0554648103 0.0019134432 0.4341103011 -0.0441049514
Timah TBK 0.1099023435 -0.1743146394 0.0278571149 -0.0751745549 0.0503528262
Tiga Pilar
Sejahtera Food
TBK 0.0903007175 0.1084072954 0.2686035095 0.0697952270 0.0978430569
PT Pan Brothers
TBK 0.2219862131 0.0208467129 -0.0266803103 -0.0091401036 0.1962507304
PT Bumi Serpong
Damai TBK 0.0611489244 0.0317465153 0.1475141888 0.0058015328 -0.0634071423
Tunas Baru
Lampung TBK 0.0428910618 0.1207044455 -0.1765283526 -0.0231564879 -0.0139928963
Lautan Luas TBK 0.0129581088 1.0849888681 -0.0681172773 -0.1125369096 0.0716294175
Tembaga Mulia
Semanan TBK -0.2689142922 0.0906982040 0.0548021646 -0.2118068190 0.1143338180
Mulia Industrindo
TBK -0.0200371777 -0.0689256514 -0.0979441208 -0.0641775203 -0.0365521846
Lotte Chemical
Titan TBK 0.0643789604 -0.0445699406 -0.0060246276 -0.0359243177 0.0158493351
Fajar Surya
Wisesa TBK 0.0726471427 -0.1115209550 -0.0661129898 -0.0084701381 -0.0561902113
Ramayana Lestari
Sentosa TBK -0.0373661188 -0.0591521679 -0.0727222515 0.0023529380 -0.0759971304

Kimia Farma
(Persero) TBK -0.0663236217 -0.0149132569 -0.2838354804 -0.0278059785 0.0734634141
Samudera
Indonesia TBK -0.0523811429 -0.0794887813 -0.0745598622 -0.0512752966 -0.0196886214

Malindo Feedmill
TBK -0.1173904445 0.0794027766 -0.0206754078 0.0468275208 0.1330366686

102
 Table 2
Panel Y:EARNINGS MANAGEMENT for Indonesia
Companies 2015 2014 2013 2012 2011
PT
Telekomunikasi
INdonesia TBK -4,154,658,090.00 -103,134,804,013.00 -63,220,517,526.00 -50,806,149,011.00 -71,673,502,999.00
Indofood Sukses
Makmur -31,624,705,819.00 17,475,701,253.00 9,299,751,965.34 -2,701,911,241.00 3,572,165,962.00
PT Astra
International TBK -12,709,488,958.00 -20,227,058,446.00 -58,928,584,871.00 6,293,282,952.00 628,696,457.00
Perusahan GAS
Negara (Persero)
TBK 8,132,822.00 -11,005,933.00 -10,942,754.00 -15,832,867.00 -5,680,320.00
PT Unilever
Indonesia TBK -796,865,445.00 -1,705,671,760.00 2,548,792,652.00 -4,985,138,545.00 -4,794,469,674.00
Tiphone Mobile
Indonesia TBK., PT 3,655,664,063.00 12,524,721,160.00 3,267,338,771.00 -29,813,705.00 383,924,932.00
PT Japfa Comfeed
Indonesia TBK 346,866,193.00 -3,522,279,631.00 -9,253,798,305.00 2,774,424,817.00 966,814,081.00

Sumber Alfaria
Trijaya, PT -69,362,932.00 -1,315,200,920.00 -1,389,706,319.00 -1,326,203,029.00 -1,819,365,836.00
Hanjaya Mandala
Sampoerna 55,395,230,241.00 -16,887,316,519.00 -9,461,511,171.00 24,084,431,344.00 6,984,788,271.00
Garuda Indonesia
(Persero) Tbk., PT -40,961,723.00 -14,519,741.00 78,788,390.00 13,826,164.00 -2,999,340.00
PT United Tractors
TBK -10,700,455,997.00 -11,132,854,792.00 -31,946,517,678.00 -8,726,268,045.00 -9,383,759,236.00
PT Charoen
Pokphand
Indonesia TBK 3,017,150,208.00 -172,294,240.00 153,502,789.00 4,081,213,172.00 5,931,681,760.00
Adaro Energy
TBK., PT 3,202,894.00 -24,161,221.00 44,847,272.00 -8,341,576.00 801,306.00
Indah Kiat Pulp &
Paper Corporation 18,385,155.00 -12,890,665.00 -6,495,283.00 13,598,799.00 -30,886,745.00
PT Gudang Garam
TBK 9,232,783,100.00 17,379,648,002.00 -13,192,981,768.00 -9,898,652,681.00 25,674,261,240.00
PT Sinar MAS
Agro Resource
And Technoloy
TBK 4,414,880,999.00 2,562,649,280.00 -3,039,612,866.00 -8,208,412,461.00 846,400,905.00
PT INdosat TBK -20,311,029,130.00 -35,983,428,925.00 -35,293,750,457.00 493,793,962,160.00 -31,859,540,102.00
PT Barito Pacific
TBK 995,152.00 -2,711,826.00 -7,027,932.00 -15,825,381.00 -3,146,436.00
Semen Indonesia
(Persero) TBK, PT -3,384,174,205.00 -3,147,874,772.00 -3,348,498,342.00 -5,692,162,822.00 -2,117,075,976.00

PT Chandra Asri
Petrochemical TBK 3,796,049.00 -2,168,214.00 -2,530,628.00 -7,006,588.00 -598,251.00
XL Axiata TBK 3,025,395,486.00 -44,126,527,680.00 -18,330,381,926.00 -16,948,315,450.00 -26,223,760,029.00
Erajaya
Swasembada
TBK, PT -1,275,140,102.00 -453,077,988.00 548,843,731.00 99,515,186.00 3,490,431,285.00
Multipolar TBK 2,386,511,853.00 -3,602,278,056.00 3,622,803,066.00 475,703,020.00 444,389,333.00
PT Kalbe Farma
TBK -1,261,875,176.00 1,614,315,863.00 -849,512,523.00 741,924,111.00 -602,615,527.00
Bentoel
INternasional
Investama TBK 5,998,837,675.00 3,696,237,451.00 -1,924,272,784.00 -40,300,944,645.00 -106,098,663,029.00
PT Enseval Putera
Megatrading TBK -78,838,329.00 14,600,860,742.00 1,782,378,977.00 -1,194,265,122.00 -180,867,957.00

103
 Table 2
Panel ZEARNINGS MANAGEMENT for Indonesia
Companies 2015 2014 2013 2012 2011
Krakatau Steel
(Persero) TBK,.
PT 248,022.00 -7,999,027.00 -2,308,053.00 -3,205,392.00 -1,144,793.00
Indo Tambangraa
Megah Tbk, PT -1,148,137.00 -2,772,803.00 -11,181,909.00 -10,745,079.00 3,432,141.00
Mayora Indah Tbk -2,884,694,539.00 3,482,416,609.00 -2,089,494,082.00 -396,280,289.00 4,996,224,247.00
Jasa Marga
(Persero) Tbk, PT -2,327,576,129.00 -2,519,036,209.00 9,057,664,922.00 -13,346,211,219.00 -9,033,659,421.00
Pembangunan
Perumahan
(Persero) TBK 1,870,430,662.00 2,147,068,582.00 -1,156,799,188.00 1,584,527,490.00 476,132,549.00
Medco Energi
INternasional TBK 43,666,267.00 -8,730,505.00 -4,527,848.00 -3,093,249.00 -20,803,353.00
Indomobil Sukses
Internasional TBK 1,051,666,966.00 -9,444,141,719.00 2,141,503,242.00 9,680,453,336.00 3,579,677,207.00

PT Indocement
Tunggal Prakarsa
TBK -9,619,719,217.00 -1,236,020,378.00 -4,134,404,136.00 -1,674,715,519.00 1,569,972,536.00
PT AKR
Corporindo TBK 3,292,840,256.00 -7,001,940,944.00 4,895,538,219.00 2,822,987,248.00 -3,470,104,337.00
Salim Ivomas
Pratama TBK PT 1,627,056,586.00 -2,111,708,654.00 -6,142,732,453.00 -6,228,953,833.00 71,450,308.00
Astra Agro
Lestari TBK 4,526,785,584.00 882,614,422.00 -1,541,062,135.00 -211,695,895.00 -2,420,173,267.00
PT Mitra
Adiperkasa TBK 1,426,663,136.00 4,807,457,380.00 -4,570,936,278.00 -3,660,297,514.00 -2,624,773,784.00
Tambang
Batubara Bukit
Asam (Persero)
Tbk, PT -4,519,327,906.00 1,308,597,645.00 213,817,577.00 2,977,071,494.00 25,706,171.00
Hero
Supermarket TBK -213,469,973.00 70,243,494.00 4,955,622,474.00 -3,965,241,158.00 -639,326,862.00
Gajah Tunggal
TBK 517,329,077.00 736,103,067.00 -5,892,471,300.00 -1,368,224,050.00 1,341,470,379.00
Pabrik Kertas
Tijwi Kimia TBK -40,091,880.00 -456,787.00 -47,938,525.00 -1,420,448.00 5,792,234.00
Matahari Putra
Prima TBK 1,387,641,586.00 -415,214,103.00 -775,622,005.00 1,947,085,168.00 3,600,808,154.00
Astra Otoparts
TBK 402,770,461.00 -1,681,034,791.00 -2,108,106,673.00 -1,434,314,949.00 212,337,561.00
PT Tunas Ridean
TBK 269,450,125.00 -305,881,697.00 -1,618,508,259.00 2,001,557,474.00 -484,013,128.00
FKS Multi Agro
TBK 462,156.00 -413,028.00 -1,130,349.00 507,341.00 1,931,266.00
Adhi Karya
(Persero) TBK 87,209,980.00 1,374,482,126.00 -129,837,893.00 2,545,933,323.00 -2,122,674,637.00
PT Tigaraksa
Satria TBK 123,730,530.00 3,076,975,829.00 206,185,714.00 -8,901,030,362.00 1,154,021,489.00

Dian Swastatika
Sentosa Tbk, PT 1,470,915.00 -2,422,391.00 -4,766,722.00 -2,165,114.00 11,954,089.00
Holcim INdonesia
TBK 1,624,477,219.00 -3,888,270,570.00 -4,373,827,408.00 853,715,197.00 -2,994,553,664.00
PT Aneka
Tambang TBK -2,795,975,062.00 -2,220,747,868.00 -10,859,922,301.00 -4,261,601,798.00 81,950,390.00
PT Indorama
Synthetics TBK 3,145,844.00 -2,650,039.00 9,949,131.00 -1,511,545.00 803,080.00

104
 Table 2
Panel AA:EARNINGS MANAGEMENT for Indonesia
Companies 2015 2014 2013 2012 2011
Tempo Scan
Pacific TBK -596,405,201.00 -254,743,527.00 333,406,598.00 -267,374,229.00 9,062,252.00
PT Central
Proteina Prima
TKB -705,523,681.00 -2,330,686,086.00 11,925,795,027.00 1,291,978,411.00 -280,085,637,517.00
Mid Utama
INdonesia TBK.,
PT 74,753,712.00 -69,133,902.00 -883,996,619.00 -854,277,792.00 543,268,965.00
Delta Dunia
Makmur TBK 1,461,384.00 -1,444,072.00 -33,942,451.00 -3,708,153.00 -8,704,963.00
PT Energi Mega
Persada TBK 3,372,888.00 -19,674,906.00 -8,352,177.00 -5,986,913.00 -2,888,255.00
Vale INdonesia
TBK 2,134,558.00 2,187,157.00 -5,741,538.00 -8,163,294.00 -1,391,101.00

Catur SEntosa
Adiprana Tbk, PT -51,772,017.00 662,127,097.00 89,761,740.00 -390,970,807.00 442,181,945.00
Bayan Resources
Tbk., PT 3,594,028.00 -3,766,630.00 -1,062,563.00 21,668,030.00 1,062,048.00
Timah TBK 4,775,941,823.00 -4,571,738,367.00 762,085,794.00 -4,149,568,042.00 3,291,089,616.00
Tiga Pilar
Sejahtera Food
TBK 2,677,163,773.00 1,997,913,442.00 4,584,369,773.00 1,477,794,611.00 1,121,556,820.00
PT Pan Brothers
TBK 4,365,928.00 332,911.00 -196,418.00 -72,147.00 942,484.00
PT Bumi Serpong
Damai TBK 6,846,604,131.00 -85,475,021.00 11,422,625,148.00 744,739,518.00 -3,472,211,192.00
Tunas Baru
Lampung TBK 1,805,297,852.00 3,395,942,344.00 -4,261,836,205.00 -1,051,002,550.00 158,184,151.00
Lautan Luas TBK 192,726,550.00 829,578,130.00 -1,129,863,252.00 -2,201,501,198.00 1,182,072,599.00
Tembaga Mulia
Semanan TBK -2,042,043.00 880,557.00 276,854.00 -1,480,684.00 751,150.00
Mulia Industrindo
TBK 416,858,953.00 -1,735,014,153.00 -2,584,387,304.00 -2,039,219,302.00 -1,252,857,481.00
Lotte Chemical
Titan TBK 866,094.00 -340,107.00 -728,010.00 110,684.00 411,936.00
Fajar Surya
Wisesa TBK 1,875,532,988.00 -1,428,267,788.00 -2,210,439,824.00 -635,216,952.00 -1,705,320,309.00

Ramayana Lestari
Sentosa TBK -11,112,689.00 -1,192,201,644.00 -1,385,871,430.00 102,081,123.00 -1,299,516,589.00

Kimia Farma
(Persero) TBK -165,271,209.00 -13,397,382.00 1,371,737,413.00 -223,293,886.00 786,154,012.00

Samudera
Indonesia TBK 1,303,747.00 -2,362,138.00 -2,188,464.00 -1,395,721.00 -384,567.00
Malindo Feedmill
TBK 1,544,827,140.00 -33,558,056.00 -344,806,595.00 413,033,738.00 765,758,028.00

105
 Table 3

Panel A: Change in Current Assets for Malaysia

Companies 2015 2014 2013 2012 2011

Petron Malaysia Refining &

Marketing BHD -4,359,208.00 -5,941,369.00 2,509,125.00 6,071,127.00 11,833,794.00

Honda Malaysia SDN BHD 3,260,713.00 239,096.00 3,040,335.00 -4,038,051.00 2,731,950.00

Adsion Berhad -49,890.00 246,466.00 -39,206.00 4,495.00 -28,390.00

Tafi Industries Berhad -127,332.00 -37,246.00 -32,426.00 -26,070.00 -5,662.00

Kluang Rubber Co
(Malaysia) BHD -120,524.00 102,347.00 2,328,212.00 -47,593.00 -25,690.00

Scope Industries Berhad -43,932.00 -19,062.00 -38,279.00 47,762.00 38,214.00

Turiya Berhad -75,839.00 -94,210.00 -366,762.00 56,560.00 107,791.00

CME Group 111,585.00 -100,436.00 161,341.00 -73,866.00 -66,883.00

Pinehill Pacific Berhad -41,003.00 2,500.00 -16,433.00 -4,286.00 11,274.00

EKA Noodles Berhard -168,921.00 -62,150.00 103,015.00 -721,199.00 -351,973.00

HCK Capital Group Berhad -145,848.00 443,419.00 167,954.00 193,326.00 8,896.00

Naim Indah Corp. Berhard 47,753.00 -51,922.00 43,222.00 -147,771.00 -23,083.00

TH Heavy Engineering
Berhard -2,193,285.00 1,322,070.00 -1,906,903.00 4,938,612.00 -1,223,772.00

Kumpulan H&L High-Tech

Berhad -49,803.00 -7,062.00 -51,458.00 -98,141.00 92,590.00

Mtouche Technology
Berhard -121,464.00 -97,320.00 11,545.00 24,491.00 109,386.00

GSB Group Berhard 602,736.00 43,513.00 -45,259.00 -351,907.00 423,409.00

Excel Force MSC BHD -47,923.00 -38,224.00 -55,393.00 -4,639.00 54,974.00

Borneo Aqua Harvest BHD 2,551.00 459,455.00 126,731.00 -74,064.00 169,372.00

Rexit Berhad 54,786.00 -80,784.00 4,221.00 -6,221.00 9,321.00

Sersol Berhad 29,453.00 -81,768.00 140,056.00 -100,621.00 -17,203.00

Sin Hneng Chan Malaya

BHD -35,306.00 36,679.00 11,122.00 -257,018.00 -13,768.00
At Systematization Berhad -208,844.00 275,283.00 -119,601.00 3,302.00 -27,884.00

106
 Table 3

Panel B: Change in Current Assets for Malaysia

Gopeng Berhard -124,051.00 -150,391.00 -46,442.00 -150,374.00 -1,426,822.00

Fibon Berhard -5,697.00 29,670.00 47,417.00 28,215.00 18,374.00

BTM Resources BHD -81,840.00 98,954.00 65,244.00 -3,962.00 -38,348.00

MQ Technology Berhad 114,964.00 -107,113.00 -107,792.00 -139,549.00 -67,114.00

Tiger Synergy Berhard -366,385.00 1,222,990.00 -86,671.00 88,676.00 348,301.00

Timberwell Berhard` 1,973.00 -63,959.00 77,320.00 -1,416.00 -121,200.00

Mentiga Corp Berhard -55,790.00 14,246.00 -202,561.00 55,560.00 97,877.00

Bio Osmo Berhad 2,107.00 -122,534.00 -3,030.00 -19,335.00 -95,098.00

Bertam Alliance Berhard 306,875.00 258,712.00 -58,506.00 -70,281.00 -22,585.00

Asia Knight Berhad 189,676.00 15,908.00 21,251.00 -17,277.00 -10,054.00

Petrol One Resources

Berhard 57,380.00 -64,629.00 -594,604.00 628,749.00 -724,845.00
Asia Bioenergy
Technologies Berhard 455,069.00 78,908.00 -6,804.00 -37,094.00 -17,411.00

R&A Telecom Group

BHD -153,381.00 117,102.00 -179,971.00 745,531.00 -2,823.00

PJBUMI BHD -29,585.00 -10,919.00 -40,119.00 23,007.00 -46,224.00

WideTech
(Malaysia)BHD 26,232.00 -17,680.00 28,736.00 -7,511.00 71,600.00
Kejuruteraan Samudra
Timur Berhard -447,228.00 321,456.00 979,523.00 54,868.00 72,332.00

Abric Berhard 975,235.00 38,266.00 49,609.00 27,541.00 -187,443.00

MLABS System Berhard -29,207.00 -12,698.00 -5,000.00 -37,422.00 58,495.00

Klang Port management

SDN BHD 986,467.00 920,109.00 -1,015,172.00 711,859.00 6,311,217.00

Lebtech Berhad -612,717.00 -25,900.00 460,115.00 -187,470.00 -120,971.00

PPB Group Berhard -1,761,538.00 4,077,081.00 349,608.00 -493,898.00 6,102,737.00

ST Microelectronics
SDN, BHD 1,507.00 -2,101,009.00 474,062.00 626,801.00 -17,456,600.00

\Gas Malaysia Berhad 1,591,374.00 2,320,657.00 -550,396.00 426,730.00 -2,139,644.00

AEON Co. (M) Berhad 1,334,228.00 -3,387,810.00 -331,893.00 2,071,683.00 206,591.00

107
 Table 3

Panel C: Change in Current Assets for Malaysia

Texas Instruments
Malaysia SDN BHD -1,710,022.00 -10,330,207.00 9,940,572.00 -9,033,496.00 1,738,592.00

British American
Tobacco -1,449,941.00 -1,110,778.00 -249,683.00 -1,766,700.00 -626,844.00

TNB Janamanjung SDN

BHD -4,067,184.00 -8,728,667.00 -21,071,291.00 49,155,970.00 -12,227,309.00

Sarawak Energy Berhad -8,939,948.00 21,588,732.00 2,485,109.00 -2,451,078.00 -2,205,342.00

Syarikat Sesco Berhad 747,860.00 -726,583.00 928,295.00 1,546,026.00 -472,998.00

QL Resources Berhad -394,262.00 1,946,682.00 2,356,611.00 -570,562.00 2,091,794.00

Top Glove Corporation

BHD 4,712,754.00 1,664,843.00 -1,003,404.00 748,604.00 -510,682.00

Mah Sing Group Berhad 4,615,447.00 1,450,844.00 11,377,634.00 3,273,315.00 7,218,440.00

UEM Edgenta Berhad -3,860,088.00 -988,053.00 14,122,474.00 -462,830.00 -392,747.00

Emery Oleochemicals
(M) SDN BHD -2,919,254.00 -2,275,814.00 1,358,511.00 -910,245.00 282,047.00

Heineken Malaysia
Berhad -878,625.00 -431,501.00 -595,003.00 326,177.00 495,398.00

Dialog Group Berhad 2,550,222.00 536,537.00 3,618,068.00 6,381,458.00 1,296,604.00

Finisar Malaysia SDN

BHD 331,111.00 6,313,149.00 -546,655.00 -231,200.00 -37,234,193.00

Panasonic Procurement
Malaysia SDN BHD 939,668.00 1,268,255.00 -798,722.00 -2,280,720.00 -793,091.00

Southern Steel Berhad -108,826.00 -1,604,450.00 1,350,977.00 -8,270,882.00 8,634,224.00

Lafarge Malaysia
Berhad -2,985,710.00 -995,169.00 1,911,016.00 89,726.00 -132,194,079.00

Malayan Flour Mills

BHD -1,352,748.00 1,470,291.00 137,913.00 1,304,012.00 236,623.00

Cab Cakaran Corp

Berhad 276,832.00 252,581.00 201,011.00 90,710.00 -118,388.00

Renesas Semiconductor
(Malaysia) SDN BHD -981,321.00 2,751,610.00 1,963,584.00 -1,183,505.00 -42,825.00

108
 Table 3

Panel D: Change in Current Assets for Malaysia

Protasco Berhad 1,231,183.00 -471,585.00 2,341,376.00 505,528.00 -297,533.00

Petroliam Nasional
Berhad -390,966,899.00 -235,961,002.00 150,893,076.00 -169,545,570.00 462,102,608.00

Tenaga Nasional
Berhad -68,314,392.00 39,720,519.00 -23,966,266.00 76,557,171.00 -47,730,187.00

Petronas Carigali SDN

BHD -65,919,085.00 74,355,413.00 122,287,129.00 24,147,925.00 18,181,673.00

Axiata Group Berhad 2,152,859.00 -18,892,054.00 -14,893,213.00 9,882,665.00 10,251,875.00

Petronas Dagangan
Berhad -24,523,438.00 -14,415,526.00 1,206,259.00 11,933,253.00 9,765,453.00

Genting Berhad 7,561,075.00 -62,165,059.00 23,132,772.00 131,926,003.00 -18,383,666.00

Batu Kawan BHD 7,300,886.00 5,853,062.00 62,823,091.00 249,099.00 -525,519.00

Kuala Lumpur Kepong

BHD 9,705,150.00 6,513,256.00 -10,287,939.00 437,027.00 17,061,890.00

YTL CORPORATION
BERHAD -15,022,214.00 -13,616,794.00 6,172,628.00 -872,603.00 28,343,872.00

Petronas Chemicals
Group Berhad -26,095,794.00 -15,427,942.00 6,350,851.00 -6,558,080.00 29,854,948.00

DRB-HICOM BERHAD -14,382,698.00 -31,768,983.00 -1,916,927.00 26,317,613.00 37,675,989.00

IOI Corporation Berhad -39,512,062.00 19,523,880.00 -40,577,835.00 10,851,534.00 9,130,490.00

Telekom Malaysia
Berhad -2,544,398.00 5,290,628.00 -14,260,628.00 -4,050,758.00 -2,974,691.00

UMW Holdings Berhad -25,448,571.00 -5,590,834.00 30,450,257.00 10,884,441.00 3,638,567.00

YTL Power International

Berhad -7,376,171.00 -11,588,132.00 1,249,227.00 19,658,751.00 4,220,429.00

MISC Berhad -2,073,865.00 10,778,200.00 1,491,218.00 11,115,648.00 -45,774,236.00

Maxis Berhad -1,940,110.00 7,843,933.00 -2,436,214.00 2,122,893.00 -4,541,522.00

Hengyuan Refining
Company Berhad 844,094.00 -16,756,797.00 4,422,302.00 -4,887,529.00 3,477,706.00

Boustead Holdings BHD -3,553,149.00 -1,566,511.00 1,803,649.00 763,860.00 27,336,331.00

Petron Malaysia
Refining & Marketing
BHD -4,359,208.00 -5,941,369.00 -458,658.00 2,967,783.00 6,071,127.00

AirAsia Berhad 14,763,248.00 -7,223,348.00 -6,192,996.00 -6,701,141.00 11,559,410.00

Digi.com Berhad -2,508,187.00 804,215.00 -1,600,606.00 -3,524,785.00 3,501,815.00

109
 Table 3

Panel E: Change in Current Liabilities for Malaysia

Companies 2015 2014 2013 2012 2011

Petron Malaysia Refining &
Marketing BHD -6,819,537.00 1,685,052.00 1,842,997.00 3,983,405.00 -1,575,097.00

Honda Malaysia SDN BHD 476,327.00 1,278,783.00 4,978,757.00 -1,382,733.00 1,002,055.00

Adsion Berhad 41,137.00 8,824.00 -38,662.00 19,731.00 8,626.00

Tafi Industries Berhad -21,525.00 10,083.00 -15,537.00 -21,926.00 18,623.00

Kluang Rubber Co
(Malaysia) BHD -221 -7,921.00 26,374.00 -1,242.00 1,685.00

Scope Industries Berhad -8,556.00 20,804.00 40,196.00 -27,737.00 5,717.00

Turiya Berhad -50,389.00 -66,587.00 -25,273.00 86,144.00 64,237.00
CME Group 121,512.00 113,668.00 129,691.00 -84,196.00 -121,367.00
Pinehill Pacific Berhad 3,720.00 96,969.00 -60,293.00 155,502.00 74,762.00

EKA Noodles Berhard -136,693.00 -69,807.00 -33,116.00 -1,196,726.00 124,316.00

HCK Capital Group Berhad -453,891.00 8,173.00 304,146.00 11,188.00 -18,064.00

Naim Indah Corp. Berhard 91,027.00 -12,490.00 -19,122.00 -153,091.00 32,443.00
TH Heavy Engineering
Berhard 2,055,323.00 3,158,018.00 -1,560,034.00 3,668,487.00 -23,442.00
Kumpulan H&L High-Tech
Berhad -975 3,068.00 5,351.00 -17,029.00 -16,235.00
Mtouche Technology
Berhard -21,631.00 -26,417.00 -12,998.00 -26,660.00 9,446.00
GSB Group Berhard 228,247.00 101,647.00 -84,840.00 -215,030.00 286,791.00

Excel Force MSC BHD -4,743.00 15,328.00 -30,306.00 6,886.00 52,070.00

Borneo Aqua Harvest BHD -50,581.00 -139,329.00 -157,232.00 132,815.00 34,450.00

Rexit Berhad -7,658.00 -8,044.00 5,951.00 -1,104.00 -15,896.00
Sersol Berhad 3,472.00 -26,779.00 31,003.00 -74,231.00 3,481.00
Sin Hneng Chan Malaya
BHD -24,261.00 4,938.00 123,099.00 -162,225.00 -158,108.00

At Systematization Berhad 8,018.00 -14,743.00 -53,934.00 -2,420.00 -42,480.00

Gopeng Berhard -10,233.00 -4,213.00 3,724.00 -15,458.00 -433,186.00
Fibon Berhard 1,466.00 694 -3,457.00 470 7,610.00

BTM Resources BHD -20,839.00 -79,354.00 45,075.00 19,308.00 18,720.00

MQ Technology Berhad 141 -6,582.00 -36,578.00 -7,398.00 5,572.00

Tiger Synergy Berhard -118,951.00 -83,897.00 -224,176.00 15,136.00 -30,533.00

110
 Table 3
Panel F: Change in Current Liabilities for Malaysia

Timberwell Berhard` -7,397.00 -62,750.00 -12,818.00 -45,404.00 -8,684.00

Mentiga Corp Berhard -22,984.00 60,660.00 -65,116.00 -43,893.00 -143,742.00

Bio Osmo Berhad 20,817.00 -597,817.00 242,743.00 295,299.00 -63,565.00

Bertam Alliance Berhard 211,100.00 66,023.00 499 -85,604.00 174,176.00

Asia Knight Berhad -228,968.00 -116,490.00 51,630.00 26,472.00 40,750.00
Petrol One Resources
Berhard 9,960.00 35,875.00 -936,475.00 343,590.00 645,528.00

Asia Bioenergy
Technologies Berhard -30,271.00 -654 20,725.00 -6,256.00 17,932.00

R&A Telecom Group BHD 68,249.00 136,215.00 -62,111.00 420,381.00 -1,325.00

PJBUMI BHD -4,431.00 -30,006.00 -120,222.00 -167,649.00 -52,750.00

WideTech (Malaysia)BHD 4,337.00 3,987.00 649 -21,500.00 4,706.00

Kejuruteraan Samudra
Timur Berhard -202,694.00 -850,476.00 268,380.00 -245,376.00 379,030.00
Abric Berhard 351,264.00 -33,005.00 59,280.00 -263,901.00 -182,595.00

MLABS System Berhard -755 2,079.00 1,014.00 13 -373

Klang Port management
SDN BHD -119,162.00 -40,839.00 -43,504.00 330,608.00 1,172.00
Lebtech Berhad -103,143.00 -297,107.00 286,300.00 -268,094.00 -86,076.00
PPB Group Berhard -946,206.00 4,216,926.00 665,969.00 1,815,941.00 2,124,120.00
ST Microelectronics SDN,
BHD 3,900,712.00 -1,169,922.00 5,074,970.00 21,727.00 -15,420,123.00

Gas Malaysia Berhad 2,697,150.00 3,370,720.00 64,464.00 439,622.00 86,420.00

AEON Co. (M) Berhad 3,094,247.00 1,573,716.00 2,239,381.00 465,117.00 264,149.00

Texas Instruments Malaysia
SDN BHD 2,192,031.00 -901,298.00 -228,848.00 -645,691.00 -1,327,470.00

British American Tobacco -2,342,174.00 -1,951,012.00 2,292,520.00 -2,609,332.00 6,046,805.00

TNB Janamanjung SDN
BHD -657,265.00 -1,242,332.00 659,129.00 563,865.00 4,222,788.00

111
 Table 3

Panel G: Change in Current Liabilities for Malaysia

Sarawak Energy Berhad 431,912.00 598,948.00 -6,798,888.00 2,605,964.00 4,900,154.00

Syarikat Sesco Berhad 1,478,008.00 3,809,044.00 -1,506,197.00 1,407,698.00 -3,366,400.00

QL Resources Berhad 548,354.00 599,646.00 1,068,519.00 326,830.00 1,647,542.00

Top Glove Corporation
BHD 3,487,350.00 1,778,964.00 1,230,686.00 435,264.00 129,165.00

Mah Sing Group Berhad -3,833,329.00 418,847.00 1,207,135.00 7,605,525.00 -1,412,677.00

UEM Edgenta Berhad -3,360,921.00 1,628,192.00 5,367,257.00 -2,437,444.00 2,433,981.00

Emery Oleochemicals (M)

SDN BHD -4,038,103.00 893,020.00 2,502,978.00 -775,448.00 -601,495.00

Heineken Malaysia Berhad -833,412.00 -21,059,970.00 21,619,298.00 919,815.00 -314,276.00

Dialog Group Berhad 912,504.00 668,678.00 2,872,181.00 1,598,230.00 1,348,402.00

Finisar Malaysia SDN BHD 2,308,034.00 2,534,074.00 335,374.00 -124,209.00 -614,284.00

Panasonic Procurement
Malaysia SDN BHD 1,157,761.00 -717,924.00 -2,450,360.00 -918,428.00 2,681,589.00

Southern Steel Berhad 1,669,897.00 -1,639,537.00 893,465.00 -5,856,138.00 6,534,917.00

Lafarge Malaysia Berhad 3,172,148.00 454,888.00 265,168.00 -1,374,627.00 66,454.00

Malayan Flour Mills BHD -847,773.00 1,594,108.00 959,288.00 973,064.00 926,511.00

Cab Cakaran Corp Berhad -31,722.00 354,388.00 192,103.00 296,432.00 -135,681.00

Renesas Semiconductor
(Malaysia) SDN BHD 15,207.00 185,800.00 -2,163,943.00 789,694.00 2,717,422.00
Protasco Berhad 191,515.00 -227,583.00 2,090,921.00 243,346.00 -262,554.00
-
273,493,907.0 123,512,054.0
Petroliam Nasional Berhad -110,412,321.00 0 0 184,462,853.00 94,331,803.00

Tenaga Nasional Berhad -13,336,035.00 39,855,199.00 19,893,340.00 3,951,234.00 -17,401,946.00

112
 Table 3
Panel H: Change in Current Liabilities fo Malaysia

Petronas Carigali SDN BHD -58,639,196.00 46,989,527.00 71,099,392.00 -61,161,041.00 95,309,792.00

Axiata Group Berhad 2,457,542.00 25,964,561.00 2,550,232.00 -4,804,177.00 24,801,831.00

Petronas Dagangan Berhad -26,049,844.00 -11,179,078.00 3,542,629.00 14,778,571.00 5,775,884.00

Genting Berhad -18,503,336.00 -17,009,731.00 26,284,804.00 -14,361,934.00 16,086,246.00
Batu Kawan BHD 8,191,235.00 8,841,421.00 22,165,752.00 43,986.00 145,480.00

Kuala Lumpur Kepong BHD 8,386,172.00 8,903,745.00 426,489.00 -12,710,999.00 16,237,798.00

-
YTL CORPORATION 100,725,653.0
BERHAD -26,805,207.00 14,613,488.00 0 1,012,930.00 87,635,393.00
Petronas Chemicals Group
Berhad 2,147,025.00 -7,156,320.00 6,491,349.00 -10,459,827.00 -2,472,081.00

DRB-HICOM BERHAD -17,262,430.00 -20,430,922.00 -5,450,048.00 99,047,756.00 31,943,838.00

IOI Corporation Berhad -25,411,892.00 32,255,204.00 -13,769,462.00 -3,748,304.00 12,579,762.00

Telekom Malaysia Berhad 1,979,415.00 -16,095,001.00 -11,093,562.00 31,313,256.00 -3,157,053.00

UMW Holdings Berhad 4,931,370.00 10,769,661.00 7,416,253.00 3,716,732.00 3,179,467.00

-
YTL Power International 100,333,366.0
Berhad -8,651,785.00 -250,786.00 0 -117,065,314.00 63,987,780.00
MISC Berhad -4,164,627.00 -36,400,940.00 -8,552,948.00 31,277,885.00 -33,852,200.00
Maxis Berhad 373,296.00 3,860,260.00 12,258,239.00 -23,358,174.00 13,355,050.00
Hengyuan Refining
Company Berhad -993,816.00 -1,911,958.00 7,053,688.00 -3,347,213.00 7,306,390.00

Boustead Holdings BHD 623,029.00 5,438,620.00 4,014,060.00 -8,967,354.00 33,102,156.00

Petron Malaysia Refining &

Marketing BHD -6,649,265.00 -6,819,537.00 1,685,052.00 1,842,997.00 3,983,405.00
AirAsia Berhad 5,435,552.00 17,682,214.00 2,601,380.00 1,876,057.00 4,103,063.00
Digi.com Berhad 1,932,430.00 6,414,324.00 -3,732,479.00 818,738.00 3,532,165.00

113
 Table 3

Panel I: Change in Cash for Malaysia

Companies 2015 2014 2013 2012 2011

Petron Malaysia Refining &

Marketing BHD 3,206,786.00 799,309.00 94,190.00 -1,027,774.00 -9,817,104.00

Honda Malaysia SDN BHD 6,871,611.00 -2,250,688.00 3,433,822.00 -7,254,410.00 1,212,054.00

Adsion Berhad -191,513.00 211,325.00 -6,308.00 4,871.00 -5,944.00

Tafi Industries Berhad -88,947.00 -81,047.00 19,168.00 32,999.00 -36,385.00

Kluang Rubber Co (Malaysia)
BHD -135,898.00 108,940.00 2,311,078.00 -46,945.00 29,362.00
Scope Industries Berhad -39,838.00 -2,618.00 -29,354.00 38,567.00 38,541.00

Turiya Berhad -16,182.00 10,736.00 -12,474.00 -2,336.00 -95,716.00

CME Group 2,745.00 -2,233.00 -4,745.00 -14,313.00 -35,313.00

Pinehill Pacific Berhad -12,436.00 -15,191.00 -17,639.00 -11,676.00 2,630.00

EKA Noodles Berhard -15,503.00 -63,379.00 6,824.00 83,950.00 -2,307.00

HCK Capital Group Berhad -349,074.00 287,658.00 17,613.00 132,266.00 19,275.00

Naim Indah Corp. Berhard 47,540.00 8,624.00 1,509.00 -12,506.00 16,531.00

TH Heavy Engineering Berhard -538,276.00 221,425.00 542,125.00 -37,184.00 -1,156,455.00

Kumpulan H&L High-Tech
Berhad -33,140.00 -10,926.00 -21,380.00 -93,245.00 99,422.00

Mtouche Technology Berhard -100,407.00 -55,839.00 -6,849.00 80,005.00 97,495.00

GSB Group Berhard 35,110.00 7,365.00 -42,071.00 47,070.00 -17,704.00

Excel Force MSC BHD -45,791.00 -63,125.00 -29,229.00 4,393.00 12,132.00

Borneo Aqua Harvest BHD -75,630.00 73,298.00 3,073.00 -2,497.00 -11,980.00

Rexit Berhad 21,747.00 -70,334.00 -7,390.00 -11,361.00 -11,008.00

Sersol Berhad -66,898.00 105,919.00 -6,823.00 -842 -19,975.00

Sin Hneng Chan Malaya BHD -8,877.00 39,486.00 -11,713.00 -242,891.00 114,595.00

At Systematization Berhad -228,053.00 250,054.00 -25,387.00 -536 13,357.00

Gopeng Berhard -214,078.00 -156,452.00 -13,993.00 -114,303.00 -1,394,455.00

Fibon Berhard 17,226.00 25,712.00 30,066.00 46,705.00 -20,745.00

BTM Resources BHD -85,305.00 166,450.00 1,043.00 1,442.00 -4,709.00

MQ Technology Berhad -39,221.00 -25,254.00 -70,341.00 -61,987.00 -45,439.00

Tiger Synergy Berhard -88,394.00 177,801.00 1,784.00 -184,041.00 188,490.00

Timberwell Berhard` -1,262.00 -617 3,479.00 -107 -1,062.00

114
 Table 3

Panel J: Change in Cash for Malaysia

Mentiga Corp Berhard -24,858.00 -7,154.00 -50,228.00 29,407.00 -40,700.00
Bio Osmo Berhad -199,622.00 -165,106.00 -117,135.00 -89,894.00 -61,912.00
Bertam Alliance Berhard -18,256.00 -162,413.00 -463,870.00 739,243.00 -168,723.00
Asia Knight Berhad 5,562.00 7,394.00 1,602.00 -4,179.00 3,166.00

Petrol One Resources Berhard 628 -31,433.00 -6,155.00 3,255.00 33,139.00

Asia Bioenergy Technologies
Berhard 427,576.00 72,395.00 16,047.00 -6,015.00 -58,385.00

R&A Telecom Group BHD -1,294.00 5,182.00 6,589.00 21,053.00 3,187.00

PJBUMI BHD -6,594.00 3,064.00 -25,107.00 13,161.00 13,781.00
WideTech (Malaysia)BHD 19,720.00 31,883.00 15,380.00 -7,724.00 66,126.00
Kejuruteraan Samudra Timur
Berhard -133,444.00 1,088,994.00 311,389.00 -11,346.00 6,958.00

Abric Berhard 1,390,546.00 33,913.00 -28,604.00 42,335.00 -41,404.00

MLABS System Berhard -39,569.00 -5,060.00 23,302.00 -36,634.00 33,696.00
Klang Port management SDN
BHD -457,825.00 1,797.00 -878 53,942.00 235,537.00

Lebtech Berhad -2,320.00 -1,160.00 -27,237.00 -53,103.00 -92,568.00

PPB Group Berhard -631,481.00 717,603.00 -1,082,900.00 -1,543,171.00 2,543,001.00

ST Microelectronics SDN, BHD 15,549.00 -10,018.00 -26,476.00 28,923.00 -119,023.00

Gas Malaysia Berhad -1,517,770.00 1,513,243.00 -666,570.00 127,267.00 -2,280,388.00

AEON Co. (M) Berhad 1,370,450.00 -3,264,244.00 -1,878,159.00 1,406,403.00 6,899.00

Texas Instruments Malaysia SDN
BHD -54,655.00 -30,527.00 -66,100.00 -109,500.00 512,408.00

British American Tobacco 131,901.00 -621,901.00 -249,247.00 -3,184,112.00 -834,737.00

TNB Janamanjung SDN BHD -17,935,116.00 -8,351,602.00 -19,532,035.00 47,039,810.00 -13,692,936.00

Sarawak Energy Berhad -11,164,810.00 20,270,512.00 1,559,670.00 -2,077,150.00 -1,807,517.00

Syarikat Sesco Berhad 1,112,414.00 555,760.00 -503,010.00 892,029.00 -711,310.00

QL Resources Berhad -1,065,611.00 1,612,981.00 443,295.00 -335,841.00 284,798.00

Top Glove Corporation BHD -85,632,551.00 91,745,424.00 -1,275,889.00 539,064.00 -700,733.00

Mah Sing Group Berhad 6,411,063.00 -2,609,729.00 3,189,899.00 -1,265,269.00 4,812,774.00
UEM Edgenta Berhad -4,881,838.00 629,802.00 8,442,152.00 116,478.00 403,657.00
Emery Oleochemicals (M) SDN
BHD 292,109.00 -1,279,355.00 -509,621.00 1,999,311.00 91,976.00

Heineken Malaysia Berhad -218,385.00 -87,005.00 -1,202,185.00 -456,736.00 461,570.00

Dialog Group Berhad 3,481,610.00 -1,733,511.00 912,915.00 3,673,302.00 298,388.00

115
 Table 3

Panel K: Change in Cash for Malaysia

Finisar Malaysia SDN BHD 3,497,377.00 -128,684.00 210,001.00 77,392.00 163,607.00

Panasonic Procurement Malaysia

SDN BHD 10,802.00 -9,795.00 -26,035.00 21,599.00 17,701.00

Southern Steel Berhad -172,248.00 -370,157.00 301,739.00 -1,989,841.00 2,405,975.00

Lafarge Malaysia Berhad -2,461,423.00 -218,672.00 1,334,000.00 -103,162.00 -432,317.00

Malayan Flour Mills BHD -1,414,024.00 262,864.00 626,001.00 755,309.00 -381,303.00

Cab Cakaran Corp Berhad 97,682.00 93,802.00 15,949.00 43,234.00 -24,400.00
Renesas Semiconductor
(Malaysia) SDN BHD 2,280,917.00 420,448.00 -669,406.00 -235,138.00 1,262,082.00

Protasco Berhad -833,054.00 408,253.00 1,132,485.00 -953,760.00 87,117.00

Petroliam Nasional Berhad -218,858,855.00 -141,938,742.00 20,196,328.00 -311,322,785.00 350,910,414.00

Tenaga Nasional Berhad -63,825,257.00 33,350,184.00 12,534,170.00 60,167,450.00 -64,794,375.00
Petronas Carigali SDN BHD -15,622,960.00 602,720.00 27,425,189.00 -26,061,468.00 31,452,119.00

Axiata Group Berhad -4,746,569.00 -21,762,268.00 -19,422,387.00 15,000,238.00 2,162,900.00

Petronas Dagangan Berhad -9,653,800.00 18,631,340.00 1,469,182.00 -11,344,810.00 2,007,981.00

Genting Berhad 1,495,708.00 -33,491,234.00 -6,304,982.00 135,492,087.00 -38,016,789.00

Batu Kawan BHD 2,343,367.00 228,455,751.00 30,714,952.00 -20,448.00 -864,145.00

Kuala Lumpur Kepong BHD 4,179,338.00 -5,548,577.00 -8,862,839.00 9,382,667.00 4,994,660.00
YTL CORPORATION BERHAD -12,434,659.00 -7,725,453.00 11,657,905.00 371,490.00 12,434,197.00
Petronas Chemicals Group
Berhad -22,676,673.00 -12,248,830.00 12,087,225.00 -2,589,058.00 22,005,130.00

DRB-HICOM BERHAD 29,156,267.00 -47,715,345.00 -21,302,235.00 -3,217,267.00 101,242,647.00

IOI Corporation Berhad -32,843,533.00 14,031,566.00 -17,359,904.00 17,754,506.00 -14,131,246.00

Telekom Malaysia Berhad 148,398.00 1,386,825.00 -14,378,913.00 -6,933,938.00 2,466,597.00

UMW Holdings Berhad -15,004,677.00 -8,056,596.00 26,001,994.00 4,073,350.00 1,590,153.00
YTL Power International Berhad -7,432,470.00 -8,961,353.00 3,482,783.00 24,266,457.00 -2,113,811.00

MISC Berhad 361,409.00 -2,486,744.00 10,067,920.00 6,067,995.00 -61,308,389.00

Maxis Berhad -5,291,498.00 8,603,253.00 -2,096,089.00 1,442,713.00 -1,184,399.00

Hengyuan Refining Company
Berhad 1,817,336.00 -443,507.00 111,477.00 -1,288,652.00 -423,768.00

Boustead Holdings BHD -76,937.00 6,147,933.00 -1,457,318.00 -5,681,242.00 9,731,731.00

Petron Malaysia Refining &
Marketing BHD -2,777,367.00 3,206,786.00 799,309.00 94,190.00 -1,027,774.00

AirAsia Berhad 9,588,732.00 -1,604,809.00 -11,389,244.00 967,247.00 7,695,178.00

Digi.com Berhad -4,151,815.00 1,154,623.00 -3,983,865.00 -6,266,584.00 3,080,543.00

116
 Table 3

Table L: Change in Short Term Debt for Malaysia

Companies 2015 2014 2013 2012 2011

Petron Malaysia Refining &
Marketing BHD -5,846,580.00 -2,096,096.00 58,972.00 762,711.00 2,589,531.00

Honda Malaysia SDN BHD -825,994.00 -1,860,233.00 583,880.00 2,102,347.00 0

Adsion Berhad 6,518.00 -3,566.00 -1,812.00 4,116.00 -24,147.00

Tafi Industries Berhad 0 0 0 0 0

Kluang Rubber Co (Malaysia) BHD 0 0 0 0 0

Scope Industries Berhad 0 0 0 0 0

Turiya Berhad -17,786.00 -7,241.00 27,147.00 4,256.00 14,087.00

CME Group 152,950.00 -4,889.00 -8,173.00 -8,934.00 -108,678.00

Pinehill Pacific Berhad -15,946.00 70,211.00 -23,606.00 22,266.00 7,136.00

EKA Noodles Berhard -98,001.00 -42,085.00 62,396.00 -1,296,933.00 64,682.00

HCK Capital Group Berhad -60,026.00 18,448.00 -38,577.00 1,923.00 -76,362.00

Naim Indah Corp. Berhard -4,055.00 -2,678.00 -282 -24,475.00 -38,958.00

TH Heavy Engineering Berhard 721,904.00 557,335.00 -23,298,178.00 23,683,672.00 0

Kumpulan H&L High-Tech Berhad -2,286.00 35 1,107.00 58 2,144.00

Mtouche Technology Berhard 0 0 0 0 -22,457.00

GSB Group Berhard 75,387.00 78,965.00 9,406.00 -92,072.00 77,052.00

Excel Force MSC BHD -1,743.00 12,523.00 0 -12,320.00 12,320.00

Borneo Aqua Harvest BHD -38,851.00 -23,936.00 154,928.00 -200,444.00 -72,768.00

Rexit Berhad 0 0 0 0 0

Sersol Berhad 29,564.00 -38,845.00 19,489.00 -45,869.00 22,537.00

Sin Hneng Chan Malaya BHD -7,948.00 53,763.00 231,862.00 -106,190.00 -4,106.00

At Systematization Berhad -5,385.00 -10,085.00 -25,711.00 31,066.00 -26,326.00

Gopeng Berhard 0 0 0 0 -354,324.00

Fibon Berhard 0 0 0 0 0

BTM Resources BHD -11,826.00 -45,612.00 11,815.00 9,046.00 10,013.00

MQ Technology Berhad 310 9,064.00 0 -39,946.00 33,201.00

Tiger Synergy Berhard 39,016.00 -33,082.00 -61,911.00 -26,020.00 -141,358.00

Timberwell Berhard` -14,576.00 -70,472.00 -2,416.00 1,114.00 -3,406.00

Mentiga Corp Berhard 5,766.00 -20,320.00 34,554.00 0 0

Bio Osmo Berhad 0 -537,396.00 167,081.00 344,555.00 -108,337.00

Bertam Alliance Berhard 339,243.00 63,100.00 2,954.00 -5,845.00 27,896.00

117
 Table 3

Table M: Change in Short Term Debt for Malaysia

Asia Knight Berhad -82,664.00 -10,071.00 -13,152.00 -16,647.00 -8,148.00

Petrol One Resources Berhard -38,778.00 52,485.00 -982,443.00 290,053.00 629,177.00

Asia Bioenergy Technologies
Berhard 0 0 -1,467.00 242 1,225.00

R&A Telecom Group BHD 99,307.00 144,421.00 -34,180.00 263,762.00 0

PJBUMI BHD -5,928.00 -2,261.00 -37,567.00 20,896.00 -14,525.00

WideTech (Malaysia)BHD -291 -2,454.00 -342 -152 2,820.00

Kejuruteraan Samudra Timur
Berhard -5,217.00 -367,960.00 -161,913.00 -316,266.00 481,446.00

Abric Berhard -19,241.00 -193,981.00 -28,798.00 1,778.00 -217,913.00

MLABS System Berhard 0 0 0 0 0

Klang Port management SDN BHD 0 0 0 0 0

Lebtech Berhad -14,290.00 6,980.00 -29,337.00 -16,156.00 6,773.00

PPB Group Berhard 490,881.00 1,811,363.00 576,728.00 940,134.00 1,878,597.00

ST Microelectronics SDN, BHD 0 0 0 0 0

Gas Malaysia Berhad 0 0 0 0 0

AEON Co. (M) Berhad -2,529,691.00 5,849,076.00 1,741,276.00 0 0

Texas Instruments Malaysia SDN
BHD 0 0 0 0 0

British American Tobacco -1,377,352.00 -2,173,596.00 3,535,394.00 -2,163,467.00 5,530,752.00

TNB Janamanjung SDN BHD 0 0 0 0 0

Sarawak Energy Berhad 24,029.00 -476,979.00 -6,629,921.00 3,329,899.00 2,046,917.00

Syarikat Sesco Berhad -34,953.00 -424,021.00 458,974.00 -760,478.00 760,478.00

QL Resources Berhad -386,372.00 155,342.00 403,009.00 139,609.00 1,103,869.00

Top Glove Corporation BHD 3,414,621.00 1,712,341.00 749,186.00 63 -5,876.00

Mah Sing Group Berhad 240,466.00 -254,964.00 594,808.00 4,123.00 -1,376,299.00

UEM Edgenta Berhad -199,516.00 -104,998.00 492,127.00 -2,048,931.00 1,974,421.00

Emery Oleochemicals (M) SDN
BHD -2,646,901.00 1,987,947.00 906,580.00 293,237.00 -856,211.00

Heineken Malaysia Berhad 0 0 0 0 0

Dialog Group Berhad 1,482,987.00 211,721.00 570,020.00 180,166.00 607,846.00

Finisar Malaysia SDN BHD 0 0 0 0 0

Panasonic Procurement Malaysia
SDN BHD 0 0 0 0 0

Southern Steel Berhad 1,893,420.00 -3,122,392.00 1,346,108.00 -5,223,856.00 4,522,148.00

Lafarge Malaysia Berhad 3,671,519.00 0 0 -1,451,822.00 -42,317.00

118
 Table 3

Table N: Change in Short Term Debt for Malaysia

Malayan Flour Mills BHD -1,453,637.00 1,769,505.00 483,185.00 1,389,408.00 -48,722,838.00

Cab Cakaran Corp Berhad -4,776.00 61,016.00 11,007.00 127,050.00 -97,480.00

Renesas Semiconductor (Malaysia)
SDN BHD 0 0 0 0 0

Protasco Berhad -453,914.00 439,412.00 239,003.00 25,027.00 45,282.00

Petroliam Nasional Berhad -15,647,723.00 -9,730,556.00 -59,165,268.00 68,935,616.00 6,650,672.00

Tenaga Nasional Berhad -12,284,269.00 18,752,729.00 -6,136,317.00 -2,958,827.00 -20,905,983.00

Petronas Carigali SDN BHD -38,297,854.00 38,297,854.00 0 -103,344,594.00 96,373,619.00

Axiata Group Berhad 4,743,710.00 3,107,833.00 -9,236,963.00 -5,926,131.00 20,593,435.00

Petronas Dagangan Berhad 347,802.00 -5,267,846.00 1,573,681.00 4,241,352.00 0

Genting Berhad -7,178,933.00 -10,996,299.00 9,257,002.00 -9,473,537.00 12,223,967.00

Batu Kawan BHD 5,174,655.00 4,446,972.00 10,444,655.00 22,536.00 11,248.00

Kuala Lumpur Kepong BHD 5,152,488.00 4,707,145.00 824,084.00 -4,926,597.00 6,193,984.00

YTL CORPORATION BERHAD -20,443,356.00 15,637,038.00 -93,166,009.00 7,959,019.00 74,944,984.00

Petronas Chemicals Group Berhad 329,678.00 0 0 -5,841,840.00 -539,642.00

DRB-HICOM BERHAD 624,591.00 -12,939,886.00 10,712,252.00 17,832,217.00 -1,407,976.00

IOI Corporation Berhad -26,921,209.00 30,478,754.00 -8,011,007.00 -392,277.00 5,577,732.00

Telekom Malaysia Berhad 1,976,729.00 -19,009,885.00 21,381,129.00 -20,265.00 -215,129.00

UMW Holdings Berhad 10,685,639.00 4,114,821.00 5,365,800.00 2,684,520.00 20,703.00

YTL Power International Berhad -4,982,423.00 2,180,477.00 -97,719,556.00 33,881,366.00 62,288,382.00

MISC Berhad -2,473,363.00 -24,481,922.00 563,487.00 20,630,708.00 -31,972,790.00

Maxis Berhad 642,706.00 -1,183,837.00 12,234,606.00 -20,050,414.00 20,050,414.00

Hengyuan Refining Company
Berhad -402,834.00 4,918,498.00 6,801,774.00 -349 13,454.00

Boustead Holdings BHD 2,020,669.00 14,045,859.00 -4,586,719.00 -1,526,663.00 19,194,990.00

Petron Malaysia Refining &
Marketing BHD -5,846,580.00 -2,096,096.00 58,972.00 762,711.00 2,589,531.00

AirAsia Berhad -2,963,940.00 13,655,421.00 5,174,532.00 1,698,712.00 -125,627.00

Digi.com Berhad 3,324,798.00 6,156,546.00 1,607,873.00 323,550.00 2,073,728.00

119
 Table 3

Panel O: Depreciation for Malaysia

Companies DEP DEP DEP DEP DEP

Petron Malaysia Refining &
Marketing BHD 917,605.00 797,680.00 1,132,838.00 1,070,554.00 1,022,166.00

Honda Malaysia SDN BHD 1,202,941.00 923,750.00 529,854.00 538,902.00 510,293.00

Adsion Berhad 10,462.00 1,211,511,757.00 21,066.00 31,107.00 25,097.00

Tafi Industries Berhad 23,077.00 26,464.00 29,113.00 31,181.00 29,520.00

Kluang Rubber Co
(Malaysia) BHD 1,576.00 1,459.00 1,308.00 451 432

Scope Industries Berhad 59,296.00 74,728.00 67,689.00 50,509.00 60,709.00

Turiya Berhad 10,486.00 16,341.00 129,077.00 20,925.00 17,296.00

CME Group 5,418.00 5,221.00 5,563.00 6,209.00 5,849.00

Pinehill Pacific Berhad 214,460.00 242,689.00 114,041.00 114,076.00 116,536.00

EKA Noodles Berhard 124,311.00 103,024.00 95,688.00 276,990.00 296,736.00

HCK Capital Group Berhad 11,583.00 11,043.00 9,718.00 34,885.00 29,078.00

Naim Indah Corp. Berhard 5,198.00 3,026.00 27,773.00 153,252.00 21,390.00

TH Heavy Engineering
Berhard 174,807.00 164,208.00 120,391.00 60,638.00 12,707.00
Kumpulan H&L High-Tech
Berhad 18,510.00 16,688.00 30,011.00 24,476.00 42,629.00
Mtouche Technology
Berhard 28,353.00 8,622.00 6,546.00 90,207.00 33,255.00

GSB Group Berhard 13,488.00 12,404.00 12,698.00 14,268.00 21,387.00

Excel Force MSC BHD 32,232.00 30,779.00 29,560.00 27,504.00 25,759.00

Borneo Aqua Harvest BHD 97,752.00 117,236.00 83,042.00 66,897.00 71,982.00

Rexit Berhad 11,893.00 10,200.00 9,715.00 10,393.00 19,195.00

Sersol Berhad 6,066.00 5,834.00 7,552.00 29,188.00 26,216.00

Sin Hneng Chan Malaya
BHD 49,177.00 57,664.00 55,208.00 54,227.00 64,392.00

At Systematization Berhad 27,517.00 28,590.00 30,605.00 36,635.00 42,228.00

Gopeng Berhard 25,616.00 27,077.00 25,093.00 26,736.00 26,326.00

Fibon Berhard 6,358.00 6,681.00 6,360.00 408 2,832.00

BTM Resources BHD 10,066.00 74,860.00 16,133.00 16,567.00 18,749.00

MQ Technology Berhad 33,869.00 54,983.00 73,696.00 241,394.00 66,424.00

Tiger Synergy Berhard 4,000.00 7,991.00 11,145.00 29,631.00 6,247.00

Timberwell Berhard` 18,924.00 29,898.00 41,172.00 42,953.00 64,309.00

Mentiga Corp Berhard 27,583.00 32,962.00 29,533.00 29,174.00 32,866.00

120
 Table 3

Panel P: Depreciation for Malaysia

Bio Osmo Berhad 43,723.00 64,263.00 41,415.00 47,735.00 47,938.00

Bertam Alliance Berhard 5,044.00 2,668.00 2,815.00 1,886.00 3,028.00

Asia Knight Berhad 29,003.00 59,537.00 55,897.00 43,582.00 43,600.00

Petrol One Resources
Berhard 4,096.00 4,132.00 360,844.00 412,728.00 90,041.00
Asia Bioenergy
Technologies Berhard 13,054.00 4,386.00 3,646.00 13,834.00 42,863.00

R&A Telecom Group BHD 33,587.00 40,550.00 377,094.00 31,415.00 3,415.00

PJBUMI BHD 4,802.00 8,540.00 6,212.00 8,230.00 9,070.00

WideTech (Malaysia)BHD 12,053.00 15,019.00 20,015.00 24,205.00 33,874.00

Kejuruteraan Samudra
Timur Berhard 7,737.00 64,610.00 444,610.00 229,120.00 272,109.00

Abric Berhard 81,243.00 99,182.00 103,591.00 96,761.00 96,493.00

MLABS System Berhard 3,068.00 3,000.00 1,827.00 11,772.00 16,537.00

Klang Port management
SDN BHD 275,606.00 303,339.00 388,494.00 399,817.00 329,331.00

Lebtech Berhad 2,429.00 3,255.00 3,519.00 3,623.00 6,098.00

PPB Group Berhard 1,445,651.00 1,435,238.00 1,471,096.00 1,398,838.00 1,305,645.00

ST Microelectronics SDN,
BHD 2,874,140.00 2,752,836.00 3,179,422.00 2,738,131.00 3,028,308.00

Gas Malaysia Berhad 593,454.00 655,353.00 643,776.00 619,123.00 619,389.00

AEON Co. (M) Berhad 2,405,993.00 2,342,693.00 2,161,391.00 1,979,762.00 2,130,957.00

Texas Instruments
Malaysia SDN BHD 1,226,553.00 1,315,434.00 1,979,129.00 2,721,863.00 3,644,547.00

British American Tobacco 434,978.00 575,068.00 777,431.00 968,620.00 834,521.00

TNB Janamanjung SDN
BHD 1,216,170.00 16,923.00 16,693.00 13,432.00 3,892,493.00

Sarawak Energy Berhad 5,708,583.00 4,737,218.00 4,431,418.00 4,131,480.00 3,507,706.00

Syarikat Sesco Berhad 2,160,207.00 5,376,087.00 4,353,695.00 3,347,674.00 2,962,699.00

QL Resources Berhad 1,161,635.00 1,067,209.00 1,076,793.00 870,879.00 790,735.00

Top Glove Corporation
BHD 1,094,808.00 1,266,041.00 1,086,892.00 934,903.00 878,109.00

Mah Sing Group Berhad 210,687.00 271,762.00 236,275.00 218,119.00 182,805.00

UEM Edgenta Berhad 1,158,644.00 879,485.00 564,856.00 224,019.00 406,856.00

Emery Oleochemicals (M)
SDN BHD 1,029,223.00 1,034,208.00 1,008,996.00 984,527.00 1,035,343.00

Heineken Malaysia Berhad 1,053,313.00 561,565.00 552,629.00 456,078.00 551,505.00

Dialog Group Berhad 660,263.00 522,824.00 507,081.00 370,783.00 288,698.00

121
 Table 3

Panel Q: Depreciation for Malaysia

Finisar Malaysia SDN BHD 920,482.00 766,693.00 648,012.00 663,800.00 684,208.00

Panasonic Procurement
Malaysia SDN BHD 11,137.00 13,096.00 25,607.00 16,478.00 10,680.00
Southern Steel Berhad 849,851.00 977,301.00 1,033,577.00 1,118,766.00 1,891,417.00

Lafarge Malaysia Berhad 1,767,879.00 2,026,110.00 2,023,730.00 1,953,214.00 2,183,403.00

Malayan Flour Mills BHD 469,418.00 489,613.00 434,003.00 308,497.00 293,061.00

Cab Cakaran Corp Berhad 187,525.00 184,359.00 134,760.00 127,020.00 132,166.00

Renesas Semiconductor
(Malaysia) SDN BHD 1,053,288.00 1,559,269.00 1,803,287.00 1,772,951.00 1,364,565.00

Protasco Berhad 174,982.00 182,285.00 198,310.00 351,235.00 231,393.00

Petroliam Nasional Berhad 447,791,268.00 635,463,530.00 417,138,354.00 433,665,918.00 258,720,321.00

Tenaga Nasional Berhad 58,677,176.00 65,228,667.00 62,762,266.00 57,673,527.00 57,933,493.00

Petronas Carigali SDN
BHD 155,554,278.00 333,407,447.00 177,423,451.00 139,857,387.00 187,715,566.00

Axiata Group Berhad 46,139,018.00 46,461,348.00 46,496,038.00 44,968,477.00 44,244,648.00

Petronas Dagangan
Berhad 4,043,913.00 4,348,555.00 4,287,782.00 3,954,742.00 4,298,963.00

Genting Berhad 19,473,008.00 23,920,840.00 25,595,404.00 24,796,688.00 19,584,407.00

Batu Kawan BHD 4,399,348.00 5,108,379.00 4,301,225.00 418,336.00 327,947.00

Kuala Lumpur Kepong
BHD 3,479,343.00 4,658,513.00 3,884,382.00 3,845,488.00 3,876,821.00
YTL CORPORATION
BERHAD 21,279,428.00 23,481,599.00 19,858,764.00 17,853,263.00 16,737,090.00
Petronas Chemicals Group
Berhad 14,055,292.00 18,906,374.00 14,563,299.00 16,836,426.00 17,898,710.00
DRB-HICOM BERHAD 7,734,237.00 10,758,635.00 10,875,669.00 2,998,451.00 2,690,232.00

IOI Corporation Berhad 3,647,761.00 4,262,772.00 4,240,094.00 3,384,602.00 3,546,680.00

Telekom Malaysia Berhad 26,784,177.00 29,888,922.00 29,230,815.00 27,540,352.00 29,423,601.00

UMW Holdings Berhad 9,590,314.00 4,991,015.00 5,519,815.00 4,495,070.00 4,757,581.00

YTL Power International
Berhad 17,166,389.00 18,644,716.00 16,514,744.00 15,262,287.00 14,089,320.00

MISC Berhad 16,519,397.00 15,995,635.00 16,663,283.00 16,201,221.00 13,294,366.00

Maxis Berhad 15,724,992.00 17,912,136.00 19,603,892.00 18,353,266.00 15,883,504.00

Hengyuan Refining
Company Berhad 1,841,782.00 7,817,026.00 1,985,819.00 1,437,844.00 1,560,004.00
Boustead Holdings BHD 3,611,078.00 3,774,892.00 4,245,824.00 3,904,704.00 2,669,971.00
Petron Malaysia Refining &
Marketing BHD 917,605.00 797,680.00 1,132,838.00 1,070,554.00 1,022,166.00

AirAsia Berhad 7,874,106.00 9,185,064.00 8,083,687.00 7,639,373.00 8,148,471.00

Digi.com Berhad 6,899,885.00 6,286,963.00 11,884,721.00 17,911,788.00 16,413,837.00

122
 Table 3

Panel R: Changes in Tax Paybale for Malaysia

Companies 2015 2014 2013 2012 2011

Petron Malaysia Refining & Marketing BHD 1,212,707.00 -120,629.00 -661,434.00 -181,354.00 -729,675.00

Honda Malaysia SDN BHD 1,459,596.00 261,484.00 195,123.00 -1,273,081.00 796,474.00

Adsion Berhad 13,594.00 -12,300.00 83,345.00 -62,261.00 -3,673.00

Tafi Industries Berhad -3,234.00 1,238.00 1,290.00 10,870.00 -9,302.00

Kluang Rubber Co (Malaysia) BHD -43,231.00 108,435.00 -76,369.00 -2,169.00 8,172.00

Scope Industries Berhad 630 -1,184.00 1,352.00 46,520.00 -47,324.00

Turiya Berhad -26,412.00 49,258.00 -26,925.00 10,382.00 -28,953.00

CME Group -12,180.00 6,648.00 -170 3,764.00 -6,120.00

Pinehill Pacific Berhad 15,322.00 -51,845.00 -39,065.00 122,203.00 -69,530.00

EKA Noodles Berhard -5,897.00 4,345.00 3,602.00 14,082.00 -27,280.00

HCK Capital Group Berhad -4,491.00 39,135.00 -11,752.00 -14,000.00 11,054.00

Naim Indah Corp. Berhard -16,704.00 23,699.00 -49,964.00 23,389.00 41,652.00

TH Heavy Engineering Berhard -100,400.00 131,379.00 -116,809.00 -1,225.00 103,608.00

Kumpulan H&L High-Tech Berhad 790 33,601.00 -26,335.00 192 23,647.00

Mtouche Technology Berhard -640 -11,542.00 18,621.00 -5,849.00 6,511.00

GSB Group Berhard 3,182.00 -8,380.00 4,402.00 -3,740.00 5,405.00

Excel Force MSC BHD 4,007.00 -12,670.00 21,636.00 4,008.00 4,893.00

Borneo Aqua Harvest BHD -40,893.00 -10,100.00 22,224.00 -13,535.00 6,406.00

Rexit Berhad 4,866.00 668 -282 -83 3,805.00

Sersol Berhad 4,502.00 1,144.00 3,752.00 -7,278.00 2,183.00

Sin Hneng Chan Malaya BHD -4,470.00 168 995 5,290.00 -4,042.00

At Systematization Berhad -6,154.00 -828 -7,209.00 -2,842.00 10,970.00

Gopeng Berhard -3,312.00 -9,828.00 12,667.00 -11,830.00 6,475.00

Fibon Berhard 285 -5,484.00 606 1,215.00 8,219.00

BTM Resources BHD -126 21,635.00 -21,520.00 25,635.00 -23,885.00

MQ Technology Berhad -323 -142 2,007.00 -2,117.00 7,025.00

Tiger Synergy Berhard 24,018.00 -29,434.00 -53,668.00 57,178.00 -4,252.00

Timberwell Berhard` 12,018.00 -4,413.00 -4,170.00 8,630.00 50,238.00

Mentiga Corp Berhard -28,069.00 -7,192.00 -30,882.00 29,339.00 -6,343.00

Bio Osmo Berhad -45,937.00 32,428.00 12,947.00 -62,076.00 19,288.00

Bertam Alliance Berhard 35,029.00 5,392.00 -31,698.00 -32,880.00 50,085.00

123
 Table 3

Panel S: Changes in Tax Paybale for Malaysia

Asia Knight Berhad -19,698.00 14,251.00 -667 -310 -897

Petrol One Resources Berhard 282 72,593.00 -215,982.00 300,923.00 -177,748.00

Asia Bioenergy Technologies Berhard -13 -1,115.00 -169 677 319

R&A Telecom Group BHD 30,859.00 -21,270.00 -51,427.00 44,315.00 0

PJBUMI BHD 4,895.00 -36,580.00 19,582.00 6,410.00 -3,169.00

WideTech (Malaysia)BHD 8,985.00 -8,282.00 -715 -2,886.00 494

Kejuruteraan Samudra Timur Berhard -15,468.00 -39,120.00 -35,190.00 28,064.00 45,778.00

Abric Berhard 25,126.00 -8,734.00 -619 3,340.00 -930

MLABS System Berhard 89 0 0 -43 43

Klang Port management SDN BHD 45,243.00 49,336.00 -106,823.00 135,528.00 -1,745.00

Lebtech Berhad -34,397.00 -19,532.00 15,896.00 11,575.00 14,332.00

PPB Group Berhard 14,840.00 158,103.00 326,136.00 45,451.00 -258,660.00

ST Microelectronics SDN, BHD 573 -56 67 11 467

Gas Malaysia Berhad -168,608.00 -88,406.00 -20,803.00 -216,742.00 -375,373.00

AEON Co. (M) Berhad -271,893.00 -223,273.00 198,046.00 34,457.00 65,541.00

Texas Instruments Malaysia SDN BHD 404,237.00 -356,205.00 176,095.00 784,521.00 -1,074,540.00

British American Tobacco -516,963.00 227,599.00 359,540.00 184,507.00 26,761.00

TNB Janamanjung SDN BHD 267,474.00 -865,471.00 -25,531.00 1,033,521.00 -1,085,381.00

-
1,434,863.0
Sarawak Energy Berhad 572,820.00 1,735,402.00 0 -90,873.00 579,946.00

Syarikat Sesco Berhad 147,429.00 459,615.00 239,666.00 -563,678.00 480,174.00

QL Resources Berhad 93,544.00 43,537.00 1,905.00 76,414.00 95,811.00

Top Glove Corporation BHD 459,940.00 -79,932.00 81,103.00 18,853.00 -352,802.00

Mah Sing Group Berhad -181,682.00 241,577.00 120,370.00 160,351.00 263,918.00

UEM Edgenta Berhad -150 -127,884.00 493,075.00 18,087.00 -144,641.00

-
1,065,857.0
Emery Oleochemicals (M) SDN BHD 188,644.00 1,145,397.00 0 -36,976.00 -191,428.00

Heineken Malaysia Berhad 12,234.00 -47,603.00 46,728.00 36,796.00 142,129.00

Dialog Group Berhad 366,421.00 10,142.00 69,580.00 -10,350.00 221,056.00

Finisar Malaysia SDN BHD 432 29 -34 1,436.00 -877

Panasonic Procurement Malaysia SDN
BHD 11,148.00 -55,476.00 29,024.00 -879 6,454.00

Southern Steel Berhad -386,829.00 134,552.00 -70,558.00 202,813.00 -3,053.00

124
 Table 3

Panel T: Changes in Tax Paybale for Malaysia

Lafarge Malaysia Berhad -106,259.00 -861,628.00 380,218.00 278,619.00 568,538.00

Malayan Flour Mills BHD 104,951.00 -131,794.00 3,392.00 24,660.00 -234,470.00

Cab Cakaran Corp Berhad -14,125.00 74,405.00 45,285.00 -85,803.00 19,397.00

Renesas Semiconductor (Malaysia) SDN
BHD 71,911.00 -2,360.00 154,719.00 -102,272.00 -4,599.00

Protasco Berhad -51,436.00 23,602.00 -46,896.00 144,706.00 -102,678.00

- 90,458,843.0
Petroliam Nasional Berhad -210,090,876.00 -4,091,608.00 18,931,125.00 12,450,325.00 0
-
Tenaga Nasional Berhad 2,379,401.00 2,174,627.00 11,608,666.00 16,203,513.00 -9,112,535.00
-
Petronas Carigali SDN BHD 32,779,025.00 1,098,426.00 39,460,974.00 70,811,379.00 -3,408,152.00

Axiata Group Berhad -2,294,555.00 -819,857.00 -1,129,929.00 -68,545.00 -3,547,355.00

Petronas Dagangan Berhad 619,387.00 -1,363,523.00 -404,465.00 -443,701.00 757,512.00

Genting Berhad -5,084,168.00 3,697,750.00 -5,470,506.00 -4,949,724.00 7,132,330.00

Batu Kawan BHD -1,407,454.00 900,234.00 3,181,274.00 214,047.00 -73,943.00

Kuala Lumpur Kepong BHD -1,272,427.00 822,224.00 -1,007,512.00 -1,650,008.00 1,266,147.00

YTL CORPORATION BERHAD 4,373,459.00 -3,564,706.00 71,799.00 -1,119,462.00 -1,942,447.00

Petronas Chemicals Group Berhad -2,377,863.00 -3,584,745.00 4,513,158.00 -1,850,529.00 7,429,668.00

DRB-HICOM BERHAD -677,678.00 -2,400,634.00 2,428,498.00 172,509.00 286,710.00

IOI Corporation Berhad -3,880,958.00 290,914.00 -308,789.00 -955,356.00 1,350,082.00

Telekom Malaysia Berhad 159,125.00 3,381,807.00 3,158,396.00 79,003.00 -4,901,045.00

UMW Holdings Berhad -2,275,124.00 457,410.00 -1,054,610.00 115,216.00 852,473.00

YTL Power International Berhad 5,022,298.00 -5,010,648.00 781,417.00 -1,346,920.00 -2,314,033.00

MISC Berhad -803,996.00 1,126,080.00 388,257.00 -1,582,013.00 978,368.00

Maxis Berhad -1,238,303.00 -92,930.00 157,618.00 3,101,066.00 -5,368,284.00

Hengyuan Refining Company Berhad 451,800.00 468,518.00 -548,903.00 163,719.00 -1,163,121.00

Boustead Holdings BHD -519,122.00 -56,246.00 634,659.00 -3,126.00 -71,244.00

Petron Malaysia Refining & Marketing BHD 1,212,707.00 -120,629.00 -661,434.00 -181,354.00 -729,675.00

AirAsia Berhad -2,816,255.00 -755,648.00 -2,341,506.00 -735,849.00 2,532,485.00

Digi.com Berhad -1,397,645.00 1,961,632.00 689,104.00 959,433.00 -1,736,461.00

125
 Table 3

Panel U: Total Assets from Prior Year for Malaysia

Companies 2015 2014 2013 2012 2011

Petron Malaysia Refining &
Marketing BHD 3,182,649.00 37,787,402.00 37,381,566.00 35,011,389.00 29,793,460.00

Honda Malaysia SDN BHD 24,931,707.00 21,592,120.00 15,877,287.00 19,614,201.00 16,651,107.00

Adsion Berhad 214,029.00 2,704.00 9,012.00 4,141.00 10,085.00

Tafi Industries Berhad 834,319.00 853,685.00 864,827.00 931,005.00 947,469.00

Kluang Rubber Co (Malaysia)
BHD 11,565,325.00 10,255,605.00 588,250.00 635,195.00 605,833.00

Scope Industries Berhad 1,898,706.00 1,941,424.00 499,004.00 539,654.00 521,785.00

Turiya Berhad 2,655,514.00 3,057,155.00 3,499,104.00 3,657,781.00 3,547,083.00

CME Group 1,480,429.00 940,483.00 728,883.00 825,105.00 958,241.00

Pinehill Pacific Berhad 5,049,012.00 5,272,650.00 5,538,046.00 5,863,518.00 5,735,744.00

EKA Noodles Berhard 1,333,227.00 1,558,657.00 1,518,012.00 2,640,357.00 3,121,873.00

HCK Capital Group Berhad 1,887,688.00 1,461,568.00 998,710.00 101,978.00 1,071,227.00

Naim Indah Corp. Berhard 952,978.00 1,080,391.00 1,116,673.00 1,483,431.00 1,507,572.00

TH Heavy Engineering Berhard 14,248,002.00 12,054,500.00 8,263,399.00 5,244,259.00 2,716,459.00

Kumpulan H&L High-Tech Berhad 1,222,415.00 1,146,928.00 1,082,005.00 948,100.00 882,624.00

Mtouche Technology Berhard 371,527.00 458,301.00 450,065.00 620,978.00 546,661.00

GSB Group Berhard 1,448,563.00 979,188.00 746,666.00 870,301.00 1,049,364.00

Excel Force MSC BHD 338,131.00 589,665.00 639,178.00 606,364.00 528,498.00

Borneo Aqua Harvest BHD 18,654.00 1,696,637.00 1,585,548.00 1,420,026.00 1,253,075.00

Rexit Berhad 324,495.00 481,030.00 455,389.00 499,033.00 527,230.00

Sersol Berhad 40,921.00 349,100.00 213,850.00 291,595.00 326,633.00

Sin Hneng Chan Malaya BHD 157,753.00 2,073,402.00 1,932,323.00 2,210,586.00 2,371,882.00

At Systematization Berhad 34,344.00 456,277.00 643,332.00 657,124.00 685,226.00

Gopeng Berhard 3,022,487.00 4,187,530.00 3,921,028.00 4,149,862.00 5,619,784.00

Fibon Berhard 219,425.00 503,883.00 468,389.00 409,070.00 378,629.00

BTM Resources BHD 11,982.00 458,974.00 325,401.00 352,779.00 349,999.00

MQ Technology Berhad 265,715.00 392,059.00 566,027.00 848,362.00 946,459.00

Tiger Synergy Berhard 3,059.00 1,530,248.00 1,062,802.00 809,487.00 913,469.00

Timberwell Berhard` 6,745.00 767,794.00 767,081.00 807,393.00 985,719.00

Mentiga Corp Berhard 122,292.00 1,744,605.00 1,530,754.00 1,451,131.00 1,516,964.00

Bio Osmo Berhad 1,107,018.00 838,077.00 955,212.00 1,045,106.00 1,107,018.00

Bertam Alliance Berhard 200,912.00 3,124,789.00 3,087,571.00 3,140,223.00 2,639,703.00

126
 Table 3

Panel V: Total Assets from Prior Year for Malaysia

Asia Knight Berhad 6,240.00 701,446.00 756,579.00 699,670.00 709,222.00

Petrol One Resources Berhard 1,521.00 160,584.00 2,150,368.00 2,697,118.00 3,860,115.00

Asia Bioenergy Technologies
Berhard 73,326.00 302,415.00 438,104.00 661,968.00 443,449.00

R&A Telecom Group BHD 35,547.00 1,618,223.00 1,783,419.00 81,210.00 77,754.00

PJBUMI BHD 6,475.00 479,966.00 520,084.00 1,004,633.00 1,090,622.00

WideTech (Malaysia)BHD 73,892.00 477,683.00 502,965.00 571,266.00 556,103.00

Kejuruteraan Samudra Timur
Berhard 27,097.00 1,826,429.00 1,673,967.00 2,173,462.00 2,354,851.00

Abric Berhard 87,907.00 1,396,413.00 1,343,613.00 1,377,739.00 1,552,483.00

MLABS System Berhard 29,997.00 83,172.00 96,111.00 155,860.00 110,269.00

Klang Port management SDN
BHD 505,076.00 7,858,618.00 9,303,634.00 8,678,664.00 8,651,290.00

Lebtech Berhad 191,762.00 2,710,790.00 2,256,795.00 2,462,056.00 2,591,065.00

PPB Group Berhard 13,143,899.00 230,947,867.00 209,840,441.00 210,156,910.00 198,300,189.00

ST Microelectronics SDN, BHD 170,584.00 19,563,404.00 18,374,467.00 16,019,305.00 35,257,323.00

Gas Malaysia Berhad 6,801,833.00 20,399,960.00 20,385,275.00 20,386,712.00 22,995,882.00

AEON Co. (M) Berhad 4,708,786.00 428,933,648.00 40,885,785.00 36,126,552.00 33,702,772.00

Texas Instruments Malaysia SDN
BHD 57,016.00 27,896,570.00 2,053,189.00 31,693,749.00 31,286,044.00

British American Tobacco 5,074,708.00 18,649,901.00 19,473,495.00 21,673,123.00 22,328,784.00

TNB Janamanjung SDN BHD 13,900,272.00 169,420,261.00 165,155,816.00 159,021,107.00 77,785,145.00

Sarawak Energy Berhad 10,505,809.00 146,946,677.00 124,993,385.00 105,874,265.00 89,527,974.00

Syarikat Sesco Berhad 3,290,023.00 91,416,980.00 87,505,962.00 83,256,790.00 75,635,150.00

QL Resources Berhad 1,479,868.00 26,623,020.00 23,415,335.00 21,133,525.00 15,421,469.00

Top Glove Corporation BHD 4,370,116.00 23,963,471.00 21,593,987.00 20,296,177.00 19,756,507.00

Mah Sing Group Berhad 4,392,015.00 62,039,531.00 48,422,719.00 39,411,877.00 31,238,122.00

UEM Edgenta Berhad 4,053,756.00 35,417,212.00 12,791,858.00 15,254,948.00 14,081,407.00

Emery Oleochemicals (M) SDN
BHD 2,151,560.00 30,048,011.00 30,823,817.00 26,981,463.00 27,587,599.00

Heineken Malaysia Berhad 2,127,147.00 10,068,643.00 10,332,695.00 9,865,715.00 9,419,262.00

Dialog Group Berhad 3,711,368.00 38,657,818.00 27,174,334.00 15,573,228.00 12,705,431.00

Finisar Malaysia SDN BHD 85,003.00 8,172,485.00 6,746,667.00 5,873,537.00 5,936,049.00

Panasonic Procurement Malaysia
SDN BHD 2,124.00 5,272,840.00 7,557,576.00 8,342,723.00 5,545,854.00

Southern Steel Berhad 465,320.00 29,980,449.00 25,442,788.00 32,682,720.00 23,710,651.00

Lafarge Malaysia Berhad 5,303,582.00 54,776,086.00 53,842,970.00 56,013,729.00 58,689,242.00

127
 Table 3

Panel W: Total Assets from Prior Year for Malaysia

Malayan Flour Mills BHD 3,158,667.00 20,077,213.00 18,701,673.00 15,883,573.00 14,453,476.00

Cab Cakaran Corp Berhad 170,295.00 5,559,427.00 4,836,196.00 4,589,480.00 3,612,544.00

Renesas Semiconductor
(Malaysia) SDN BHD 214,454.00 9,970,937.00 9,613,429.00 10,827,270.00 9,076,557.00

Protasco Berhad 2,967,061.00 11,909,787.00 9,419,253.00 9,121,607.00 9,604,397.00

6,861,532,931.0 6,301,063,438.0 5,728,537,761.0
Petroliam Nasional Berhad 0 7,155,235,639.00 6,588,470,503.00 0 0
1,530,035,943.0 1,127,667,116.0 1,092,656,487.0
Tenaga Nasional Berhad 0 1,352,771,357.00 1,195,455,832.00 0 0
1,398,084,336.0
Petronas Carigali SDN BHD 0 1,432,866,444.00 1,166,460,597.00 894,838,966.00 841,452,174.00

Axiata Group Berhad 626,887,274.00 588,720,623.00 578,238,298.00 568,365,818.00 542,172,782.00

Petronas Dagangan Berhad 121,793,955.00 137,610,898.00 133,664,087.00 121,784,887.00 109,928,755.00

Genting Berhad 935,639,558.00 967,667,593.00 883,781,697.00 751,417,660.00 697,465,544.00

Batu Kawan BHD 194,682,220.00 173,760,786.00 53,130,424.00 52,192,566.00 46,367,113.00

Kuala Lumpur Kepong BHD 177,137,041.00 156,190,348.00 155,487,934.00 150,009,626.00 130,280,924.00

YTL CORPORATION BERHAD 832,405,151.00 730,345,315.00 684,366,998.00 695,013,876.00 656,142,775.00

Petronas Chemicals Group
Berhad 363,357,275.00 375,329,776.00 349,120,123.00 421,272,755.00 385,533,477.00

DRB-HICOM BERHAD 547,262,340.00 558,438,733.00 564,696,288.00 406,143,092.00 364,252,660.00

IOI Corporation Berhad 209,069,445.00 325,728,331.00 305,769,498.00 283,025,900.00 246,561,371.00

Telekom Malaysia Berhad 288,806,672.00 286,210,779.00 298,959,697.00 295,505,320.00 295,697,238.00

UMW Holdings Berhad 210,889,356.00 197,540,415.00 154,775,820.00 145,748,550.00 142,637,887.00

YTL Power International Berhad 546,620,762.00 530,150,282.00 516,625,426.00 507,525,278.00 482,205,936.00

MISC Berhad 530,863,179.00 544,529,741.00 504,009,151.00 553,999,796.00 572,459,052.00

Maxis Berhad 231,186,376.00 234,550,116.00 239,780,051.00 248,752,752.00 259,342,842.00

Hengyuan Refining Company
Berhad 35,886,238.00 60,623,941.00 56,169,441.00 58,129,242.00 50,461,559.00

Boustead Holdings BHD 212,939,899.00 204,615,702.00 187,049,995.00 175,918,015.00 131,885,522.00

Petron Malaysia Refining &
Marketing BHD 31,182,649.00 37,787,402.00 37,381,566.00 35,011,389.00 29,793,460.00

AirAsia Berhad 263,797,127.00 241,676,238.00 211,853,552.00 192,272,573.00 188,408,091.00

Digi.com Berhad 54,937,034.00 50,784,632.00 54,064,026.00 67,244,903.00 73,093,753.00

128
 Tabe 3

Panel X: Opacity for Malaysia

Companies 2015 2014 2013 2012 2011

Petron Malaysia Refining & Marketing BHD -2.740908281 -0.29636536 0.004266969 0.08537242 0.856665691

Honda Malaysia SDN BHD -0.303860301 -0.084959976 -0.347247045 0.379093597 -0.047379793

Adsion Berhad 0.387554958 -448,031.33 -11.14724811 3.661675924 -7.599702529

Tafi Industries Berhad -0.043991567 0.007047096 -0.07684774 -0.085062916 -0.00856809

Kluang Rubber Co (Malaysia) BHD 0.004950142 -0.010586016 0.111892903 0.003639827 -0.107853154

Scope Industries Berhad -0.029211474 -0.05706739 -0.236795697 -0.111362095 -0.037235643

Turiya Berhad -0.004190526 -0.03637336 -0.115463845 -0.014844793 0.046521043

CME Group 0.099322561 -0.24309743 0.031320527 0.006951843 -0.019421002

Pinehill Pacific Berhad -0.055063248 -0.037914711 -0.006696044 -0.061758999 -0.01847851

EKA Noodles Berhard -0.174868946 -0.050311262 0.060877648 -0.453131149 -0.217419479

HCK Capital Group Berhad 0.312551121 0.079269661 -0.190593866 0.303104591 -0.101574176

Naim Indah Corp. Berhard -0.087476311 -0.07169534 0.074098684 -0.123558157 -0.115455182

TH Heavy Engineering Berhard -0.21496593 -0.148958895 -2.927458059 4.754068783 -0.058970152

Kumpulan H&L High-Tech Berhad -0.0304921 -0.043122149 -0.035118137 -0.013160004 -0.062007151

Mtouche Technology Berhard -0.073047181 -0.026497869 0.013831336 -0.182312417 -0.109351134

GSB Group Berhard 0.274821323 0.009642684 0.099050981 -0.329250455 0.194958089

Excel Force MSC BHD -0.104607386 0.006761466 -0.073616426 -0.098538172 -0.052147785

Borneo Aqua Harvest BHD 1.771845181 0.232468112 0.208478078 -0.322661698 -0.003394849

Rexit Berhad 0.073770012 -0.027594953 -0.008285224 -0.008147758 0.025083929

Sersol Berhad 2.733926346 -0.592182756 0.580130933 -0.320056928 -0.020117379

Sin Hneng Chan Malaya BHD -0.347524294 -0.005697882 0.039017804 -0.007965761 -0.014634371

At Systematization Berhad -0.452975775 0.004657259 -0.138943811 0.005373415 -0.114246978

Gopeng Berhard 0.025792005 -0.00166566 -0.018855514 -0.00855908 0.002436749

Fibon Berhard -0.141424177 0.004102143 0.029552359 -0.050316572 0.054031783

BTM Resources BHD 0.211817727 -0.283782959 0.111640714 -0.164034707 -0.10631459

MQ Technology Berhad 0.454652541 -0.308764752 -0.135286833 -0.411837164 -0.071313179

Tiger Synergy Berhard -48.3955541 0.730239151 0.10945877 0.178819425 0.051442359

Timberwell Berhard` -5.172127502 -0.125748573 0.061585413 -0.007894545 -0.232730626

Mentiga Corp Berhard -0.013868446 -0.048922249 -0.033522042 0.007947594 0.168623646

Bio Osmo Berhad 0.165422785 0.007519596 -0.01666541 0.128365927 -0.131148726

Bertam Alliance Berhard 2.056626782 0.131254302 0.141438691 -0.222522732 -0.020174618

129
 Tabe 3

Panel Y: Opacity for Malaysia

Asia Knight Berhad 51.46041667 0.058657402 -0.132653695 -0.142194177 -0.147797164

Petrol One Resources Berhard 2.390532544 -0.581072834 -0.362393321 -0.052535336 -0.177877602

Asia Bioenergy Technologies Berhard 0.609920083 0.012882959 -0.110749959 -0.059054214 -0.042654285

R&A Telecom Group BHD -5.217739894 0.062318976 -0.271554806 6.059955671 -0.104174705

PJBUMI BHD -5.27953668 0.087093669 0.080465848 0.182903608 -0.025380929

WideTech (Malaysia)BHD -0.259216153 -0.131344427 -0.013788236 0.000423621 -0.055349459

Kejuruteraan Samudra Timur Berhard -4.006938037 -0.170010441 -0.102498436 -0.120480597 -0.063739489

Abric Berhard -10.14919176 -0.176932612 -0.083980283 0.10944308 -0.178372324

MLABS System Berhard 0.265359869 -0.152900014 -0.324031589 -0.08039266 0.077918545

Klang Port management SDN BHD 2.460233707 0.077173366 -0.134620622 -0.023970971 0.66428498

Lebtech Berhad -2.553039706 0.109054556 0.067485084 0.041580289 0.016987609

PPB Group Berhard -0.08775638 -0.002768703 -0.002163382 -0.00604702 0.011433312

ST Microelectronics SDN, BHD -39.80131196 -0.18779191 -0.421994336 -0.134961598 -0.140289409

Gas Malaysia Berhad -0.001889491 -0.153444075 -0.028023316 -0.026612433 -0.008248955

AEON Co. (M) Berhad -1.655258914 0.004738201 -0.032071685 -0.050213926 -0.067085135

Texas Instruments Malaysia SDN BHD -96.08159113 -0.371286183 3.935485725 -0.371830073 -0.000522693

British American Tobacco -0.105431682 -0.081186919 0.005415926 0.03276639 -0.052373743

TNB Janamanjung SDN BHD 0.938222864 0.010115762 -0.013257462 0.00317783 -0.071533877

Sarawak Energy Berhad -0.424948141 -0.042398557 -0.015217997 -0.034858329 -0.081971184

Syarikat Sesco Berhad -1.272073478 -0.124168508 -0.013677754 -0.051625519 0.012194291

QL Resources Berhad -1.026142872 -0.045875675 0.007222105 -0.064789712 0.024431979

Top Glove Corporation BHD 20.30102359 -3.811355751 -0.063768215 -0.058110303 -0.023804663

Mah Sing Group Berhad 0.512105264 0.046316001 0.149078019 -0.087316014 0.063874551

UEM Edgenta Berhad 0.746137903 -0.115837633 -0.019757802 -0.028377743 -0.107814439

Emery Oleochemicals (M) SDN BHD -1.41201175 -0.069260391 0.010660425 -0.103345842 -0.032933638

Heineken Malaysia Berhad -0.419517316 2.006378814 -2.091562076 -0.063834806 -0.036683341

Dialog Group Berhad -0.373875347 0.033114259 -0.00639092 0.059695973 -0.019841436

Finisar Malaysia SDN BHD -75.23515641 0.384342951 -0.257906311 -0.144652021 -6.311748269

Panasonic Procurement Malaysia SDN
BHD -118.2580038 0.386576115 0.214756954 -0.167749786 -0.632817777

Southern Steel Berhad -0.378399811 -0.1277166 0.021179361 -0.213272886 0.098146441

Lafarge Malaysia Berhad -0.31799942 -0.043739288 -0.038855583 -0.037778952 -2.293818584

Malayan Flour Mills BHD -0.354249752 0.051053152 -0.074944418 0.039782611 -3.396415783

130
 Tabe 3

Panel Z: Opacity for Malaysia

Cab Cakaran Corp Berhad 0.191996242 -0.070754954 -0.036408574 -0.035542807 -0.057397225

Renesas Semiconductor (Malaysia) SDN
BHD -20.52954946 0.059016821 0.295308469 -0.314829131 -0.592988619

Protasco Berhad 0.436547142 -0.035158479 -0.084342251 0.081677275 -0.021399469

Petroliam Nasional Berhad -0.045914498 -0.06451651 -0.068329638 -0.066634191 -0.056850127

Tenaga Nasional Berhad -0.042151916 -0.060716416 -0.095096523 -0.057106729 -0.032270716

Petronas Carigali SDN BHD -0.156133704 -0.188046035 -0.097902946 -0.226457423 -0.233541536

Axiata Group Berhad -0.05528724 -0.111475635 -0.091007687 -0.08997631 -0.067905869

Petronas Dagangan Berhad 0.05636329 -0.218882853 -0.045750419 0.075787754 -0.027971635

Genting Berhad 0.003207357 -0.051958941 -0.00872947 -0.024652935 -0.015693812

Batu Kawan BHD -0.00539831 -1.34095705 0.242884247 -0.007362849 -0.001069939

Kuala Lumpur Kepong BHD 0.000481051 0.015266603 -0.025110469 -0.022376684 -0.02394481

YTL CORPORATION BERHAD -0.026283584 -0.033935569 -0.02609155 -0.015872784 -0.017641552

Petronas Chemicals Group Berhad -0.046548943 -0.030225209 -0.089665929 -0.034032422 -0.04032366

DRB-HICOM BERHAD -0.059767502 0.027002778 0.039390096 -0.135054911 -0.27424759

IOI Corporation Berhad -0.038000048 -0.00257215 -0.06995721 -0.02111535 0.046085662

Telekom Malaysia Berhad -0.102624998 -0.112790336 0.00068158 -0.189741748 -0.091383742

UMW Holdings Berhad -0.056924708 -0.0487875 -0.013357351 0.008017871 -0.04711514

YTL Power International Berhad -0.033776664 -0.026086158 -0.032743079 0.26092022 -0.014807875

MISC Berhad -0.031004997 0.014805889 -0.032760927 -0.03649592 0.005486557

Maxis Berhad -0.047000568 -0.100714608 -0.083932203 -0.070215874 -0.027673712

Hengyuan Refining Company Berhad -0.074564573 -0.293091767 0.046680098 -0.031887152 -0.07507388

Boustead Holdings BHD -0.024281631 -0.013810529 -0.054639376 0.056754932 0.008330763

Petron Malaysia Refining & Marketing BHD -0.093304068 -0.135012325 -0.089762184 0.025823226 0.181668594

AirAsia Berhad -0.031398473 -0.074789099 0.009568964 -0.076710145 -0.058624945

Digi.com Berhad -0.044892194 -0.174398842 -0.089712409 -0.247224834 -0.214991574

131
 Table 3

Panel AA: Earnings Management for Malaysia

Companies 2015 2014 2013 2012 2011

Petron Malaysia Refining &
Marketing BHD -6,297,935.00 -11,440,135.00 -1,163,362.00 2,626,299.00 24,063,685.00

Honda Malaysia SDN BHD -4,656,564.00 -1,311,498.00 -5,123,095.00 4,889,456.00 804,022.00

Adsion Berhad 110,136.00 -1,211,501,306.00 66,231.00 -109,359.00 -83,989.00

Tafi Industries Berhad -43,171.00 8,492.00 -63,880.00 -57,454.00 -26,722.00

Kluang Rubber Co (Malaysia) BHD -29,212.00 108,304.00 -86,917.00 -2,026.00 -48,997.00

Scope Industries Berhad -54,204.00 -113,160.00 -115,458.00 32,943.00 -114,077.00

Turiya Berhad -63,952.00 -12,683.00 -457,870.00 -33,535.00 107,108.00

CME Group 122,680.00 -215,333.00 22,489.00 13,264.00 -30,850.00

Pinehill Pacific Berhad -247,371.00 -303,601.00 -115,213.00 -117,719.00 -245,048.00

EKA Noodles Berhard -244,934.00 -69,728.00 99,617.00 -1,168,264.00 -733,316.00

HCK Capital Group Berhad 581,017.00 194,128.00 -213,852.00 2,910.00 -86,701.00

Naim Indah Corp. Berhard -116,771.00 -30,061.00 -17,184.00 -136,512.00 -90,753.00

TH Heavy Engineering Berhard -3,263,635.00 -1,532,867.00 -24,424,372.00 24,929,118.00 47,026.00

Kumpulan H&L High-Tech Berhad -35,694.00 17,744.00 -90,668.00 -12,093.00 -7,435.00

Mtouche Technology Berhard -28,419.00 -35,228.00 43,467.00 -124,910.00 -46,756.00

GSB Group Berhard 404,460.00 -7,318.00 82,762.00 -294,027.00 215,392.00

Excel Force MSC BHD -27,357.00 -21,353.00 -3,782.00 -51,734.00 -17,774.00

Borneo Aqua Harvest BHD -48,734.00 374,214.00 375,000.00 -485,258.00 8,558.00

Rexit Berhad 33,670.00 -11,938.00 -4,337.00 -4,232.00 20,835.00

Sersol Berhad 120,879.00 -204,443.00 131,565.00 -107,883.00 -2,205.00

Sin Hneng Chan Malaya BHD -63,763.00 -11,478.00 77,385.00 -7,029.00 -42,795.00

At Systematization Berhad -27,865.00 469 -103,805.00 -2,153.00 -56,345.00

Gopeng Berhard 71,332.00 -26,631.00 -48,599.00 -59,179.00 26,644.00

Fibon Berhard -30,462.00 -8,901.00 15,054.00 -18,153.00 36,896.00

BTM Resources BHD 2,286.00 -86,979.00 -6,712.00 -6,598.00 -84,980.00

MQ Technology Berhad 120,162.00 -121,338.00 -72,562.00 -353,621.00 -53,445.00

Tiger Synergy Berhard -100,006.00 1,058,579.00 8,997.00 259,108.00 38,487.00

Timberwell Berhard` -10,850.00 -105,375.00 38,901.00 10,886.00 -128,931.00

Mentiga Corp Berhard -57,834.00 -99,734.00 -113,078.00 70,211.00 243,110.00

Bio Osmo Berhad 91,252.00 71,158.00 9,975.00 10,004.00 -106,608.00

Bertam Alliance Berhard 483,259.00 420,926.00 373,306.00 -764,531.00 46,915.00

132
 Table 3

Panel BB: Earnings Management for Malaysia

Asia Knight Berhad 281,717.00 69,647.00 -101,697.00 -100,109.00 -106,615.00

Petrol One Resources Berhard 4,200.00 51,875.00 -1,211,243.00 460,152.00 -1,042,124.00

Asia Bioenergy Technologies
Berhard 44,697.00 1,666.00 -48,858.00 -37,738.00 -18,277.00

R&A Telecom Group BHD -123,757.00 58,306.00 -587,150.00 580,759.00 -8,100.00

PJBUMI BHD -24,395.00 -31,358.00 81,013.00 196,571.00 -34,019.00

WideTech (Malaysia)BHD -1,184.00 -79,305.00 -8,365.00 -5,530.00 -29,792.00

Kejuruteraan Samudra Timur
Berhard -139,512.00 -388,752.00 -241,959.00 -205,732.00 -58,541.00

Abric Berhard -841,933.00 -264,539.00 -114,075.00 157,464.00 -278,780.00

MLABS System Berhard 8,138.00 -12,717.00 -31,143.00 -12,616.00 8,678.00

Klang Port management SDN BHD 1,333,091.00 705,148.00 -1,466,107.00 63,020.00 5,743,432.00

Lebtech Berhad -558,370.00 256,560.00 184,092.00 125,523.00 72,680.00

PPB Group Berhard -1,123,781.00 -323,220.00 198,307.00 -1,179,921.00 1,749,908.00

ST Microelectronics SDN, BHD -6,788,321.00 -3,673,961.00 -7,753,787.00 -2,161,969.00 -4,945,295.00

Gas Malaysia Berhad -350,068.00 -3,307,065.00 -612,869.00 -976,024.00 -940,438.00

AEON Co. (M) Berhad -8,338,046.00 1,585,828.00 -915,184.00 -1,745,142.00 -2,129,873.00

Texas Instruments Malaysia SDN
BHD -4,669,714.00 -11,070,021.00 8,432,486.00 -10,215,647.00 -2,165,433.00

British American Tobacco -1,568,961.00 -1,058,930.00 824,547.00 1,079,164.00 -1,115,920.00

TNB Janamanjung SDN BHD 13,576,501.00 -17,127.00 -2,240,609.00 2,572,384.00 -7,735,035.00

Sarawak Energy Berhad -3,318,784.00 -2,759,523.00 -4,771,875.00 -3,872,346.00 -6,178,822.00

Syarikat Sesco Berhad -3,890,293.00 -10,431,880.00 -717,553.00 -5,425,531.00 1,882,665.00

QL Resources Berhad -1,331,468.00 -1,134,275.00 172,918.00 -1,216,407.00 568,399.00

Top Glove Corporation BHD 89,637,708.00 -91,493,177.00 -1,214,804.00 -1,141,711.00 -1,175,901.00

Mah Sing Group Berhad 1,885,810.00 3,356,577.00 7,459,503.00 -3,120,586.00 2,523,157.00

UEM Edgenta Berhad 3,024,361.00 -4,358,414.00 733,411.00 -396,727.00 -1,807,461.00

Emery Oleochemicals (M) SDN
BHD -2,660,740.00 209,657.00 -1,803,119.00 -2,862,374.00 -1,291,416.00

Heineken Malaysia Berhad -867,907.00 20,106,306.00 -21,518,017.00 -556,184.00 -61,272.00

Dialog Group Berhad -654,747.00 1,300,409.00 -34,509.00 908,959.00 190,018.00

Finisar Malaysia SDN BHD -6,394,350.00 3,141,095.00 -1,740,076.00 -846,747.00 -37,468,601.00

Panasonic Procurement Malaysia
SDN BHD -228,884.00 1,927,402.00 1,681,090.00 -1,401,248.00 -3,496,607.00

Southern Steel Berhad -949,735.00 -3,559,897.00 397,746.00 -6,564,712.00 2,321,010.00

Lafarge Malaysia Berhad -1,899,054.00 -4,119,123.00 -1,331,664.00 -1,558,902.00 -133,485,398.00

133
 Table 3

Panel CC: Earnings Management for Malaysia

Malayan Flour Mills BHD -909,055.00 761,417.00 -1,394,802.00 681,210.00 -49,558,954.00

Cab Cakaran Corp Berhad 4,446.00 -244,547.00 -85,509.00 -334,729.00 -168,556.00

Renesas Semiconductor
(Malaysia) SDN BHD -4,258,822.00 583,733.00 3,148,365.00 -3,613,284.00 -5,391,493.00

Protasco Berhad 1,192,390.00 -371,526.00 -888,233.00 1,034,440.00 -410,885.00

-
Petroliam Nasional Berhad -735,225,590.00 -469,814,047.00 488,050,053.00 -394,965,615.00 -144,750,415.00
-
Tenaga Nasional Berhad -59,735,144.00 -77,786,175.00 136,901,025.00 -31,990,354.00 -53,485,877.00
-
Petronas Carigali SDN BHD -152,730,036.00 -267,248,001.00 193,121,877.00 -61,020,168.00 -203,330,337.00

Axiata Group Berhad -39,247,977.00 -67,267,719.00 -54,883,988.00 -51,276,549.00 -43,911,424.00

Petronas Dagangan Berhad 8,103,482.00 -32,847,712.00 -6,924,118.00 8,342,401.00 -1,559,863.00

Genting Berhad -7,167,406.00 -42,883,483.00 -18,655,958.00 -28,424,099.00 3,318,767.00

Batu Kawan BHD -3,865,863.00 -231,205,283.00 19,267,091.00 43,808.00 -197,496.00

Kuala Lumpur Kepong BHD -2,459,642.00 4,028,944.00 -5,919,399.00 -6,656,734.00 -587,258.00

YTL CORPORATION BERHAD -13,131,673.00 -31,914,096.00 -17,712,598.00 -13,270,729.00 -15,460,271.00

Petronas Chemicals Group Berhad -21,669,623.00 -18,513,911.00 -22,277,864.00 -18,037,990.00 -686,785.00

DRB-HICOM BERHAD -34,063,859.00 10,278,129.00 27,100,437.00 -54,506,601.00 -99,321,994.00

IOI Corporation Berhad -15,706,565.00 -255,994.00 -22,008,359.00 -7,886,903.00 14,063,108.00

Telekom Malaysia Berhad -29,320,534.00 -25,518,196.00 6,520,557.00 -55,911,690.00 -36,824,010.00

UMW Holdings Berhad -16,555,063.00 -8,722,683.00 -4,176,615.00 1,399,025.00 -5,015,458.00

YTL Power International Berhad -8,418,430.00 -23,850,880.00 -15,353,073.00 129,729,767.00 -11,768,511.00

MISC Berhad -18,067,403.00 10,314,407.00 -15,735,293.00 -23,382,758.00 5,097,565.00

Maxis Berhad -13,342,497.00 -23,808,483.00 -19,810,032.00 -11,264,260.00 -17,913,547.00

Hengyuan Refining Company
Berhad -1,772,242.00 -16,831,342.00 1,524,189.00 -1,526,138.00 -6,114,587.00

Boustead Holdings BHD -6,208,772.00 -2,938,343.00 -8,950,977.00 9,977,963.00 956,219.00

Petron Malaysia Refining &
Marketing BHD -484,054.00 -5,343,023.00 -4,678,319.00 541,399.00 3,953,186.00

AirAsia Berhad -13,915,337.00 -19,586,044.00 -2,655,793.00 -16,220,955.00 -5,980,444.00

Digi.com Berhad -5,261,534.00 -4,933,517.00 -3,472,006.00 -14,705,744.00 -19,187,463.00

134
 Table 4
Panel A: Change in Current Assets for Philippines
Companies 2015 2014 2013 2012 2011
San Miguel Corp -107,839,000.00 41,444,000.00 116,115,000.00 64,712,000.00 28,641,000.00
Petron Corp -103,304,000.00 35,069,000.00 38,107,000.00 49,237,000.00 -5,293,000.00
Manila Electric
Company -17,317,000.00 5,126,000.00 15,243,000.00 3,594,000.00 28,646,000.00
PLDT Inc. 16,247,000.00 7,531,000.00 -17,078,000.00 10,859,000.00 12,284,000.00
Alliance Global
Group Inc. 4,851,244.00 23,178,553.00 45,374,406.00 23,687,259.00 37,215,728.00
Globe Telecom Inc. 600,640.00 10,840,861.00 1,602,844.00 10,464,111.00 1,979,398.00
Puregold Price Club,
Inc. 2,533,021.00 2,976,181.00 122,041.00 9,934,159.00 1,976,920.00
Jollibee Foods Corp 3,147,775.00 5,637,214.00 2,760,975.00 2,364,254.00 -313,509.00

Universal Robina Corp 7,303,535.00 6,850,193.00 -6,260,091.00 269,893.00 1,992,018.00

San Miguel Pure
Foods Company Inc. -8,160,077.00 -5,300,523.00 16,226,552.00 5,440,649.00 -239,482.00
Aboitiz Power Corp 13,682,932.00 7,695,338.00 7,021,919.00 5,830,837.00 8,257,749.00
San Miguel Brewery
Inc. 5,522,000.00 -4,329,000.00 -6,281,000.00 -246,599,000.00 253,474,000.00
First Gen Corporation 6,870,096.00 -6,723,407.00 15,891,763.00 20,602,275.00 8,043,872.00
LT Group Inc. 30,125,549.00 34,531,061.00 57,360,577.00 213,850,072.00 26,516,596.00
Metro Pacific
Investments 577,000.00 -221,000.00 19,965,000.00 -6,694,133.00 11,446,873.00
Cebu Air Inc
International 1,236,354.00 -1,506,637.00 -3,086,505.00 -612,307.00 -1,407,376.00
Container Terminal
Services Inc 8,184,677.00 -2,988,764.00 4,461,528.00 -11,207,753.00 5,731,689.00
Epson Precision
(Philippines) Inc 718,539,782.00 1,737,032,989.00 5,943,370,951.00 2,256,684,780.00 496,628,639.00
Integrated Micro-
Electronics Inc -1,108,949.00 3,537,416.00 2,643,934.00 88,581.00 3,457,618.00
Emperador inc. -6,906,124.00 35,311,866.00 20,550,830.00 10,065,401.00 128,781.00

Holcim Philippines Inc 1,214,763.00 1,642,618.00 1,072,366.00 1,733,844.00 -1,318,685.00

Semirara Mining and
Power Corporation 2,320,081.00 -2,027,577.00 3,088,451.00 -2,412,532.00 3,858,999.00
Energy Development
Corporation 4,611,225.00 726,419.00 4,640,773.00 -976,664.00 5,897,519.00
Philippine Seven
Corporation 283,322.00 741,191.00 837,747.00 461,333.00 162,874.00
Phoenix Petroleum
Philippines Inc 3,555,301.00 430,092.00 4,101,511.00 2,050,858.00 2,031,088.00
Pepsi-Cola
Production
Philippines Inc 7,991.00 783,415.00 568,230.00 423,697.00 297,424.00
Republic Cement &
Building Materials Inc -1,118,771.00 -2,298,356.00 639,721.00 1,244,392.00 1,734,678.00

135
 Table 4
Panel B: Change in Current Assets for Philippines
Companies 2015 2014 2013 2012 2011
Travellers
International Hotel
Group Inc -3,496,568.00 -6,392,761.00 9,551,975.00 -699,476.00 994,794.00
Manila Water
Company Inc 854,233.00 24,661.00 851,907.00 398,149.00 1,919,784.00
D&L Industries Inc -9,446,002.00 3,234,123.00 -436,656.00 6,360,009.00 1,176,904.00
2G0 Group Inc 867,160.00 950,111.00 1,057,624.00 -613,537.00 1,065,849.00
Ginebra San Miguel
Inc -595,306.00 -1,067,723.00 -2,016,720.00 389,236.00 -304,244.00
Filinvest Land Inc 5,072,180.00 2,226,501.00 6,757,848.00 3,721,951.00 941,901.00
Phinma Energy
Corporation 1,005,692.00 250,997.00 647,704.00 1,251,437.00 596,213.00
Nickel Asia
Corporation 141,066,472.00 6,010,434.00 1,151,489.00 -785,052.00 4,375,976.00
RFM Corporation 106,034.00 -1,386,993.00 862,531.00 1,257,645.00 -546,382.00
Philex Mining
Corporation -4,259,026.00 1,143,001.00 4,031,533.00 -3,975,677.00 580,685.00
Max's Group Inc -164,919.00 1,410,719.00 -4,259.00 24,077.00 334,088.00
Atlas Consolidated
Mining and
Development
Corporation -184,542.00 -1,371,524.00 -3,182,556.00 5,552,572.00 2,451,910.00
A. Soriano
Corporation 555,022.00 2,856,392.00 -58,442.00 76,998.00 -1,415,761.00
Asian Terminal Inc 514,361.00 1,017,829.00 -14,275.00 374,482.00 -94,723.00
Freemont Foods
Corporation 378,102,935.00 -88,081,093.00 233,482,194.00 124,660,653.00 46,755,105.00
LBC Express
Holdings Inc 28,185.00 3,219,573.00 -2,837.00 -1,619.00 -1,035.00
Panasonic
Manufacturing
Philippines
Corporation 103,353.00 -183,070.00 372,273.00 60,544.00 199,714.00
Philip Morris
Philippines
Manufacturing Inc -481,973,000.00 -571,749,000.00 -144,481,000.00 3,779,729,789.00 -4,815,777,789.00
Rustan Coffee
Corporation 154,033,399.00 91,118,486.00 118,664,890.00 58,112,797.00 30,941,069.00
Alsons
Consolidated
Resources Inc 137,457.00 924,432.00 1,359,155.00 238,104.00 -1,267,045.00
Pryce Corporation -110,491.00 5,102.00 197,136.00 -7,172.00 210,456.00
Century Properties
Inc 6,071,410.00 2,664,675.00 2,017,024.00 7,072,578.00 3,486,286.00
Solid Group Inc 9,817,480.00 -94,765.00 488,272.00 1,367,944.00 802,495.00
Phinma Corporation -304,307.00 366,962.00 -39,398.00 -350,284.00 -450,293.00
Honda Cars Makati
Inc 846,960,831.00 56,939,966.00 482,853,495.00 -524,599,350.00 132,961,748.00
Ayala Land Inc 569,150.00 18,647,488.00 35,931,603.00 35,738,712.00 18,685,613.00

Chemical Industries
of the Philippines -57,388.00 -116,349.00 -77,463.00 372.00 -139,615.00

136
 Table 4
Panel C: Change in Current Assets for Philippines
Companies 2015 2014 2013 2012 2011
Dfnn Inc. -809,386.00 877,490.00 28,303.00 -26,914.00 -157,506.00
Wi-tribe Telecoms
Inc. -205,834,469.00 -233,812,594.00 -157,964,586.00 178,934,787.00 941,190,460.00
TS Tech Trim
Philippines INc.. 42,289,618.00 -51,975,122.00 -195,121,572.00 -453,696.00 13,208,000.00
Century Peak
Corporation -69,116,743.00 374,321,094.00 40,536,563.00 -46,907,044.00 -33,861,357.00
Philippine H2O
Ventures Corp. 2,514.00 154,616.00 7,780.00 -32,580.00 112,968.00
Socresources Inc. -214,925.00 465,648.00 -64,547.00 181,731.00 316,891.00
IP E-game
VEntures, Inc. -62,921.00 77,969.00 31,000.00 345.00 144,680.00
PXP Energy
Corporation -1,391,047.00 -721,974.00 2,229,479.00 100,439.00 72,548.00
NOW Corporation 20,529.00 14,742.00 22,263.00 17,487.00 55,247.00
SM Hotels and
Entertainment
Corporation 136,919,918.00 -38,745,927.00 66,765,648.00 -661,076,243.00 785,861,327.00
Imperial
Resources, Inc. 39.00 -372.00 -108.00 -358.00 -459.00
Basic Energy
Corporation 154,587.00 -32,167.00 -172,277.00 -65,540.00 113,748.00
Steniel
Manufactuing
Corporation -33,500.00 -249,204.00 -143,750.00 -7,908.00 167,527.00
Roxas and
Company Inc. 340,381.00 231,781.00 -3,286,679.00 1,437,950.00 -644,155.00
Easycall
Communications
Philippines Inc. -1,492.00 -1,771.00 8,163.00 5,348.00 5,451.00

Transpacific
BRoadband Group
International Inc. -18,864.00 -10,592.00 -6,019.00 -8,428.00 -19,492.00
Concrete
Aggregates
Corporation 35,217.00 -40,998.00 8,052.00 -27,322.00 16,949.00
ISM
Communications
Corporation -2,553,874.00 1,885,368.00 105,900.00 381,339.00 -1,565,680.00
Omico Corporation -16,672.00 9,441.00 -33,030.00 66,352.00 -34,440.00
Supercity Realty
Development
Corporation 795.00 2,326.00 -30,701.00 -14,521.00 -6,999.00

Keppel Philippines
Properties Inc. -3,013.00 -10,898.00 -9,793.00 -182,939.00 -14,914.00
Atok-Big Wedge
Company -12,183.00 -15,851.00 14,992.00 -140,483.00 -656,337.00
Manila Mining
Corporation -136,254.00 338,489.00 -109,767.00 -355,963.00 539,338.00
Nihao Mineral
Resources
International Inc. -5,532.00 -66,230.00 -458,786.00 538,546.00 10,413.00
Dizon Copper-
Silver Mines, Inc. -2,247.00 81.00 713.00 1,238.00 -7,438.00

137
 Table 4
Panel D: Change in Current Liabilities for Philippines
Companies 2015 2014 2013 2012 2011
San Miguel Corp -34,692,000.00 18,865,000.00 66,836,000.00 77,880,000.00 12,606,000.00
Petron Corp -76,008,000.00 26,017,000.00 36,638,000.00 77,976,000.00 5,460,000.00
Manila Electric
Company 9,687,000.00 -11,098,000.00 35,108,000.00 1,130,000.00 13,242,000.00
PLDT Inc. 23,347,000.00 13,381,000.00 16,238,000.00 6,763,000.00 797,000.00
Alliance Global
Group Inc. -2,807,299.00 41,956,110.00 5,389,053.00 8,940,987.00 9,806,071.00
Globe Telecom
Inc. 5,180,450.00 5,360,383.00 9,163,347.00 6,838,889.00 3,677,989.00
Puregold Price
Club, Inc. 771,438.00 952,960.00 2,105,251.00 4,148,115.00 -900,324.00
Jollibee Foods
Corp 1,977,234.00 3,472,307.00 -1,002,620.00 4,518,856.00 -1,642,472.00
Universal Robina
Corp -456,151.00 -93,551,136.00 94,651,274.00 -3,015,147.00 11,078,906.00
San Miguel Pure
Foods Company
Inc. -8,631,087.00 4,810,063.00 2,737,484.00 5,897,185.00 -4,143,848.00
Aboitiz Power
Corp 5,667,311.00 -191,645.00 1,227,191.00 5,402,024.00 -376,654.00
San Miguel
Brewery Inc. 1,158,000.00 -24,011,000.00 22,256,000.00 -14,476,000.00 14,596,000.00
First Gen
Corporation -2,550,781.00 10,700,438.00 704,183.00 12,935,271.00 -5,662,736.00

LT Group Inc. 27,178,755.00 469,139,249.00 -483,247,568.00 24,792,858.00 433,550,133.00

Metro Pacific
Investments
Corporation 4,713,000.00 6,579,000.00 -2,276,000.00 6,347,836.00 3,744,346.00
Cebu Air Inc 2,439,144.00 5,722,750.00 1,773,422.00 2,035,894.00 2,232,513.00
International
Container
Terminal Services
Inc 968,303.00 2,326,760.00 -8,613,279.00 9,053,690.00 1,789,168.00
Epson Precision
(Philippines) Inc 386,082,692.00 -4,176,925,429.00 10,913,329,299.00 -1,266,634,268.00 273,992,453.00
Integrated Micro-
Electronics Inc 611,820.00 907,460.00 1,912,917.00 -209,460.00 963,111.00

Emperador inc. -4,791,246.00 40,031,054.00 -47,121.00 4,181,088.00 73,293.00

Holcim
Philippines Inc 320,327.00 1,975,182.00 1,264,507.00 133,941.00 506,990.00
Semirara Mining
and Power
Corporation 3,417,520.00 11,147,307.00 -11,180,858.00 869,371.00 4,370,213.00
Energy
Development
Corporation -264,045.00 9,342,839.00 -1,341,689.00 929,567.00 1,833,253.00
Philippine Seven
Corporation 751,313.00 1,048,806.00 790,410.00 395,131.00 281,534.00
Phoenix
Petroleum
Philippines Inc 3,105,980.00 2,053,372.00 4,089,814.00 -1,399,863.00 2,757,765.00
Pepsi-Cola
Production
Philippines Inc 1,997,906.00 1,041,655.00 424,849.00 1,256,331.00 688,221.00
Republic Cement
& Building
Materials Inc 4,930,478.00 -689,727.00 434,576.00 1,731,629.00 2,015,472.00

138
 Table 4
Panel E: Change in Current Liabilities for Philippines
Companies 2015 2014 2013 2012 2011
Travellers
International Hotel
Group Inc 2,609,527.00 -163,919.00 2,291,027.00 87,095.00 -1,341,977.00
Manila Water
Company Inc 4,541,651.00 -214,769.00 -1,826,163.00 3,611,071.00 866,141.00
D&L Industries Inc -3,220,993.00 4,738,994.00 -1,299,062.00 2,190,076.00 -27,884.00

2G0 Group Inc 938,691.00 5,594,962.00 -5,427,156.00 507,767.00 -3,027,805.00

Ginebra San
Miguel Inc -1,688,008.00 -579,557.00 -134,846.00 2,764,679.00 2,553,583.00
Filinvest Land Inc 2,197,397.00 15,616,063.00 565,849.00 3,621,448.00 -216,743.00
Phinma Energy
Corporation 869,811.00 -1,287,701.00 3,068,795.00 -79,798.00 327,574.00
Nickel Asia
Corporation 5,598,664.00 805,604.00 33,234.00 -362,086.00 302,084.00
RFM Corporation -360,138.00 196,709.00 -455,445.00 646,651.00 620,840.00
Philex Mining
Corporation -1,807,934.00 -2,252,129.00 5,156,562.00 2,042,460.00 264,255.00
Max's Group Inc -267,053.00 2,574,930.00 1,727,794.00 -790,683.00 283,767.00

Atlas Consolidated
Mining and
Development
Corporation 2,908,741.00 45,021.00 3,431,382.00 -8,645,119.00 11,560,618.00
A. Soriano
Corporation -34,998,999.00 36,511,415.00 -125,719.00 500,606.00 134,116.00
Asian Terminal Inc -398,508.00 157,932.00 542,250.00 -173,866.00 -90,641.00
Freemont Foods
Corporation 790,806,596.00 -111,630,205.00 518,660,851.00 42,425,040.00 -136,100,789.00
LBC Express
Holdings Inc 682,869.00 2,888,366.00 607.00 -2,738.00 590.00
Panasonic
Manufacturing
Philippines
Corporation -1,253,560.00 -22,190.00 271,839.00 -38,573.00 240,662.00
Philip Morris
Philippines
Manufacturing Inc -727,093,000.00 2,118,212,000.00 -865,878,000.00 5,522,812,036.00 -6,277,835,036.00
Rustan Coffee
Corporation 274,322,265.00 227,340,047.00 196,143,853.00 205,731,982.00 43,081,725.00

Alsons
Consolidated
Resources Inc -437,355.00 197,589.00 1,215,533.00 301,298.00 -462,225.00
Pryce Corporation -802,303.00 -124,967.00 286,447.00 -31,145.00 113,481.00
Century Properties
Inc 1,657,317.00 -1,207,652.00 2,540,332.00 1,741,101.00 856,349.00
Solid Group Inc -1,587,293.00 317,950.00 648,026.00 -49,722.00 -14,856,069.00

Phinma Corporation 428,504.00 398,334.00 -528,721.00 421,845.00 185,170.00

Honda Cars Makati
Inc 752,944,393.00 66,011,864.00 464,635,700.00 -519,480,115.00 176,372,098.00
Ayala Land Inc 10,686,699.00 33,822,949.00 22,951,983.00 33,041,946.00 12,414,730.00
Chemical
Industries of the
Philippines 3,496.00 -6,125.00 -1,832.00 12,629.00 -4,999.00

139
 Table 4
Panel F: Change in Current Liabilities for Philippines
Companies 2015 2014 2013 2012 2011
Dfnn Inc. 309,800.00 71,355.00 -58,563.00 76,117.00 18,368.00
Wi-tribe Telecoms
Inc. 58,604,468.00 26,397,102.00 -7,332,875,876.00 1,225,771,934.00 6,914,476,757.00
TS Tech Trim
Philippines INc.. 20,378,158.00 17,833,368.00 -80,133,994.00 14,521,923.00 13,616,066.00
Century Peak
Corporation -215,146,081.00 273,978,281.00 30,954,969.00 -91,307,466.00 77,429,257.00
Philippine H2O
Ventures Corp. 102,827.00 130,076.00 30,280.00 28,549.00 -12,055.00

Socresources Inc. -174,265.00 193,345.00 37,470.00 52,532.00 42,499.00

IP E-game
VEntures, Inc. -57,193.00 -19,483.00 -20,691.00 158,063.00 79,218.00
PXP Energy
Corporation -539,658.00 -63,861.00 1,453,556.00 710,544.00 349,750.00
NOW Corporation 276,482.00 4,393.00 -14,232.00 -117,602.00 186,584.00

SM Hotels and
Entertainment
Corporation 1,138,988.00 -1,089,148.00 6,807,175.00 -550,553,327.00 537,420,181.00
Imperial
Resources, Inc. 2,021.00 -28.00 -240.00 43.00 131.00
Basic Energy
Corporation -6,760.00 10,831.00 74.00 -4,210.00 2,865.00
Steniel
Manufactuing
Corporation -40,519.00 -101,432.00 -156,603.00 -28,624.00 192,274.00
Roxas and
Company Inc. 817,187.00 576,756.00 -1,763,265.00 -623,779.00 -7,887,752.00
Easycall
Communications
Philippines Inc. -920.00 4,638.00 -2,294.00 1,538.00 1,179.00
Transpacific
BRoadband Group
International Inc. 5,819.00 149.00 -4,628.00 -1,782.00 -1,317.00
Concrete
Aggregates
Corporation 675.00 112.00 -21,006.00 12,343.00 -8,017.00
ISM
Communications
Corporation -420,038.00 -28,130.00 23,290.00 -703,629.00 -86,769.00
Omico Corporation -24.00 -1,677.00 -1,143.00 2,487.00 -1,564.00
Supercity Realty
Development
Corporation 1,021.00 1,839.00 9,752.00 -7,406.00 5,243.00

Keppel Philippines
Properties Inc. 23,243.00 1,386.00 461.00 -178,888.00 -12,379.00
Atok-Big Wedge
Company 5,206.00 4,092.00 3,200.00 -3,320.00 -2,383.00
Manila Mining
Corporation -5,391.00 -244,249.00 158,380.00 62,874.00 -12,916.00

Nihao Mineral
Resources
International Inc. -3,456.00 9,916.00 21,608.00 8,251.00 2,150.00

Dizon Copper-
Silver Mines, Inc. 2,393.00 4,215.00 5,644.00 10,283.00 -3,155.00

140
 Table 4
Panel G: Change in Cash for Philippines
Companies 2015 2014 2013 2012 2011
San Miguel Corp -75,572,000.00 69,164,000.00 66,106,000.00 -3,468,000.00 3,798,000.00
Petron Corp -71,879,000.00 39,863,000.00 24,437,000.00 3,142,000.00 -20,329,000.00
Manila Electric
Company -18,629,000.00 9,618,000.00 -649,000.00 15,590,000.00 20,540,000.00
PLDT Inc. 20,338,000.00 -5,026,000.00 -5,262,000.00 -9,088,000.00 9,626,000.00
Alliance Global
Group Inc. -9,744,500.00 -15,930,526.00 28,478,646.00 13,400,133.00 -478,742.00

Globe Telecom Inc. -4,942,529.00 9,336,173.00 660,980.00 1,600,709.00 -709,940.00

Puregold Price
Club, Inc. -514,949.00 968,281.00 -3,291,679.00 7,140,104.00 117,432.00
Jollibee Foods Corp 4,801,404.00 -2,285,404.00 1,055,285.00 2,193,279.00 -1,515,176.00
Universal Robina
Corp 8,125,878.00 -1,894,557.00 -8,487,352.00 245,607.00 -519,749.00
San Miguel Pure
Foods Company
Inc. -4,932,025.00 7,184,932.00 2,750,525.00 -652,300.00 -2,108,627.00
Aboitiz Power Corp 10,866,394.00 8,848,376.00 705,006.00 7,286,932.00 5,089,716.00
San Miguel
Brewery Inc. 5,964,000.00 -4,312,000.00 -7,761,000.00 3,680,000.00 3,203,000.00
First Gen
Corporation 4,385,934.00 -8,926,320.00 12,785,612.00 14,516,751.00 2,859,141.00
LT Group Inc. -23,726,452.00 -17,384,069.00 59,309,424.00 126,769,697.00 4,074,757.00
Metro Pacific
Investments
Corporation -2,077,000.00 9,295,000.00 8,545,000.00 -4,585,317.00 9,678,062.00
Cebu Air Inc 742,177.00 -2,258,656.00 -4,608,440.00 -1,387,853.00 -1,423,865.00

International
Container Terminal
Services Inc 8,050,504.00 -2,089,631.00 3,062,106.00 -12,406,515.00 4,946,033.00
Epson Precision
(Philippines) Inc 1,000,199.00 -5,267,854.00 10,502,541.00 -326,956,755.00 -62,635,545.00

Integrated Micro-
Electronics Inc -459,217.00 3,069,879.00 -136,630.00 -60,317.00 701,589.00
Emperador inc. -7,094,773.00 12,234,775.00 19,213,676.00 4,718,460.00 99,181.00
Holcim Philippines
Inc -158,009.00 549,103.00 770,722.00 499,335.00 -1,277,799.00
Semirara Mining
and Power
Corporation 1,522,716.00 -1,136,181.00 4,284,916.00 -4,470,849.00 1,191,956.00
Energy
Development
Corporation 4,618,002.00 -2,374,784.00 4,832,508.00 -1,614,772.00 6,301,811.00
Philippine Seven
Corporation -365,609.00 268,757.00 557,895.00 20,811.00 36,236.00
Phoenix Petroleum
Philippines Inc 1,076,844.00 268,696.00 -81,291.00 -485,497.00 318,563.00
Pepsi-Cola
Production
Philippines Inc -180,595.00 262,338.00 -106,145.00 129,520.00 53,982.00

Republic Cement
& Building
Materials Inc -1,823,110.00 -3,090,487.00 -55,565.00 101,425.00 1,773,411.00

141
 Table 4
Panel H: Change in Cash for Philippines
Companies 2015 2014 2013 2012 2011
Travellers
International
Hotel Group Inc -5,555,203.00 -8,030,544.00 8,864,838.00 -1,285,583.00 937,963.00
Manila Water
Company Inc -24,170.00 1,333,975.00 -352,990.00 1,933,890.00 -3,803,012.00
D&L Industries
Inc 1,319,058.00 -1,631,393.00 -1,632,130.00 4,472,403.00 542,240.00
2G0 Group Inc 90,303.00 316,407.00 131,789.00 -119,407.00 101,595.00
Ginebra San
Miguel Inc -134,116.00 66,605.00 15,809.00 131,387.00 -56,514.00
Filinvest Land Inc 2,287,715.00 -2,082,067.00 4,225,276.00 1,012,150.00 -605,419.00
Phinma Energy
Corporation 378,521.00 -587,470.00 -1,845,112.00 1,541,755.00 56,756.00
Nickel Asia
Corporation -3,756,345.00 4,351,729.00 1,142,151.00 -661,560.00 3,735,171.00

RFM Corporation 1,136,414.00 -2,160,009.00 1,410,505.00 661,716.00 174,525.00

Philex Mining
Corporation -4,223,206.00 1,151,380.00 2,410,970.00 -2,277,753.00 165,047.00
Max's Group Inc -138,601.00 614,840.00 -30,868.00 -35,242.00 201,913.00
Atlas
Consolidated
Mining and
Development
Corporation -623,290.00 -966,280.00 -2,738,548.00 4,418,140.00 988,080.00
A. Soriano
Corporation 318,674.00 797,674.00 -180,989.00 -21,161.00 -1,579,898.00
Asian Terminal
Inc 511,935.00 856,710.00 -269,074.00 506,215.00 -506,215.00
Freemont Foods
Corporation 12,169,691.00 -116,623,380.00 216,405,905.00 112,623,781.00 242,221,036.00

LBC Express
Holdings Inc 587,502.00 531,856.00 -25.00 -280.00 6.00

Panasonic
Manufacturing
Philippines
Corporation -38,157.00 -181,690.00 271,532.00 222,979.00 237,416.00

Philip Morris
Philippines
Manufacturing Inc 49,926,000.00 31,335,000.00 7,213,000.00 4,422,519.00 -12,215,519.00
Rustan Coffee
Corporation 101,158,941.00 32,655,919.00 101,068,727.00 -7,999,005.00 -2,593,891.00
Alsons
Consolidated
Resources Inc 1,565,965.00 1,115,663.00 85,464.00 116,477.00 -253,513.00

Pryce Corporation -171,876.00 540,949.00 -8,838.00 -152,560.00 90,463.00

Century
Properties Inc 579,080.00 -9,643.00 537,062.00 535,231.00 83,880.00
Solid Group Inc 318,064.00 -235,398.00 -398,362.00 1,228,963.00 170,907.00
Phinma
Corporation -380,609.00 -117,139.00 103,571.00 -320,290.00 -403,378.00
Honda Cars
Makati Inc 1,240,835.00 -5,399,214.00 -96,896,538.00 101,403,515.00 -108,146,533.00
Ayala Land Inc -15,259,568.00 -6,143,107.00 8,534,059.00 8,057,104.00 4,580,919.00
Chemical
Industries of the
Philippines -15,044.00 -38,429.00 -49,103.00 21,041.00 -21,219.00

142
 Table 4
Panel I: Change in Cash for Philippines
Companies 2015 2014 2013 2012 2011
Dfnn Inc. 1,054.00 25,268.00 491.00 -5,910.00 -930.00
Wi-tribe Telecoms
Inc. 2,993,278.00 23,533,700.00 -181,888,328.00 85,419,440.00 126,311,850.00
TS Tech Trim
Philippines INc.. 7,875,627.00 -61,577,457.00 -172,877,832.00 -207,187,702.00 8,191,501.00
Century Peak
Corporation -84,501,594.00 89,129,308.00 -19,623,182.00 21,157,077.00 -44,245,909.00
Philippine H2O
Ventures Corp. 5,845.00 48,101.00 -6,196.00 -39,956.00 110,619.00
Socresources Inc. 15,244.00 100,475.00 -476,347.00 -70,725.00 -162,922.00
IP E-game
VEntures, Inc. 4,016.00 6,155.00 -91,749.00 121,989.00 133,390.00
PXP Energy
Corporation -1,382,010.00 -713,109.00 2,337,457.00 66,186.00 -32,175.00
NOW Corporation 13,973.00 -7,649.00 8,187.00 -1,490.00 853.00
SM Hotels and
Entertainment
Corporation 30,536,813.00 -32,043,917.00 -24,068,272.00 -635,629,569.00 707,774,979.00
Imperial
Resources, Inc. 21.00 -373.00 -118.00 -291.00 -481.00
Basic Energy
Corporation 153,871.00 -33,399.00 -130,104.00 -109,875.00 129,311.00
Steniel
Manufactuing
Corporation 2,407.00 1,543.00 -15,513.00 10,068.00 -6,951.00
Roxas and
Company Inc. -79,185.00 43,509.00 -58,835.00 0.00 -847.00
Easycall
Communications
Philippines Inc. -5,824.00 -2,715.00 -44,235.00 4,658.00 5,247.00
Transpacific
BRoadband Group
International Inc. -14,375.00 -4,667.00 -402.00 6,006.00 -2,963.00
Concrete
Aggregates
Corporation 31,208.00 11,265.00 20,404.00 -30,005.00 13,912.00
ISM
Communications
Corporation -2,066,646.00 1,910,071.00 88,531.00 -75,243.00 -1,405,260.00
Omico Corporation -7,874.00 19,435.00 -16,467.00 34,335.00 -21,837.00
Supercity Realty
Development
Corporation -1,310.00 1,619.00 -342.00 -740.00 926.00
Keppel Philippines
Properties Inc. 55,417.00 -979.00 -12,097.00 -142,843.00 -18,319.00
Atok-Big Wedge
Company -13,899.00 -16,745.00 12,320.00 -142,970.00 -655,366.00
Manila Mining
Corporation -53,439.00 64,744.00 -140,486.00 -380,250.00 520,162.00
Nihao Mineral
Resources
International Inc. -13,645.00 -146,133.00 -327,516.00 315,793.00 103,591.00
Dizon Copper-
Silver Mines, Inc. -2,732.00 1,087.00 -258.00 731.00 -2,091.00

143
 Table 4
Panel J: Change in Current Portion of Long-term Debts for Philippines
Companies 2015 2014 2013 2012 2011
San Miguel Corp -15,498,000.00 13,878,000.00 31,772,000.00 52,220,000.00 15,364,000.00
Petron Corp -39,073,000.00 31,022,000.00 8,418,000.00 55,091,000.00 743,000.00
Manila Electric
Company -4,000.00 -9,122,000.00 8,661,000.00 -2,200,000.00 -1,014,000.00
PLDT Inc. 2,186,000.00 -442,000.00 2,185,000.00 -9,919,000.00 9,099,000.00
Alliance Global
Group Inc. -2,955,962.00 27,864,784.00 -845,164.00 1,734,083.00 -2,095,942.00
Globe Telecom
Inc. 1,843,931.00 149,363.00 -3,314,588.00 -302,479.00 920,158.00
Puregold Price
Club, Inc. 1,381,080.00 1,442,920.00 331,860.00 551,640.00 -2,092,330.00
Jollibee Foods
Corp -1,308,298.00 1,507,151.00 -3,466,565.00 2,895,538.00 -2,505,854.00
Universal Robina
Corp -3,482,706.00 2,382,560.00 -6,643,106.00 -5,366,859.00 8,836,135.00
San Miguel Pure
Foods Company
Inc. -4,426,876.00 4,491,685.00 0.00 -25,000.00 25,000.00
Aboitiz Power
Corp 3,444,170.00 699,114.00 -3,756,430.00 1,389,907.00 664,105.00
San Miguel
Brewery Inc. 0.00 -22,386,000.00 21,927,000.00 -14,975,000.00 13,790,000.00
First Gen
Corporation -1,351,359.00 6,905,741.00 2,888,656.00 2,462,418.00 -9,410,862.00
LT Group Inc. -3,930,108.00 4,496,208.00 -5,088,057.00 2,458,738.00 3,939,234.00
Metro Pacific
Investments
Corporation 576,000.00 61,000.00 1,665,000.00 252,852.00 -1,359,096.00
Cebu Air Inc 711,234.00 957,323.00 985,700.00 301,991.00 411,407.00
International
Container
Terminal Services
Inc -559,210.00 1,176,671.00 -8,292,233.00 7,646,471.00 499,957.00
Epson Precision
(Philippines) Inc 36,544,000.00 -4,823,111,440.00 3,136,986,640.00 2,187,840,000.00 0.00
Integrated Micro-
Electronics Inc 1,571,652.00 292,639.00 226,477.00 216,591.00 -740,550.00
Emperador inc. 72,544.00 23,827,219.00 0.00 0.00 0.00
Holcim
Philippines Inc 0.00 0.00 0.00 -245,000.00 -988,789.00
Semirara Mining
and Power
Corporation 4,851,088.00 -473,598.00 -1,552,369.00 1,355,254.00 2,420,611.00
Energy
Development
Corporation -2,638,768.00 8,627,596.00 -521,796.00 144,355.00 547,269.00
Philippine Seven
Corporation 418,000.00 190,000.00 82,222.00 103,111.00 54,667.00
Phoenix
Petroleum
Philippines Inc 2,008,453.00 271,797.00 4,087,882.00 88,326.00 1,327,319.00
Pepsi-Cola
Production
Philippines Inc 547,148.00 899,906.00 0.00 0.00 0.00
Republic Cement
& Building
Materials Inc 0.00 0.00 0.00 0.00 0.00

144
 Table 4
Panel K: Change in Current Portion of Long-term Debts for Philippines
Companies 2015 2014 2013 2012 2011
Travellers
International Hotel
Group Inc 221,808.00 -1,603,269.00 -1,028,545.00 -71,144.00 -517,145.00
Manila Water
Company Inc 3,763,788.00 604,854.00 -2,374,084.00 3,039,071.00 51,139.00
D&L Industries Inc -2,841,632.00 4,358,663.00 -1,177,991.00 2,090,000.00 -140,000.00
2G0 Group Inc -1,127,534.00 156,328.00 -1,027,249.00 371,393.00 -188,286.00
Ginebra San
Miguel Inc -427,000.00 0.00 -7,763,781.00 3,127,890.00 1,209,680.00
Filinvest Land Inc -572,870.00 14,977,883.00 1,541,914.00 -1,634,884.00 -17,783.00
Phinma Energy
Corporation 29,699.00 -880,745.00 910,000.00 0.00 0.00
Nickel Asia
Corporation 186,192.00 860.00 850.00 -7,926.00 46,120.00
RFM Corporation -862,571.00 225,225.00 -443,732.00 49,480.00 1,009,146.00
Philex Mining
Corporation -1,079,990.00 -1,778,649.00 4,726,369.00 1,100,000.00 200,000.00
Max's Group Inc -38,023.00 1,069,113.00 789,047.00 -20,238.00 28,696.00
Atlas
Consolidated
Mining and
Development
Corporation 2,593,101.00 -1,183,612.00 2,557,939.00 -8,054,910.00 9,640,153.00
A. Soriano
Corporation 400,567.00 206,165.00 2,362.00 5,122.00 12,894.00
Asian Terminal Inc 0.00 0.00 0.00 0.00 0.00
Freemont Foods
Corporation 20,839,532.00 0.00 0.00 0.00 0.00
LBC Express
Holdings Inc 0.00 0.00 0.00 0.00 0.00
Panasonic
Manufacturing
Philippines
Corporation 0.00 0.00 0.00 0.00 0.00
Philip Morris
Philippines
Manufacturing Inc -422,000,000.00 4,672,000,000.00 0.00 0.00 -2,390,000,000.00
Rustan Coffee
Corporation 0.00 0.00 0.00 0.00 0.00
Alsons
Consolidated
Resources Inc -238,708.00 -397,961.00 779,079.00 201,019.00 -106,094.00
Pryce Corporation -236,766.00 65,000.00 185,000.00 0.00 0.00
Century
Properties Inc 999,234.00 837,254.00 1,019,046.00 335,909.00 -442,673.00
Solid Group Inc -587,267.00 160,406.00 112,336.00 -207,732.00 -210,103.00
Phinma
Corporation 4,294.00 12,224.00 31,859.00 -74,859.00 21,808.00
Honda Cars
Makati Inc 218,200,000.00 207,200,000.00 -77,937,734.00 77,937,734.00 0.00
Ayala Land Inc -2,075,306.00 5,420,008.00 -421,292.00 10,174,895.00 977,403.00
Chemical
Industries of the
Philippines 0.00 0.00 0.00 0.00 0.00

145
 Table 4
Panel L: Change in Current Portion of Long-term Debts for Philippines
Companies 2015 2014 2013 2012 2011
Dfnn Inc. 38,452.00 2,144.00 -13,453.00 12,596.00 4,694.00
Wi-tribe Telecoms
Inc. 0.00 0.00 -1,100,000.00 1,100,000.00 0.00
TS Tech Trim
Philippines INc.. 0.00 0.00 0.00 0.00 0.00
Century Peak
Corporation 0.00 0.00 0.00 0.00 0.00
Philippine H2O
Ventures Corp. -17,230.00 -770.00 40,000.00 0.00 0.00
Socresources Inc. 0.00 0.00 0.00 0.00 0.00
IP E-game
VEntures, Inc. -119,816.00 -8,132.00 8,205.00 62,548.00 36,361.00
PXP Energy
Corporation 0.00 -55,019.00 -294,981.00 0.00 200,000.00
NOW Corporation 44,500.00 0.00 -40,500.00 40,500.00 0.00
SM Hotels and
Entertainment
Corporation 0.00 0.00 0.00 0.00 0.00
Imperial
Resources, Inc. -32.00 7.00 0.00 9.00 -10.00
Basic Energy
Corporation 0.00 0.00 0.00 0.00 0.00
Steniel
Manufactuing
Corporation 0.00 0.00 0.00 0.00 0.00
Roxas and
Company Inc. 677,196.00 508,718.00 -1,107,418.00 -581,636.00 -7,890,566.00
Easycall
Communications
Philippines Inc. 0.00 0.00 0.00 0.00 0.00

Transpacific
BRoadband Group
International Inc. 5,566.00 -109.00 -5,056.00 -685.00 -335.00
Concrete
Aggregates
Corporation 0.00 0.00 0.00 0.00 0.00
ISM
Communications
Corporation 0.00 0.00 0.00 0.00 0.00

Omico Corporation 0.00 0.00 0.00 0.00 0.00

Supercity Realty
Development
Corporation 0.00 0.00 0.00 0.00 0.00
Keppel
Philippines
Properties Inc. 0.00 0.00 0.00 0.00 0.00
Atok-Big Wedge
Company 0.00 0.00 0.00 0.00 0.00
Manila Mining
Corporation 0.00 0.00 0.00 0.00 0.00
Nihao Mineral
Resources
International Inc. 0.00 0.00 0.00 0.00 0.00
Dizon Copper-
Silver Mines, Inc. 0.00 0.00 0.00 0.00 0.00

146
 Table 4
Panel M: Depreciation for Philippines
Companies 2015 2014 2013 2012 2011
San Miguel Corp 25,358,000.00 23,081,000.00 22,889,000.00 18,929,000.00 17,482,000.00
Petron Corp 6,272,000.00 6,033,000.00 5,806,000.00 5,113,000.00 3,657,000.00
Manila Electric
Company 6,910,000.00 6,093,000.00 6,118,000.00 5,576,000.00 5,504,000.00
PLDT Inc. 32,595,000.00 36,372,000.00 33,674,000.00 36,802,000.00 36,691,000.00
Alliance Global
Group Inc. 4,486,155.00 4,473,063.00 4,319,479.00 3,567,876.00 1,413,979.00

Globe Telecom Inc. 21,205,449.00 18,233,762.00 27,503,806.00 2,362,609.00 2,059,660.00

Puregold Price
Club, Inc. 1,279,462.00 1,185,445.00 964,360.00 675,493.00 456,974.00
Jollibee Foods
Corp 3,425,677.00 3,186,379.00 3,072,455.00 2,735,126.00 2,401,594.00
Universal Robina
Corp 4,709,973.00 3,885,310.00 3,621,603.00 3,419,028.00 3,266,143.00
San Miguel Pure
Foods Company
Inc. 2,983,624.00 2,844,329.00 2,639,083.00 2,297,200.00 2,120,433.00

Aboitiz Power Corp 6,212,996.00 4,322,000.00 4,643,300.00 3,875,299.00 3,516,396.00

San Miguel
Brewery Inc. 2,963,000.00 2,914,000.00 2,900,000.00 3,464,000.00 2,661,000.00
First Gen
Corporation 8,771,697.00 7,313,172.00 7,199,420.00 6,508,418.00 2,716,551.00
LT Group Inc. 3,322,025.00 3,409,312.00 3,939,987.00 3,607,237.00 2,141,550.00
Metro Pacific
Investments
Corporation 4,393,000.00 1,049,000.00 3,765,000.00 3,845,000.00 3,125,702.00
Cebu Air Inc 5,111,544.00 4,281,525.00 3,454,611.00 2,767,864.00 2,632,411.00

International
Container Terminal
Services Inc 5,964,282.00 7,131,969.00 44,181,482.00 3,326,048.00 3,025,848.00
Epson Precision
(Philippines) Inc 0.00 1,091,174,117.00 6,325,223.00 359,569,526.00 224,126,363.00
Integrated Micro-
Electronics Inc 1,096,562.00 1,358,945.00 1,015,304.00 1,045,329.00 12,551,772.00
Emperador inc. 639,515.00 477,428.00 415,094.00 315,231.00 3,851.00
Holcim Philippines
Inc 1,890,611.00 1,422,604.00 1,475,647.00 1,474,839.00 1,396,865.00
Semirara Mining
and Power
Corporation 1,569,434.00 1,971,388.00 3,292,671.00 2,296,250.00 2,607,354.00
Energy
Development
Corporation 5,178,159.00 2,027,396.00 3,569,347.00 3,578,625.00 8,440,482.00
Philippine Seven
Corporation 1,093,101.00 863,416.00 710,836.00 529,277.00 380,954.00
Phoenix
Petroleum
Philippines Inc 821,732.00 660,282.00 528,400.00 405,816.00 299,110.00
Pepsi-Cola
Production
Philippines Inc 2,200,097.00 1,933,965.00 1,592,011.00 1,265,833.00 1,179,213.00
Republic Cement
& Building
Materials Inc 1,371,733.00 1,285,244.00 1,234,831.00 1,269,907.00 1,248,542.00

147
 Table 4
Panel N: Depreciation for Philippines
Companies 2015 2014 2013 2012 2011
Travellers
International
Hotel Group Inc 1,402,876.00 1,516,729.00 2,100,495.00 1,709,697.00 1,376,017.00
Manila Water
Company Inc 2,600,213.00 2,135,944.00 2,494,763.00 2,320,975.00 1,889,516.00
D&L Industries
Inc 342,741.00 249,556.00 211,011.00 97,582.00 77,889.00
2G0 Group Inc 995,084.00 803,730.00 1,041,931.00 935,930.00 1,308,052.00
Ginebra San
Miguel Inc 633,055.00 625,448.00 742,214.00 653,790.00 526,009.00
Filinvest Land
Inc 104,094.00 113,442.00 96,991.00 79,057.00 75,401.00
Phinma Energy
Corporation 397,116.00 161,408.00 99,136.00 44,426.00 55,546.00
Nickel Asia
Corporation 1,394,089.00 1,471,821.00 1,262,651.00 886,943.00 733,821.00

RFM Corporation 394,205.00 363,995.00 341,054.00 320,838.00 251,614.00

Philex Mining
Corporation 1,568,431.00 1,690,556.00 1,447,592.00 778,995.00 770,289.00
Max's Group Inc 365,918.00 286,941.00 239,382.00 197,896.00 168,108.00
Atlas
Consolidated
Mining and
Development
Corporation 2,730,011.00 2,704,415.00 2,017,909.00 2,101,610.00 598,624.00
A. Soriano
Corporation 236,768.00 132,907.00 127,561.00 117,903.00 105,230.00
Asian Terminal
Inc 944,926.00 861,976.00 776,926.00 720,506.00 419,998.00
Freemont
Foods
Corporation 244,614,944.00 225,550,069.00 209,308,034.00 219,443,490.00 205,407,568.00
LBC Express
Holdings Inc 259,384.00 276,126.00 794.00 795.00 954.00
Panasonic
Manufacturing
Philippines
Corporation 191,562.00 149,376.00 115,528.00 137,271.00 135,636.00
Philip Morris
Philippines
Manufacturing
Inc 18,831,000.00 22,403,000.00 2,331,800.00 13,728.00 141,618,000.00
Rustan Coffee
Corporation 304,961,531.00 286,109,342.00 252,199,230.00 210,742,953.00 14,394,841.00
Alsons
Consolidated
Resources Inc 348,955.00 814,375.00 706,131.00 622,843.00 609,506.00
Pryce
Corporation 250,908.00 238,374.00 206,279.00 208,131.00 198,856.00
Century
Properties Inc 27,845.00 26,972.00 39,377.00 51,462.00 190,927.00
Solid Group Inc 76,014.00 47,575.00 32,328.00 303,533.00 78,713.00
Phinma
Corporation 138,145.00 91,948.00 84,417.00 101,303.00 108,381.00
Honda Cars
Makati Inc 21,769,448.00 22,058,872.00 21,035,895.00 22,216,188.00 19,351,600.00
Ayala Land Inc 4,534,987.00 4,990,465.00 3,898,401.00 2,714,537.00 2,303,713.00
Chemical
Industries of the
Philippines 3,764.00 10,422.00 9,218.00 29,970.00 13,688.00

148
 Table 4
Panel O: Depreciation for Philippines
Companies 2015 2014 2013 2012 2011
Dfnn Inc. 40,776.00 24,585.00 24,080.00 3,714.00 4,203.00
Wi-tribe
Telecoms Inc. 7,510.00 649,734,835.00 643,446,922.00 88,817,000.00 217,852,000.00

TS Tech Trim
Philippines INc.. 0.00 46,729,516.00 55,879,010.00 50,955,195.00 43,908,250.00
Century Peak
Corporation 49,352,980.00 149,593,178.00 11,568,672.00 17,488,860.00 14,213,627.00
Philippine H2O
Ventures Corp. 23,666.00 20,036.00 16,935.00 13,924.00 14,380.00
Socresources
Inc. 2,345.00 2,681.00 2,672.00 5,894.00 3,419.00
IP E-game
VEntures, Inc. 10,976.00 15,144.00 40,151.00 67,681.00 28,138.00
PXP Energy
Corporation 15,355.00 63,573.00 48,479.00 42,548.00 81,646.00
NOW
Corporation 3,568.00 4,987.00 6,147.00 10,774.00 4,671.00
SM Hotels and
Entertainment
Corporation 641,473.00 2,538,753.00 1,894,764.00 1,646,341.00 1,359,833.00
Imperial
Resources, Inc. 216.00 430.00 673.00 946.00 937.00
Basic Energy
Corporation 3,573.00 3,486.00 3,265.00 3,643.00 5,910.00
Steniel
Manufactuing
Corporation 11,552.00 3,282.00 2,231.00 440.00 7,188.00
Roxas and
Company Inc. 5,364.00 2,471.00 114,164.00 684,740.00 692,382.00
Easycall
Communication
s Philippines
Inc. 573.00 1,984.00 3,292.00 3,215.00 2,996.00

Transpacific
BRoadband
Group
International Inc. 791.00 15,409.00 16,554.00 16,312.00 16,767.00
Concrete
Aggregates
Corporation 536.00 836.00 862.00 1,343.00 1,097.00
ISM
Communication
s Corporation 1,586.00 2,410.00 2,723.00 3,144.00 4,089.00
Omico
Corporation 1,550.00 1,887.00 2,496.00 2,549.00 2,541.00
Supercity
Realty
Development
Corporation 4.00 8.00 8.00 6.00 4.00
Keppel
Philippines
Properties Inc. 11,480.00 9,109.00 7,443.00 7,054.00 6,839.00
Atok-Big
Wedge
Company 857.00 1,668.00 1,750.00 2,178.00 2,144.00
Manila Mining
Corporation 17,076.00 4,111.00 4,245.00 4,220.00 4,252.00

Nihao Mineral
Resources
International Inc. 7,490.00 3,069.00 10,940.00 2,671.00 406.00
Dizon Copper-
Silver Mines,
Inc. 8.00 32.00 40.00 26.00 5.00

149
 Table 4
Panel P: Changes in Taxes Payable for Philippines
Companies 2015 2014 2013 2012 2011
San Miguel Corp 6,660,000.00 6,584,000.00 -4,706,000.00 -77,000.00 -2,955,000.00
Petron Corp 2,851,000.00 -1,046,000.00 1,391,000.00 -2,177,000.00 261,000.00
Manila Electric
Company -2,650,000.00 1,283,000.00 1,230,000.00 -437,000.00 1,941,000.00
PLDT Inc. -5,495,000.00 1,755,000.00 -175,000.00 -2,562,000.00 -2,386,000.00
Alliance Global
Group Inc. -285,791.00 169,688.00 733,278.00 1,270,475.00 768,133.00

Globe Telecom Inc. 972,524.00 4,105,986.00 -1,001,765.00 -1,358,971.00 -28,294.00

Puregold Price
Club, Inc. 164,932.00 320,888.00 462,207.00 494,929.00 427,130.00
Jollibee Foods
Corp 118,079.00 -252,178.00 373,003.00 45,837.00 130,471.00
Universal Robina
Corp 679,324.00 1,139,782.00 431,460.00 387,087.00 -167,105.00
San Miguel Pure
Foods Company
Inc. 384,186.00 320,257.00 -32,932.00 -199,243.00 90,171.00

Aboitiz Power Corp 165,580.00 2,897,464.00 -863,942.00 273,358.00 196,512.00

San Miguel
Brewery Inc. -259,000.00 750,000.00 -150,000.00 293,000.00 325,000.00
First Gen
Corporation -66,860.00 739,830.00 277,412.00 286,221.00 342,021.00
LT Group Inc. -65,692.00 579,988.00 -582,418.00 1,794,206.00 724,202.00
Metro Pacific
Investments
Corporation 617,000.00 615,000.00 -1,069,000.00 1,248,108.00 311,738.00
Cebu Air Inc -883,569.00 431,877.00 -705,155.00 175,831.00 104,825.00

International
Container Terminal
Services Inc -15,661.00 880,875.00 -457,745.00 217,390.00 45,084.00
Epson Precision
(Philippines) Inc -243,877.00 -19,900,949.00 17,768,452.00 10,109,666.00 -18,858,600.00
Integrated Micro-
Electronics Inc 1,890.00 75,563.00 37,983.00 -41,362.00 54,925.00
Emperador inc. -414,388.00 -170,122.00 244,415.00 1,829,402.00 211.00
Holcim Philippines
Inc 63,394.00 309,219.00 269,518.00 741,446.00 -761,066.00
Semirara Mining
and Power
Corporation 1,734,951.00 -435,029.00 -157,442.00 61,773.00 12,992.00
Energy
Development
Corporation -341,917.00 736,606.00 -330,920.00 940,512.00 -900,793.00
Philippine Seven
Corporation 69,932.00 81,122.00 90,544.00 48,108.00 33,394.00
Phoenix
Petroleum
Philippines Inc 183,053.00 1,412.00 -18,495.00 -22,535.00 39,002.00
Pepsi-Cola
Production
Philippines Inc -4,287.00 -40,054.00 19,392.00 238,265.00 70,129.00
Republic Cement
& Building
Materials Inc 550,029.00 521,621.00 -102,319.00 282,475.00 -871,708.00

150
 Table 4
Panel Q: Changes in Taxes Payable for Philippines
Companies 2015 2014 2013 2012 2011
Travellers
International Hotel
Group Inc -96,908.00 79,613.00 -10,245.00 -20,785.00 70,509.00
Manila Water
Company Inc -41,374.00 24,725.00 216,520.00 637,668.00 -289,204.00
D&L Industries Inc 135,684.00 107,350.00 123,897.00 52,994.00 71,073.00
2G0 Group Inc 390,315.00 -440,134.00 227,803.00 453,189.00 198,934.00
Ginebra San
Miguel Inc -20,086.00 924,900.00 -90,402.00 53,419.00 -789,966.00
Filinvest Land Inc 196,546.00 310,380.00 122,059.00 104,380.00 -20,043.00
Phinma Energy
Corporation 75,848.00 -26,543.00 -22,470.00 64,381.00 120,214.00
Nickel Asia
Corporation -2,625,541.00 3,168,612.00 -210,483.00 -350,425.00 738,344.00
RFM Corporation 101,470.00 -44,965.00 -30,737.00 54,642.00 65,315.00
Philex Mining
Corporation 15,159.00 288,780.00 -484,932.00 -1,783,203.00 591,359.00
Max's Group Inc 274,103.00 -67,564.00 2,408.00 14,562.00 12,321.00
Atlas
Consolidated
Mining and
Development
Corporation -1,165,986.00 -224,674.00 494,565.00 75,795.00 -101,728.00
A. Soriano
Corporation 280,038.00 13,246.00 -18,872.00 4,042.00 19,011.00
Asian Terminal Inc -94,602.00 1,318,991.00 -1,243,442.00 66,590.00 -63,469.00
Freemont Foods
Corporation -38,651,522.00 27,890,127.00 6,861,712.00 17,433,805.00 24,315,514.00
LBC Express
Holdings Inc 213,692.00 56,941.00 0.00 0.00 0.00
Panasonic
Manufacturing
Philippines
Corporation 14,905.00 -39,156.00 50,091.00 10,987.00 -85,707.00
Philip Morris
Philippines
Manufacturing Inc 3,467,000.00 103,088,000.00 -141,819,000.00 155,403,862.00 -681,278,862.00
Rustan Coffee
Corporation 19,507,574.00 5,756,771.00 20,785,554.00 -14,025,516.00 5,188,653.00
Alsons
Consolidated
Resources Inc 78,184.00 51,164.00 54,165.00 22,062.00 -3,882.00
Pryce Corporation 34,129.00 73,628.00 -12,452.00 7,248.00 19,610.00
Century
Properties Inc -400,942.00 139,667.00 232,292.00 259,162.00 280,260.00
Solid Group Inc 181,963.00 -67,582.00 -229,766.00 134,956.00 16,446.00
Phinma
Corporation 74,280.00 -48,271.00 15,530.00 -4,246.00 -120,806.00
Honda Cars
Makati Inc 12,920,519.00 -14,452,746.00 13,136,976.00 -24,788,473.00 17,839,207.00
Ayala Land Inc 711,588.00 1,486,959.00 1,184,262.00 851,963.00 1,046,995.00
Chemical
Industries of the
Philippines -3,054.00 3,596.00 -5,956.00 731.00 1,003.00

151
 Table 4
Panel R: Changes in Taxes Payable for Philippines
Companies 2015 2014 2013 2012 2011
Dfnn Inc. 6,128.00 1,055.00 -7,004.00 1,520.00 -23,387.00
Wi-tribe
Telecoms Inc. 17,111,152.00 -43,930,569.00 26,827,606.00 0.00 0.00
TS Tech Trim
Philippines INc.. -8,378,394.00 1,230,190.00 629,390.00 -3,879,015.00 -21,679,894.00
Century Peak
Corporation 12,679,687.00 -391,144.00 -18,437,019.00 30,823,724.00 -15,604,574.00
Philippine H2O
Ventures Corp. 2,033.00 5,211.00 -792.00 -2,886.00 6,082.00
Socresources
Inc. -1,642.00 2,552.00 -12,521.00 12,739.00 -34.00
IP E-game
VEntures, Inc. -3,757.00 3,529.00 480.00 -3,272.00 1,922.00
PXP Energy
Corporation -8,931.00 23,784.00 -116,668.00 62,133.00 34,938.00

NOW Corporation 1,382.00 96.00 -172.00 99.00 80.00

SM Hotels and
Entertainment
Corporation -1,441,520.00 262,683.00 147,432.00 -43,424.00 37,131.00
Imperial
Resources, Inc. 1,074.00 708.00 1,321.00 29.00 273.00
Basic Energy
Corporation 5,444.00 20,514.00 -272,685.00 129,202.00 101,585.00
Steniel
Manufactuing
Corporation 13,269.00 -9,533.00 14,078.00 -4,204.00 -2,078.00
Roxas and
Company Inc. -22,074.00 -11,837.00 -230,074.00 405,285.00 -159,182.00
Easycall
Communications
Philippines Inc. -218.00 516.00 -269.00 256.00 -137.00
Transpacific
BRoadband
Group
International Inc. 354.00 91.00 -333.00 -9.00 -128.00
Concrete
Aggregates
Corporation 1,123.00 149.00 3,206.00 2,371.00 -3,832.00
ISM
Communications
Corporation -33.00 268.00 0.00 0.00 0.00
Omico
Corporation -264.00 -369.00 -1,357.00 158.00 1,106.00
Supercity Realty
Development
Corporation -10.00 35.00 -127.00 55.00 2.00
Keppel
Philippines
Properties Inc. 62.00 -1,275.00 -1,772.00 225.00 289.00
Atok-Big Wedge
Company -6,010,294.00 -480.00 911.00 -296.00 -515.00
Manila Mining
Corporation -10,819.00 847.00 -397.00 2,592.00 -2,483.00
Nihao Mineral
Resources
International Inc. -153.00 -988.00 -1,715.00 1,863.00 -386.00
Dizon Copper-
Silver Mines, Inc. 23.00 2.00 -1.00 -700.00 618.00

152
 Table 4
Panel S: Total Assets from the Prior Year for Philippines
Companies 2015 2014 2013 2012 2011
San Miguel Corp 1,217,489,000.00 1,217,489,000.00 1,170,087,000.00 1,042,970,000.00 829,800,000.00
Petron Corp 391,324,000.00 391,324,000.00 357,458,000.00 280,333,000.00 161,816,000.00
Manila Electric
Company 269,053,000.00 269,053,000.00 264,004,000.00 216,891,000.00 178,968,000.00
PLDT Inc. 436,295,000.00 436,295,000.00 399,638,000.00 405,815,000.00 277,815,000.00
Alliance Global
Group Inc. 409,618,924.00 409,618,924.00 332,400,410.00 272,211,023.00 164,240,944.00
Globe Telecom
Inc. 179,506,950.00 179,506,950.00 159,078,933.00 148,011,779.00 130,627,967.00
Puregold Price
Club, Inc. 53,666,396.00 53,666,396.00 49,625,644.00 45,444,275.00 10,123,718.00
Jollibee Foods
Corp 54,118,680.00 54,118,680.00 46,026,634.00 41,768,131.00 32,774,880.00
Universal Robina
Corp 77,921,206.00 77,921,206.00 66,544,968.00 70,095,325.00 65,367,175.00
San Miguel Pure
Foods Company
Inc. 66,654,955.00 66,654,955.00 72,742,449.00 68,571,587.00 47,518,089.00
Aboitiz Power
Corp 216,761,021.00 216,761,021.00 193,938,817.00 163,104,825.00 134,556,872.00
San Miguel
Brewery Inc. 88,548,000.00 88,548,000.00 92,910,000.00 95,832,000.00 87,121,000.00
First Gen
Corporation 235,902,346.00 235,902,346.00 218,254,566.00 194,159,359.00 102,752,030.00
LT Group Inc. 696,833,208.00 696,833,208.00 678,452,222.00 610,131,461.00 13,034,992.00
Metro Pacific
Investments
Corporation 234,012,000.00 234,012,000.00 200,584,000.00 173,480,000.00 131,376,123.00
Cebu Air Inc 76,062,259.00 76,062,259.00 67,527,191.00 61,413,811.00 49,936,968.00
International
Container
Terminal Services
Inc 151,732,153.00 151,732,153.00 137,134,440.00 96,101,514.00 70,162,810.00
Epson Precision
(Philippines) Inc 19,880,441,058.00 19,880,441,058.00 17,864,528,981.00 10,306,103,905.00 5,657,792,639.00
Integrated Micro-
Electronics Inc 24,660,128.00 24,660,128.00 21,684,202.00 18,674,517.00 14,880,657.00
Emperador inc. 99,558,551.00 99,558,551.00 35,225,362.00 12,833,480.00 52,059.00
Holcim
Philippines Inc 30,906,686.00 30,906,686.00 28,226,528.00 25,921,719.00 26,127,297.00
Semirara Mining
and Power
Corporation 51,901,375.00 51,901,375.00 44,727,391.00 36,195,331.00 30,494,709.00
Energy
Development
Corporation 124,499,465.00 124,499,465.00 105,005,504.00 94,355,134.00 81,303,593.00
Philippine Seven
Corporation 7,882,305.00 7,882,305.00 6,024,713.00 4,571,816.00 3,093,173.00
Phoenix
Petroleum
Philippines Inc 2,500,161.00 2,500,161.00 22,337,553.00 16,492,815.00 7,641,272.00
Pepsi-Cola
Production
Philippines Inc 18,836,559.00 18,836,559.00 15,944,345.00 12,659,656.00 9,136,925.00
Republic Cement
& Building
Materials Inc 29,575,545.00 29,575,545.00 30,153,932.00 28,807,659.00 25,998,063.00

153
 Table 4
Panel T: Total Assets from the Prior Year for Philippines
Companies 2015 2014 2013 2012 2011
Travellers
International
Hotel Group Inc 63,881,473.00 61,225,736.00 47,996,781.00 45,595,379.00 40,779,935.00
Manila Water
Company Inc 74,859,903.00 72,857,525.00 67,127,029.00 60,896,784.00 48,620,688.00
D&L Industries
Inc 18,208,800.00 11,402,630.00 11,861,150.00 4,596,066.00 2,805,969.00
2G0 Group Inc 13,916,257.00 12,521,904.00 11,294,539.00 12,132,084.00 12,575,367.00
Ginebra San
Miguel Inc 17,951,691.00 19,868,956.00 21,690,344.00 19,549,722.00 18,682,168.00
Filinvest Land Inc 106,519,836.00 98,097,046.00 82,629,980.00 68,302,130.00 61,866,737.00
Phinma Energy
Corporation 16,591,359.00 10,986,268.00 7,564,489.00 5,267,966.00 3,433,915.00
Nickel Asia
Corporation 35,183,908.00 28,913,528.00 27,179,217.00 26,386,413.00 21,603,418.00
RFM Corporation 13,958,666.00 13,581,607.00 11,394,907.00 10,763,765.00 10,582,640.00
Philex Mining
Corporation 44,640,348.00 39,920,545.00 29,272,005.00 32,454,228.00 25,652,720.00
Max's Group Inc 10,707,062.00 2,969,924.00 2,889,482.00 2,681,229.00 1,601,890.00
Atlas
Consolidated
Mining and
Development
Corporation 65,915,281.00 63,205,327.00 57,953,182.00 48,672,600.00 4,833,804.00
A. Soriano
Corporation 21,426,395.00 17,326,317.00 13,949,905.00 1,255,059.00 11,430,303.00
Asian Terminal
Inc 19,870,730.00 18,649,298.00 11,768,343.00 9,252,474.00 9,198,921.00
Freemont Foods
Corporation 1,670,676,098.00 1,697,513,129.00 1,391,563,561.00 1,184,022,615.00 1,194,212,286.00
LBC Express
Holdings Inc 4,880,184.00 17,694.00 21,325.00 23,740.00 25,729.00
Panasonic
Manufacturing
Philippines
Corporation 5,327,628.00 5,215,734.00 4,854,474.00 4,856,758.00 4,615,499.00

Philip Morris
Philippines
Manufacturing Inc 17,295,526,000.00 63,530,774.00 53,583,409.00 55,300,549.00 17,461,296,993.00
Rustan Coffee
Corporation 2,217,794,109.00 1,828,317,991.00 1,630,706,169.00 1,375,196,468.00 1,259,631,405.00
Alsons
Consolidated
Resources Inc 25,725,983.00 17,958,444.00 14,023,789.00 13,991,512.00 14,084,165.00

Pryce Corporation 5,306,874.00 51,560,006.00 4,808,657.00 4,798,638.00 4,522,560.00

Century
Properties Inc 31,650,208.00 26,166,201.00 18,556,489.00 10,029,316.00 7,555,232.00
Solid Group Inc 13,657,292.00 13,064,029.00 12,847,863.00 11,716,863.00 10,642,446.00
Phinma
Corporation 10,309,345.00 9,930,280.00 9,642,802.00 9,668,207.00 9,696,714.00
Honda Cars
Makati Inc 1,323,829,720.00 1,259,007,664.00 772,551,813.00 1,281,541,400.00 1,143,850,511.00
Ayala Land Inc 388,944,463.00 325,473,685.00 254,115,680.00 154,619,179.00 122,301,910.00
Chemical
Industries of the
Philippines 1,150,861.00 1,286,143.00 1,376,927.00 1,577,337.00 1,589,174.00

154
 Table 4
Panel U: Total Assets from the Prior Year for Philippines
Companies 2015 2014 2013 2012 2011
Dfnn Inc. 552,765.00 554,742.00 595,242.00 288,146.00 316,779.00
Wi-tribe
Telecoms Inc. 3,275,681,913.00 4,094,134,726.00 5,381,780,776.00 5,623,951,954.00 2,584,767,000.00
TS Tech Trim
Philippines INc.. 1,002,734,692.00 1,106,234,515.00 1,312,261,053.00 1,308,943,443.00 1,285,059,251.00
Century Peak
Corporation 1,348,298,127.00 648,955,785.00 553,193,991.00 604,501,500.00 571,930,982.00
Philippine H2O
Ventures Corp. 842,101.00 599,680.00 544,585.00 521,626.00 399,750.00
Socresources
Inc. 1,959,481.00 1,831,735.00 1,800,460.00 1,637,100.00 1,607,246.00
IP E-game
VEntures, Inc. 3,451,711.00 3,513,203.00 1,086,114.00 740,144.00 444,608.00
PXP Energy
Corporation 8,497,171.00 9,420,931.00 3,211,442.00 3,870,849.00 3,073,279.00

NOW Corporation 1,454,549.00 1,444,865.00 1,428,115.00 1,415,157.00 1,367,209.00

SM Hotels and
Entertainment
Corporation 1,292,986,066.00 1,184,716,387.00 1,112,471,739.00 1,658,999,317.00 51,526,740.00
Imperial
Resources, Inc. 476,110.00 472,393.00 457,421.00 466,583.00 456,506.00
Basic Energy
Corporation 863,193.00 854,463.00 846,143.00 578,090.00 461,960.00
Steniel
Manufactuing
Corporation 399,760.00 602,858.00 838,756.00 858,458.00 685,440.00
Roxas and
Company Inc. 8,147,798.00 7,472,524.00 20,240,798.00 19,511,691.00 20,654,087.00
Easycall
Communications
Philippines Inc. 150,296.00 133,549.00 122,771.00 116,002.00 108,160.00
Transpacific
BRoadband
Group
International Inc. 361,617.00 314,078.00 313,868.00 329,585.00 336,368.00
Concrete
Aggregates
Corporation 302,504.00 311,647.00 317,022.00 366,850.00 352,564.00
ISM
Communications
Corporation 4,544,283.00 4,896,959.00 5,295,768.00 5,398,504.00 4,971,874.00
Omico
Corporation 810,637.00 815,157.00 838,423.00 969,558.00 998,282.00
Supercity Realty
Development
Corporation 39,816.00 37,545.00 68,240.00 82,738.00 89,809.00
Keppel
Philippines
Properties Inc. 1,758,212.00 1,755,283.00 1,738,135.00 1,895,972.00 1,704,906.00
Atok-Big Wedge
Company 647,306.00 659,846.00 624,828.00 1,017,925.00 1,058,418.00
Manila Mining
Corporation 3,319,975.00 2,903,903.00 2,788,831.00 2,769,102.00 1,769,102.00
Nihao Mineral
Resources
International Inc. 866,184.00 903,128.00 1,262,148.00 919,921.00 479,356.00
Dizon Copper-
Silver Mines, Inc. 34,337.00 33,526.00 32,195.00 41,554.00 44,096.00

155
 Table 4
Panel V: OPACITY for Philippines
Companies 2015 2014 2013 2012 2011
San Miguel Corp -0.0370360636 -0.0533054380 -0.0031045955 0.0265772524 0.0157556038
Petron Corp -0.0092327585 -0.0133610102 -0.0775755976 0.1153275122 0.0395572749
Manila Electric
Company -0.0469758746 -0.0374691293 -0.0825437662 -0.0972726581 -0.0759633007
PLDT Inc. -0.1199922071 -0.0985717074 -0.1462932617 -0.0774719750 -0.0840307399
Alliance Global
Group Inc. 0.0250152432 0.0612965610 0.0206045513 -0.0079722069 0.1437543187
Globe Telecom Inc. -0.1112565447 -0.1637305425 -0.2569938167 0.0054906731 -0.0160751105
Puregold Price Club,
Inc. 0.0412402950 0.0199801337 0.0047038268 -0.1182781968 -0.0213974747
Jollibee Foods Corp -0.1567465614 0.0656850336 -0.1006440293 -0.1088764350 -0.0669347988
Universal Robina
Corp -0.1185581625 1.4975340284 -1.4711420769 -0.0897061666 -0.0432945435
San Miguel Pure
Foods Company Inc. -0.0358810684 -0.2195199532 0.1185971093 -0.0316177046 0.0805459369
Aboitiz Power Corp -0.0266892035 -0.0385778521 -0.0149968954 -0.0626392112 0.0036853116
San Miguel Brewery
Inc. -0.0486064056 -0.0221289420 -0.0166854495 -2.7841462214 2.8291571493

First Gen Corporation -0.0212853034 -0.0441905348 -0.0112598641 -0.0995662551 -0.0157852550

LT Group Inc. 0.0279648053 -0.6142174754 0.7750019876 0.7934216745 -31.4564682510
Metro Pacific
Investments
Corporation -0.0277464404 -0.0882323615 0.0730055338 -0.0830160970 -0.0515471978
Cebu Air Inc -0.0718057559 -0.1292340148 -0.0328141662 -0.0700790658 -0.0909517174
International
Container Terminal
Services Inc -0.0483876413 -0.0733737346 -0.4370718759 -0.0439193462 -0.0509456078
Epson Precision
(Philippines) Inc 0.0185229677 0.0013905580 -0.1812098870 0.9395347034 0.0141404914
Integrated Micro-
Electronics Inc -0.0319686905 -0.0729467471 0.0021867768 -0.0219621571 -0.7764663213
Emperador inc. 0.0484871661 0.1863983683 0.0564746273 -4.5921282895 -0.9173245740
Holcim Philippines
Inc -0.0291703873 -0.0925898502 -0.1044694605 -0.0557795697 -0.0831492060

Semirara Mining and

Power Corporation -0.0206825349 -0.3140952263 0.1463391784 0.0052255489 -0.0624011529

Energy Development
Corporation -0.0579740805 -0.0036002113 -0.0276643028 -0.0518368603 -0.1135246876
Philippine Seven
Corporation -0.1075085270 -0.2209084483 -0.2689775792 -0.1148496679 -0.1663589460
Phoenix Petroleum
Philippines Inc 0.1504483111 -0.1021541169 0.2225796506 0.2809907910 -0.0073329414
Pepsi-Cola
Production
Philippines Inc -0.1835782215 -0.0949918608 -0.1075761458 -0.2418106295 -0.1854147867

Republic Cement &

Building Materials Inc -0.2078710976 -0.0107782627 -0.0302628547 -0.0781034266 -0.0935084664

156
 Table 4
Panel W: OPACITY for Philippines
Companies 2015 2014 2013 2012 2011
Travellers
International
Hotel Group Inc -0.0255950892 -0.0228320489 -0.0983958695 -0.0276572764 -0.0138514934
Manila Water
Company Inc -0.0328386613 -0.0363772994 -0.0306032761 -0.0831962489 0.0680262278

D&L Industries Inc -0.5966414042 0.3620462121 0.0827606935 0.3561641630 0.1331397460

2G0 Group Inc -0.1922044843 -0.4127587945 0.3591123108 -0.1664695859 0.1826417472
Ginebra San
Miguel Inc 0.0104084345 -0.1059501566 -0.4754777518 -0.0044066611 -0.0710664844
Filinvest Land Inc -0.0026890954 0.0330954512 0.0398110589 -0.0399690024 0.0273316823
Phinma Energy
Corporation -0.0413410981 0.1010860103 0.0340214653 -0.0606167542 0.0105194800
Nickel Asia
Corporation 3.9973330137 -0.1309584911 -0.0395601536 -0.0115911928 -0.0503311096
RFM Corporation -0.1453210500 0.0355261347 -0.0742944194 -0.0349990919 -0.0613769343
Philex Mining
Corporation -0.0199699608 -0.0379312206 0.0077791050 -0.0504148797 -0.0393823735
Max's Group Inc -0.0408430436 -0.3129086805 -0.3993546248 0.2302324792 -0.1893544501
Atlas
Consolidated
Mining and
Development
Corporation -0.0218601359 -0.0650834067 -0.0660865352 -0.0093022358 -0.1972630665
A. Soriano
Corporation 1.6390581803 -1.9849968692 0.0101749080 -0.4137415054 -0.0071149470

Asian Terminal Inc -0.0226156764 -0.1167754411 0.0152158210 -0.0805150060 0.0158283781

Freemont Foods
Corporation -0.3651199911 -0.0667256718 -0.5157898123 -0.2257266539 -0.2420744012
LBC Express
Holdings Inc -0.3514748624 -30.1636713010 -0.1975615475 0.0254422915 -0.1004702864
Panasonic
Manufacturing
Philippines
Corporation 0.2231017256 -0.0171423619 -0.0693622007 -0.0560291454 -0.0711283872
Philip Morris
Philippines
Manufacturing Inc -0.0144027999 28.7295885928 15.9316328679 -34.4105508971 -0.0215371385
Rustan Coffee
Corporation -0.2461531076 -0.2520040799 -0.2768938283 -0.2445742298 -0.0231260184
Alsons
Consolidated
Resources Inc -0.0644095893 -0.0920079713 0.0054864630 -0.0445668059 -0.0896769528
Pryce Corporation 0.0644230483 -0.0127595408 -0.0185706737 -0.0080952137 -0.0468659343
Century
Properties Inc 0.1645279551 0.1739872364 -0.0168670377 0.4807437516 0.2160353249
Solid Group Inc 0.7498898757 0.0002369866 0.0426827403 -0.0390478236 1.4265888688
Phinma
Corporation -0.0543519496 0.0054695336 0.0329431217 -0.0645160990 -0.0204040255
Honda Cars
Makati Inc 0.2087017929 0.1556155658 0.0038880603 -0.0202980029 0.0240812726
Ayala Land Inc -0.0056045585 -0.0310002635 -0.0041650086 0.0080718124 -0.0055873289
Chemical
Industries of the
Philippines -0.0404479776 -0.0667211966 -0.0216351339 -0.0405740815 -0.0806003622

157
 Table 4
Panel X: OPACITY for Philippines
Companies 2015 2014 2013 2012 2011
Dfnn Inc. -2.0419020741 1.3652670971 0.0938206645 -0.3115052786 -0.4768813589
Wi-tribe
Telecoms Inc. -0.0868676766 -0.2172736662 1.2422328906 -0.2169246105 -2.4441081718
TS Tech Trim
Philippines
INc.. 0.0223530982 -0.0507945994 0.0010530329 0.1108801941 -0.0239894954
Century Peak
Corporation 0.1249710740 -0.2126316341 0.0652088121 -0.0414709294 -0.1147931482

Philippine H2O
Ventures Corp. -0.1770417088 -0.0826740928 0.0138692766 -0.0617511397 -0.0151544715
Socresources
Inc. -0.0288887721 0.0909492912 0.2133782478 0.1107391118 0.2699829398
IP E-game
VEntures, Inc. -0.0396264345 0.0183570377 0.1022121066 -0.3804232690 -0.1386097416
PXP Energy
Corporation 0.0616907674 -0.0092750918 -0.5568607498 -0.2017572889 -0.0525858537
NOW
Corporation -0.1583831139 0.0089385514 -0.0127209643 0.1174470394 -0.1001609849

SM Hotels and
Entertainment
Corporation 0.0820149318 -0.0071023733 0.0736958487 0.3155539189 -8.9415863880

Imperial
Resources, Inc. -0.0069836802 -0.0023328034 -0.0038126802 -0.0023061277 -0.0029112432
Basic Energy
Corporation -0.0017852323 -0.0393217729 0.2684806233 -0.1458250445 -0.2725842064
Steniel
Manufactuing
Corporation -0.0505528317 -0.2373096152 0.0143748599 0.0167882412 -0.0334179505
Roxas and
Company Inc. 0.0363638127 0.0173435375 -0.1213433877 0.0199915015 -0.0570987234
Easycall
Communication
s Philippines
Inc. 0.0325823708 -0.0463799804 0.4208567170 -0.0372321167 -0.0354474852
Transpacific
BRoadband
Group
International
Inc. -0.0162796550 -0.0690369908 -0.0709406502 -0.0899312772 -0.0956868668
Concrete
Aggregates
Corporation 0.0055371169 -0.1712193604 0.0144658730 -0.0364563173 0.0391106296
ISM
Communication
s Corporation -0.0151273589 0.0001529521 -0.0016322467 0.2143310443 -0.0156359554
Omico
Corporation -0.0124099936 -0.0120651605 -0.0197501738 0.0276651835 -0.0147112740
Supercity
Realty
Development
Corporation 0.0273759293 -0.0312957784 -0.5860492380 -0.0777877154 -0.1466890846
Keppel
Philippines
Properties Inc. -0.0530169286 -0.0109036549 -0.0022023606 0.0693644210 0.0050771128
Atok-Big
Wedge
Company 9.2783737521 -0.0066470055 -0.0051038046 0.0038558833 -0.0002050230
Manila Mining
Corporation -0.0252053103 0.1766711905 -0.0471556003 -0.0163948457 0.0171403345
Nihao Mineral
Resources
International
Inc. 0.0048857979 0.0751897848 -0.1284342248 0.2282456863 -0.1989085356
Dizon Copper-
Silver Mines,
Inc. -0.0564696974 -0.1567440196 -0.1463581301 -0.2190402849 -0.0638379898

158
 Table 4
Panel Y:EARNINGS MANAGEMENT for Philippines
Companies 2015 2014 2013 2012 2011
San Miguel Corp -31,771,000.00 -49,204,000.00 -12,650,000.00 23,514,000.00 7,164,000.00
Petron Corp 2,089,000.00 -6,868,000.00 -18,965,000.00 15,920,000.00 6,923,000.00
Manila Electric
Company -17,939,000.00 -7,326,000.00 -15,443,000.00 -21,339,000.00 -9,713,000.00
PLDT Inc. -63,342,000.00 -35,883,000.00 -59,718,000.00 -36,099,000.00 -28,117,000.00
Alliance Global
Group Inc. 9,675,135.00 20,714,378.00 7,075,342.00 782,821.00 25,146,611.00
Globe Telecom
Inc. -18,026,275.00 -17,834,108.00 -40,041,642.00 -1,999,546.00 -2,156,447.00
Puregold Price
Club, Inc. 2,543,082.00 1,633,303.00 1,138,176.00 -982,984.00 637,638.00
Jollibee Foods
Corp -8,246,759.00 2,518,905.00 -3,457,707.00 -4,141,632.00 -1,932,838.00
Universal Robina
Corp -7,879,547.00 101,932,918.00 -102,257,262.00 -5,359,367.00 -3,164,252.00
San Miguel Pure
Foods Company
Inc. -1,623,279.00 -15,327,905.00 8,066,528.00 -2,325,679.00 4,007,731.00

Aboitiz Power Corp -5,454,019.00 -1,686,815.00 -4,173,950.00 -9,070,153.00 888,908.00

San Miguel
Brewery Inc. -4,822,000.00 -556,000.00 -1,899,000.00 -253,949,000.00 247,129,000.00
First Gen
Corporation -5,154,973.00 -8,165,126.00 -1,631,384.00 -10,609,526.00 -937,925.00
LT Group Inc. 19,355,421.00 -415,557,235.00 471,688,259.00 62,933,224.00 -408,586,408.00
Metro Pacific
Investments
Corporation -5,259,000.00 -16,468,000.00 10,527,000.00 -10,800,692.00 -6,148,595.00
Cebu Air Inc -7,228,846.00 -7,863,056.00 -3,425,553.00 -3,550,390.00 -4,332,203.00
International
Container
Terminal Services
Inc -7,373,283.00 -8,300,316.00 -42,918,759.00 -3,317,115.00 -3,484,319.00
Epson Precision
(Philippines) Inc 367,757,014.00 -14,960,234.00 -1,832,031,020.00 5,688,655,943.00 42,286,768.00
Integrated Micro-
Electronics Inc -784,572.00 -1,430,666.00 116,803.00 -511,742.00 -11,444,479.00
Emperador inc. 3,998,536.00 6,225,706.00 1,213,596.00 2,680,024.00 -47,333.00
Holcim Philippines
Inc -774,772.00 -1,995,052.00 -2,168,992.00 122,175.00 -3,694,596.00
Semirara Mining
and Power
Corporation 2,396,450.00 -14,918,718.00 4,981,911.00 309,723.00 -1,876,921.00
Energy
Development
Corporation -7,901,576.00 1,095,170.00 -3,272,109.00 -2,785,217.00 -11,031,551.00
Philippine Seven
Corporation -707,551.00 -1,168,666.00 -1,048,628.00 -332,667.00 -447,789.00
Phoenix
Petroleum
Philippines Inc 742,251.00 -2,279,049.00 3,633,975.00 3,596,193.00 21,971.00
Pepsi-Cola
Production
Philippines Inc -3,466,556.00 -1,594,691.00 -1,323,093.00 -1,989,722.00 -1,553,863.00
Republic Cement
& Building
Materials Inc -5,047,843.00 718,235.00 -1,076,440.00 -1,576,094.00 -4,174,455.00

159
 Table 4
Panel Z: EARNINGS MANAGEMENT for Philippines
Companies 2015 2014 2013 2012 2011
Travellers
International
Hotel Group Inc -1,828,868.00 -1,238,683.00 -4,743,175.00 -1,302,614.00 -423,845.00
Manila Water
Company Inc -2,541,047.00 -2,600,910.00 -1,621,267.00 -3,791,048.00 2,729,074.00
D&L Industries
Inc -10,592,756.00 4,342,979.00 1,229,431.00 1,742,942.00 515,732.00
2G0 Group Inc -1,894,137.00 -6,048,794.00 4,511,614.00 -1,113,245.00 2,694,655.00
Ginebra San
Miguel Inc 146,677.00 -255,319.00 -10,494,080.00 20,689.00 -2,907,608.00
Filinvest Land Inc 106,650.00 3,867,326.00 3,533,705.00 -2,521,208.00 1,650,836.00
Phinma Energy
Corporation -534,209.00 1,057,472.00 212,415.00 -190,565.00 276,551.00
Nickel Asia
Corporation 135,390,715.00 2,550,752.00 -1,496,180.00 -1,006,700.00 389,364.00
RFM Corporation -1,825,548.00 392,572.00 -908,052.00 -267,438.00 -518,900.00
Philex Mining
Corporation -861,148.00 -936,675.00 -742,154.00 -5,202,582.00 172,453.00
Max's Group Inc 110,897.00 -1,064,443.00 -1,149,112.00 646,430.00 -278,683.00
Atlas
Consolidated
Mining and
Development
Corporation -3,772,889.00 -4,562,966.00 -2,840,795.00 -301,174.00 -1,156,987.00
A. Soriano
Corporation 35,679,184.00 -34,366,193.00 104,195.00 -511,186.00 -43,304.00
Asian Terminal
Inc -638,594.00 460,202.00 -2,307,819.00 -611,783.00 18,666.00
Freemont Foods
Corporation -687,300,286.00 -57,487,450.00 -704,030,884.00 -232,397,853.00 -240,457,196.00
LBC Express
Holdings Inc -1,287,878.00 -419,834.00 -4,213.00 604.00 -2,585.00
Panasonic
Manufacturing
Philippines
Corporation 1,218,413.00 -167,722.00 -236,535.00 -250,146.00 -499,707.00

Philip Morris
Philippines
Manufacturing Inc -242,170,000.00 2,031,389,000.00 570,033,200.00 -1,592,114,632.00 -1,738,624,096.00
Rustan Coffee
Corporation -506,901,764.00 -449,230,051.00 -409,961,366.00 -364,388,649.00 -18,752,953.00
Alsons
Consolidated
Resources Inc -1,500,632.00 -1,549,992.00 185,271.00 -579,433.00 -1,270,789.00

Pryce Corporation 410,143.00 -510,626.00 -114,204.00 -24,350.00 -172,734.00

Century
Properties Inc 4,405,460.00 4,831,919.00 151,591.00 5,339,855.00 2,192,717.00
Solid Group Inc 10,605,391.00 -132,068.00 88,850.00 -187,606.00 15,215,287.00
Phinma
Corporation -411,773.00 -42,228.00 348,724.00 -632,247.00 -439,464.00
Honda Cars
Makati Inc 302,126,674.00 167,015,698.00 29,277,680.00 -75,589,677.00 63,223,790.00
Ayala Land Inc -756,686.00 -7,115,852.00 1,310,130.00 2,951,983.00 1,410,649.00
Chemical
Industries of the
Philippines -52,658.00 -78,621.00 -41,702.00 -62,537.00 -126,082.00

160
 Table 4
Panel AA:EARNINGS MANAGEMENT for Philippines
Companies 2015 2014 2013 2012 2011
Dfnn Inc. -1,116,436.00 759,481.00 41,838.00 -86,719.00 -197,840.00
Wi-tribe Telecoms
Inc. -250,328,573.00 -977,408,800.00 6,739,080,302.00 -1,219,973,587.00 -6,317,450,147.00
TS Tech Trim
Philippines INc.. 5,657,439.00 -53,730,359.00 2,640,634.00 137,377,873.00 -74,187,711.00
Century Peak
Corporation 193,857,639.00 -138,770,817.00 -800,915.00 36,578,209.00 -96,862,906.00
Philippine H2O
Ventures Corp. -145,021.00 -39,156.00 5,969.00 -37,983.00 6,106.00
Socresources Inc. -59,891.00 171,699.00 359,137.00 206,769.00 433,861.00
IP E-game
VEntures, Inc. -144,293.00 71,550.00 111,974.00 -288,112.00 -57,783.00
PXP Energy
Corporation 506,335.00 -39,812.00 -2,021,662.00 -656,706.00 -91,735.00
NOW Corporation -227,612.00 13,107.00 -18,511.00 166,404.00 -136,781.00
SM Hotels and
Entertainment
Corporation 103,161,124.00 -7,888,932.00 82,279,413.00 523,416,888.00 -460,656,535.00
Imperial
Resources, Inc. -1,177.00 314.00 898.00 -1,018.00 -783.00
Basic Energy
Corporation 9,347.00 7,429.00 -318,197.00 174,104.00 77,247.00
Steniel
Manufactuing
Corporation 6,329.00 -162,130.00 40,213.00 6,004.00 -27,062.00
Roxas and
Company Inc. 252,137.00 105,926.00 -2,916,235.00 1,200,638.00 -1,497,686.00
Easycall
Communications
Philippines Inc. 4,461.00 -5,162.00 51,131.00 -3,807.00 -4,108.00
Transpacific
BRoadband Group
International Inc. -5,179.00 -21,501.00 -22,932.00 -29,658.00 -32,442.00
Concrete
Aggregates
Corporation 3,921.00 -53,062.00 10,998.00 -8,632.00 6,125.00
ISM
Communications
Corporation -68,809.00 1,285.00 -8,644.00 1,157,067.00 -77,740.00
Omico Corporation -10,588.00 -10,573.00 -19,273.00 27,139.00 -12,474.00
Supercity Realty
Development
Corporation 1,070.00 -1,105.00 -40,246.00 -6,326.00 -13,170.00
Keppel Philippines
Properties Inc. -93,091.00 -21,689.00 -7,372.00 131,963.00 9,234.00
Atok-Big Wedge
Company -6,014,641.00 -5,346.00 -1,367.00 3,333.00 -1,247.00
Manila Mining
Corporation -105,319.00 514,730.00 -132,303.00 -40,215.00 25,357.00
Nihao Mineral
Resources
International Inc. 3,926.00 65,930.00 -165,533.00 213,694.00 -96,120.00
Dizon Copper-Silver
Mines, Inc. -1,893.00 -5,251.00 -4,714.00 -10,502.00 -1,579.00

161
 Table 5
Panel A: Change in Current Assets for Singapore
Companies 2015 2014 2013 2012 2011
Wilmar International
Limited -203,943,706.00 -142,748,133.00 255,381,296.00 -62,764,820.00 164,696,637.00
Flex Ltd. -31,419,730.00 104,831,470.00 -48,840,042.00 -26,256,329.00 28,642,266.00
Raffemet PTE Ltd -10,335,426,839.00 -36,583,992,374.00 54,107,908,377.00 847,299,212.00 -10,097,797,411.00
UNipec Singapore
PTE. LTD. -123,966,715,928.00 56,006,706,541.00 115,916,776,887.00 5,051,053,750.00 104,002,452,987.00
Jardin Cycle &
Carriage Limited 20,090,197.00 28,225,828.00 -1,396,407.00 2,036,251.00 93,833,127.00
Olam INternational
Limited 93,822,840.00 16,579,013.00 26,449,819.00 -28,088,536.00 152,189,255.00
Broadcom Limited 4,160,060.00 93,600,035.00 8,723,686.00 9,837,727.00 12,999,173.00
China Aviation Oil
(Singapore)
Corporation Ltd -22,100,443.00 -15,080,403.00 6,770,175.00 14,643,198.00 9,297,884.00
Singapore
Telecommunications
Ltd -174,181.00 -873,741.00 -42,808,236.00 -26,642,157.00 58,312,160.00
Singapore Airlines
Ltd -18,033,141.00 14,094,041.00 412,295.00 -90,169,962.00 123,609,150.00
Louis Dreyfus
Company Asia Pte
Ltd 5,714,353,372.00 -10,971,864,685.00 -402,691,235,565.00 430,228,829,046.00 -512,778,701,008.00
CWT Limited 6,358,818.00 886,820.00 61,569,760.00 19,598,811.00 21,954,624.00
Neptune Orient Lines
Ltd -70,917,851.00 6,888,847.00 5,579,781.00 26,409,824.00 66,720,181.00
Jabil Circuit
(Singapore) Pte Ltd 40,160,099,791.00 -347,896,805,390.00 381,093,726,452.00 11,926,029,600.00 6,667,471,260.00
Keppel Corporation
Ltd -163,429,611.00 85,111,098.00 136,466,555.00 67,145,049.00 52,365,183.00
Comfortdelgro
Corporation Ltd 841,365.00 -1,667,336.00 5,266,027.00 5,172,506.00 -1,012,374.00
Hong Leong Asia
Limited -2,753,867.00 -12,506,479.00 18,354,691.00 99,780,812.00 -98,550,761.00
Sembcorp Marine
Limited 16,477,990.00 6,053,228.00 25,588,332.00 7,790,021.00 -18,098,196.00
Venture Corporations
Limited 2,048,474.00 -20,857.00 4,389,632.00 -4,140,728.00 575,909.00
Sony Electronic
(Singapore) Pte Ltd -3,024,052,595.00 -4,390,252,593.00 7,590,572,210.00 -8,983,372,898.00 -47,002,938,369.00
Cosco Shipping
International
(Singapore) Co., Ltd 10,488,965.00 30,922,465.00 53,442,413.00 21,155,086.00 22,516,079.00
Starhub Limited -2,536,214.00 48,280.00 1,823,553.00 2,744,844.00 -1,066,559.00
Serial System Ltd 2,527,925.00 3,212,447.00 3,593,636.00 -873,325.00 1,961,006.00
Fraser & Neave Ltd 16,367,897.00 -239,299,527.00 -27,526,890.00 45,321,056.00 -7,995,671.00
Sats Ltd -67,740.00 178,048.00 -2,743,701.00 4,760,473.00 7,868,486.00
Halcyon Agri
Corporation Limited 2,078,475.00 8,211,835.00 1,868,583.00 152,035.00 402,431.00
Indofood Agri
Resources Limited -5,431,690,720.00 -776,766,414.00 -10,318,011,770.00 -10,144,533,450.00 15,872,606,975.00

162
 Table 5
Panel B: Change in Current Assets for Singapore
Companies 2015 2014 2013 2012 2011
Excelpoint
Technology LGT 2,322,011.00 3,449,683.00 1,049,517.00 557,915.00 269,017.00
Smrt Corporation
Ltd 898,756.00 -10,516,619.00 12,072,900.00 -6,460,068.00 3,133,457.00
Hi-P INternational
LTD 1,008,400.00 5,221,482.00 -175,390.00 -3,591,410.00 6,141,317.00
Singapore Post Ltd -19,821,788.00 -6,203,633.00 -1,304,410.00 10,514,295.00 1,042,273.00
China XLX
Fertiliser LTD. 145,780,487.00 3,614,471.00 4,499,641.00 -1,532,065.00 4,592,373.00
STA Engineering
Company LTD -5,741,529.00 3,339,260.00 -507,114.00 -1,703,457.00 5,575,470.00
SBS Transit LTD 1,718,868.00 75,569.00 -107,218.00 584,883.00 -2,572,952.00
M1 Limited 8,059,371.00 -8,115,378.00 455,401.00 -512,775.00 838,657.00
LSI Technology
(Singapore) Pte.
LTd. -20,411,054,832.00 8,620,090,159.00 9,186,217,257.00 -11,745,267,146.00 -4,503,700,857.00
GP Industries
Limited -1,483,699.00 -1,221,594.00 12,118,182.00 -797,383.00 -1,240,963.00
Hyflux Ltd 4,884,194.00 6,531,150.00 -8,080,006.00 -7,259,209.00 13,497,034.00
Marubeni-Itochu
Steel PTE Ltd 2,323,606,599.00 1,011,154,911.00 -142,210,706.00 -395,645,023.00 -1,133,721,230.00
QAF Ltd 682,994.00 -270,256.00 512,194.00 274,955.00 18,631.00
OUE LImited -5,673,402.00 -1,925,289.00 8,354,582.00 9,558,480.00 6,750,267.00
First Resources
Limited -3,665,101.00 2,968,350.00 -4,876,513.00 9,166,336.00 2,625,847.00
Sheg Siong Group
Ltd. 117,865.00 697,198.00 -96,625.00 -85,802.00 1,723,988.00

Courts Asia Limited -472,389.00 3,505,869.00 1,419,910.00 580,382.00 1,170,238.00

GP Batteries
International LTD -962,436.00 462,413.00 -2,040,521.00 1,007,857.00 -438,116.00
Chip ENG SEng
Corporation LTD -4,216,676.00 2,248,267.00 15,775,556.00 5,820,850.00 6,243,637.00
Sino Grandness
Food Industry
Group Limited -1,312,604.00 4,701,893.00 2,813,912.00 1,997,878.00 768,217.00

Pan UNited
Corporation Limited -605,333.00 -480,903.00 257,135.00 1,225,624.00 855,711.00

Bumitama Agri Ltd. 5,621,909,231.00 89,038,386.00 -1,713,770,331.00 3,242,587,478.00 318,099,904.00

The Hour Glass Ltd 106,045.00 2,238,121.00 1,700,228.00 1,448,074.00 1,283,361.00

Sunningdale Tech
Ltd 645,898.00 3,327,828.00 1,400,442.00 292,546.00 486,020.00
Elec & Eltek
International
Company Limited -659,891.00 873,175.00 -826,003.00 -2,292,296.00 -800,723.00
Toray International
Singapore Pte.
LTd. -548,952,699.00 -1,714,728,116.00 1,534,574,293.00 1,117,874,856.00 64,697,479.00
Breadtalk Group
Limited 282,825.00 490,538.00 962,277.00 -772,277.00 1,376,766.00

163
 Table 5
Panel C: Change in Current Assets for Singapore
Companies 2015 2014 2013 2012 2011

GMG Global LTd -1,705,533.00 -3,336,062.00 -272,923.00 -10,656,961.00 14,554,642.00

Aspial
Corporation
Limited 4,217,481.00 8,077,603.00 10,991,935.00 12,365,148.00 6,093,990.00
Broadway
INdustrial Group
Ltd -547,480.00 -96,106.00 1,778,535.00 -841,905.00 1,062,147.00
Osim
INternational Ltd -2,576,055.00 5,148,887.00 3,124,276.00 703,842.00 5,143,795.00
Hotel Proporties
Ltd 3,671,994.00 -4,586,094.00 5,336,331.00 -542,727.00 -2,175,450.00
Delfi Limited -3,317,768.00 -1,049,113.00 -29,964,849.00 15,105,813.00 -1,630,679.00
Golden Energy
and Resources
Limited 9,173,195.00 -127,144.00 -2,607,140.00 -1,415,470.00 1,516,294.00
Citic Envirotech
Ltd. 18,023,268.00 3,364,325.00 3,745,342.00 366,212.00 4,062,370.00
Straits Trading
CO Ltd -5,753,432.00 8,643,026.00 3,428,979.00 -6,611,388.00 6,847,098.00
Sanmina-SCie
Systems
Singapore Pte.
ltd. 119,762,855.00 -2,752,564,834.00 1,219,443,136.00 -19,503,866.00 1,681,084,848.00
Telechoice
International Ltd 822,214.00 -483,701.00 80,829.00 257,430.00 988,020.00
Falcon Energy
Group Limited 4,918,749.00 5,961,476.00 438,176.00 1,174,407.00 -1,874,656.00
Vital Solutions
PTE Ltd 1,116,701,426.00 -271,899,278.00 792,840,636.00 387,211,998.00 -68,213,201.00

Super Group Ltd 976,788.00 170,728.00 1,263,909.00 -173,392.00 253,036.00

Boustead
Singapore
Limited 2,166,997.00 240,561.00 1,289,690.00 44,062.00 -392,325.00
Frencken Group
Limited -184,108.00 6,476,965.00 -6,596,197.00 1,151,425.00 -497,551.00
YHI
International
Limited -305,289.00 -121,859.00 671,220.00 -831,332.00 1,909,315.00
Lian Beng
Group Limited 5,396,747.00 -1,644,487.00 4,431,373.00 -1,141,296.00 5,336,302.00
NSL Ltd. -1,968,279.00 -5,619,567.00 13,433,203.00 434,651.00 998,200.00
Parkson Retail
Asia Limited -1,064,191.00 -663,662.00 -38,664.00 3,235,041.00 -247,662.00
Auric Pacific
Group Ltd -299,122.00 -148,505.00 -830,993.00 -86,623.00 -42,148.00
Luzhou Bio-
Chem
Technology
Limited 635,128.00 -822,045.00 -395,578.00 -936,396.00 1,493,275.00
YEO Hiap Seng
Ltd -411,149.00 -3,283,039.00 -1,512,535.00 1,069,325.00 545,231.00
Samudera
Shipping Line
Ltd 5,393,452.00 -4,933,525.00 142,244.00 26,581.00 210,673.00
Multi-Chem
Limited -42,884.00 196,135.00 833,143.00 148,822.00 751,273.00
BRC Asia Ltd -1,234,783.00 483,679.00 -448,056.00 3,127,575.00 17,498.00
TT INternational
Limited 241,388.00 -2,191,237.00 2,524,737.00 -1,040,592.00 -1,293,504.00

164
 Table 5
Panel D: Change in Current Liabilities for Singapore
Companies 2015 2014 2013 2012 2011
Wilmar International
Limited -163,613,804.00 -173,505,141.00 147,967,608.00 -90,750,874.00 492,146,515.00
Flex Ltd. -41,868,537.00 -181,181,171.00 255,309,512.00 -26,202,182.00 6,958,215.00
Raffemet PTE Ltd -7,754,058,643.00 -44,322,329,743.00 51,586,106,026.00 -417,226,718.00 -11,256,435,730.00
UNipec Singapore
PTE. LTD. -129,270,105,646.00 53,286,180,938.00 116,152,781,698.00 5,056,191,995.00 103,468,959,930.00
Jardin Cycle &
Carriage Limited -2,460,410.00 6,458,675.00 31,499,791.00 -9,289,896.00 58,018,099.00
Olam INternational
Limited 33,233,293.00 58,634,496.00 -5,282,193.00 -60,902,693.00 130,486,071.00
Broadcom Limited 6,875,896.00 27,329,299.00 3,987,718.00 -782,802.00 -9,338,029.00
China Aviation Oil
(Singapore)
Corporation Ltd -24,903,254.00 -16,384,404.00 4,143,974.00 14,224,405.00 7,882,087.00
Singapore
Telecommunications
Ltd -15,769,746.00 12,455,682.00 1,332,709.00 -104,676,122.00 71,672,603.00
Singapore Airlines
Ltd 28,269,133.00 9,855,131.00 2,522,641.00 -34,458,197.00 67,517,853.00
Louis Dreyfus
Company Asia Pte
Ltd -577,719,358,146.00 610,471,513,864.00 -8,485,171,992.00 -4,410,539,706.00 11,828,866,674.00
CWT Limited 40,579,000.00 1,754,726.00 -9,149,755.00 62,302,001.00 18,034,550.00
Neptune Orient
Lines Ltd -19,088,891.00 -3,249,273.00 14,023,233.00 -4,717,939.00 22,456,736.00
Jabil Circuit
(Singapore) Pte Ltd 42,469,184,854.00 16,750,014,046.00 11,877,365,686.00 5,728,069,213.00 12,449,031,824.00
Keppel Corporation
Ltd -62,734,870.00 37,620,799.00 22,750,711.00 1,121,793.00 62,374,720.00
Comfortdelgro
Corporation Ltd -4,564,033.00 5,194,243.00 6,422,446.00 -2,610,546.00 2,879,850.00
Hong Leong Asia
Limited 7,940,957.00 -12,467,850.00 5,976,435.00 -14,062,641.00 17,340,693.00
Sembcorp Marine
Limited 13,550,253.00 -7,472,242.00 32,407,691.00 10,452,347.00 -2,372,387.00

Venture
Corporations Limited -2,079,171.00 1,019,872.00 2,342,282.00 344,493.00 -164,807.00
Sony Electronic
(Singapore) Pte Ltd -2,430,968,772.00 -5,470,560,974.00 7,220,849,618.00 -6,369,588,321.00 -44,712,674,432.00
Cosco Shipping
International
(Singapore) Co., Ltd 41,084,575.00 9,593,910.00 37,862,688.00 -24,641,434.00 21,778,926.00
Starhub Limited -5,991,747.00 8,479,242.00 2,201,678.00 -906,441.00 -6,056,110.00
Serial System Ltd 2,100,006.00 3,476,907.00 3,658,274.00 -420,045.00 1,179,630.00
Fraser & Neave Ltd -2,777,160.00 -68,759,762.00 -24,503,407.00 16,791,331.00 -30,030,240.00
Sats Ltd -511,448.00 1,557,300.00 890,754.00 -7,675,485.00 7,971,969.00
Halcyon Agri
Corporation Limited 5,946,498.00 3,788,696.00 -268,884.00 61,250.00 520,807.00
Indofood Agri
Resources Limited -2,909,812,732.00 1,301,727,196.00 3,958,271,734.00 -3,502,837,541.00 3,090,832,667.00

165
 Table 5
Panel E: Change in Current Liabilities for Singapore
Companies 2015 2014 2013 2012 2011
Excelpoint
Technology LGT 2,106,716.00 2,747,380.00 874,088.00 555,654.00 154,541.00
Smrt Corporation
Ltd 629,722.00 -642,367.00 169,957.00 5,491,702.00 4,840,976.00
Hi-P INternational
LTD 4,855,573.00 6,565,768.00 -859,061.00 -289,977.00 6,464,116.00
Singapore Post Ltd 956,464.00 -7,864,124.00 12,003,801.00 207,390.00 357,300.00
China XLX Fertiliser
LTD. 3,218,828.00 8,521,195.00 4,996,026.00 -213,805.00 3,363,533.00
STA Engineering
Company LTD -1,510,915.00 697,132.00 -865,255.00 998,906.00 1,179,189.00
SBS Transit LTD -3,539,094.00 7,467,454.00 1,790,260.00 -535,647.00 815,214.00
M1 Limited 9,471,351.00 1,027,942.00 -9,412,403.00 7,161,478.00 272,097.00
LSI Technology
(Singapore) Pte.
LTd. -18,423,492,647.00 11,172,011,768.00 7,641,056,504.00 -633,116,065.00 -28,417,780,053.00
GP Industries
Limited -2,451,719.00 934,740.00 8,784,505.00 -115,084.00 -2,533,097.00
Hyflux Ltd 18,362,518.00 558,956.00 16,724.00 584,282.00 1,265,491.00
Marubeni-Itochu
Steel PTE Ltd 2,199,166,670.00 1,072,204,343.00 350,994,470.00 -211,269,597.00 -1,419,129,433.00
QAF Ltd -131,595.00 -669,299.00 -589,180.00 1,536,856.00 715,829.00
OUE LImited -13,448,563.00 11,834,656.00 -16,363,761.00 25,928,606.00 -13,507,377.00
First Resources
Limited 369,098.00 366,174.00 -1,810,565.00 -2,362,241.00 4,177,974.00
Sheg Siong Group
Ltd. 450,866.00 221,483.00 400,486.00 -124,094.00 -26,411.00
Courts Asia Limited -630,584.00 118,042.00 -2,140,057.00 920,584.00 800,761.00
GP Batteries
International LTD -2,132,827.00 1,032,203.00 -1,846,227.00 130,104.00 359,837.00
Chip ENG SEng
Corporation LTD 2,312,575.00 -17,118,064.00 13,496,632.00 4,512,901.00 -4,482,582.00
Sino Grandness
Food Industry
Group Limited 2,245,791.00 2,755,058.00 3,788,723.00 -163,772.00 711,095.00
Pan UNited
Corporation Limited 763,082.00 -453,290.00 2,011,809.00 883,473.00 1,157,963.00
Bumitama Agri Ltd. 4,296,087,463.00 1,508,639,612.00 -983,359,382.00 117,208,229.00 2,749,430,935.00
The Hour Glass Ltd -482,987.00 474,021.00 1,087,072.00 -39,759.00 275,199.00
Sunningdale Tech
Ltd -478,448.00 2,586,341.00 254,429.00 -77,526.00 813,442.00
Elec & Eltek
International
Company Limited -391,392.00 727,357.00 397,030.00 -1,460,650.00 699,349.00

Toray International
Singapore Pte. LTd. -654,761,571.00 -1,801,853,764.00 1,506,729,559.00 1,106,085,297.00 40,115,157.00
Breadtalk Group
Limited -135,252.00 1,400,541.00 546,026.00 1,821,690.00 1,086,831.00

166
 Table 5
Panel F: Change in Current Liabilities for Singapore
Companies 2015 2014 2013 2012 2011
GMG Global LTd -272,467.00 -527,441.00 549,072.00 1,516,727.00 993,275.00
Aspial Corporation
Limited 5,983,018.00 3,896,782.00 1,156,067.00 1,336,826.00 1,645,469.00
Broadway INdustrial
Group Ltd -425,687.00 20,358.00 1,591,305.00 997,237.00 -298,008.00
Osim INternational
Ltd -663,808.00 -5,081,958.00 5,479,547.00 194,148.00 426,515.00
Hotel Proporties Ltd -2,060,344.00 -1,290,496.00 7,316,337.00 -3,718,911.00 -7,096,427.00
Delfi Limited -1,217,881.00 -487,102.00 -28,923,527.00 10,322,732.00 -2,126,006.00
Golden Energy and
Resources Limited -698,638.00 428,313.00 -2,992,768.00 1,455,030.00 1,394,474.00
Citic Envirotech Ltd. 9,698,650.00 3,852,183.00 1,561,400.00 2,488,025.00 1,779,670.00
Straits Trading CO
Ltd -284,095.00 1,473,113.00 -2,006,737.00 -1,386,233.00 -1,329,684.00
Sanmina-SCie
Systems Singapore
Pte. ltd. -146,632,642.00 -164,231,521.00 61,872,695.00 60,306,364.00 338,619,050.00
Telechoice
International Ltd -103,693.00 571,613.00 48,516.00 -62,772.00 1,238,421.00
Falcon Energy
Group Limited 4,848,449.00 5,012,994.00 76,723.00 1,520,112.00 155,106.00
Vital Solutions PTE
Ltd 803,668,113.00 -284,992,125.00 526,618,644.00 362,795,102.00 -181,031,663.00
Super Group Ltd 367,524.00 -75,864.00 -368,605.00 296,304.00 1,724,479.00
Boustead Singapore
Limited -412,860.00 733,829.00 -926,429.00 1,940,096.00 -971,262.00
Frencken Group
Limited -325,264.00 436,340.00 123,847.00 1,314,548.00 -28,915.00
YHI International
Limited -615,137.00 140,776.00 442,533.00 -837,238.00 1,271,027.00
Lian Beng Group
Limited 2,674,867.00 4,131,650.00 554,541.00 -1,133,811.00 2,935,047.00
NSL Ltd. -1,262,584.00 -82,251.00 1,829,126.00 703,928.00 274,763.00
Parkson Retail Asia
Limited 1,808,650.00 294,293.00 274,913.00 122,463.00 642,437.00
Auric Pacific Group
Ltd -396,370.00 326,461.00 273,359.00 -533,295.00 -280,877.00
Luzhou Bio-Chem
Technology Limited 59,469.00 -9,346.00 -409,935.00 -1,251,030.00 1,393,505.00
YEO Hiap Seng Ltd 185,713.00 -1,156,699.00 -261,147.00 660,506.00 -50,111.00
Samudera Shipping
Line Ltd -131,767.00 -414,552.00 277,918.00 -316,551.00 1,002,911.00
Multi-Chem Limited -285,986.00 91,462.00 670,632.00 9,808.00 671,372.00
BRC Asia Ltd -744,347.00 -505,378.00 -769,694.00 3,060,038.00 -190,843.00
TT INternational
Limited 10,672,219.00 1,236,668.00 -1,174,329.00 -728,798.00 -7,958,830.00

167
 Table 5
Panel G: Change in Cash for Singapore
Companies 2015 2014 2013 2012 2011
Wilmar
International
Limited -152,598,978.00 -190,841,928.00 166,850,311.00 4,168,875.00 49,722,185.00
Flex Ltd. 1,234,776.00 6,739,220.00 -315,980.00 -10,651,447.00 -12,018,638.00
Raffemet PTE Ltd -2,482,971,630.00 2,329,141,141.00 2,353,637,815.00 2,238,583,622.00 -57,847,140.00
UNipec Singapore
PTE. LTD. 19,410,683.00 17,465,297.00 46,653,468.00 -316,122,977.00 253,034,685.00
Jardin Cycle &
Carriage Limited 24,230,423.00 7,967,007.00 20,847,491.00 -15,246,342.00 29,261,576.00

Olam INternational
Limited 15,410,043.00 293,305.00 17,384,757.00 6,190,133.00 10,048,078.00
Broadcom Limited 13,452,480.00 29,449,789.00 -2,197,779.00 9,058,879.00 11,445,112.00
China Aviation Oil
(Singapore)
Corporation Ltd 3,835,281.00 1,706,294.00 -842,020.00 -526,035.00 1,323,716.00
Singapore
Telecommunication
s Ltd 167,444,081.00 -3,905,920.00 -7,767,810.00 -16,061,747.00 -48,200,357.00
Singapore Airlines
Ltd -8,126,492.00 6,541,048.00 -4,168,122.00 -87,377,359.00 119,562,997.00
Louis Dreyfus
Company Asia
Pte Ltd 4,538,812,256.00 607,579,126.00 -3,104,148,535.00 1,490,263,588.00 -1,903,360,106.00
CWT Limited 12,239,251.00 6,006,041.00 -949,672.00 3,212,418.00 247,121.00
Neptune Orient
Lines Ltd 11,168,593.00 -325,232,857.00 359,851,975.00 -32,888,605.00 27,446,175.00

Jabil Circuit
(Singapore) Pte Ltd -5,997,795,299.00 4,221,885,116.00 70,072,671.00 379,331,103.00 1,330,603,002.00
Keppel
Corporation Ltd -135,580,835.00 -4,717,449.00 60,380,938.00 29,061,086.00 -41,453,835.00
Comfortdelgro
Corporation Ltd -1,605,145.00 -1,445,658.00 5,945,522.00 3,908,691.00 -29,729.00
Hong Leong Asia
Limited 6,815,411.00 -8,844,304.00 1,852,666.00 -377,063,923.00 370,894,999.00
Sembcorp Marine
Limited -14,028,267.00 -22,592,605.00 12,059,502.00 -19,760,173.00 -32,129,448.00
Venture
Corporations
Limited 2,040,887.00 -441,539.00 -1,544,771.00 -2,067,114.00 2,283,004.00

Sony Electronic
(Singapore) Pte Ltd 33,002,770.00 -99,679,069.00 18,110,006.00 -55,915,189.00 43,246,294.00
Cosco Shipping
International
(Singapore) Co.,
Ltd -302,688.00 -18,495,475.00 14,206,594.00 3,454,704.00 23,991,054.00
Starhub Limited -3,070,241.00 -478,793.00 -1,104,045.00 4,452,165.00 -2,040,102.00
Serial System Ltd 363,678.00 853,602.00 261,050.00 348,799.00 90,808.00

Fraser & Neave Ltd 19,444,006.00 5,851,242.00 -51,724,461.00 4,620,022.00 -9,954,673.00

Sats Ltd 1,206,602.00 -1,183,943.00 -2,781,817.00 5,671,157.00 4,073,363.00

Halcyon Agri
Corporation Limited -128,717.00 1,115,769.00 1,851,301.00 119,525.00 194,641.00
Indofood Agri
Resources Limited -6,145,689,070.00 -957,634,492.00 -7,892,263,573.00 -9,923,358,013.00 13,141,742,160.00

168
 Table 5
Panel H: Change in Cash for Singapore
Companies 2015 2014 2013 2012 2011
Excelpoint
Technology LGT -22,770.00 148,533.00 -83,689.00 55,727.00 -136,569.00
Smrt Corporation
Ltd -649,638.00 -12,253,205.00 11,302,552.00 -6,392,723.00 2,468,708.00
Hi-P INternational
LTD -2,987,578.00 2,331,230.00 -1,111,473.00 -5,496,752.00 4,015,125.00
Singapore Post
Ltd 5,055,657.00 8,690,000.00 -17,681,326.00 10,059,491.00 904,513.00
China XLX
Fertiliser LTD. -1,062,037.00 1,252,429.00 3,708,062.00 -450,381.00 2,490,631.00
STA Engineering
Company LTD -17,149,735.00 1,907,301.00 185,730.00 -2,985,465.00 6,161,728.00
SBS Transit LTD -22,261.00 -166,495.00 -279,494.00 427,228.00 -2,097,884.00
M1 Limited -436,638.00 -1,141,955.00 1,520,503.00 -8,989.00 100,510.00
LSI Technology
(Singapore) Pte.
LTd. -1,219,528,064.00 -257,069,764.00 1,757,660,015.00 -74,968,020.00 -11,200,025,951.00
GP Industries
Limited -1,173,244.00 1,477,674.00 2,280,273.00 -491,592.00 326,074.00
Hyflux Ltd -4,542,369.00 6,444,374.00 -8,188,609.00 -5,618,082.00 14,713,004.00
Marubeni-Itochu
Steel PTE Ltd -3,263,002.00 -138,910,063.00 -1,176,712,277.00 623,699,560.00 -526,429,379.00
QAF Ltd 557,293.00 299,871.00 297,244.00 22,811.00 212,562.00
OUE LImited 1,591,924.00 -9,431,359.00 5,621,822.00 7,675,325.00 4,967,013.00
First Resources
Limited -5,968,168.00 3,569,460.00 -4,584,609.00 7,429,254.00 69,389.00
Sheg Siong
Group Ltd. -204,740.00 906,793.00 -554,662.00 -70,793.00 1,198,017.00
Courts Asia
Limited -386,325.00 1,174,108.00 905,364.00 32,293.00 281,736.00
GP Batteries
International LTD -717,380.00 1,235,738.00 -480,847.00 -3,122.00 78,271.00
Chip ENG SEng
Corporation LTD 5,134,407.00 -351,243.00 1,827,454.00 2,528,291.00 1,069,866.00
Sino Grandness
Food Industry
Group Limited -591,278.00 965,484.00 -241,330.00 337,728.00 352,789.00
Pan UNited
Corporation
Limited -362,351.00 -959,784.00 -262,768.00 -37,541.00 -173,322.00
Bumitama Agri
Ltd. 930,893,055.00 -637,611,613.00 -2,037,086,008.00 2,482,787,922.00 -462,056,507.00
The Hour Glass
Ltd -954,317.00 1,536,134.00 781,506.00 91,193.00 104,377.00
Sunningdale Tech
Ltd 558,586.00 700,993.00 1,005,797.00 114,548.00 -954,543.00
Elec & Eltek
International
Company Limited -478,625.00 89,136.00 -868,430.00 -742,995.00 -419,095.00
Toray
International
Singapore Pte.
LTd. -47,213,489.00 -705,161,463.00 749,044,049.00 30,500,720.00 -54,250,468.00
Breadtalk Group
Limited 183,424.00 435,410.00 174,807.00 -327,282.00 516,208.00

169
 Table 5
Panel I: Change in Cash for Singapore
Companies 2015 2014 2013 2012 2011
GMG Global LTd -152,993.00 -1,055,004.00 -1,846,178.00 -10,836,874.00 12,175,540.00

Aspial Corporation
Limited 3,214,228.00 3,953,831.00 792,994.00 623,855.00 299,506.00
Broadway
INdustrial Group
Ltd 5,993,557.00 397,547.00 -163,288.00 781,337.00 -1,221,646.00
Osim INternational
Ltd -2,575,526.00 5,201,142.00 2,732,525.00 563,932.00 4,421,404.00
Hotel Proporties
Ltd 364,946.00 774,814.00 699,601.00 432,690.00 96,970.00
Delfi Limited -2,033,473.00 -1,064,517.00 7,375,560.00 522,355.00 -1,038,859.00
Golden Energy
and Resources
Limited 2,029,028.00 5,645.00 -559,799.00 -1,033,037.00 938,478.00
Citic Envirotech
Ltd. 14,327,254.00 -1,355,218.00 3,112,802.00 -1,115,275.00 1,433,742.00
Straits Trading CO
Ltd -4,940,744.00 9,242,095.00 2,461,400.00 -3,414,051.00 8,142,119.00
Sanmina-SCie
Systems
Singapore Pte. ltd. -123,820,992.00 -242,225,183.00 -24,486,435.00 -262,088,258.00 455,441,257.00
Telechoice
International Ltd 204,576.00 -433,985.00 -19,615.00 693,597.00 -139,168.00
Falcon Energy
Group Limited 3,933,514.00 1,461,067.00 586,762.00 -586,369.00 -1,590,413.00
Vital Solutions
PTE Ltd -2,331,338.00 163,240,445.00 56,747,674.00 -35,759,338.00 122,606,109.00
Super Group Ltd 718,320.00 -24,143.00 -336,879.00 -328,164.00 -735,655.00
Boustead
Singapore Limited 1,313,271.00 597,296.00 834,857.00 -587,826.00 172,884.00
Frencken Group
Limited -142,808.00 -55,368.00 -1,003,779.00 494,205.00 -607,001.00
YHI International
Limited -161,498.00 -110,546.00 585,890.00 -535,003.00 467,654.00
Lian Beng Group
Limited 2,477,802.00 -530,686.00 -578,653.00 1,071,114.00 5,029,861.00
NSL Ltd. 1,417,255.00 -6,386,163.00 11,548,277.00 -45,614.00 -334,615.00
Parkson Retail
Asia Limited -483,143.00 -764,093.00 -266,133.00 2,917,698.00 -792,000.00
Auric Pacific
Group Ltd -106,736.00 -396,852.00 -52,852.00 -18,167.00 139,309.00

Luzhou Bio-Chem
Technology Limited 814,552.00 -87,164.00 -297,349.00 63,695.00 248,306.00
YEO Hiap Seng
Ltd -677,277.00 -2,238,880.00 291,499.00 2,306,597.00 629,460.00
Samudera
Shipping Line Ltd -146,838.00 770,328.00 343,388.00 -214,686.00 -626,325.00

Multi-Chem Limited -249,074.00 52,401.00 -73,787.00 -132,130.00 457,195.00

BRC Asia Ltd -339,679.00 169,909.00 -263,899.00 539,992.00 -407,144.00
TT INternational
Limited 115,127.00 -2,689,213.00 2,859,430.00 18,930.00 185,402.00

170
 Table 5
Panel J: Change in Current Portion of Long-term Debts for Singapore
Companies 2015 2014 2013 2012 2011
Wilmar
International
Limited 119,297,915.00 -217,824,637.00 76,136,718.00 -42,884,120.00 128,326,748.00
Flex Ltd. 602,128.00 -15,591,236.00 15,365,361.00 771,774.00-11,243,409.00
Raffemet PTE Ltd 11,467,500,753.00 -39,098,397,248.00 38,462,912,317.00 2,988,090,792.00 -1,761,583,235.00
UNipec
Singapore PTE.
LTD. 0.00 -156,364,879,961.00 114,783,409,232.00 -14,954,371,597.00 54,779,207,450.00
Jardin Cycle &
Carriage Limited -1,228,254,299.00 1,215,538,481.00 24,921,862.00 6,524,291.00 18,808,122.00
Olam
INternational
Limited 26,016,348.00 56,306,771.00 -3,112,763.00 -23,216,022.00 51,823,630.00

Broadcom Limited 92,644.00 2,064,296.00 0.00 0.00 -9,931,860.00

China Aviation
Oil (Singapore)
Corporation Ltd 0.00 -1,270,640.00 1,202,014.00 -1,249,214.00 1,317,840.00
Singapore
Telecommunicatio
ns Ltd -21,975,285.00 -163,009,088.00 1,332,709.00 -104,676,122.00 71,672,603.00
Singapore
Airlines Ltd 2,733,822.00 -2,126,827.00 2,337,455.00 23,567.00 58,520.00
Louis Dreyfus
Company Asia
Pte Ltd -3,040,121,993.00 17,861,529,239.00 -6,174,172,341.00 -2,815,805,684.00 626,277,244.00
CWT Limited 24,563,892.00 -2,202,641.00 -9,682,109.00 19,618,853.00 9,031,250.00
Neptune Orient
Lines Ltd -484,680.00 745,367.00 8,881,406.00 -1,204,323.00 17,619,195.00
Jabil Circuit
(Singapore) Pte
Ltd 21,949,694.00 22,261,050.00 20,570,314.00 -2,769,170,454.00 3,118,571,002.00
Keppel
Corporation Ltd -32,054,460.00 42,481,758.00 -15,701,987.00 6,550,048.00 13,930,948.00
Comfortdelgro
Corporation Ltd -3,117,749.00 -331,879.00 4,440,848.00 -3,471,771.00 284,714.00
Hong Leong Asia
Limited 11,200,131.00 -68,356.00 -4,372,189.00 -8,647,943.00 24,606,442.00
Sembcorp
Marine Limited 15,871,699.00 8,819,208.00 4,720,372.00 -75,406.00 913,211.00
Venture
Corporations
Limited -2,085,878.00 27,452.00 43,275.00 2,792,397.00 1,349.00
Sony Electronic
(Singapore) Pte
Ltd -431,804,366.00 -3,624,799,443.00 5,083,537,308.00 -227,584,501.00 -9,648,502,397.00
Cosco Shipping
International
(Singapore) Co.,
Ltd 53,771,098.00 12,741,512.00 15,958,881.00 -6,683,728.00 38,383,624.00
Starhub Limited -2,166,666.00 6,753,500.00 0.00 -2,532,944.00 -8,724,512.00

Serial System Ltd -324,710.00 637,441.00 971,798.00 -258,422.00 332,867.00

Fraser & Neave
Ltd -728,042.00 -28,883,863.00 -2,302,238.00 6,922,859.00 -38,506,590.00
Sats Ltd -108,037.00 -76,295.00 -118,457.00 -4,675,883.00 5,042,289.00
Halcyon Agri
Corporation
Limited 6,438,139.00 1,672,745.00 -218,862.00 177,039.00 646,815.00
Indofood Agri
Resources
Limited -2,016,737,162.00 3,370,798,416.00 2,295,557,451.00 -4,759,048,637.00 2,425,649,721.00

171
 Table 5
Panel K: Change in Current Portion of Long-term Debts for Singapore
Companies 2015 2014 2013 2012 2011
Excelpoint
Technology LGT 0.00 -2,082,435.00 2,061,730.00 -10,467.00 -95,066.00
Smrt Corporation
Ltd -5,292,010.00 5,505,492.00 77,261.00 -3,442,340.00 3,442,340.00
Hi-P INternational
LTD 3,116,671.00 3,516,822.00 -1,225,249.00 829,235.00 3,921,501.00
Singapore Post Ltd 50,863.00 -9,915,628.00 10,416,278.00 0.00 0.00
China XLX Fertiliser
LTD. 3,336,726.00 2,004,598.00 -2,645,224.00 2,446,461.00 0.00
STA Engineering
Company LTD -294,000.00 107,218.00 102,950.00 25,278.00 58,554.00
SBS Transit LTD -3,866,684.00 5,680,406.00 1,062,988.00 -920,334.00 962,519.00
M1 Limited 10,046,432.00 1,755,910.00 -9,157,518.00 7,357,439.00 -448,687.00
LSI Technology
(Singapore) Pte.
LTd. 82,550,007.00 897,314.00 146,043,747.00 0.00 0.00
GP Industries
Limited -1,570,083.00 351,290.00 4,420,069.00 9,494.00 -2,535,316.00
Hyflux Ltd 16,823,100.00 654,030.00 2,552,197.00 973,397.00 -1,256,875.00
Marubeni-Itochu
Steel PTE Ltd 1,764,615,573.00 1,052,907,887.00 648,938,353.00 -642,083,350.00 265,776,502.00
QAF Ltd -134,727.00 -496,972.00 -715,703.00 819,189.00 458,150.00
OUE LImited -16,688,392.00 9,655,564.00 -16,212,881.00 26,612,431.00 -14,515,501.00
First Resources
Limited 890,704.00 358,676.00 -1,656,001.00 -2,233,384.00 3,171,339.00
Sheg Siong Group
Ltd. 0.00 0.00 0.00 0.00 -109,065.00
Courts Asia Limited 15,100.00 -164,595.00 -2,103,166.00 789,896.00 50,743.00
GP Batteries
International LTD -1,282,349.00 116,915.00 -448,420.00 -331,711.00 1,117,516.00
Chip ENG SEng
Corporation LTD 3,935,857.00 -9,782,495.00 5,722,453.00 2,029,656.00 -1,827,319.00
Sino Grandness
Food Industry
Group Limited -3,019,023.00 651,786.00 3,023,626.00 -239,592.00 474,749.00
Pan UNited
Corporation Limited 1,209,968.00 -751,275.00 1,570,466.00 42,556.00 -170,361.00
Bumitama Agri Ltd. 4,667,065,959.00 82,343,714.00 -1,347,124,876.00 849,942,271.00 1,285,689,813.00
The Hour Glass Ltd -238,338.00 62,330.00 1,251,226.00 -387,010.00 30,519.00
Sunningdale Tech
Ltd -622,916.00 1,198,014.00 173,610.00 138,086.00 -42.00
Elec & Eltek
International
Company Limited -71,226.00 156,316.00 -76,631.00 -680,127.00 508,853.00
Toray International
Singapore Pte. LTd. -674,635,419.00 -23,055,221.00 470,853,339.00 -268,594,043.00 249,965,170.00
Breadtalk Group
Limited 164,552.00 1,513,964.00 -478,590.00 726,221.00 436,722.00

172
 Table 5
Panel L: Change in Current Portion of Long-term Debts for Singapore
Companies 2015 2014 2013 2012 2011
GMG Global LTd 1,057,100.00 -345,446.00 -165,280.00 1,338,813.00 1,985,466.00
Aspial Corporation
Limited 11,799,622.00 1,467,210.00 -263,216.00 2,646,870.00 -1,042,483.00
Broadway
INdustrial Group
Ltd 70,313.00 -221,577.00 273,267.00 845,539.00 502,881.00
Osim INternational
Ltd 0.00 -4,390,081.00 4,390,081.00 0.00 -54,788.00
Hotel Proporties
Ltd -1,401,245.00 -5,258,079.00 9,559,897.00 -2,081,467.00 -6,764,893.00
Delfi Limited 9,733.00 979,823.00 -15,712,452.00 951,856.00 -2,929,418.00
Golden Energy
and Resources
Limited -1,212,491.00 9,947.00 24,704.00 -598,486.00 903,387.00
Citic Envirotech
Ltd. 9,204,954.00 1,415,883.00 -539,377.00 610,240.00 32,822.00
Straits Trading CO
Ltd -1,602,761.00 2,879,974.00 -1,875,530.00 -727,088.00 -2,344,899.00
Sanmina-SCie
Systems
Singapore Pte. ltd. 0.00 0.00 0.00 0.00 0.00
Telechoice
International Ltd -191,467.00 328,168.00 -61,173.00 -152,270.00 271,395.00
Falcon Energy
Group Limited 5,491,889.00 412,133.00 191,575.00 722,127.00 444,464.00
Vital Solutions
PTE Ltd 270,024,844.00 -983,286,356.00 844,326,395.00 36,088,195.00 356,615,060.00
Super Group Ltd 237,146.00 675,350.00 -22,557.00 -34,519.00 -8,359.00
Boustead
Singapore Limited 153,805.00 -65,684.00 159,497.00 24,771.00 -8,763.00
Frencken Group
Limited 667,508.00 93,851.00 -328,434.00 982,789.00 -213,353.00
YHI International
Limited -214,583.00 72,057.00 528,689.00 -346,184.00 976,376.00
Lian Beng Group
Limited 358,545.00 1,724,641.00 71,383.00 -939,316.00 30,185.00
NSL Ltd. 69,315.00 -192,773.00 146,046.00 89,631.00 -110,177.00
Parkson Retail
Asia Limited 24,656.00 0.00 -1,859.00 -34,516.00 36,375.00
Auric Pacific
Group Ltd -225,223.00 87,149.00 14,545.00 33,281.00 -352,761.00

Luzhou Bio-Chem
Technology Limited 292,132.00 126,736.00 196,726.00 -196,043.00 64,097.00

YEO Hiap Seng Ltd -81,042.00 -165,933.00 -67,747.00 -50,292.00 -550,063.00

Samudera
Shipping Line Ltd -30,686.00 12,934.00 44,154.00 -263,031.00 667,420.00

Multi-Chem Limited -470,643.00 106,203.00 255,171.00 238,426.00 276,788.00

BRC Asia Ltd -150,146.00 46,800.00 103,346.00 -704,727.00 -135,111.00
TT INternational
Limited 8,974,774.00 169,844.00 -93,395.00 -110,616.00 -4,829,429.00

173
 Table 5
Panel M: Depreciation for Singapore
Companies 2015 2014 2013 2012 2011
Wilmar
International
Limited 34,395,475.00 29,527,307.00 27,069,799.00 22,452,853.00 21,132,003.00
Flex Ltd. 1,435,040.00 22,202,602.00 24,844,699.00 24,846,260.00 23,565,379.00

Raffemet PTE Ltd 14,595,507.00 5,507,040.00 4,222,893.00 1,951,561.00 1,586,332.00

UNipec
Singapore PTE.
LTD. 26,678,055.00 24,872,162.00 26,453,376.00 7,093,663.00 4,421,954.00
Jardin Cycle &
Carriage Limited 47,349,948.00 40,525,621.00 32,617,641.00 30,214,332.00 28,100,714.00
Olam
INternational
Limited 11,634,080.00 8,500,226.00 6,887,908.00 4,999,931.00 3,886,185.00
Broadcom
Limited 79,478,552.00 27,374,359.00 8,074,473.00 6,395,765.00 6,755,396.00
China Aviation
Oil (Singapore)
Corporation Ltd 73,485.00 66,836.00 79,901.00 36,414.00 27,060.00
Singapore
Telecommunicati
ons Ltd 70,339,317.00 76,130,878.00 70,031,763.00 68,460,706.00 67,769,343.00
Singapore
Airlines Ltd 51,685,437.00 69,402,003.00 53,381,361.00 55,661,947.00 58,922,530.00
Louis Dreyfus
Company Asia
Pte Ltd 45,541,790.00 47,316,758.00 37,175,721.00 22,217,496.00 16,412,785.00
CWT Limited 1,734,457.00 1,393,517.00 1,245,052.00 1,158,224.00 917,331.00
Neptune Orient
Lines Ltd 18,263,760.00 18,062,657.00 14,736,343.00 12,807,376.00 12,722,559.00
Jabil Circuit
(Singapore) Pte
Ltd 1,067,390,589.00 1,163,234,039.00 1,232,252,442.00 912,849,774.00 629,682,824.00
Keppel
Corporation Ltd 7,340,169.00 8,952,980.00 8,808,104.00 7,404,796.00 8,102,042.00
Comfortdelgro
Corporation Ltd 13,023,273.00 12,011,100.00 12,074,935.00 11,079,924.00 10,817,358.00
Hong Leong Asia
Limited 5,367,130.00 5,161,194.00 4,408,089.00 6,023,492.00 4,439,372.00
Sembcorp
Marine Limited 4,441,323.00 3,887,754.00 3,531,462.00 3,164,495.00 2,913,831.00
Venture
Corporations
Limited 1,439,332.00 1,392,909.00 1,471,878.00 1,493,719.00 1,589,675.00
Sony Electronic
(Singapore) Pte
Ltd 1,520,381,936.00 2,140,517,734.00 745,927,679.00 739,573,662.00 555,731,805.00
Cosco Shipping
International
(Singapore) Co.,
Ltd 5,003,986.00 5,188,613.00 6,445,874.00 6,299,531.00 5,541,675.00
Starhub Limited 9,053,577.00 9,157,746.00 9,459,870.00 9,174,352.00 9,382,023.00
Serial System
Ltd 223,331.00 248,740.00 213,276.00 239,943.00 195,003.00
Fraser & Neave
Ltd 3,303,356.00 2,686,443.00 3,649,331.00 3,713,800.00 3,253,823.00
Sats Ltd 2,220,469.00 2,756,375.00 3,058,960.00 3,330,311.00 2,662,581.00
Halcyon Agri
Corporation
Limited 433,644.00 231,205.00 44,903.00 32,295.00 31,452.00
Indofood Agri
Resources
Limited 4,498,466,999.00 2,921,243,282.00 2,978,453,236.00 2,663,375,900.00 2,463,091,787.00

174
 Table 5
Panel N: Depreciation for Singapore
Companies 2015 2014 2013 2012 2011
Excelpoint
Technology LGT 38,299.00 44,795.00 33,768.00 24,702.00 22,222.00
Smrt Corporation
Ltd 6,285,108.00 6,114,958.00 4,956,935.00 5,174,639.00 4,106,023.00
Hi-P INternational
LTD 3,470,015.00 2,734,323.00 3,533,428.00 2,362,673.00 2,295,759.00
Singapore Post Ltd 1,124,212.00 1,080,547.00 1,195,517.00 1,033,409.00 883,132.00
China XLX
Fertiliser LTD. 2,857,061.00 2,409,384.00 1,374,851.00 1,196,471.00 1,212,442.00
STA Engineering
Company LTD 1,395,038.00 1,322,857.00 1,149,892.00 1,351,121.00 1,354,010.00
SBS Transit LTD 2,847,507.00 2,396,750.00 2,173,348.00 1,920,082.00 1,610,682.00
M1 Limited 3,951,282.00 3,863,306.00 4,038,539.00 3,737,547.00 3,615,963.00
LSI Technology
(Singapore) Pte.
LTd. 26,486,819.00 40,388,854.00 60,917,593.00 569,938,813.00 800,635,796.00
GP Industries
Limited 802,274.00 783,971.00 1,722,413.00 1,214,248.00 148,988.00
Hyflux Ltd 741,733.00 1,100,145.00 1,478,056.00 796,569.00 1,237,326.00
Marubeni-Itochu
Steel PTE Ltd 16,389,813.00 18,324,278.00 28,558,106.00 24,210,281.00 24,340,979.00
QAF Ltd 1,211,258.00 1,245,616.00 1,334,892.00 1,225,929.00 1,174,982.00
OUE LImited 131,834.00 410,073.00 779,886.00 682,302.00 239,144.00
First Resources
Limited 2,285,051.00 1,293,848.00 1,157,296.00 967,023.00 963,209.00
Sheg Siong Group
Ltd. 447,375.00 369,248.00 353,613.00 283,243.00 207,870.00

Courts Asia Limited 450,336.00 450,174.00 320,894.00 265,278.00 240,723.00

GP Batteries
International LTD 700,920.00 1,496,559.00 1,010,513.00 897,144.00 952,151.00
Chip ENG SEng
Corporation LTD 203,222.00 131,592.00 136,791.00 103,224.00 52,719.00
Sino Grandness
Food Industry
Group Limited 179,618.00 363,017.00 259,771.00 110,322.00 51,103.00

Pan UNited
Corporation Limited 929,876.00 846,720.00 680,198.00 694,860.00 710,035.00

Bumitama Agri Ltd. 1,223,690,136.00 546,888,899.00 429,606,570.00 40,918,383.00 353,487,199.00

The Hour Glass Ltd 248,827.00 235,636.00 193,300.00 200,190.00 150,809.00

Sunningdale Tech
Ltd 1,162,320.00 828,216.00 996,814.00 942,517.00 1,647,798.00
Elec & Eltek
International
Company Limited 1,876,452.00 2,059,253.00 1,975,535.00 1,911,556.00 2,140,787.00
Toray International
Singapore Pte.
LTd. 21,099,745.00 8,727,866.00 4,120,470.00 5,479,964.00 6,209,675.00
Breadtalk Group
Limited 1,722,682.00 1,657,039.00 1,409,749.00 1,056,448.00 836,749.00

175
 Table 5
Panel O: Depreciation for Singapore
Companies 2015 2014 2013 2012 2011
GMG Global LTd 609,165.00 620,343.00 530,244.00 480,096.00 454,782.00
Aspial Corporation
Limited 165,693.00 174,430.00 184,002.00 201,768.00 214,355.00

Broadway
INdustrial Group Ltd 1,326,079.00 1,380,280.00 1,548,997.00 1,315,754.00 1,132,192.00
Osim INternational
Ltd 746,127.00 565,802.00 406,803.00 404,798.00 526,041.00

Hotel Proporties Ltd 1,726,785.00 1,662,543.00 1,641,981.00 1,801,977.00 1,735,472.00

Delfi Limited 370,206.00 384,414.00 367,348.00 305,315.00 1,067,450.00

Golden Energy and

Resources Limited 1,495,187.00 1,654,961.00 98,559.00 83,010.00 1,025,722.00
Citic Envirotech
Ltd. 532,473.00 427,197.00 222,535.00 65,180.00 58,521.00
Straits Trading CO
Ltd 129,232.00 122,914.00 492,229.00 1,355,245.00 1,225,033.00
Sanmina-SCie
Systems
Singapore Pte. ltd. 201,841,716.00 220,253,550.00 222,234,794.00 246,258,507.00 246,466,901.00
Telechoice
International Ltd 97,107.00 114,067.00 110,078.00 102,147.00 106,215.00
Falcon Energy
Group Limited 638,701.00 626,119.00 632,697.00 406,629.00 338,792.00
Vital Solutions
PTE Ltd 20,829,398.00 13,540,701.00 7,338,577.00 5,641,031.00 5,764,304.00
Super Group Ltd 830,601.00 575,871.00 518,977.00 409,328.00 339,492.00
Boustead
Singapore Limited 299,074.00 299,248.00 175,590.00 141,327.00 124,957.00
Frencken Group
Limited 643,391.00 739,407.00 763,775.00 612,072.00 403,076.00
YHI International
Limited 493,610.00 556,218.00 615,611.00 511,575.00 431,951.00
Lian Beng Group
Limited 524,495.00 412,419.00 320,113.00 246,229.00 160,410.00
NSL Ltd. 429,228.00 455,726.00 904,778.00 554,804.00 394,903.00
Parkson Retail
Asia Limited 686,656.00 732,763.00 695,370.00 622,875.00 542,366.00
Auric Pacific
Group Ltd 547,034.00 1,122,267.00 637,929.00 417,091.00 382,597.00
Luzhou Bio-Chem
Technology Limited 583,030.00 1,670,859.00 777,740.00 580,667.00 766,406.00

YEO Hiap Seng Ltd 413,949.00 395,823.00 370,848.00 303,982.00 301,353.00

Samudera
Shipping Line Ltd 1,666,941.00 1,062,331.00 1,132,066.00 1,043,599.00 959,827.00
Multi-Chem Limited 179,103.00 174,240.00 196,042.00 190,860.00 252,585.00
BRC Asia Ltd 193,591.00 178,762.00 121,604.00 82,434.00 51,613.00
TT INternational
Limited 488,737.00 279,293.00 178,783.00 180,523.00 238,898.00

176
 Table 5
Panel P: Changes in Taxes Payable for Singapore
Companies 2015 2014 2013 2012 2011
Wilmar
International
Limited -694,711.00 -3,090,561.00 3,320,458.00 -2,893,036.00 8,335,103.00
Flex Ltd. 1,560,619.00 530,619.00 -1,222,568.00 1,418,885.00 2,455,583.00

Raffemet PTE Ltd -55,540,957.00 505,301.00 67,077,678.00 -84,480,879.00 75,528,641.00

UNipec
Singapore PTE.
LTD. 284,612,852.00 -69,733,552.00 235,670,744.00 -17,465,118.00 47,914,863.00
Jardin Cycle &
Carriage Limited -5,514,843.00 -2,425,519.00 -2,414,093.00 583,422.00 25,077.00
Olam
INternational
Limited 989,480.00 134,687.00 2,467,152.00 -1,193,103.00 327,010.00
Broadcom
Limited 3,070,004.00 -197,228.00 -216,922.00 520,534.00 775,890.00
China Aviation
Oil (Singapore)
Corporation Ltd 25,847.00 -14,677.00 123,440.00 -136,029.00 66,594.00
Singapore
Telecommunicati
ons Ltd -2,585,889.00 4,233,801.00 9,320,237.00 -10,357,231.00 2,127,905.00
Singapore
Airlines Ltd 3,194,948.00 -3,346,802.00 -428,109.00 -7,543,168.00 9,106,027.00
Louis Dreyfus
Company Asia
Pte Ltd -19,665,742.00 -42,089,639.00 -156,421,248.00 -144,038,701.00 271,401,579.00
CWT Limited -6,803.00 334,202.00 -50,995.00 127,986.00 -47,917.00
Neptune Orient
Lines Ltd -1,341,069.00 -948,317.00 202,850.00 313,524.00 -910,961.00
Jabil Circuit
(Singapore) Pte
Ltd 105,337,258.00 60,452,648.00 -54,743,202.00 -10,767,363.00 29,609,465.00
Keppel
Corporation Ltd -2,121,545.00 1,664,644.00 -2,906,450.00 1,873,976.00 -4,101,840.00
Comfortdelgro
Corporation Ltd -167,823.00 62,905.00 175,277.00 119,338.00 98,181.00
Hong Leong
Asia Limited 312,379.00 12,433.00 361,735.00 503,533.00 -1,264,869.00
Sembcorp
Marine Limited -5,160,081.00 -122,577.00 598,369.00 -971,598.00 -3,203,582.00
Venture
Corporations
Limited 359,979.00 246,258.00 183,691.00 89,220.00 -29,204.00
Sony Electronic
(Singapore) Pte
Ltd -241,976,444.00 140,270,315.00 674,568,790.00 -1,054,417,637.00 212,420,093.00
Cosco Shipping
International
(Singapore) Co.,
Ltd 760,766.00 -591,108.00 -1,728,398.00 -491,036.00 1,032,475.00
Starhub Limited -625,436.00 152,577.00 310,505.00 255,839.00 321,456.00
Serial System
Ltd -28,892.00 76,726.00 36,736.00 -6,107.00 -65,921.00
Fraser & Neave
Ltd -1,270,372.00 -2,164,148.00 -2,743,495.00 -2,548,062.00 1,256,613.00
Sats Ltd -83,821.00 -115,852.00 23,228.00 -70,483.00 23,317.00
Halcyon Agri
Corporation
Limited 142,861.00 66,130.00 11,545.00 41,978.00 16,473.00
Indofood Agri
Resources
Limited -1,530,727,906.00 1,011,568,679.00 -1,169,389,411.00 -1,732,203,139.00 768,716,478.00

177
 Table 5
Panel Q: Changes in Taxes Payable for Singapore
Companies 2015 2014 2013 2012 2011
Excelpoint
Technology LGT 37,271.00 -29,261.00 10,530.00 -10,209.00 20,550.00
Smrt Corporation
Ltd 194,286.00 -250,075.00 -205,417.00 -129,920.00 116,869.00
Hi-P INternational
LTD 244,378.00 9,116.00 13,125.00 -332,435.00 -239,557.00
Singapore Post
Ltd -141,754.00 212,759.00 -80,631.00 -70,004.00 208,100.00
China XLX
Fertiliser LTD. 153,991.00 -25,920.00 -19,498.00 90,530.00 100,977.00
STA Engineering
Company LTD -167,730.00 -229,426.00 -14,394.00 -135,909.00 403,541.00
SBS Transit LTD 30,646.00 46,672.00 -133,646.00 -113,274.00 -101,735.00
M1 Limited -62,179.00 250,644.00 -98,876.00 116,616.00 -12,137.00
LSI Technology
(Singapore) Pte.
LTd. -11,136,767.00 -55,430,333.00 -163,413,773.00 16,232,148.00 638,261,034.00
GP Industries
Limited -5,591,870.00 5,841,601.00 166,430.00 -46,541.00 8,909.00
Hyflux Ltd -29,073.00 -500,595.00 -79,328.00 172,284.00 -181,454.00
Marubeni-Itochu
Steel PTE Ltd 9,476,854.00 -99,066,249.00 2,524,926.00 14,027,969.00 42,840,829.00
QAF Ltd 87,123.00 15,306.00 45,113.00 -211,068.00 51,637.00
OUE LImited -1,306,172.00 497,857.00 1,145,975.00 -116,606.00 -3,818,453.00
First Resources
Limited -1,043,954.00 178,776.00 -222,594.00 -111,642.00 628,182.00
Sheg Siong
Group Ltd. 21,473.00 49,194.00 58,556.00 27,185.00 210,923.00
Courts Asia
Limited -197,736.00 18,132.00 30,104.00 384,416.00 -83,460.00
GP Batteries
International LTD 152,602.00 13,911.00 109,668.00 -3,409.00 -152,117.00
Chip ENG SEng
Corporation LTD -1,105,716.00 1,029,943.00 -500,364.00 304,149.00 520,299.00
Sino Grandness
Food Industry
Group Limited 146,808.00 137,110.00 422,053.00 256,642.00 192,951.00
Pan UNited
Corporation
Limited -2,957.00 -170,793.00 -46,632.00 112,927.00 218,840.00
Bumitama Agri
Ltd. -883,783,095.00 513,477,666.00 922,739,168.00 -1,319,558,950.00 -164,158,643.00
The Hour Glass
Ltd -5,676.00 136,101.00 -68,903.00 66,882.00 115,202.00
Sunningdale
Tech Ltd 5,072.00 -172,649.00 81,029.00 -1,325.00 -114,728.00
Elec & Eltek
International
Company Limited 79,498.00 40,087.00 -74,371.00 -67,630.00 -81,278.00
Toray
International
Singapore Pte.
LTd. 11,517,853.00 -6,235,675.00 2,884,329.00 0.00 0.00
Breadtalk Group
Limited 130,939.00 8,848.00 23,543.00 14,518.00 -6,720.00

178
 Table 5
Panel R: Changes in Taxes Payable for Singapore
Companies 2015 2014 2013 2012 2011
GMG Global LTd 23,629.00 -168,813.00 -68,399.00 -256,451.00 220,205.00
Aspial
Corporation
Limited -127,346.00 -273,704.00 116,239.00 104,333.00 288,234.00
Broadway
INdustrial Group
Ltd 486,467.00 -249,628.00 172,969.00 -80,402.00 -51,736.00
Osim
INternational Ltd -298,988.00 49,073.00 39,322.00 -21,340.00 340,102.00
Hotel Proporties
Ltd -9,291.00 -60,900.00 226,372.00 229,675.00 39,779.00
Delfi Limited -380,192.00 -206,190.00 382,919.00 -25,146.00 186,681.00
Golden Energy
and Resources
Limited 3,808.00 108,647.00 373,587.00 -480,688.00 190,668.00
Citic Envirotech
Ltd. 60,321.00 205,464.00 96,258.00 145,477.00 20,490.00
Straits Trading
CO Ltd -197,001.00 1,479,249.00 -1,774,231.00 -153,024.00 173,618.00
Sanmina-SCie
Systems
Singapore Pte.
ltd. -9,368,408.00 -24,005,844.00 99,605,911.00 9,678,112.00 15,708,585.00
Telechoice
International Ltd -2,967.00 22,691.00 -5,704.00 -12,067.00 -7,055.00
Falcon Energy
Group Limited -139,644.00 246,965.00 -38,711.00 46,628.00 -19,372.00
Vital Solutions
PTE Ltd -1,347,116.00 -2,184,167.00 11,192,484.00 -20,107,133.00 10,445,825.00
Super Group Ltd 216,715.00 -61,698.00 97,049.00 80,980.00 -120,598.00

Boustead
Singapore Limited 144,274.00 166,178.00 -36,081.00 -54,028.00 131,098.00
Frencken Group
Limited 11,650.00 7,224.00 -46,614.00 162,738.00 -102,297.00
YHI International
Limited -43,681.00 7,562.00 -145,235.00 -15,722.00 41,624.00
Lian Beng Group
Limited -212,992.00 217,525.00 -111,377.00 20,299.00 181,460.00
NSL Ltd. -18,677.00 -133,293.00 133,373.00 -236,237.00 32,841.00
Parkson Retail
Asia Limited -66,155.00 -39,053.00 -76,103.00 32,135.00 226,077.00
Auric Pacific
Group Ltd 30,467.00 -31,087.00 470,257.00 -511,041.00 18,304.00
Luzhou Bio-
Chem
Technology
Limited 55,118.00 -23,072.00 -41,700.00 -12,258.00 75,373.00
YEO Hiap Seng
Ltd 74,425.00 -53,562.00 -344,535.00 238,835.00 89,287.00
Samudera
Shipping Line Ltd -34,249.00 -3,429.00 -20,552.00 30,752.00 6,661.00
Multi-Chem
Limited 24,645.00 -10,498.00 -23,409.00 -13,857.00 -20,471.00
BRC Asia Ltd -2,068,073.00 1,893,331.00 170,332.00 5,808.00 -47,725.00
TT INternational
Limited -38,214.00 -13,056.00 -53,045.00 88,692.00 -143,097.00

179
 Table 5
Panel S: Total Assets from the Prior Year for Singapore
Companies 2015 2014 2013 2012 2011
Wilmar
International
Limited 1,943,434,449.00 2,071,104,494.00 1,726,774,177.00 1,741,986,972.00 1,496,095,182.00
Flex Ltd. 562,456,763.00 433,597,071.00 474,453,574.00 505,251,069.00 485,640,917.00
Raffemet PTE Ltd 47,590,365,449.00 83969370923 29,643,936,205.00 28,795,502,385.00 38,892,618,698.00
UNipec Singapore
PTE. LTD. 306,422,211,651.00 250,396,015,950.00 134,430,217,413.00 128,535,910,777.00 24,534,257,879.00
Jardin Cycle &
Carriage Limited 920,096,226.00 853,188,478.00 854,631,029.00 838,822,706.00 637,872,852.00
Olam INternational
Limited 571,579,397.00 526,590,956.00 459,047,295.00 445,135,376.00 257,927,431.00
Broadcom Limited 470,794,101.00 147,456,279.00 118,094,706.00 105,246,491.00 93,143,572.00
China Aviation Oil
(Singapore)
Corporation Ltd 61,514,126.00 76,454,169.00 67,980,806.00 52,461,496.00 42,037,265.00
Singapore
Telecommunication
s Ltd 1,403,603,931.00 1,316,214,622.00 1,382,402,790.00 135,230,240.00 1,234,532,917.00
Singapore Airlines
Ltd 808,268,108.00 738,309,382.00 753,936,520.00 844,905,088.00 731,396,874.00
Louis Dreyfus
Company Asia Pte
Ltd 82,659,843,783.00 92,540,899,963.00 61,874,398,723.00 59,761,300,943.00 29,433,814,730.00
CWT Limited 147,110,922.00 142,238,422.00 74,569,909.00 54,166,189.00 25,695,451.00
Neptune Orient
Lines Ltd 405,997,920.00 401,015,551.00 338,597,790.00 305,820,050.00 283,104,631.00

Jabil Circuit
(Singapore) Pte Ltd 56,478,878,212.00 45,704,739,745.00 24,500,897,914.00 11,688,579,421.00 11,688,579,421.00
Keppel Corporation
Ltd 1,065,527,595.00 1,054,999,048.00 983,307,905.00 847,669,418.00 697,149,816.00
Comfortdelgro
Corporation Ltd 176,627,669.00 178,480,885.00 163,145,232.00 154,989,133.00 149,283,958.00
Hong Leong Asia
Limited 177,670,815.00 191,160,164.00 167,582,420.00 184,551,389.00 162,443,734.00
Sembcorp Marine
Limited 278,190,858.00 254,489,796.00 194,814,658.00 170,607,129.00 179,872,962.00
Venture
Corporations
Limited 83,217,306.00 85,730,813.00 79,880,562.00 86,303,638.00 86,728,480.00

Sony Electronic
(Singapore) Pte Ltd 24,020,325,105.00 26,336,572,113.00 18,357,921,272.00 24,833,134,837.00 70,640,207,240.00
Cosco Shipping
International
(Singapore) Co.,
Ltd 335,827,830.00 30,602,690.00 248,921,452.00 236,425,298.00 206,250,709.00
Starhub Limited 67,102,779.00 66,085,701.00 60,890,764.00 58,193,536.00 61,108,499.00
Serial System Ltd 18,971,327.00 15,255,143.00 11,004,443.00 11,766,401.00 9,482,635.00
Fraser & Neave Ltd 94,648,516.00 487,291,239.00 500,720,559.00 467,278,874.00 450,548,490.00
Sats Ltd 72,100,300.00 65,947,443.00 72,596,531.00 79,857,705.00 62,102,781.00

Halcyon Agri
Corporation Limited 28,598,917.00 4,790,094.00 2,558,394.00 2,507,630.00 1,166,332.00
Indofood Agri
Resources Limited 144,213,404,898.00 137,177,945,353.00 148,827,043,107.00 160,827,066,442.00 137,451,661,443.00

180
 Table 5
Panel T: Total Assets from the Prior Year for Singapore
Companies 2015 2014 2013 2012 2011
Excelpoint
Technology LGT 10,097,407.00 6,661,714.00 5,597,432.00 4,989,359.00 4,772,323.00
Smrt Corporation
Ltd 73,982,350.00 73,225,065.00 60,058,126.00 55,305,078.00 51,499,230.00
Hi-P INternational
LTD 42,154,572.00 36,030,765.00 35,390,712.00 36,342,439.00 29,223,423.00
Singapore Post Ltd 62,130,035.00 51,164,533.00 48,916,707.00 37,619,714.00 34,965,730.00
China XLX Fertiliser
LTD. 69,914,811.00 53,151,264.00 33,513,800.00 29,195,362.00 21,172,912.00
STA Engineering
Company LTD 60,937,008.00 53,748,078.00 54,701,424.00 55,819,398.00 50,778,637.00
SBS Transit LTD 39,844,065.00 36,036,081.00 31,314,000.00 25,153,211.00 23,754,153.00
M1 Limited 34,707,251.00 34,626,176.00 32,830,209.00 33,048,701.00 31,840,237.00
LSI Technology
(Singapore) Pte.
LTd. 28,819,888,197.00 20,299,477,102.00 10,261,579,230.00 24,354,764,967.00 34,713,412,572.00
GP Industries
Limited 34,222,377.00 34,565,912.00 18,042,898.00 19,432,938.00 20,503,952.00
Hyflux Ltd 92,580,865.00 84,121,056.00 73,721,525.00 68,641,591.00 46,328,045.00
Marubeni-Itochu
Steel PTE Ltd 8,651,891,416.00 7,433,138,482.00 7,239,339,889.00 7,337,573,912.00 8,454,239,330.00
QAF Ltd 23,337,193.00 24,131,337.00 23,953,543.00 23,235,705.00 21,329,371.00
OUE LImited 226,050,797.00 225,288,705.00 198,216,743.00 187,351,575.00 160,867,758.00
First Resources
Limited 89,138,296.00 79,069,088.00 79,537,634.00 65,895,249.00 54,201,836.00
Sheg Siong Group
Ltd. 11,650,531.00 8,713,856.00 8,137,196.00 8,145,440.00 5,973,982.00
Courts Asia Limited 26,700,031.00 21,648,255.00 19,211,683.00 17,559,616.00 15,512,434.00
GP Batteries
International LTD 21,977,432.00 21,448,042.00 24,760,639.00 23,905,604.00 24,517,766.00
Chip ENG SEng
Corporation LTD 67,816,083.00 61,032,867.00 38,905,179.00 33,453,026.00 28,720,484.00
Sino Grandness
Food Industry
Group Limited 19,921,206.00 13,491,480.00 8,762,763.00 5,922,538.00 3,745,889.00
Pan UNited
Corporation Limited 25,073,856.00 19,968,710.00 19,097,601.00 17,828,343.00 16,696,845.00
Bumitama Agri Ltd. 49,574,114,833.00 43,090,035,269.00 38,858,257,465.00 31,513,897,626.00 27,122,519,428.00
The Hour Glass Ltd 16,888,582.00 14,170,980.00 12,269,228.00 10,826,468.00 8,937,925.00
Sunningdale Tech
Ltd 20,196,748.00 14,672,521.00 13,429,568.00 13,814,236.00 13,242,162.00
Elec & Eltek
International
Company Limited 27,887,181.00 26,364,720.00 25,669,559.00 25,186,396.00 29,174,121.00

Toray International
Singapore Pte. LTd. 2,919,648,189.00 4,540,187,292.00 3,009,994,817.00 1,898,717,299.00 1,839,480,335.00
Breadtalk Group
Limited 17,425,820.00 16,436,374.00 11,999,346.00 8,858,717.00 6,957,442.00

181
 Table 5
Panel U: Total Assets from the Prior Year for Singapore
Companies 2015 2014 2013 2012 2011
GMG Global LTd 35,078,086.00 39,095,903.00 36,214,181.00 35,311,160.00 20,472,898.00
Aspial Corporation
Limited 55,590,121.00 44,774,949.00 32,383,241.00 19,233,891.00 13,120,525.00

Broadway
INdustrial Group Ltd 19,037,712.00 19,983,737.00 17,927,088.00 16,615,502.00 14,846,111.00
Osim INternational
Ltd 28,838,425.00 23,867,303.00 15,854,122.00 14,558,550.00 8,148,777.00

Hotel Proporties Ltd 109,111,070.00 105,801,497.00 95,383,702.00 91,038,624.00 92,249,609.00

Delfi Limited 20,991,941.00 20,692,304.00 50,244,766.00 46,003,377.00 46,248,163.00

Golden Energy and

Resources Limited 1,642,664.00 2,330,580.00 6,463,972.00 11,396,724.00 11,565,716.00

Citic Envirotech Ltd. 45,128,722.00 28,076,648.00 18,668,926.00 13,718,135.00 7,648,500.00

Straits Trading CO
Ltd 67,268,341.00 68,127,137.00 72,666,862.00 76,488,921.00 68,584,009.00
Sanmina-SCie
Systems
Singapore Pte. ltd. 15,265,401,192.00 17,745,644,360.00 17,269,594,184.00 17,526,107,942.00 16,515,391,517.00
Telechoice
International Ltd 6,305,777.00 6,011,177.00 5,952,555.00 5,734,517.00 4,603,393.00
Falcon Energy
Group Limited 25,881,700.00 15,888,242.00 16,179,385.00 13,092,300.00 10,324,352.00
Vital Solutions PTE
Ltd 4,403,463,844.00 4,598,231,294.00 3,796,381,226.00 3,358,765,721.00 3,421,606,552.00
Super Group Ltd 21,311,379.00 21,029,729.00 18,726,757.00 16,968,899.00 15,233,581.00
Boustead
Singapore Limited 24,456,014.00 19,978,705.00 19,419,671.00 16,739,941.00 16,878,927.00
Frencken Group
Limited 11,895,008.00 11,762,356.00 11,978,135.00 9,540,383.00 9,664,240.00
YHI International
Limited 15,084,145.00 15,678,742.00 14,931,772.00 14,984,624.00 12,237,426.00
Lian Beng Group
Limited 33,801,699.00 29,146,749.00 19,811,862.00 1,991,607.00 13,308,674.00
NSL Ltd. 24,760,844.00 31,445,659.00 25,344,611.00 24,788,535.00 22,921,258.00
Parkson Retail
Asia Limited 14,717,161.00 14,960,632.00 13,830,660.00 10,129,516.00 9,715,152.00
Auric Pacific Group
Ltd 10,795,234.00 10,863,756.00 12,193,539.00 12,461,340.00 12,759,291.00
Luzhou Bio-Chem
Technology Limited 9,047,539.00 11,436,604.00 11,650,172.00 12,776,983.00 10,432,451.00

YEO Hiap Seng Ltd 24,292,037.00 30,186,177.00 28,495,492.00 22,683,692.00 21,568,966.00

Samudera Shipping
Line Ltd 19,520,830.00 20,291,513.00 19,913,119.00 21,923,761.00 19,272,273.00
Multi-Chem Limited 6,370,172.00 6,181,068.00 5,333,581.00 5,452,587.00 4,595,046.00
BRC Asia Ltd 10,031,996.00 9,192,586.00 8,737,623.00 4,981,746.00 4,786,180.00
TT INternational
Limited 17,727,353.00 12,138,235.00 9,526,456.00 10,675,487.00 11,672,625.00

182
 Table 5
Panel V: OPACITY for Singapore
Companies 2015 2014 2013 2012 2011
Wilmar
International
Limited 0.1018126581 -0.0109422036 -0.0079281716 -0.0221739649 -0.1860258788
Flex Ltd. 0.0121262654 0.5556978589 -0.6577890042 -0.0294825126 -0.0073339825
Raffemet PTE Ltd 0.2397554532 -0.4012798118 1.3007643794 0.0728086765 -0.0159982220
UNipec
Singapore PTE.
LTD. 0.0162282235 -0.6134960162 0.8497987211 -0.1138437914 2.2420620700
Jardin Cycle &
Carriage Limited -1.3822132773 1.3962196580 -0.0690653311 0.0027407770 -0.0043334922
Olam
INternational
Limited 0.1024744634 0.0101085481 0.0040942012 -0.0008959656 0.2297760295

Broadcom Limited -0.2094848423 0.0794005659 -0.0078225691 -0.0508772212 -0.0705476058

China Aviation Oil
(Singapore)
Corporation Ltd -0.0183990585 -0.0225637401 0.0657081647 -0.0039032627 0.0313119086
Singapore
Telecommunicatio
ns Ltd -0.1721121063 -0.1920638669 -0.0827489837 -0.5079032988 0.0296592083
Singapore
Airlines Ltd -0.1117480006 -0.0954669786 -0.0644059808 -0.0194455191 -0.1797132879
Louis Dreyfus
Company Asia
Pte Ltd 6.9662471506 -6.5289472633 -6.4187588090 7.2029074651 -17.7471302815
CWT Limited -0.1605808371 -0.0759591315 0.8152486950 -0.5092284598 0.4605791508
Neptune Orient
Lines Ltd -0.1980426993 0.7954853701 -1.1055985156 0.1624849156 0.0799169795
Jabil Circuit
(Singapore) Pte
Ltd 0.0449359506 -8.0969748926 15.0194229804 0.1837157743 -0.3980710303
Keppel
Corporation Ltd -0.0022401954 0.0796890596 0.0322699175 0.0403853734 0.0593488559
Comfortdelgro
Corporation Ltd -0.0507432162 -0.0998527377 -0.0913989629 -0.0696608323 -0.0970855824
Hong Leong Asia
Limited -0.0674821748 0.0186424406 0.0082560987 2.5777774450 -2.8647119993
Sembcorp Marine
Limited 0.1205879346 0.1617829345 -0.0938754824 0.0869221825 0.0978835329
Venture
Corporations
Limited -0.0216112620 -0.0257889191 0.0247848406 -0.0140046124 -0.0357599949
Sony Electronic
(Singapore) Pte
Ltd -0.0972633152 -0.1794310976 0.2186878005 -0.0994884428 -0.1804944383
Cosco Shipping
International
(Singapore) Co.,
Ltd 0.0527455512 1.5674451168 0.0506767733 0.1262538030 0.0414814235
Starhub Limited -0.0606388150 -0.1590206632 -0.1485357451 -0.2193373333 -0.1865262310
Serial System Ltd -0.0239787127 -0.0528403437 0.0359943706 -0.1100027952 0.0943148186
Fraser & Neave
Ltd -0.0323298783 -0.4223288837 0.0908548754 0.0634884769 -0.0244763533
Sats Ltd -0.0417138209 -0.0441583004 -0.0558330122 -0.0146624549 -0.0293135826
Halcyon Agri
Corporation
Limited 0.0742100829 0.9775966818 0.0042432870 0.0295203040 0.2451043099
Indofood Agri
Resources
Limited -0.0094350811 -0.0122678078 -0.0396267115 -0.0149760817 -0.0084839018

183
 Table 5
Panel W:OPACITY for Singapore
Companies 2015 2014 2013 2012 2011
Excelpoint
Technology LGT 0.0160927454 -0.2318020557 0.4067132928 -0.0157186524 0.0237215712
Smrt Corporation
Ltd -0.1466935289 0.0275802009 -0.0678320532 -0.2539749786 -0.0962495750
Hi-P INternational
LTD -0.0345707934 -0.0805459723 -0.0841084520 0.0273596387 -0.0846110670
Singapore Post Ltd -0.4307981478 -0.3564665195 0.2795467610 -0.0190323350 -0.0374873340
China XLX Fertiliser
LTD. 2.0589252540 -0.1230077802 -0.2448252362 0.0099872370 -0.1216275777
STA Engineering
Company LTD 0.1870425440 -0.0046771161 -0.0157242159 -0.0162458219 -0.0682264079
SBS Transit LTD -0.0367586490 -0.1106781284 -0.0828606374 -0.0808580662 -0.0773216372
M1 Limited 0.1493056019 -0.2991784308 -0.1446801633 -0.1259349951 -0.1126393312
LSI Technology
(Singapore) Pte.
LTd. -0.0243177267 -0.1122646185 0.0035121948 -0.4772517426 0.9700921293
GP Industries
Limited 0.1566453727 -0.2866491704 0.1986726301 -0.0694141051 -0.0842351270
Hyflux Ltd 0.0774942533 -0.0049654631 0.0168925968 -0.0323545094 -0.1034839264
Marubeni-Itochu
Steel PTE Ltd 0.2157276077 0.1629877463 0.1797625808 -0.2028458730 0.1195178225
QAF Ltd -0.0503836087 -0.0687372606 -0.0539201236 -0.0637116025 -0.0786815983
OUE LImited -0.0412775231 0.0196150446 0.0048319783 0.0106819705 0.0270684384
First Resources
Limited 0.0177653834 -0.0263216897 -0.0134784246 0.0153358249 -0.0007669113
Sheg Siong Group
Ltd. -0.0512516554 -0.0974907091 -0.0435798769 -0.0247184928 0.0041051346

Courts Asia Limited 0.0114988631 0.0730228834 0.0104331828 -0.0132288200 -0.0012105773

GP Batteries
International LTD -0.0112888530 -0.1491550138 -0.0517776621 -0.0144138169 -0.0227892704
Chip ENG SEng
Corporation LTD -0.1006443707 0.1437511366 0.1680366514 0.0120150865 0.2526425390
Sino Grandness
Food Industry
Group Limited -0.3168766991 0.0839796672 0.1835403970 0.2055480269 -0.0173448813
Pan UNited
Corporation Limited -0.0288354133 -0.0247903345 -0.0290615560 -0.0216250607 -0.0735567708
Bumitama Agri Ltd. 0.0952530902 -0.0408449994 -0.0358429751 0.0879349866 -0.0321840775
The Hour Glass Ltd 0.0628744320 -0.0057470267 0.0781205631 0.0685872807 0.0747704864
Sunningdale Tech
Ltd -0.0606309491 0.0397301186 -0.0568906610 -0.0396389637 -0.0684171512
Elec & Eltek
International
Company Limited -0.0651571774 -0.0715479626 -0.0908624102 -0.1037347304 -0.0902043630

Toray International
Singapore Pte. LTd. -0.1898278903 0.1688784294 -0.0854987436 -0.1542015592 0.1753692491
Breadtalk Group
Limited -0.0834632746 -0.0910989249 -0.1392107537 -0.2947864798 -0.0890528444

184
 Table 5
Panel X: OPACITY for Singapore
Companies 2015 2014 2013 2012 2011
GMG Global LTd -0.0243960574 -0.0652393935 0.0109641579 -0.0062769391 0.1317012374
Aspial Corporation
Limited 0.1219912797 0.0400552997 0.2618458418 0.6626447036 0.1984633237
Broadway INdustrial
Group Ltd -0.4127377807 -0.0933879384 -0.0612581921 -0.1811737015 0.1350000684
Osim INternational
Ltd 0.0074948615 0.0010368578 -0.0721477985 -0.0300645325 -0.0767053755
Hotel Proporties Ltd 0.0206088438 -0.1033079333 0.0525450040 -0.0150444387 -0.0402834987
Delfi Limited -0.0022244251 0.0630236730 -0.4951680141 0.1072184983 -0.0572857997
Golden Energy and
Resources Limited 3.1237788130 -0.9932132774 0.0770400924 -0.1788470968 -0.0976732439

Citic Envirotech Ltd. 0.0578240173 0.0587884280 -0.0957221642 -0.0442447169 0.1049577041

Straits Trading CO
Ltd -0.0306769123 -0.0116601260 0.0327630495 -0.0489013697 -0.0540780140
Sanmina-SCie
Systems Singapore
Pte. ltd. 0.0129536839 -0.1432664706 0.0498110240 -0.0042027923 0.0378343471
Telechoice
International Ltd 0.0690991768 -0.0715199369 -0.0190874339 -0.1073752157 0.0132515299
Falcon Energy
Group Limited 0.0436454329 -0.0612739912 -0.0387975192 0.0389186010 -0.0304430728
Vital Solutions PTE
Ltd 0.1285141046 -0.2489632241 0.2726990759 0.0329676257 0.0966263301
Super Group Ltd -0.0431331074 0.0205381629 0.0710646269 -0.0392694305 -0.0632182938
Boustead
Singapore Limited 0.0399510321 -0.0811701259 0.0721562173 -0.0818841596 0.0083675343
Frencken Group
Limited 0.0249206222 0.4627655378 -0.5645169302 -0.0470996814 -0.0388822091
YHI International
Limited -0.0128058965 -0.0410627332 -0.0200170482 -0.0200957995 0.0550307720
Lian Beng Group
Limited 0.0086125848 -0.1424088155 0.2179568988 -1.1470350325 -0.2209304248
NSL Ltd. -0.0995194671 0.0106100813 -0.0329973500 -0.0182584005 0.0226920791
Parkson Retail Asia
Limited -0.2028613399 -0.0593271728 -0.0483397032 -0.0488321456 -0.0854507475
Auric Pacific Group
Ltd -0.0554633647 -0.0996105767 -0.1759243973 0.0475125468 -0.0512757331
Luzhou Bio-Chem
Technology Limited -0.0646484088 -0.1964382084 -0.0195368789 -0.0401904738 -0.0887823964
YEO Hiap Seng Ltd -0.0201300945 -0.0131071252 -0.0574458234 -0.1098095936 -0.0451955370
Samudera Shipping
Line Ltd 0.2053539219 -0.3122127463 -0.0776584522 -0.0355579501 -0.0241269413
Multi-Chem Limited -0.0286044082 -0.0008521181 0.0597789740 0.0609925160 -0.0723866529
BRC Asia Ltd 0.1568560235 -0.1312084543 0.0454296323 -0.2540121475 0.0995545508
TT INternational
Limited -0.1140444938 -0.0687978936 0.0651347154 -0.0665594928 0.1331914629

185
 Table 5
Panel Y: EARNINGS MANAGEMENT for Philippines
Companies 2015 2014 2013 2012 2011

Wilmar
International Limited 196,476,805.00 -28,843,569.00 -7,049,246.00 -44,412,830.00 -261,642,215.00
Flex Ltd. 9,941,738.00 242,010,202.00 -314,535,480.00 -12,058,301.00 1,349,484.00
Raffemet PTE Ltd 11,298,967,723.00 -33,694,202,759.00 38,693,931,638.00 1,927,600,660.00 -471,155,467.00
UNipec Singapore
PTE. LTD. 5,541,913,832.00 -153,756,425,369.00 114,709,968,321.00 -14,667,945,646.00 55,103,158,731.00
Jardin Cycle &
Carriage Limited -1,282,798,906.00 1,186,387,487.00 -63,853,561.00 3,465,870.00 -2,714,063.00
Olam INternational
Limited 60,551,252.00 5,592,444.00 6,813,736.00 -2,785,032.00 59,919,561.00
Broadcom Limited -92,484,220.00 11,313,656.00 -1,357,648.00 -4,313,581.00 -5,019,276.00
China Aviation Oil
(Singapore)
Corporation Ltd -1,080,108.00 -1,754,446.00 4,713,774.00 -476,829.00 1,449,455.00
Singapore
Telecommunication
s Ltd -246,749,007.00 -244,329,668.00 -95,751,952.00 -89,398,347.00 40,871,079.00
Singapore Airlines
Ltd -83,932,449.00 -77,177,770.00 -49,414,239.00 -31,515,954.00 -113,229,683.00
Louis Dreyfus
Company Asia Pte
Ltd 575,789,569,737.00 -604,278,834,833.00 -397,469,684,348.00 430,167,043,283.00 -521,822,941,538.00
CWT Limited -23,636,801.00 -10,135,903.00 60,691,031.00 -27,326,993.00 11,738,955.00
Neptune Orient
Lines Ltd -83,087,062.00 317,105,370.00 -373,947,514.00 50,318,193.00 20,802,945.00
Jabil Circuit
(Singapore) Pte Ltd 2,748,606,599.00 -369,949,224,893.00 367,879,862,765.00 2,125,841,693.00 -4,593,665,923.00
Keppel Corporation
Ltd -6,630,080.00 87,401,170.00 25,918,365.00 37,981,398.00 33,171,364.00
Comfortdelgro
Corporation Ltd -9,298,302.00 -17,695,995.00 -14,560,751.00 -10,557,996.00 -14,296,958.00
Hong Leong Asia
Limited -11,364,855.00 3,588,558.00 2,107,047.00 476,739,474.00 -467,884,252.00
Sembcorp Marine
Limited 23,226,299.00 40,926,952.00 -17,091,582.00 12,886,348.00 11,199,437.00
Venture
Corporations
Limited -1,078,473.00 -1,718,389.00 2,347,209.00 -1,030,209.00 -3,159,818.00
Sony Electronic
(Singapore) Pte Ltd -2,820,249,339.00 -4,445,059,412.00 5,363,791,005.00 -4,579,445,188.00 -12,325,324,340.00

Cosco Shipping
International
(Singapore) Co., Ltd 19,234,956.00 46,785,821.00 9,157,740.00 28,867,521.00 10,620,523.00
Starhub Limited -5,319,905.00 -10,203,838.00 -8,423,445.00 -12,252,337.00 -10,755,426.00
Serial System Ltd -512,692.00 -652,635.00 469,570.00 -1,306,551.00 762,511.00
Fraser & Neave Ltd -5,600,719.00 -210,125,461.00 40,005,914.00 24,570,700.00 -8,514,558.00
Sats Ltd -3,175,221.00 -3,143,831.00 -4,006,827.00 -1,311,876.00 -1,773,821.00
Halcyon Agri
Corporation Limited 2,408,050.00 4,815,040.00 33,946.00 157,982.00 318,819.00
Indofood Agri
Resources Limited -4,422,120,985.00 340,264,695.00 -8,236,305,127.00 -5,872,965,572.00 371,306,560.00

186
 Table 5
Panel Z: EARNINGS MANAGEMENT for Philippines
Companies 2015 2014 2013 2012 2011
Excelpoint
Technology LGT 237,037.00 -1,602,721.00 2,297,610.00 -98,844.00 154,307.00
Smrt Corporation
Ltd -10,464,160.00 1,519,412.00 -4,484,700.00 -14,305,946.00 -4,723,041.00
Hi-P INternational
LTD -968,561.00 -2,883,901.00 -2,950,408.00 329,446.00 -2,951,739.00
Singapore Post Ltd -27,049,012.00 -17,812,925.00 13,513,245.00 -855,999.00 -894,572.00
China XLX Fertiliser
LTD. 144,257,352.00 -6,589,859.00 -8,244,020.00 472,641.00 -2,373,256.00
STA Engineering
Company LTD 11,062,353.00 -710,238.00 -888,925.00 -1,178,650.00 -2,657,362.00
SBS Transit LTD -1,403,322.00 -3,895,062.00 -2,861,990.00 -2,260,388.00 -2,040,180.00
M1 Limited 5,057,629.00 -9,858,117.00 -4,947,632.00 -3,928,756.00 -3,610,737.00
LSI Technology
(Singapore) Pte.
LTd. -723,107,700.00 -2,389,773,718.00 -290,786,881.00 -11,590,889,726.00 34,951,730,385.00
GP Industries
Limited -5,822,963.00 1,774,912.00 3,917,490.00 -1,442,002.00 -1,709,335.00
Hyflux Ltd 7,116,339.00 -1,418,890.00 1,086,692.00 -1,876,297.00 -5,157,116.00
Marubeni-Itochu
Steel PTE Ltd 1,885,405,545.00 1,013,377,991.00 1,306,412,274.00 -1,460,340,648.00 1,096,113,934.00
QAF Ltd -1,001,566.00 -1,628,110.00 -1,201,352.00 -1,902,520.00 -1,574,955.00
OUE LImited -11,943,161.00 5,414,762.00 3,249,729.00 1,768,072.00 -3,282,467.00
First Resources
Limited -504,332.00 -1,723,680.00 -1,517,230.00 787,274.00 1,214,796.00
Sheg Siong Group
Ltd. -554,163.00 -751,132.00 -237,506.00 -146,973.00 446,370.00
Courts Asia Limited -88,452.00 1,617,082.00 260,647.00 536,539.00 -185,699.00
GP Batteries
International LTD 57,104.00 -3,171,261.00 -1,062,712.00 -351,389.00 -862,976.00
Chip ENG SEng
Corporation LTD -9,036,739.00 10,833,430.00 5,536,768.00 1,010,239.00 8,296,614.00
Sino Grandness
Food Industry
Group Limited -6,018,950.00 1,407,230.00 2,452,427.00 1,730,650.00 320,930.00
Pan UNited
Corporation Limited -728,929.00 -836,617.00 -648,270.00 -159,685.00 -790,486.00
Bumitama Agri Ltd. 2,954,521,441.00 -733,057,132.00 452,682,781.00 132,056,265.00 -1,201,230,553.00
The Hour Glass Ltd 1,050,508.00 190,761.00 820,673.00 876,322.00 898,697.00
Sunningdale Tech
Ltd -1,214,404.00 237,643.00 -601,959.00 -550,232.00 -1,135,447.00
Elec & Eltek
International
Company Limited -1,658,054.00 -1,806,168.00 -2,481,140.00 -2,747,964.00 -2,794,189.00
Toray International
Singapore Pte. LTd. -531,194,950.00 754,268,349.00 -251,582,117.00 -292,785,168.00 322,588,285.00
Breadtalk Group
Limited -1,192,538.00 -1,479,640.00 -1,623,352.00 -2,582,394.00 -633,020.00

187
 Table 5
Panel AA: EARNINGS MANAGEMENT for Philippines
Companies 2015 2014 2013 2012 2011
GMG Global LTd -808,509.00 -2,888,219.00 260,260.00 -734,548.00 3,136,716.00
Aspial Corporation
Limited 6,526,818.00 1,246,066.00 8,711,895.00 12,953,902.00 3,180,411.00
Broadway INdustrial
Group Ltd -6,884,649.00 -2,365,496.00 -752,243.00 -3,171,096.00 1,900,754.00
Osim INternational
Ltd -381,836.00 122,893.00 -1,065,196.00 -480,376.00 55,149.00
Hotel Proporties Ltd 2,230,071.00 -11,051,934.00 5,464,681.00 -910,275.00 -3,636,579.00
Delfi Limited -807,079.00 891,725.00 -24,113,763.00 4,882,121.00 -2,276,001.00
Golden Energy and
Resources Limited 5,138,935.00 -2,097,469.00 1,245,159.00 -2,999,647.00 -748,325.00
Citic Envirotech Ltd. 2,730,166.00 2,061,510.00 -1,594,514.00 -316,001.00 843,749.00
Straits Trading CO
Ltd -2,457,587.00 2,164,127.00 -1,167,674.00 -4,046,461.00 -3,361,651.00
Sanmina-SCie
Systems Singapore
Pte. ltd. 179,006,365.00 -2,590,367,524.00 1,059,427,993.00 -54,302,367.00 656,266,225.00
Telechoice
International Ltd 429,790.00 -384,537.00 -125,027.00 -639,879.00 46,892.00
Falcon Energy
Group Limited 850,330.00 -479,606.00 -705,142.00 602,790.00 -353,049.00
Vital Solutions PTE
Ltd 563,212,981.00 -1,149,158,822.00 1,057,654,620.00 70,516,265.00 351,508,934.00
Super Group Ltd -485,796.00 308,516.00 1,524,908.00 -504,399.00 -1,204,237.00
Boustead Singapore
Limited 1,265,591.00 -1,289,318.00 1,329,088.00 -1,478,792.00 403,431.00
Frencken Group
Limited 319,731.00 5,457,661.00 -6,855,088.00 -123,873.00 -580,361.00
YHI International
Limited -280,528.00 -628,688.00 -589,360.00 -332,572.00 756,683.00
Lian Beng Group
Limited -134,864.00 -3,715,704.00 4,095,378.00 -2,243,845.00 -2,577,371.00
NSL Ltd. -2,501,540.00 67,055.00 -569,559.00 -925,073.00 585,813.00
Parkson Retail Asia
Limited -3,117,853.00 -965,678.00 -820,776.00 -430,376.00 -378,013.00
Auric Pacific Group
Ltd -537,806.00 -1,144,319.00 -1,204,627.00 -430,012.00 -617,634.00
Luzhou Bio-Chem
Technology Limited -474,673.00 -2,292,730.00 -311,008.00 -538,029.00 -775,472.00
YEO Hiap Seng Ltd -340,151.00 -502,778.00 -2,326,017.00 -2,013,217.00 -796,247.00
Samudera Shipping
Line Ltd 3,940,181.00 -6,342,127.00 -1,587,526.00 -718,060.00 -451,659.00
Multi-Chem Limited -132,925.00 -26,263.00 272,018.00 304,853.00 -373,562.00
BRC Asia Ltd -2,562,567.00 2,580,517.00 737,611.00 -1,253,808.00 381,036.00
TT INternational
Limited -2,098,135.00 -861,197.00 514,413.00 -533,171.00 1,268,500.00

188
 Table 6
Panel A: Change in Current Assets for Thailand
Companies 2015 2014 2013 2012 2011
PTT Public Company 222,441,796.00 -42,192,507.00 73,167,774.00 106,587,902.00 -1,968,931.00
Charoen Pokphand Foods PCL 11,142,312.00 29,794,466.00 21,317,387.00 38,138,901.00 22,876,956.00
CP All Public Company Limited -13,092,341.00 14,513,443.00 7,342,689.00 15,236,354.00 5,757,780.00
The Siam Cement PCL 7,159,756.00 3,885,189.00 9,069,570.00 11,982,409.00 -43,952,069.00
Thai Oil Public Company Limited -10,948,936.00 -42,515,198.00 36,740,796.00 18,347,968.00 7,879,983.00
Indorama Ventures Public Companly Limited -5,496,369.00 5,087,640.00 11,979,277.00 -13,305,900.00 55,885,191.00
Ek-Chai Distribution System Co LTD -4,044,070.00 -899,510.00 -14,766,915.00 21,766,738.00 2,138,535.00
Irpc Public Company Limited -12,718,469.00 -26,568,406.00 12,392,393.00 -2,932,916.00 5,090,241.00
Thai Airways International PCL 5,096,244.00 7,851,882.00 -17,138,471.00 14,110,743.00 -32,180,094.00
Isuzu Motors (Thailand) Co LTd 10,146,776.00 4,331,749.00 7,058,493.00 5,881,408.00 -9,010,117.00
Siam Makro PCL -915,635.00 1,313,235.00 2,495,054.00 -466,144.00 2,420,599.00
Star Petroleum Refining Public Company Limited -11,680,486.00 -30,270,457.00 4,316,164.00 -1,137,826.00 3,091,835.00
Advanced info Service PCl -3,286,527.00 5,633,796.00 -3,913,942.00 5,251,058.00 8,286,779.00
PTT Exploration & Production PCL -27,515,375.00 66,883,361.00 16,290,309.00 45,789,026.00 -3,562,948.00
Esso (Thailand) Public Company Limited -9,193,587.00 -16,796,417.00 -648,259.00 4,539,208.00 5,799,528.00
Bangchak Corporation PUblic Company Limited 462,437.00 -5,783,934.00 -404,375.00 6,522,332.00 -3,405,725.00
Thai Beverage Public Company Limited -808,558.00 -3,593,625.00 3,898,774.00 782,841.00 11,403,172.00
Berli Jucker PCL -1,697,475.00 -423,536.00 3,320,204.00 2,987,283.00 2,817,706.00
Thai Union Group Public Company Limited -8,075,836.00 7,201,640.00 10,179,636.00 9,652,404.00 5,859,778.00
TRI Petch Isuzu Sales CO Ltd -5,740,373.00 -15,252,694.00 22,382,288.00 11,449,845.00 1,854,449.00
True Corporation Public Company Limited -17,441,631.00 22,995,673.00 42,371,536.00 2,590,081.00 19,079,273.00
BIG C Supercenter PCL -14,452,395.00 8,050,778.00 -654,797.00 1,166,153.00 10,048,625.00
Boon Rawd Trading Co Ltd 5,149,227.00 4,257,602.00 6,026,631.00 -2,025,810.00 3,018,281.00
Cal-Comp Electronics (Thailand) PCL -9,743,467.00 11,471,373.00 4,542,275.00 -5,718,302.00 -4,927,750.00
Mtr Phol Sugar Corp Ltd -5,408,666.00 9,956,184.00 6,079,925.00 18,260,658.00 16,021,454.00
Total Access Communication Public Company Limited 1,732,253.00 3,936,909.00 5,746,527.00 -20,324,205.00 11,849,666.00
Banpu PCL -12,143,217.00 -6,838,721.00 -5,571,060.00 -13,838,409.00 25,013,418.00
SRI Trang Agro-Industry Public Company Limited 4,202,803.00 -12,064,935.00 6,456,087.00 -9,725,780.00 -2,198,244.00
SCG Packaging Public Company Limited 663,008.00 1,606,612.00 2,686,088.00 3,283,477.00 6,315,878.00
Home Product Center PCL 157,442.00 4,832,233.00 1,544,935.00 602,760.00 1,760,760.00

189
 Table 6
Panel B: Change in Current Assets for Thailand
Companies 2015 2014 2013 2012 2011
Minor INternational Public Company Limited 8,335,963.00 3,213,840.00 592,426.00 3,254,650.00 577,767.00
Glow Energy PCL -1,920,181.00 -338,644.00 -2,276,473.00 8,424,419.00 2,506,534.00
Airports Of Thailand PCL 1,219,991.00 5,715,644.00 9,547,882.00 5,774,766.00 3,845,164.00
Ratchaburi Electricity Generating Company Limited -8,472,804.00 5,428,270.00 -7,731,697.00 16,459,572.00 -1,938,954.00
Ptep International LTD 35,542,150.00 933,619.00 -6,508,810.00 11,926,688.00 2,465,072.00
Siamgas And Petrochemicals Public Company Limited 270,715.00 -2,741,536.00 -655,180.00 4,708,736.00 6,041,651.00
Italian-Thai Development PCL 1,441,729.00 7,338,701.00 2,744,765.00 1,907,168.00 -156,158.00
Delta Electronics (Thailand) PCL 4,840,972.00 2,870,201.00 5,707,669.00 2,901,642.00 -973,722.00
CH Karnchang Public Company Limited -662,340.00 3,849,837.00 14,425,563.00 38,187,834.00 -17,296,149.00
Mercedez-Benz (Thailand) Ltd 1,048,539.00 6,335,377.00 5,294,246.00 -2,117,542.00 1,976,354.00
Mitsubishi Electronic Consumer Products (THailand) CO Ltd1,191,725.00 3,133,581.00 3,372,994.00 41,430.00 4,023,249.00
Thai Paraxylene CO Ltd 1,623,203.00 -10,550,363.00 5,813,426.00 -154,440.00 1,233,405.00
Petroleum Thai Corporation Ltd 92,104.00 171,497.00 397,581.00 198,553.00 139,999.00
Central Department Store LTD -841,612.00 542,965.00 1,104,360.00 -325,341.00 -3,285,621.00
PTT REtail Management CO Ltd 17,651.00 -808,787.00 -737,077.00 -139,207.00 -623,527.00
Nidec Electronics(Thailand) CO Ltd 6,556,579.00 4,347,945.00 -7,292,388.00 10,028,297.00 -2,671,991.00
Siam City Cement PCL -606,801.00 -418,921.00 2,351,521.00 775,277.00 90,957.00
Khonkaen Brewery CO Ltd 667,148.00 -999,046.00 1,831,572.00 1,129,796.00 1,434,473.00
Saha Pathanapibul PCL 1,115,207.00 2,036,675.00 89,390.00 1,458,461.00 770,547.00
TBI Prolene PCL 3,302,442.00 1,798,576.00 2,480,940.00 -357,873.00 2,415,268.00
HMC Polymers CO ltd -2,525,059.00 -145,176.00 -282,534.00 2,273,965.00 -1,079,220.00
Thai Plastic & Chemical -1,896,556.00 -1,309,574.00 11,555,551.00 -9,037,884.00 -1,040,139.00
Land & HOuse PCL 9,140,304.00 14,003,582.00 8,487,834.00 1,182,558.00 1,942,148.00
NHK Spring (Thailand) Co Ltd -716,614.00 -525,504.00 1,376,462.00 4,945,778.00 -2,247,733.00
Thai Airaisa Co Ltd 1,364,350.00 -444,844.00 924,996.00 5,690,924.00 -1,975,380.00
Thai Vegetable Oil PCL 36,681.00 -497,198.00 -1,161,997.00 1,878,392.00 -409,140.00
Robinson Public Company Limited 695,128.00 -257,616.00 -2,110,338.00 1,547,074.00 -586,752.00
Bangchak Green Net Co Ltd -257,303.00 -125,090.00 191,553.00 334,662.00 -43,121.00
Pandora Production Co Ltd -4,996,378.00 3,211,327.00 4,692,695.00 -9,314,747.00 12,380,821.00

190
 Table 6
Panel C: Change in Current Assets for Thailand
Companies 2015 2014 2013 2012 2011
True Distribution & Sales CO Ltd 9,738,744.00 3,851,011.00 3,255,879.00 5,568,573.00 -459,024.00
Pathum Thani Brewery Co Ltd 341,451.00 -722,865.00 248,788.00 698,689.00 -488,543.00
Electricity Generating PCL -6,216,088.00 796,406.00 4,090,392.00 -1,199,680.00 848,989.00
Charoen Pokphand Group Co Ltd 13,729,257.00 -3,658,911.00 -7,539,638.00 5,231,105.00 3,708,228.00
Tipco Asphalt PCL 127,991.00 -7,862,583.00 1,330,970.00 3,256,206.00 5,919,884.00
Von-Bundit CO Ltd 75,680.00 -2,748,313.00 2,832,818.00 -2,209,785.00 -2,489,570.00
Synnex (Thailand) Public COmpany Limited -436,605.00 1,361,853.00 -426,179.00 552,421.00 641,176.00
Thai-Mc CO LTd 322,823.00 13,555.00 95,020.00 -615,983.00 515,429.00
Supalai PCL 9,859,412.00 9,643,176.00 8,339,190.00 3,372,719.00 1,827,230.00
Isuzu Engine Manufacturing Co (Thailand) Ltd 4,952,081.00 -3,294,100.00 904,861.00 44,095.00 1,302,810.00
G Steel Public Company Limited -2,929,611.00 2,649,455.00 1,097,543.00 -5,625,284.00 517,124.00
Hitachi Consumer Products (Thailand) Co Ltd 1,379,129.00 354,809.00 797,860.00 881,187.00 1,103,457.00
Hana Microelectronics Public Company Limited 438,804.00 2,511,225.00 2,825,315.00 -805,194.00 1,047,705.00
Tata Steel (Thailand) Public Company Limited -2,883,453.00 -2,054,160.00 -491,635.00 -1,511,117.00 -1,022,880.00
AP (THailand) Public Company Limited -2,166,035.00 783,029.00 6,214,294.00 -976,671.00 5,843,609.00
Central Plaza Hotel PCL -295,499.00 13,408.00 625,413.00 269,764.00 73,926.00
Sahaviriya Steel INdustries PCL -19,432,422.00 -6,963,904.00 -6,307,840.00 831,766.00 40,705,935.00
Siam Global House PCL 782,301.00 674,269.00 2,631,756.00 2,720,797.00 421,587.00
Susco Public Company Limited -432,314.00 -135,705.00 2,494,124.00 -779,017.00 65,365.00
Quality Houses PCL 5,662,181.00 3,800,034.00 763,006.00 7,747,431.00 7,429,545.00
Milcon Steel Public Company Limited -1,456,521.00 2,879,785.00 -659,030.00 1,314,544.00 934,015.00
Calsonic Kansei (Thailand) Co Ltd -911,919.00 -875,283.00 686,582.00 2,701,785.00 379,906.00
Energy Earth Public Company Limited 1,169,243.00 5,774,910.00 2,083,979.00 6,514,152.00 1,876,919.00
Sino-Thai Engineering & COnstruction PCL -4,772,481.00 -1,760,872.00 5,470,128.00 5,214,444.00 5,588,879.00
Thai Union Manufacturing CO Ltd -1,699,649.00 -1,102,963.00 1,281,450.00 2,081,453.00 -1,863,437.00
Thai Yamaha Moror Co LTd 938,151.00 1,342,553.00 -2,868,114.00 1,117,999.00 -865,452.00
Univentures PCL -789,653.00 14,895,339.00 2,183,379.00 2,089,197.00 1,840,239.00
Khon Kaen Sugar INdustry PCL -2,314,542.00 2,531,764.00 726,992.00 158,905.00 2,841,687.00
Beerthip Brewery (1991) Co Ltd -293,696.00 532,793.00 -33,087.00 2,303,356.00 662,559.00

191
 Table 6
Panel D: Change in Current Liabilities for Thailand
Companies 2015 2014 2013 2012 2011
PTT Public Company -54,037,467.00 -83,852,735.00 37,870,106.00 47,145,287.00 71,360,315.00
Charoen Pokphand Foods PCL 76,600,902.00 11,214,470.00 27,612,112.00 64,184,784.00 16,081,012.00
CP All Public Company Limited 7,626,775.00 -147,238,873.00 216,617,139.00 12,920,320.00 2,411,603.00
The Siam Cement PCL 37,109,616.00 7,751,728.00 -11,232,634.00 -14,787,193.00 26,628,503.00
Thai Oil Public Company Limited -24,457,062.00 -18,868,490.00 19,805,056.00 10,009,705.00 -2,555,864.00
Indorama Ventures Public Companly Limited 9,937,656.00 -6,651,123.00 8,122,128.00 35,678,085.00 -7,137,653.00
Ek-Chai Distribution System Co LTD -1,600,042.00 1,441,927.00 -13,155,632.00 30,286,627.00 8,977,097.00
Irpc Public Company Limited -16,060,879.00 -3,655,177.00 36,982,886.00 -8,257,863.00 11,964,414.00
Thai Airways International PCL -12,712,554.00 26,721,715.00 299,916.00 13,222,999.00 -19,546,452.00
Isuzu Motors (Thailand) Co LTd -6,229,597.00 -14,655,772.00 5,248,379.00 11,004,762.00 -8,535,063.00
Siam Makro PCL -377,824.00 4,650,702.00 4,973,939.00 174,439.00 4,853,411.00
Star Petroleum Refining Public Company Limited -5,556,873.00 -17,700,910.00 -5,052,285.00 25,362,018.00 525,858.00
Advanced info Service PCl 17,117,655.00 -3,497,998.00 12,775,514.00 7,582,288.00 -10,438,966.00
PTT Exploration & Production PCL -62,087,729.00 11,564,557.00 19,092,002.00 -40,094,981.00 53,219,441.00
Esso (Thailand) Public Company Limited -17,143,661.00 1,877,399.00 7,020,490.00 -3,071,344.00 12,178,718.00
Bangchak Corporation PUblic Company Limited -1,599,576.00 -6,788,176.00 -3,760,384.00 5,700,041.00 -5,454,023.00
Thai Beverage Public Company Limited -5,529,420.00 13,273,549.00 -5,635,535.00 11,698,817.00 2,705,174.00
Berli Jucker PCL -5,354,613.00 5,289,066.00 3,637,670.00 3,725,714.00 -1,209,932.00
Thai Union Group Public Company Limited -4,216,080.00 -8,900,615.00 15,716,949.00 12,954,744.00 4,369,590.00
TRI Petch Isuzu Sales CO Ltd -3,870,087.00 -11,618,000.00 9,264,962.00 8,610,948.00 -6,966,617.00
True Corporation Public Company Limited -13,126,168.00 13,946,323.00 60,595,301.00 28,135,838.00 12,975,286.00
BIG C Supercenter PCL -9,246,963.00 6,696,177.00 561,683.00 -38,902,679.00 62,379,918.00
Boon Rawd Trading Co Ltd 4,963,785.00 4,009,526.00 5,107,712.00 -959,125.00 3,128,572.00
Cal-Comp Electronics (Thailand) PCL -12,329,351.00 3,953,097.00 6,942,924.00 -1,054,124.00 -937,214.00
Mtr Phol Sugar Corp Ltd -24,098,407.00 7,591,697.00 -13,611,548.00 23,662,931.00 16,368,146.00
Total Access Communication Public Company Limited 4,364,460.00 -320,777.00 10,266,960.00 -39,058,556.00 53,211,591.00
Banpu PCL 4,795,682.00 -10,439,781.00 11,440,177.00 -8,416,394.00 17,667,782.00
SRI Trang Agro-Industry Public Company Limited 6,439,616.00 -10,858,121.00 7,633,832.00 -6,893,906.00 -8,371,481.00
SCG Packaging Public Company Limited 8,549,731.00 533,613.00 680,046.00 2,728,273.00 6,432,226.00
Home Product Center PCL 2,744,121.00 3,310,126.00 3,814,929.00 2,947,042.00 1,524,194.00

192
 Table 6
Panel E: Change in Current Liabilities for Thailand
Companies 2015 2014 2013 2012 2011
Minor INternational Public Company Limited -17,023,733.00 3,539,050.00 2,811,340.00 118,917.00 3,083,896.00
Glow Energy PCL -5,349,113.00 -1,831,363.00 -291,889,513.00 303,282,029.00 3,786,602.00
Airports Of Thailand PCL -5,251,882.00 -1,130,053.00 3,175,178.00 198,889.00 2,970,605.00
Ratchaburi Electricity Generating Company Limited -15,286,250.00 8,311,475.00 5,108,265.00 4,535,854.00 222,384.00
Ptep International LTD 24,563,321.00 -465,473.00 -1,428,152.00 5,413,657.00 -52,724.00
Siamgas And Petrochemicals Public Company Limited -2,024,462.00 -810,244.00 506,963.00 2,420,824.00 6,646,725.00
Italian-Thai Development PCL 974,583.00 4,182,017.00 5,501,479.00 7,223,892.00 1,392,764.00
Delta Electronics (Thailand) PCL 1,810,905.00 -1,260,090.00 1,375,543.00 272,353.00 -1,045,850.00
CH Karnchang Public Company Limited -136,529.00 72,695.00 7,441,799.00 12,512,510.00 3,884,243.00
Mercedez-Benz (Thailand) Ltd -3,612,788.00 2,234,047.00 3,293,948.00 -4,810,936.00 8,961,369.00
Mitsubishi Electronic Consumer Products (THailand) CO Ltd 2,740,124.00 -1,464,717.00 3,400,390.00 -653,742.00 1,076,922.00
Thai Paraxylene CO Ltd -582,904.00 -3,085,503.00 926,706.00 -1,268,692.00 596,097.00
Petroleum Thai Corporation Ltd 707,407.00 728,194.00 1,175,412.00 652,377.00 263,211.00
Central Department Store LTD -13,000,833.00 -2,796,960.00 8,415,338.00 13,301,861.00 2,809,322.00
PTT REtail Management CO Ltd 551,246.00 -1,359,097.00 365,079.00 241,843.00 522,193.00
Nidec Electronics(Thailand) CO Ltd 161,246.00 1,954,131.00 -13,715,378.00 16,136,354.00 -2,737,241.00
Siam City Cement PCL 1,197,550.00 304,944.00 -3,735,127.00 5,540,346.00 516,701.00
Khonkaen Brewery CO Ltd -346,050.00 272,667.00 -292,113.00 -142,284.00 147,664.00
Saha Pathanapibul PCL 769,225.00 792,982.00 -353,701.00 692,636.00 577,027.00
TBI Prolene PCL 176,402.00 1,644,723.00 2,322,582.00 1,710,999.00 -10,445,540.00
HMC Polymers CO ltd -993,841.00 -1,349,052.00 714,038.00 1,412,034.00 895,210.00
Thai Plastic & Chemical -2,700,979.00 1,556,221.00 2,996,485.00 -1,187,678.00 -889,877.00
Land & HOuse PCL 363,708.00 3,435,951.00 3,046,236.00 -827,775.00 2,683,818.00
NHK Spring (Thailand) Co Ltd -942,704.00 -1,156,265.00 -703,632.00 3,000,010.00 -2,834,329.00
Thai Airaisa Co Ltd 199,801.00 809,628.00 3,158,021.00 808,412.00 -4,860,472.00
Thai Vegetable Oil PCL -490,710.00 -1,585,340.00 -1,440,569.00 664,324.00 120,015.00
Robinson Public Company Limited -314,068.00 4,233,428.00 706,496.00 1,200,587.00 1,176,529.00
Bangchak Green Net Co Ltd -171,817.00 -147,137.00 166,163.00 303,477.00 -61,727.00
Pandora Production Co Ltd 856,137.00 816,001.00 83,728.00 191,780.00 357,099.00

193
 Table 6
Panel F: Change in Current Liabilities for Thailand
Companies 2015 2014 2013 2012 2011
True Distribution & Sales CO Ltd 11,553,895.00 -1,439,029.00 4,078,711.00 5,613,641.00 -868,966.00
Pathum Thani Brewery Co Ltd -1,758,436.00 195,003.00 -357,582.00 645,307.00 -264,918.00
Electricity Generating PCL -5,271,947.00 10,755,564.00 -5,262,684.00 17,485,646.00 -256,873.00
Charoen Pokphand Group Co Ltd -7,751,851.00 12,517,871.00 1,575,305.00 4,267,277.00 -11,235,101.00
Tipco Asphalt PCL -3,663,165.00 -7,323,733.00 1,371,820.00 4,025,682.00 5,174,465.00
Von-Bundit CO Ltd -8,012,602.00 -2,037,172.00 2,800,817.00 -1,831,578.00 -2,577,140.00
Synnex (Thailand) Public COmpany Limited -600,124.00 1,258,651.00 -401,805.00 72,315.00 515,305.00
Thai-Mc CO LTd 121,858.00 -304,798.00 -71,694.00 -776,231.00 193,287.00
Supalai PCL 433,301.00 -3,290,808.00 6,005,564.00 3,280,486.00 363,647.00
Isuzu Engine Manufacturing Co (Thailand) Ltd 7,114,057.00 -254,399.00 333,983.00 -9,993.00 96,359.00
G Steel Public Company Limited 30,147.00 4,105,536.00 -10,259,559.00 -9,743,048.00 1,403,688.00
Hitachi Consumer Products (Thailand) Co Ltd 117,957.00 -202,634.00 125,403.00 661,441.00 188,714.00
Hana Microelectronics Public Company Limited -156,995.00 -7,236.00 783,612.00 -633,499.00 183,548.00
Tata Steel (Thailand) Public Company Limited -1,585,191.00 -511,870.00 1,500,790.00 -52,022.00 487,334.00
AP (THailand) Public Company Limited -2,378,703.00 -967,974.00 1,794,024.00 -2,662,933.00 3,024,505.00
Central Plaza Hotel PCL 2,755,839.00 -1,453,293.00 -1,745,598.00 1,406,585.00 1,425,687.00
Sahaviriya Steel INdustries PCL -11,376,018.00 34,696,853.00 -3,340,163.00 10,982,860.00 25,510,631.00
Siam Global House PCL 1,251,386.00 -3,243,246.00 3,592,393.00 -443,504.00 142,239.00
Susco Public Company Limited 212,449.00 -664,009.00 -376,539.00 2,008,327.00 -23,062.00
Quality Houses PCL 2,857,698.00 3,577,620.00 -3,572,459.00 -1,922,857.00 8,424,315.00
Milcon Steel Public Company Limited 56,778.00 2,289,394.00 -356,660.00 4,136,589.00 3,056,105.00
Calsonic Kansei (Thailand) Co Ltd -3,629,771.00 -2,830,945.00 -1,019,160.00 2,688,416.00 410,585.00
Energy Earth Public Company Limited 669,493.00 3,259,535.00 4,623,683.00 4,601,679.00 1,716,226.00
Sino-Thai Engineering & COnstruction PCL -5,026,579.00 -1,038,218.00 4,221,273.00 4,504,918.00 5,816,413.00
Thai Union Manufacturing CO Ltd 698,767.00 -2,065,908.00 2,626,902.00 2,171,534.00 -1,599,603.00
Thai Yamaha Moror Co LTd 1,349,457.00 2,342,526.00 -600,112.00 1,426,660.00 -429,104.00
Univentures PCL 3,210,467.00 8,656,825.00 -380,951.00 1,898,799.00 1,300,964.00
Khon Kaen Sugar INdustry PCL -9,194,840.00 1,064,261.00 2,138,332.00 4,506,372.00 4,716,457.00
Beerthip Brewery (1991) Co Ltd 479,816.00 -50,260.00 -30,579.00 -258,061.00 -8,816.00

194
 Table 6
Panel G: Change in Cash for Thailand
Companies 2015 2014 2013 2012 2011
PTT Public Company 148,927,326.00 87,160,403.00 24,330,830.00 16,566,254.00 -52,951,585.00
Charoen Pokphand Foods PCL 4,589,334.00 22,631,690.00 14,105,690.00 -17,255,626.00 22,443,973.00
CP All Public Company Limited -15,301,563.00 10,496,223.00 -12,379,710.00 13,742,494.00 4,068,354.00
The Siam Cement PCL 8,586,575.00 3,567,557.00 -10,977,907.00 2,604,070.00 -60,209,702.00
Thai Oil Public Company Limited 6,520,228.00 3,612,264.00 21,217,727.00 11,344,922.00 6,314,082.00
Indorama Ventures Public Companly Limited -9,426,062.00 8,316,871.00 -265,398.00 -18,353,698.00 21,596,983.00
Ek-Chai Distribution System Co LTD 753,225.00 -1,834,185.00 -2,490,738.00 2,954,142.00 -1,880,206.00
Irpc Public Company Limited 1,954,679.00 -4,216,953.00 -1,837,481.00 3,237,037.00 -3,456,966.00
Thai Airways International PCL -4,491,821.00 15,713,725.00 -13,209,947.00 5,577,316.00 -31,961,038.00
Isuzu Motors (Thailand) Co LTd 13,307,946.00 21,549,086.00 -852,633.00 -7,670,216.00 -10,245,635.00
Siam Makro PCL -3,264,020.00 -604,358.00 -1,361,341.00 -572,806.00 1,011,553.00
Star Petroleum Refining Public Company Limited 2,066,158.00 -1,480,808.00 -5,596,531.00 -3,831,670.00 -4,969,777.00
Advanced info Service PCl -7,303,991.00 3,626,067.00 -10,664,128.00 2,100,378.00 6,838,588.00
PTT Exploration & Production PCL -21,870,863.00 70,925,140.00 10,282,987.00 35,082,667.00 -27,298,104.00
Esso (Thailand) Public Company Limited -208,101.00 -803,080.00 -1,396,203.00 1,826,802.00 -969,839.00
Bangchak Corporation PUblic Company Limited 4,584,382.00 1,784,264.00 -958,870.00 5,197,070.00 -7,684,909.00
Thai Beverage Public Company Limited 1,547,492.00 -4,233,258.00 -537,985.00 -173,127.00 1,921,483.00
Berli Jucker PCL -536,841.00 -395,065.00 -301,057.00 176,635.00 752,456.00
Thai Union Group Public Company Limited -4,652,549.00 3,982,040.00 2,468,123.00 631,711.00 -258,786.00
TRI Petch Isuzu Sales CO Ltd -10,249,137.00 2,281,718.00 -1,380,936.00 -13,903,282.00 10,086,709.00
True Corporation Public Company Limited 4,082,082.00 -12,752,907.00 13,237,984.00 -7,798,353.00 8,876,889.00
BIG C Supercenter PCL -12,354,111.00 5,737,722.00 -2,096,458.00 1,520,263.00 2,817,861.00
Boon Rawd Trading Co Ltd -1,797,254.00 519,764.00 -3,455,928.00 1,276,724.00 2,627,302.00
Cal-Comp Electronics (Thailand) PCL 2,666,471.00 -2,450,354.00 2,326,028.00 -833,907.00 -4,987,011.00
Mtr Phol Sugar Corp Ltd -6,263,692.00 6,289,492.00 617,157.00 1,757,631.00 2,566,557.00
Total Access Communication Public Company Limited 5,345,052.00 474,942.00 1,080,422.00 -24,130,934.00 12,048,854.00
Banpu PCL 2,296,050.00 -1,466,007.00 -11,224,320.00 -9,348,076.00 16,207,803.00
SRI Trang Agro-Industry Public Company Limited -13,564.00 323,394.00 498,957.00 -1,087,797.00 568,679.00
SCG Packaging Public Company Limited -708,675.00 -148,445.00 188,608.00 1,134,738.00 1,846,177.00
Home Product Center PCL 230,666.00 2,202,653.00 -642,652.00 -1,005,253.00 678,010.00

195
 Table 6
Panel H: Change in Cash for Thailand
Companies 2015 2014 2013 2012 2011
Minor INternational Public Company Limited -2,040,280.00 2,709,716.00 -416,788.00 3,390,615.00 -94,777.00
Glow Energy PCL 4,407,246.00 64,611.00 -9,679,889.00 5,439,186.00 -3,177,481.00
Airports Of Thailand PCL 2,556,723.00 5,825,986.00 10,560,375.00 -332,828,698.00 344,552,523.00
Ratchaburi Electricity Generating Company Limited -4,466,156.00 2,654,053.00 -16,717,783.00 12,471,399.00 -83,455.00
Ptep International LTD -5,274,533.00 241,037.00 492,323.00 -675,813.00 501,839.00
Siamgas And Petrochemicals Public Company Limited 379,171.00 702,831.00 321,819.00 -155,168.00 753,826.00
Italian-Thai Development PCL -3,002.00 833,178.00 -683,536.00 -43,727.00 -53,949.00
Delta Electronics (Thailand) PCL 2,505,818.00 4,031,947.00 3,050,604.00 4,002,706.00 -214,907.00
CH Karnchang Public Company Limited -1,859,676.00 752,377.00 -168,277.00 593,859.00 228,044.00
Mercedez-Benz (Thailand) Ltd -126,339.00 -179,197.00 139,161.00 113,102.00 -114,433.00
Mitsubishi Electronic Consumer Products (THailand) CO Ltd 2,198,385.00 -1,394,357.00 -2,608,750.00 619,728.00 -85,311.00
Thai Paraxylene CO Ltd 122,193.00 -3,059,778.00 3,502,154.00 5,107.00 -638,526.00
Petroleum Thai Corporation Ltd 32,527.00 18,574.00 90,658.00 53,869.00 38,364.00
Central Department Store LTD -536,492.00 134,202.00 -34,018.00 -728,424.00 -3,873,645.00
PTT REtail Management CO Ltd -76,234.00 -701,328.00 164,499.00 458,519.00 -41,749.00
Nidec Electronics(Thailand) CO Ltd 5,439,269.00 3,998,139.00 -1,218,227.00 8,946,770.00 -498,602.00
Siam City Cement PCL -688,431.00 -562,153.00 1,391,413.00 239,624.00 -249,909.00
Khonkaen Brewery CO Ltd 144,353.00 73,853.00 24,796.00 -1,128,724.00 1,629,812.00
Saha Pathanapibul PCL 627,871.00 618,321.00 425,800.00 563,972.00 615,664.00
TBI Prolene PCL 1,749,189.00 212,665.00 448,399.00 -92,098.00 -1,058,882.00
HMC Polymers CO ltd 462,327.00 1,298,755.00 -2,231,657.00 1,183,295.00 -2,130,043.00
Thai Plastic & Chemical 88,042.00 -1,922,653.00 878,477.00 416,812.00 -118,245.00
Land & HOuse PCL 4,156,757.00 7,474,720.00 -320,851.00 303,653.00 -1,439,333.00
NHK Spring (Thailand) Co Ltd 288,785.00 861,847.00 2,528,488.00 1,174,799.00 -2,284,437.00
Thai Airaisa Co Ltd 867,169.00 -214,179.00 446,572.00 6,367,730.00 1,092,421.00
Thai Vegetable Oil PCL 1,210,656.00 189,571.00 -2,681.00 -79,484.00 -206,505.00
Robinson Public Company Limited 165,697.00 -241,944.00 -2,620,324.00 1,053,984.00 -956,830.00
Bangchak Green Net Co Ltd -187,620.00 -45,801.00 119,343.00 340,544.00 -19,462.00
Pandora Production Co Ltd -19,361.00 75,639.00 129,841.00 -77,452.00 -70,409.00

196
 Table 6
Panel I: Change in Cash for Thailand
Companies 2015 2014 2013 2012 2011
True Distribution & Sales CO Ltd 1,432,425.00 -544,423.00 -205,366.00 -67,715.00 786,934.00
Pathum Thani Brewery Co Ltd -104,898.00 373,296.00 193,616.00 -793,091.00 44,433.00
Electricity Generating PCL 2,516,994.00 991,117.00 4,038,751.00 -8,128,585.00 1,235,581.00
Charoen Pokphand Group Co Ltd 1,728,082.00 -639,365.00 -2,453,286.00 1,402,716.00 689,401.00
Tipco Asphalt PCL 1,394,066.00 -295,665.00 -323,995.00 -394,070.00 876,271.00
Von-Bundit CO Ltd -393,142.00 -67,712.00 152,413.00 291,171.00 -508,236.00
Synnex (Thailand) Public COmpany Limited 14,158.00 -38,956.00 79,644.00 -76,808.00 -43,919.00
Thai-Mc CO LTd 856,102.00 -421,186.00 365,647.00 -2,062.00 33,229.00
Supalai PCL 146,918.00 -175,709.00 -1,846,224.00 1,985,664.00 218,510.00
Isuzu Engine Manufacturing Co (Thailand) Ltd -277,029.00 -566,702.00 793,312.00 11,991.00 -1,500,781.00
G Steel Public Company Limited -127,265.00 42,657.00 220,896.00 -64,721.00 19,612.00
Hitachi Consumer Products (Thailand) Co Ltd 196,165.00 344,431.00 -139,805.00 -93,050.00 -134,248.00
Hana Microelectronics Public Company Limited 645,013.00 2,193,576.00 1,711,192.00 -721,884.00 801,410.00
Tata Steel (Thailand) Public Company Limited -883,574.00 -1,123,201.00 2,325,561.00 -506,347.00 -1,791,710.00
AP (THailand) Public Company Limited -76,295.00 -576,689.00 202,963.00 393,525.00 89,426.00
Central Plaza Hotel PCL -287,994.00 -129,745.00 519,227.00 46,501.00 2,226.00
Sahaviriya Steel INdustries PCL -271,090.00 254,881.00 -104,859.00 91,398.00 -12,281.00
Siam Global House PCL 268,122.00 162,570.00 61,423.00 35,854.00 -9,686.00
Susco Public Company Limited 348,804.00 3,517.00 -163,302.00 480,193.00 51,642.00
Quality Houses PCL 1,734,018.00 -232,956.00 -11,903.00 675,385.00 -78,440.00
Milcon Steel Public Company Limited 876,045.00 -1,005,750.00 146,619.00 73,104.00 614,235.00
Calsonic Kansei (Thailand) Co Ltd -40,383.00 64,420.00 17,500.00 -9,761.00 69,407.00
Energy Earth Public Company Limited 1,742,125.00 398,196.00 297,344.00 -222,522.00 158,572.00
Sino-Thai Engineering & COnstruction PCL -4,834,520.00 -4,192,668.00 2,057,381.00 4,806,341.00 1,868,284.00
Thai Union Manufacturing CO Ltd -16,333.00 -2,487.00 -31,845.00 17,679.00 14,443.00
Thai Yamaha Moror Co LTd 51,318.00 2,120.00 -20,485.00 -1,430,949.00 743,079.00
Univentures PCL -149,158.00 -138,072.00 -907,638.00 1,305,125.00 66,987.00
Khon Kaen Sugar INdustry PCL -123,054.00 58,561.00 -94,690.00 -4,685.00 89,110.00
Beerthip Brewery (1991) Co Ltd -18,013.00 12,547.00 2,215.00 -3,211.00 -22,541.00

197
 Table 6
Panel J: Change in the Current Portion of Long-Term Debt for Thailand
Companies 2015 2014 2013 2012 2011
PTT Public Company -9,110,551.00 33,505,276.00 4,034,925.00 -20,165,465.00 43,640,147.00
Charoen Pokphand Foods PCL 50,765,173.00 5,600,046.00 22,714,148.00 36,984,635.00 13,219,363.00
CP All Public Company Limited 4,442,515.00 -156,290,992.00 182,957,497.00 -3,013.00 3,013.00
The Siam Cement PCL 34,053,424.00 31,101,719.00 -35,371,065.00 -23,190,208.00 29,770,640.00
Thai Oil Public Company Limited -15,037,811.00 -869,062.00 15,707,731.00 -5,390,549.00 3,614,651.00
Indorama Ventures Public Companly Limited 4,783,352.00 -9,456,588.00 1,491,451.00 -2,327,773.00 11,403,012.00
Ek-Chai Distribution System Co LTD -669,491.00 8,137,499.00 -18,000,876.00 19,355,228.00 0.00
Irpc Public Company Limited -16,557,346.00 10,011,304.00 9,372,348.00 -1,676,419.00 -4,078,170.00
Thai Airways International PCL -12,800,617.00 20,600,575.00 2,416,680.00 7,512,034.00 2,848,770.00
Isuzu Motors (Thailand) Co LTd 2,843.00 -1,538,750.00 -6,834,223.00 8,359,076.00 -2,727,541.00
Siam Makro PCL -928,051.00 125,510.00 1,467,902.00 -19,653.00 1,100,744.00
Star Petroleum Refining Public Company Limited 1,737,337.00 0.00 0.00 0.00 0.00
Advanced info Service PCl 8,371,928.00 -9,111,476.00 6,161,960.00 3,798,274.00 -15,536,364.00
PTT Exploration & Production PCL -33,427,796.00 17,593,182.00 9,097,775.00 -37,336,871.00 32,510,094.00
Esso (Thailand) Public Company Limited -8,859,266.00 -4,702,594.00 5,165,885.00 17,495,498.00 -16,837,282.00
Bangchak Corporation PUblic Company Limited -549,225.00 479,516.00 53,053.00 -2,178,511.00 -396,440.00
Thai Beverage Public Company Limited -6,645,231.00 12,981,414.00 -4,799,997.00 11,785,187.00 -3,012,847.00
Berli Jucker PCL -3,914,544.00 5,413,357.00 1,839,198.00 2,059,063.00 -1,550,260.00
Thai Union Group Public Company Limited -5,630,272.00 -8,630,361.00 13,797,058.00 10,050,475.00 8,505,847.00
TRI Petch Isuzu Sales CO Ltd 0.00 0.00 -1,857,076.00 1,857,076.00 0.00
True Corporation Public Company Limited 39,544,845.00 -2,418,516.00 -1,199,660.00 9,591,476.00 -103,421,987.00
BIG C Supercenter PCL -7,035,979.00 4,073,388.00 117,606.00 -40,272,607.00 50,593,603.00
Boon Rawd Trading Co Ltd 2,203,474.00 2,314,144.00 2,017,133.00 0.00 -973,874.00
Cal-Comp Electronics (Thailand) PCL 1,792,737.00 -11,232,770.00 6,560,608.00 950,466.00 3,923,184.00
Mtr Phol Sugar Corp Ltd -13,643,879.00 7,050,772.00 -5,438,995.00 10,839,088.00 1,834,757.00
Total Access Communication Public Company Limited 11,937,215.00 -3,561,691.00 -616,331.00 10,014,322.00 -4,458,159.00
Banpu PCL 8,988,167.00 -8,818,974.00 10,894,351.00 -2,346,043.00 5,372,854.00
SRI Trang Agro-Industry Public Company Limited 6,341,896.00 -8,629,359.00 5,058,315.00 -5,027,753.00 -9,099,702.00
SCG Packaging Public Company Limited 7,542,718.00 2,214,443.00 789,818.00 19,393.00 967,369.00
Home Product Center PCL 2,091,070.00 3,387,094.00 -2,009,843.00 2,276,542.00 -648,219.00

198
 Table 6
Panel K: Change in the Current Portion of Long-Term Debt for Thailand
Companies 2015 2014 2013 2012 2011
Minor INternational Public Company Limited -3,490,340.00 2,643,684.00 4,608,771.00 -537,969.00 599,168.00
Glow Energy PCL -1,054,061.00 62,527.00 -2,463,595.00 8,841,821.00 2,561,228.00
Airports Of Thailand PCL -61,148.00 -637,727.00 -1,243,438.00 -327,985.00 501,799.00
Ratchaburi Electricity Generating Company Limited 4,247,012.00 -4,645,878.00 1,846,884.00 1,844,671.00 -221,745.00
Ptep International LTD 19,969,482.00 0.00 -90,025.00 -1,979.00 92,004.00
Siamgas And Petrochemicals Public Company Limited -2,248,174.00 -1,413,370.00 1,853,060.00 284,792.00 6,092,701.00
Italian-Thai Development PCL 2,481,945.00 -3,164,731.00 6,386,659.00 6,814,823.00 -1,061,668.00
Delta Electronics (Thailand) PCL -89,616.00 -564,549.00 13,923.00 -528,350.00 -249,374.00
CH Karnchang Public Company Limited 2,546,850.00 -846,591.00 4,380,335.00 4,043,564.00 -424,929.00
Mercedez-Benz (Thailand) Ltd -3,230,859.00 97,019.00 1,217,212.00 -5,403,250.00 10,297,176.00
Mitsubishi Electronic Consumer Products (THailand) CO Ltd 0.00 0.00 0.00 0.00 0.00
Thai Paraxylene CO Ltd 524,961.00 0.00 0.00 -1,231,979.00 -540,082.00
Petroleum Thai Corporation Ltd 166,498.00 465,977.00 953,559.00 237,194.00 -280,143.00
Central Department Store LTD 4,908,979.00 -20,529,402.00 7,068,792.00 11,078,069.00 4,878,575.00
PTT REtail Management CO Ltd 565,928.00 -947,836.00 144,076.00 243,282.00 696,743.00
Nidec Electronics(Thailand) CO Ltd 0.00 0.00 0.00 0.00 0.00
Siam City Cement PCL 779,602.00 467,522.00 -5,469,759.00 5,560,926.00 252,162.00
Khonkaen Brewery CO Ltd 0.00 0.00 0.00 0.00 -8,746.00
Saha Pathanapibul PCL 929.00 -40,252.00 10,446.00 35,650.00 4,274.00
TBI Prolene PCL 995,100.00 836,351.00 31,888.00 1,295,839.00 -721,930.00
HMC Polymers CO ltd -1,876,461.00 3,661.00 73,648.00 836,407.00 961,329.00
Thai Plastic & Chemical -2,119,403.00 2,848,710.00 581,757.00 -964,722.00 94,652.00
Land & HOuse PCL -1,508,790.00 2,503,163.00 1,795,291.00 -2,026,350.00 2,833,090.00
NHK Spring (Thailand) Co Ltd 0.00 0.00 0.00 0.00 0.00
Thai Airaisa Co Ltd -1,298,061.00 465,554.00 648,083.00 -495,842.00 387,479.00
Thai Vegetable Oil PCL -2,839,742.00 -1,515,045.00 -1,411,500.00 3,385,133.00 2,325,648.00
Robinson Public Company Limited -870,806.00 3,484,706.00 0.00 0.00 0.00
Bangchak Green Net Co Ltd -1,260.00 -1,318.00 136.00 472.00 216.00
Pandora Production Co Ltd 0.00 0.00 0.00 0.00 0.00

199
 Table 6
Panel L: Change in the Current Portion of Long-Term Debt for Thailand
Companies 2015 2014 2013 2012 2011
True Distribution & Sales CO Ltd 18,675,407.00 -4,676,419.00 3,199,826.00 1,050,981.00 831,676.00
Pathum Thani Brewery Co Ltd 0.00 0.00 0.00 0.00 0.00
Electricity Generating PCL -6,830,116.00 11,762,505.00 -6,303,346.00 15,023,794.00 -305,843.00
Charoen Pokphand Group Co Ltd -11,078,186.00 11,677,952.00 1,522,092.00 2,533,545.00 -4,994,001.00
Tipco Asphalt PCL -5,986,816.00 -7,079,007.00 1,797,260.00 5,960,912.00 1,868,092.00
Von-Bundit CO Ltd 72,543.00 -1,519,535.00 2,653,532.00 -3,013,567.00 -2,822,112.00
Synnex (Thailand) Public COmpany Limited -578,053.00 1,508,986.00 -759,723.00 246,339.00 -221,173.00
Thai-Mc CO LTd 0.00 0.00 -435,940.00 91,887.00 -178,275.00
Supalai PCL 1,851,826.00 -3,066,905.00 3,020,635.00 1,910,698.00 1,106,035.00
Isuzu Engine Manufacturing Co (Thailand) Ltd 0.00 0.00 0.00 0.00 0.00
G Steel Public Company Limited -24,767.00 8,628.00 -969,885.00 128,475.00 -768,904.00
Hitachi Consumer Products (Thailand) Co Ltd 0.00 0.00 0.00 -204,399.00 -409,482.00
Hana Microelectronics Public Company Limited 0.00 -21,583.00 -11,276.00 -20,952.00 53,811.00
Tata Steel (Thailand) Public Company Limited -771,162.00 -509,428.00 3,178,644.00 600,558.00 609,407.00
AP (THailand) Public Company Limited -795,887.00 -849,419.00 1,186,698.00 -2,547,705.00 2,590,704.00
Central Plaza Hotel PCL 2,554,656.00 -1,592,314.00 -2,261,298.00 1,522,726.00 942,018.00
Sahaviriya Steel INdustries PCL -36,214,365.00 38,581,636.00 -4,974,319.00 3,638,374.00 12,539,886.00
Siam Global House PCL 609,383.00 -3,043,145.00 4,341,101.00 -1,920,341.00 24,590.00
Susco Public Company Limited 162,603.00 -79,239.00 -304,888.00 713,937.00 -117,606.00
Quality Houses PCL 2,591,745.00 1,896,592.00 -2,860,649.00 -3,527,761.00 8,756,519.00
Milcon Steel Public Company Limited 666,754.00 1,898,329.00 11,474,426.00 -8,035,447.00 1,763,940.00
Calsonic Kansei (Thailand) Co Ltd 0.00 0.00 -501,895.00 501,895.00 -4,972,218.00
Energy Earth Public Company Limited -5,513,912.00 3,248,371.00 4,550,624.00 4,283,873.00 1,835,305.00
Sino-Thai Engineering & COnstruction PCL -15,274.00 -119,053.00 -17,390.00 98,514.00 46,995.00
Thai Union Manufacturing CO Ltd -195,050.00 -60,342,855.00 60,594,947.00 1,830,502.00 -1,501,309.00
Thai Yamaha Moror Co LTd 3,495,137.00 -427,141.00 1,803,100.00 1,394,568.00 863,749.00
Univentures PCL 2,193,076.00 6,807,943.00 -342,489.00 2,635,210.00 407,364.00
Khon Kaen Sugar INdustry PCL -7,390,750.00 936,480.00 3,159,004.00 3,586,644.00 3,548,026.00
Beerthip Brewery (1991) Co Ltd 0.00 0.00 0.00 0.00 0.00

200
 Table 6
Panel M: Depreciation for Thailand
Companies 2015 2014 2013 2012 2011
PTT Public Company 187,888,930.00 146,644,400.00 103,293,595.00 87,728,364.00 76,677,951.00
Charoen Pokphand Foods PCL 15,039,023.00 13,488,368.00 11,565,058.00 9,866,401.00 6,569,306.00
CP All Public Company Limited 9,615,880.00 8,540,575.00 6,063,321.00 4,529,728.00 4,576,991.00
The Siam Cement PCL 27,145,312.00 2,447,967.00 21,274,171.00 18,889,184.00 18,307,723.00
Thai Oil Public Company Limited 8,842,302.00 8,814,730.00 8,165,745.00 8,929,586.00 9,153,921.00
Indorama Ventures Public Companly Limited 10,879,702.00 10,962,931.00 9,544,572.00 8,961,113.00 6,620,847.00
Ek-Chai Distribution System Co LTD 8,824,142.00 9,237,327.00 8,627,827.00 9,941,256.00 6,952,073.00
Irpc Public Company Limited 7,131,164.00 7,051,886.00 327,289.00 6,043,421.00 4,982,362.00
Thai Airways International PCL 40,895,195.00 36,379,455.00 27,105,222.00 27,599,327.00 27,707,363.00
Isuzu Motors (Thailand) Co LTd 5,393,283.00 4,646,251.00 3,542,976.00 1,028,373.00 934,733.00
Siam Makro PCL 2,443,876.00 1,950,430.00 1,803,616.00 1,603,516.00 1,336,586.00
Star Petroleum Refining Public Company Limited 3,658,977.00 3,413,131.00 2,958,469.00 2,863,349.00 1,915,411.00
Advanced info Service PCl 26,786,715.00 25,611,499.00 22,388,838.00 21,018,357.00 24,500,157.00
PTT Exploration & Production PCL 121,313,181.00 112,635,038.00 68,151,144.00 57,410,000.00 47,203,874.00
Esso (Thailand) Public Company Limited 2,871,971.00 2,909,745.00 2,956,416.00 28,921,912.00 1,798,392.00
Bangchak Corporation PUblic Company Limited 6,153,730.00 4,458,764.00 3,536,331.00 3,298,110.00 2,845,819.00
Thai Beverage Public Company Limited 5,751,016.00 5,395,888.00 4,362,408.00 4,117,640.00 849,965.00
Berli Jucker PCL 2,798,723.00 3,078,554.00 2,737,126.00 2,354,876.00 2,468,053.00
Thai Union Group Public Company Limited 3,530,141.00 3,408,347.00 3,144,251.00 2,558,255.00 2,240,221.00
TRI Petch Isuzu Sales CO Ltd 357,077.00 265,715.00 278,114.00 389,605.00 405,320.00
True Corporation Public Company Limited 25,973,072.00 34,900,042.00 30,060,391.00 23,064,917.00 20,629,881.00
BIG C Supercenter PCL 4,931,489.00 5,248,680.00 4,897,393.00 4,586,962.00 4,584,024.00
Boon Rawd Trading Co Ltd 137,935.00 126,956.00 98,401.00 99,616.00 66,136.00
Cal-Comp Electronics (Thailand) PCL 2,542,251.00 3,029,278.00 2,831,624.00 2,661,560.00 2,630,575.00
Mtr Phol Sugar Corp Ltd 8,024,683.00 7,360,661.00 6,868,594.00 6,030,501.00 4,449,135.00
Total Access Communication Public Company Limited 24,734,112.00 22,501,406.00 18,536,413.00 15,417,335.00 14,575,593.00
Banpu PCL 8,423,659.00 12,480,822.00 11,622,334.00 10,816,492.00 8,635,750.00
SRI Trang Agro-Industry Public Company Limited 1,378,960.00 1,187,707.00 1,002,138.00 835,198.00 669,857.00
SCG Packaging Public Company Limited 5,621,772.00 5,177,700.00 4,496,475.00 4,486,100.00 84,876.00
Home Product Center PCL 3,555,823.00 3,065,104.00 2,232,470.00 1,679,973.00 1,428,894.00

201
 Table 6
Panel N: Depreciation for Thailand
Companies 2015 2014 2013 2012 2011
Minor INternational Public Company Limited 4,083,282.00 3,907,758.00 3,336,551.00 300,268.00 2,804,434.00
Glow Energy PCL 5,694,683.00 6,450,592.00 6,783,664.00 5,710,769.00 4,458,421.00
Airports Of Thailand PCL 7,984,107.00 7,848,061.00 6,588,275.00 6,342,535.00 11,012,319.00
Ratchaburi Electricity Generating Company Limited 15,499.00 68,617.00 4,704,737.00 3,470,095.00 3,913,476.00
Ptep International LTD 17,790,124.00 9,350,212.00 1,547,164.00 1,618,567.00 1,726,219.00
Siamgas And Petrochemicals Public Company Limited 1,406,541.00 1,474,519.00 1,377,182.00 115,287.00 1,002,780.00
Italian-Thai Development PCL 2,874,859.00 2,746,625.00 2,676,756.00 2,401,492.00 2,529,112.00
Delta Electronics (Thailand) PCL 1,147,096.00 1,191,462.00 1,242,499.00 1,223,907.00 1,138,517.00
CH Karnchang Public Company Limited 1,282,349.00 1,336,928.00 943,199.00 605,988.00 581,674.00
Mercedez-Benz (Thailand) Ltd 286,006.00 355,731.00 109,282.00 195,474.00 247,085.00
Mitsubishi Electronic Consumer Products (THailand) CO Ltd 1,258,148.00 1,258,148.00 856,874.00 729,737.00 706,836.00
Thai Paraxylene CO Ltd 1,650,130.00 1,685,848.00 1,677,565.00 1,610,784.00 1,683,420.00
Petroleum Thai Corporation Ltd 362,582.00 670,132.00 179,396.00 103,943.00 78,832.00
Central Department Store LTD 0.00 4,974,917.00 1,821,463.00 1,754,959.00 1,726,965.00
PTT REtail Management CO Ltd 0.00 826,942.00 806,922.00 668,255.00 651,456.00
Nidec Electronics(Thailand) CO Ltd 1,266,059.00 1,227,508.00 1,336,086.00 1,357,990.00 1,614,684.00
Siam City Cement PCL 1,891,765.00 1,695,495.00 1,577,964.00 1,545,032.00 1,495,712.00
Khonkaen Brewery CO Ltd 0.00 579,327.00 554,662.00 729,891.00 749,562.00
Saha Pathanapibul PCL 196,787.00 168,029.00 175,563.00 225,201.00 226,004.00
TBI Prolene PCL 5,360,294.00 111,546,389.00 2,524,294.00 2,656,971.00 2,414,985.00
HMC Polymers CO ltd 0.00 2,148,060.00 2,067,901.00 1,953,038.00 1,849,211.00
Thai Plastic & Chemical 2,000,640.00 1,731,322.00 1,611,185.00 1,510,257.00 1,430,691.00
Land & HOuse PCL 498,831.00 339,122.00 689,133.00 664,567.00 486,236.00
NHK Spring (Thailand) Co Ltd 0.00 1,983,983.00 2,089,881.00 2,160,909.00 2,313,626.00
Thai Airaisa Co Ltd 0.00 1,251,832.00 506,579.00 142,882.00 99,157.00
Thai Vegetable Oil PCL 448,101.00 472,453.00 441,884.00 445,480.00 447,049.00
Robinson Public Company Limited 2,599,559.00 2,307,882.00 1,919,720.00 1,422,552.00 1,088,522.00
Bangchak Green Net Co Ltd 0.00 15,451.00 15,015.00 8,063.00 7,442.00
Pandora Production Co Ltd 0.00 520,044.00 416,209.00 171,008.00 158,595.00

202
 Table 6
Panel O: Depreciation for Thailand
Companies 2015 2014 2013 2012 2011
True Distribution & Sales CO Ltd 0.00 372,070.00 187,439.00 116,709.00 106,073.00
Pathum Thani Brewery Co Ltd 0.00 359,566.00 350,050.00 340,282.00 392,983.00
Electricity Generating PCL 2,952,594.00 2,888,010.00 4,584,397.00 3,779,773.00 2,734,207.00
Charoen Pokphand Group Co Ltd 0.00 66,019.00 37,510.00 13,089.00 14,920.00
Tipco Asphalt PCL 757,271.00 667,577.00 587,921.00 564,833.00 561,614.00
Von-Bundit CO Ltd 178,647.00 127,032.00 139,290.00 62,109.00 63,692.00
Synnex (Thailand) Public COmpany Limited 53,632.00 57,616.00 56,692.00 57,104.00 62,841.00
Thai-Mc CO LTd 43,717.00 36,628.00 21,025.00 14,516.00 25,080.00
Supalai PCL 166,329.00 151,991.00 127,739.00 104,206.00 114,798.00
Isuzu Engine Manufacturing Co (Thailand) Ltd 868,996.00 493,497.00 379,090.00 460,144.00 8,312.00
G Steel Public Company Limited 2,498,921.00 2,646,284.00 2,550,529.00 2,612,005.00 2,942,545.00
Hitachi Consumer Products (Thailand) Co Ltd 932,320.00 821,132.00 758,196.00 835,351.00 874,273.00
Hana Microelectronics Public Company Limited 1,526,719.00 1,552,850.00 1,608,515.00 1,652,685.00 1,653,416.00
Tata Steel (Thailand) Public Company Limited 717,126.00 816,676.00 1,279,011.00 1,441,636.00 1,571,352.00
AP (THailand) Public Company Limited 87,946.00 114,130.00 215,064.00 205,071.00 272,106.00
Central Plaza Hotel PCL 2,735,286.00 2,348,391.00 2,135,814.00 1,830,072.00 1,572,981.00
Sahaviriya Steel INdustries PCL 734,950.00 3,403,150.00 3,392,005.00 2,707,094.00 1,324,796.00
Siam Global House PCL 1,239,344.00 999,121.00 837,841.00 543,256.00 394,577.00
Susco Public Company Limited 323,752.00 252,267.00 255,371.00 135,847.00 126,937.00
Quality Houses PCL 249,352.00 241,936.00 231,250.00 140,577.00 171,016.00
Milcon Steel Public Company Limited 278,583.00 286,829.00 274,572.00 248,572.00 96,619.00
Calsonic Kansei (Thailand) Co Ltd 886,943.00 870,663.00 818,365.00 175,783.00 842,130.00
Energy Earth Public Company Limited 25,440.00 438,736.00 760,901.00 34,220.00 33,031.00
Sino-Thai Engineering & COnstruction PCL 645,974.00 578,360.00 497,883.00 502,436.00 520,141.00
Thai Union Manufacturing CO Ltd 394,002.00 359,007.00 261,948.00 213,594.00 193,032.00
Thai Yamaha Moror Co LTd 1,386,381.00 987,267.00 1,443,045.00 13,636,789.00 1,184,000.00
Univentures PCL 621,814.00 691,080.00 669,402.00 278,121.00 61,702.00
Khon Kaen Sugar INdustry PCL 1,536,702.00 1,563,096.00 1,278,726.00 1,120,198.00 905,286.00
Beerthip Brewery (1991) Co Ltd 0.00 231,229.00 215,860.00 209,624.00 198,169.00

203
 Table 6
Panel P: Change in Taxes Payable for Thailand
Companies 2015 2014 2013 2012 2011
PTT Public Company -23,049,687.00 -9,018,385.00 1,999,311.00 2,630,062.00 3,002,424.00
Charoen Pokphand Foods PCL -164,227.00 4,759,041.00 -3,416,173.00 -402,877.00 523,873.00
CP All Public Company Limited 951,630.00 -47,052.00 -838,413.00 -191,457.00 512,313.00
The Siam Cement PCL 1,218,098.00 -48,010.00 395,296.00 -4,024,892.00 -9,916,451.00
Thai Oil Public Company Limited 3,333,209.00 -2,816,120.00 -835,239.00 -4,904,433.00 2,882,092.00
Indorama Ventures Public Companly Limited 272,879.00 433,937.00 971,709.00 -249,234.00 318,777.00
Ek-Chai Distribution System Co LTD -1,122,885.00 -4,748,809.00 2,563,682.00 1,030,554.00 1,228,766.00
Irpc Public Company Limited 6,311,369.00 -3,254,991.00 -77,596.00 -30,903.00 -71,263.00
Thai Airways International PCL -179,041.00 318,690.00 459,935.00 -2,313,868.00 396,894.00
Isuzu Motors (Thailand) Co LTd -418,249.00 2,606,310.00 873,300.00 -286,547.00 778,079.00
Siam Makro PCL 148,578.00 200,846.00 -31,371.00 -225,026.00 386,731.00
Star Petroleum Refining Public Company Limited 5,085,909.00 -3,024,624.00 -858,257.00 -2,815,452.00 1,268,727.00
Advanced info Service PCl -574,967.00 97,803.00 -862,811.00 -5,503,134.00 6,277,919.00
PTT Exploration & Production PCL -26,052,762.00 -15,125,718.00 6,584,188.00 8,064,652.00 13,337,935.00
Esso (Thailand) Public Company Limited 3,911,981.00 -4,112,138.00 -1,200,254.00 -999,495.00 1,943,651.00
Bangchak Corporation PUblic Company Limited 1,505,689.00 -1,888,347.00 301,005.00 108,065.00 -605,346.00
Thai Beverage Public Company Limited -268,993.00 427,306.00 -1,186,582.00 -449,922.00 1,335,499.00
Berli Jucker PCL -127,531.00 -116,477.00 -46,173.00 -147,074.00 -12,224.00
Thai Union Group Public Company Limited 333,532.00 737,878.00 507,891.00 -104,773.00 -648,530.00
TRI Petch Isuzu Sales CO Ltd -1,070,866.00 -1,736,152.00 1,294,008.00 426,254.00 1,202,182.00
True Corporation Public Company Limited 3,120,837.00 -6,712,307.00 1,770,057.00 -2,617,805.00 5,025,341.00
BIG C Supercenter PCL -187,807.00 343,264.00 -318,111.00 -80,078.00 853,377.00
Boon Rawd Trading Co Ltd -321,709.00 -116,952.00 213,236.00 92,622.00 -228,186.00
Cal-Comp Electronics (Thailand) PCL -216,363.00 99,818.00 -44,976.00 820.00 -77,970.00
Mtr Phol Sugar Corp Ltd 2,023,164.00 -2,376,599.00 -1,695,179.00 -834,938.00 3,821,865.00
Total Access Communication Public Company Limited -1,418,135.00 -1,000,848.00 -285,434.00 -2,560,563.00 1,956,991.00
Banpu PCL 308,170.00 339,676.00 -4,458,255.00 -3,559,316.00 6,356,718.00
SRI Trang Agro-Industry Public Company Limited -13,129.00 -147,064.00 5,462.00 -676,287.00 446,029.00
SCG Packaging Public Company Limited -149,760.00 -254,996.00 85,084.00 -482,887.00 1,278,061.00
Home Product Center PCL 65,979.00 66,206.00 -24,087.00 -185,241.00 309,612.00

204
 Table 6
Panel Q: Change in Taxes Payable for Thailand
Companies 2015 2014 2013 2012 2011
Minor INternational Public Company Limited -410.00 -376,464.00 385,840.00 -46,672.00 150,931.00
Glow Energy PCL 68,473.00 -35,264.00 449,677.00 -335,989.00 387,781.00
Airports Of Thailand PCL 1,739,662.00 -2,541,950.00 1,971,550.00 3,091,453.00 497,568.00
Ratchaburi Electricity Generating Company Limited 19,653.00 -291,392.00 619,787.00 -1,391,898.00 737,161.00
Ptep International LTD -1,977,558.00 876,553.00 -1,442,596.00 2,603,437.00 -744,081.00
Siamgas And Petrochemicals Public Company Limited 161,413.00 -153,325.00 730,612.00 -908,675.00 -340,996.00
Italian-Thai Development PCL -440,913.00 -27,974.00 147,326.00 1,297.00 -10,979.00
Delta Electronics (Thailand) PCL 244,541.00 23,374.00 78,930.00 -64,248.00 173,527.00
CH Karnchang Public Company Limited 136,408.00 -1,611,796.00 1,654,832.00 -361,218.00 699,362.00
Mercedez-Benz (Thailand) Ltd 11,393.00 476,218.00 296,668.00 -564,193.00 124,919.00
Mitsubishi Electronic Consumer Products (THailand) CO Ltd -4,057.00 -217,525.00 -370,628.00 455,505.00 140,913.00
Thai Paraxylene CO Ltd 13,179.00 -858,698.00 59,505.00 -992,585.00 1,122,378.00
Petroleum Thai Corporation Ltd 41,028.00 82,831.00 6,888.00 5,596.00 6,442.00
Central Department Store LTD 433,803.00 514,540.00 -1,150,367.00 190,477.00 -697,075.00
PTT REtail Management CO Ltd 83,118.00 141,629.00 -50,034.00 0.00 0.00
Nidec Electronics(Thailand) CO Ltd 1,083,666.00 -953,285.00 -16,063.00 -979,073.00 -98,053.00
Siam City Cement PCL -222,447.00 101,626.00 454,489.00 -1,132,905.00 507,308.00
Khonkaen Brewery CO Ltd -13,579.00 -243,991.00 -50,520.00 -180,636.00 146,864.00
Saha Pathanapibul PCL -15,126.00 22,578.00 23,192.00 -60,017.00 30,080.00
TBI Prolene PCL -1,118,573.00 297,431.00 57,599.00 -1,153,947.00 541,532.00
HMC Polymers CO ltd 248,896.00 453,245.00 -330,203.00 -795,887.00 626,413.00
Thai Plastic & Chemical 275,400.00 -343,461.00 -293,267.00 167,423.00 -55,963.00
Land & HOuse PCL -430,324.00 1,032,249.00 -55,184.00 -392,859.00 198,388.00
NHK Spring (Thailand) Co Ltd 12,450.00 -386,812.00 19,114.00 329,168.00 -106,699.00
Thai Airaisa Co Ltd 195,159.00 -879,044.00 454,820.00 430,729.00 0.00
Thai Vegetable Oil PCL 80,758.00 135,698.00 -238,638.00 103,357.00 -415,417.00
Robinson Public Company Limited 90,984.00 -10,089.00 -77,326.00 -93,371.00 288,177.00
Bangchak Green Net Co Ltd 746.00 -8,915.00 5,990.00 -1,749.00 5,693.00
Pandora Production Co Ltd -21,332.00 607,186.00 -55,724.00 68,281.00 18,576.00

205
 Table 6
Panel R: Change in Taxes Payable for Thailand
Companies 2015 2014 2013 2012 2011
True Distribution & Sales CO Ltd 9,168.00 5,283.00 -18,585.00 18,585.00 0.00
Pathum Thani Brewery Co Ltd 34,935.00 -211,315.00 -126,319.00 419.00 -203,322.00
Electricity Generating PCL -91,937.00 -575,719.00 600,567.00 694,775.00 -309,467.00
Charoen Pokphand Group Co Ltd 426,461.00 875,834.00 -1,662,782.00 1,890,102.00 -602,836.00
Tipco Asphalt PCL 1,314,861.00 73,969.00 -9,538.00 51,799.00 -60,353.00
Von-Bundit CO Ltd -44,999.00 1,975.00 -78,847.00 73,418.00 16,893.00
Synnex (Thailand) Public COmpany Limited 61,239.00 -14,548.00 -86,287.00 -31,297.00 46,217.00
Thai-Mc CO LTd -31,984.00 9,532.00 -40,775.00 -8,663.00 29,099.00
Supalai PCL -26,536.00 552,711.00 -135,119.00 -709,786.00 117,688.00
Isuzu Engine Manufacturing Co (Thailand) Ltd 18,252.00 -193,646.00 89,205.00 -169,598.00 324,305.00
G Steel Public Company Limited 2,331.00 6,112.00 13,930.00 7,346.00 0.00
Hitachi Consumer Products (Thailand) Co Ltd 148,617.00 -5,090.00 121,335.00 67,534.00 0.00
Hana Microelectronics Public Company Limited -434,687.00 412,521.00 -8,714.00 33,137.00 -67,009.00
Tata Steel (Thailand) Public Company Limited 236,547.00 -395,548.00 140,289.00 443,945.00 -133,151.00
AP (THailand) Public Company Limited 109,865.00 118,784.00 -7,537.00 -433,576.00 -251,570.00
Central Plaza Hotel PCL 67,349.00 -116,772.00 167,606.00 91,459.00 33,044.00
Sahaviriya Steel INdustries PCL 24,176.00 2,546,914.00 -1,773,279.00 -61,522.00 -773,312.00
Siam Global House PCL 47,932.00 -62,739.00 47,087.00 -9,744.00 75,654.00
Susco Public Company Limited -41,249.00 -9,893.00 2,782.00 -11,795.00 56,830.00
Quality Houses PCL -163,970.00 -10,104.00 -202,124.00 537,048.00 -363,491.00
Milcon Steel Public Company Limited 132,916.00 6,035.00 -11,194.00 -17,247.00 15,246.00
Calsonic Kansei (Thailand) Co Ltd -151,949.00 -25,791.00 179,398.00 199,657.00 20,124.00
Energy Earth Public Company Limited 77,563.00 -153,631.00 -244,128.00 359,723.00 167,879.00
Sino-Thai Engineering & COnstruction PCL -106,518.00 -81,670.00 174,369.00 401,727.00 28,602.00
Thai Union Manufacturing CO Ltd -55,474.00 -9,333.00 25,241.00 -111,204.00 -180,693.00
Thai Yamaha Moror Co LTd 36,016.00 186,454.00 -273,599.00 -156,594.00 -191,854.00
Univentures PCL 140,308.00 77,508.00 -63,333.00 -21,343.00 143,399.00
Khon Kaen Sugar INdustry PCL -99,259.00 -32,458.00 -792,119.00 -77,892.00 883,353.00
Beerthip Brewery (1991) Co Ltd 12,792.00 92,174.00 -114,539.00 -111,335.00 -13,867.00

206
 Table 6
Panel S: Total Assets from the Prior Year for Thailand
Companies 2015 2014 2013 2012 2011
PTT Public Company 2,841,304,535.00 2,408,204,257.00 2,438,673,649.00 2,193,725,867.00 1,943,920,005.00
Charoen Pokphand Foods PCL 645,976,733.00 564,109,856.00 494,040,530.00 417,605,991.00 221,646,714.00
CP All Public Company Limited 430,094,979.00 441,811,638.00 390,715,698.00 96,551,355.00 76,709,422.00
The Siam Cement PCL 666,519,254.00 630,513,250.00 596,482,488.00 531,949,006.00 519,434,282.00
Thai Oil Public Company Limited 260,966,802.00 282,429,434.00 229,518,002.00 214,870,315.00 213,387,943.00
Indorama Ventures Public Companly Limited 264,602,490.00 255,872,705.00 229,247,527.00 202,133,372.00 113,536,424.00
Ek-Chai Distribution System Co LTD 158,908,453.00 144,885,197.00 141,198,659.00 120,085,574.00 100,458,594.00
Irpc Public Company Limited 220,335,421.00 220,093,414.00 190,923,983.00 183,213,218.00 175,327,788.00
Thai Airways International PCL 415,900,850.00 415,646,601.00 408,934,499.00 380,414,963.00 431,642,065.00
Isuzu Motors (Thailand) Co LTd 109,296,432.00 105,221,484.00 89,715,956.00 75,623,983.00 78,981,388.00
Siam Makro PCL 59,103,382.00 48,868,097.00 43,422,908.00 42,026,575.00 37,103,038.00
Star Petroleum Refining Public Company Limited 92,686,775.00 122,754,643.00 113,616,679.00 112,418,324.00 104,557,133.00
Advanced info Service PCl 171,021,542.00 151,629,503.00 135,777,098.00 120,138,762.00 141,849,987.00
PTT Exploration & Production PCL 1,039,152,605.00 958,114,993.00 808,888,089.00 620,765,542.00 498,103,065.00
Esso (Thailand) Public Company Limited 86,440,036.00 100,174,373.00 102,015,521.00 102,356,697.00 97,166,235.00
Bangchak Corporation PUblic Company Limited 104,176,534.00 97,980,721.00 95,280,531.00 85,390,208.00 90,901,416.00
Thai Beverage Public Company Limited 232,793,092.00 248,180,885.00 279,286,815.00 137,726,875.00 112,122,096.00
Berli Jucker PCL 61,152,457.00 60,235,421.00 51,450,516.00 45,640,168.00 39,583,938.00
Thai Union Group Public Company Limited 156,257,174.00 146,573,512.00 127,427,179.00 115,366,672.00 108,838,359.00
TRI Petch Isuzu Sales CO Ltd 94,783,039.00 86,056,889.00 108,943,985.00 86,056,889.00 87,145,994.00
True Corporation Public Company Limited 317,502,361.00 278,625,879.00 242,544,568.00 210,023,289.00 167,415,372.00
BIG C Supercenter PCL 139,115,430.00 131,514,350.00 126,625,910.00 125,757,801.00 57,744,033.00
Boon Rawd Trading Co Ltd 27,718,786.00 22,972,572.00 16,806,341.00 18,810,761.00 15,706,241.00
Cal-Comp Electronics (Thailand) PCL 97,095,569.00 84,506,672.00 77,330,616.00 80,454,158.00 75,893,853.00
Mtr Phol Sugar Corp Ltd 177,008,039.00 168,819,552.00 159,613,836.00 116,159,490.00 47,081,071.00
Total Access Communication Public Company Limited 144,052,829.00 142,192,892.00 135,844,899.00 143,944,842.00 133,441,020.00
Banpu PCL 307,843,129.00 320,339,887.00 298,598,475.00 311,892,687.00 281,783,870.00
SRI Trang Agro-Industry Public Company Limited 51,151,293.00 59,988,329.00 49,347,359.00 56,016,426.00 53,922,216.00
SCG Packaging Public Company Limited 100,144,405.00 88,208,107.00 78,586,143.00 72,720,049.00 50,077,745.00
Home Product Center PCL 59,979,524.00 48,647,936.00 34,786,629.00 28,662,321.00 24,149,763.00

207
 Table 6
Panel T: Total Assets from the Prior Year for Thailand
Companies 2015 2014 2013 2012 2011
Minor INternational Public Company Limited 100,540,385.00 81,125,183.00 68,548,870.00 56,644,326.00 47,720,508.00
Glow Energy PCL 162,861,818.00 169,198,524.00 174,305,665.00 166,661,453.00 156,214,528.00
Airports Of Thailand PCL 213,610,254.00 211,174,552.00 203,786,245.00 205,975,458.00 210,803,964.00
Ratchaburi Electricity Generating Company Limited 68,554,825.00 64,813,789.00 130,186,767.00 57,942,476.00 65,508,110.00
Ptep International LTD 153,262,447.00 121,167,652.00 113,307,461.00 97,010,115.00 98,056,802.00
Siamgas And Petrochemicals Public Company Limited 38,228,641.00 40,067,139.00 37,326,118.00 32,313,861.00 22,849,627.00
Italian-Thai Development PCL 99,833,394.00 88,183,128.00 78,686,022.00 72,638,698.00 73,977,397.00
Delta Electronics (Thailand) PCL 51,765,866.00 49,897,255.00 44,477,327.00 41,422,389.00 43,098,311.00
CH Karnchang Public Company Limited 109,464,451.00 97,500,064.00 68,831,071.00 50,786,996.00 44,349,294.00
Mercedez-Benz (Thailand) Ltd 50,352,670.00 39,113,728.00 28,734,155.00 29,578,965.00 28,964,466.00
Mitsubishi Electronic Consumer Products (THailand) CO Ltd 49,969,003.00 44,679,941.00 40,605,926.00 40,627,197.00 36,136,547.00
Thai Paraxylene CO Ltd 36,312,001.00 42,165,539.00 34,664,379.00 35,716,257.00 36,931,075.00
Petroleum Thai Corporation Ltd 4,828,135.00 3,821,169.00 2,505,634.00 1,869,693.00 1,482,820.00
Central Department Store LTD 58,848,034.00 42,954,392.00 29,187,750.00 25,413,995.00 23,049,444.00
PTT REtail Management CO Ltd 9,438,868.00 10,082,071.00 10,374,290.00 10,979,833.00 11,383,386.00
Nidec Electronics(Thailand) CO Ltd 36,748,819.00 36,907,230.00 34,832,568.00 26,056,767.00 27,595,784.00
Siam City Cement PCL 48,073,841.00 45,280,625.00 37,656,445.00 36,782,885.00 36,621,996.00
Khonkaen Brewery CO Ltd 18,002,910.00 18,649,901.00 17,065,826.00 16,340,159.00 16,179,265.00
Saha Pathanapibul PCL 25,658,495.00 22,225,457.00 22,007,839.00 19,678,167.00 18,036,369.00
TBI Prolene PCL 134,619,334.00 111,546,389.00 102,921,305.00 99,362,090.00 102,458,808.00
HMC Polymers CO ltd 52,742,306.00 56,689,334.00 56,564,195.00 55,008,869.00 58,188,170.00
Thai Plastic & Chemical 33,499,503.00 33,643,465.00 30,209,518.00 28,665,969.00 31,039,202.00
Land & HOuse PCL 117,606,482.00 102,013,910.00 86,604,178.00 84,321,645.00 79,476,110.00
NHK Spring (Thailand) Co Ltd 32,541,314.00 33,203,225.00 31,717,235.00 26,659,693.00 28,660,553.00
Thai Airaisa Co Ltd 34,771,738.00 28,570,010.00 14,497,371.00 5,253,206.00 7,083,632.00
Thai Vegetable Oil PCL 13,945,805.00 14,768,931.00 16,177,215.00 14,272,527.00 15,145,587.00
Robinson Public Company Limited 31,269,978.00 25,487,119.00 22,689,377.00 19,772,663.00 17,832,030.00
Bangchak Green Net Co Ltd 1,646,047.00 1,765,890.00 1,558,983.00 1,212,067.00 1,253,067.00
Pandora Production Co Ltd 28,308,693.00 25,083,725.00 18,581,426.00 27,590,595.00 15,119,223.00

208
 Table 6
Panel U: Total Assets from the Prior Year for Thailand
Companies 2015 2014 2013 2012 2011
True Distribution & Sales CO Ltd 20,610,995.00 16,352,846.00 12,504,655.00 6,659,360.00 7,041,264.00
Pathum Thani Brewery Co Ltd 11,140,564.00 11,684,454.00 11,390,891.00 10,701,121.00 11,393,826.00
Electricity Generating PCL 217,497,670.00 177,226,803.00 147,014,110.00 101,126,316.00 95,560,752.00
Charoen Pokphand Group Co Ltd 356,745,457.00 305,061,161.00 297,594,169.00 262,758,470.00 215,552,911.00
Tipco Asphalt PCL 20,499,642.00 27,440,697.00 25,106,248.00 21,513,381.00 15,644,682.00
Von-Bundit CO Ltd 12,660,837.00 14,857,744.00 11,479,493.00 13,680,661.00 16,054,266.00
Synnex (Thailand) Public COmpany Limited 7,643,863.00 6,300,165.00 6,558,613.00 6,071,905.00 5,505,762.00
Thai-Mc CO LTd 7,953,757.00 7,889,373.00 7,692,604.00 8,316,015.00 7,798,927.00
Supalai PCL 51,476,532.00 41,519,912.00 31,807,848.00 28,407,972.00 26,560,868.00
Isuzu Engine Manufacturing Co (Thailand) Ltd 8,917,854.00 8,596,452.00 7,112,124.00 7,169,321.00 6,089,070.00
G Steel Public Company Limited 50,712,940.00 50,471,342.00 51,174,303.00 61,160,136.00 66,146,603.00
Hitachi Consumer Products (Thailand) Co Ltd 12,106,977.00 11,378,893.00 10,210,672.00 8,965,343.00 7,767,593.00
Hana Microelectronics Public Company Limited 29,847,535.00 27,283,172.00 24,099,861.00 24,827,892.00 24,458,250.00
Tata Steel (Thailand) Public Company Limited 22,461,170.00 25,283,471.00 32,009,613.00 35,714,502.00 37,430,941.00
AP (THailand) Public Company Limited 48,137,008.00 46,574,216.00 39,417,780.00 40,716,782.00 35,098,804.00
Central Plaza Hotel PCL 38,858,835.00 39,539,043.00 37,853,581.00 30,056,186.00 20,384,957.00
Sahaviriya Steel INdustries PCL 104,620,138.00 114,678,938.00 119,037,630.00 119,710,918.00 103,879,374.00
Siam Global House PCL 28,659,484.00 21,179,198.00 16,155,494.00 11,529,625.00 8,537,648.00
Susco Public Company Limited 7,338,205.00 7,896,992.00 8,284,774.00 3,182,866.00 2,680,493.00
Quality Houses PCL 65,828,090.00 56,376,684.00 55,894,429.00 52,625,878.00 44,464,196.00
Milcon Steel Public Company Limited 22,315,633.00 18,757,743.00 18,739,855.00 16,908,476.00 13,181,383.00
Calsonic Kansei (Thailand) Co Ltd 14,309,309.00 14,945,654.00 14,298,343.00 11,013,843.00 10,570,347.00
Energy Earth Public Company Limited 24,283,909.00 18,322,085.00 11,851,620.00 5,686,591.00 1,939,369.00
Sino-Thai Engineering & COnstruction PCL 33,843,735.00 33,851,084.00 27,292,518.00 22,279,938.00 14,858,011.00
Thai Union Manufacturing CO Ltd 18,258,132.00 18,992,598.00 16,088,500.00 13,798,130.00 14,122,136.00
Thai Yamaha Moror Co LTd 14,941,765.00 13,503,333.00 16,009,572.00 14,645,824.00 14,954,581.00
Univentures PCL 42,010,914.00 28,235,272.00 28,579,881.00 9,525,428.00 7,442,219.00
Khon Kaen Sugar INdustry PCL 55,394,288.00 50,025,699.00 39,814,234.00 36,838,863.00 33,413,136.00
Beerthip Brewery (1991) Co Ltd 11,936,693.00 11,573,333.00 11,529,921.00 13,449,350.00 13,884,023.00

209

Panel V: Opacity for Thailand
Companies
PTT Public Company
Charoen Pokphand Foods PCL
CP All Public Company Limited
The Siam Cement PCL
Thai Oil Public Company Limited
Indorama Ventures Public Companly Limited
Ek-Chai Distribution System Co LTD
Irpc Public Company Limited
Thai Airways International PCL
Isuzu Motors (Thailand) Co LTd
Siam Makro PCL
Star Petroleum Refining Public Company Limited
Advanced info Service PCl
PTT Exploration & Production PCL
Esso (Thailand) Public Company Limited
Bangchak Corporation PUblic Company Limited
Thai Beverage Public Company Limited
Berli Jucker PCL
Thai Union Group Public Company Limited
TRI Petch Isuzu Sales CO Ltd
True Corporation Public Company Limited
BIG C Supercenter PCL
Boon Rawd Trading Co Ltd
Cal-Comp Electronics (Thailand) PCL
Mtr Phol Sugar Corp Ltd
Total Access Communication Public Company Limited
Banpu PCL
SRI Trang Agro-Industry Public Company Limited
SCG Packaging Public Company Limited
Home Product Center PCL
Table 6
2015 2014 2013 2012 2011
-0.0163297726 -0.0621296610 -0.0370246929 -0.0308368201 -0.0290227421
-0.0528773642 -0.0296024911 -0.0118110795 0.0448529341 -0.0429595586
-0.0268372070 -0.0306203387 -0.0490437193 -0.1633094015 -0.0757203985
-0.0492805284 0.0337307202 -0.0431872209 -0.0261095854 0.0211932450
-0.0775019039 -0.1208324625 0.0178427747 -0.0578132954 -0.0201492031
-0.0467765515 -0.0681259222 -0.0213842350 -0.2061507142 0.4041808557
-0.0727966372 0.0216842650 -0.2005184058 -0.0257367550 -0.1307921451
-0.1298572325 -0.0567116788 -0.0713915391 -0.0305710858 -0.0707616068
-0.0750567160 -0.1219332189 -0.0718377077 -0.0590486684 -0.0137338121
-0.0174183545 -0.1078950379 -0.0957215682 0.1344032884 0.0674871401
-0.0134390956 -0.0973820405 -0.0327450893 -0.0348807867 -0.1096119946
-0.1639642765 -0.0934974492 0.1132295726 -0.2020673338 0.0416195039
-0.1809129460 -0.1933334240 -0.1575331578 -0.1344158765 -0.2427020526
-0.0695229918 -0.0996983397 -0.0973215431 -0.0837839401 -0.1154700785
-0.0865923170 -0.2133373672 -0.0280626220 -0.0453626303 -0.2674661213
-0.1030079672 -0.0293008969 0.0055687767 -0.1166347434 0.0780658246
-0.0384628424 -0.0220633269 0.0075065162 -0.0190622201 0.0140757626
-0.0391113803 -0.0475842445 -0.0168737666 -0.0233085251 -0.0184647369
-0.0556848161 -0.0044781011 0.0167898247 0.0317504348 0.0795962938
0.0959310874 -0.0516632085 0.1016032597 0.2066469774 -0.0329693296
0.0064673251 -0.0315979048 -0.2658969340 -0.1361898489 -0.7875627514
-0.0332887732 -0.0448747760 -0.0282856644 -0.0495470019 -0.1730560108
0.1576527919 0.0884729842 0.3617886249 -0.1347976831 -0.2259876822
-0.0063209682 -0.0519868538 -0.0123200493 -0.0688862470 0.0311890082
0.0071279644 -0.0110075816 0.0530148652 -0.0130542842 -0.1985828232
-0.1343675174 -0.1496523821 -0.1801183937 0.2780428562 -0.5575611008
-0.0616502667 -0.0517338167 -0.0068876608 -0.0182022799 -0.0655884987
0.0538171342 -0.1867064842 0.0481082078 -0.1237269404 -0.0855126206
-0.0509997738 -0.0168557863 -0.0251228388 -0.0627523505 -0.0470886419
-0.0724926893 -0.0087313468 -0.1680406572 -0.0194408192 -0.1171095965
210
 Table 6
Panel W: Opacity for Thailand
Companies 2015 2014 2013 2012 2011
Minor INternational Public Company Limited 0.1972019900 -0.0483516444 -0.0133590240 -0.0184739951 -0.0999056632
Glow Energy PCL -0.0478659215 -0.0291060045 1.6614261676 -1.7810342443 -0.0024809536
Airports Of Thailand PCL -0.0274788634 -0.0233178049 -0.0686549477 1.5955425233 -1.6825397648
Ratchaburi Electricity Generating Company Limited 0.2259718700 -0.1536765734 0.0030738992 -0.0134824580 -0.1060977793
Ptep International LTD 0.1331720744 -0.0748443157 -0.0509019790 0.0305623903 0.0114813351
Siamgas And Petrochemicals Public Company Limited -0.0497041472 -0.1339922723 -0.0465812169 0.1089705746 0.1782093423
Italian-Thai Development PCL 0.0051901170 -0.0403691282 0.0189283810 -0.0118526767 -0.0685989803
Delta Electronics (Thailand) PCL -0.0184871630 -0.0336900497 -0.0005842078 -0.0739075190 -0.0295692098
CH Karnchang Public Company Limited 0.0224909363 0.0251593886 0.1298010458 0.5686546021 -0.5211898300
Mercedez-Benz (Thailand) Ltd 0.0250117422 0.0906484035 0.0930042662 -0.0829724434 0.1054599108
Mitsubishi Electronic Consumer Products (THailand) CO Ltd -0.1000795433 0.1108334498 0.0515961143 -0.0273166273 0.0604343575
Thai Paraxylene CO Ltd 0.0260400411 -0.1240878719 -0.0101690557 -0.0207477788 -0.0560516042
Petroleum Thai Corporation Ltd -0.1832885783 -0.2256526733 -0.0403945668 -0.2032622468 -0.3553991718
Central Department Store LTD 0.2917835624 -0.5311013598 -0.0301244186 -0.1481917739 0.0706041760
PTT REtail Management CO Ltd 0.0026961920 -0.0659357586 -0.1811658436 -0.1151695112 -0.0930025565
Nidec Electronics(Thailand) CO Ltd -0.0379239670 -0.0508991870 0.1814736714 -0.5923123156 -0.0345262523
Siam City Cement PCL -0.0417199033 -0.0329348590 -0.0745417418 0.0039177460 -0.0526102673
Khonkaen Brewery CO Ltd 0.0490156314 -0.0901292720 0.0934468100 0.1133127897 -0.0771465824
Saha Pathanapibul PCL -0.0180299351 0.0177505011 -0.0077707766 0.0036750882 -0.0373663901
TBI Prolene PCL -0.0138893125 -0.9956958894 -0.0275943450 -0.0219798014 0.0999547350
HMC Polymers CO ltd -0.0780948410 -0.0474961128 -0.0075836843 -0.0116728086 -0.0233497977
Thai Plastic & Chemical -0.1098243756 0.0153880404 0.2298754982 -0.3805704248 -0.0422721241
Land & HOuse PCL 0.0258705298 0.0414130093 0.0799475402 -0.0070133594 0.0358111261
NHK Spring (Thailand) Co Ltd -0.0023092184 -0.0550626332 -0.0806308936 -0.0644834132 0.0231714301
Thai Airaisa Co Ltd -0.0343911484 -0.0331650916 -0.2064452238 -0.4863070285 0.2937748601
Thai Vegetable Oil PCL -0.2905437155 -0.0829190007 -0.0824303194 0.2893564678 0.1301610826
Robinson Public Company Limited -0.0869156352 -0.1201464552 -0.0898616123 -0.1030047394 -0.1224285738
Bangchak Green Net Co Ltd 0.0608293688 0.0339738036 -0.0736518615 -0.2600524558 0.0200699564
Pandora Production Co Ltd -0.2053016718 0.0475390716 0.2216536556 -0.3504224537 0.7881992348

211

Panel X: Opacity for Thailand
Companies
True Distribution & Sales CO Ltd
Pathum Thani Brewery Co Ltd
Electricity Generating PCL
Charoen Pokphand Group Co Ltd
Tipco Asphalt PCL
Von-Bundit CO Ltd
Synnex (Thailand) Public COmpany Limited
Thai-Mc CO LTd
Supalai PCL
Isuzu Engine Manufacturing Co (Thailand) Ltd
G Steel Public Company Limited
Hitachi Consumer Products (Thailand) Co Ltd
Hana Microelectronics Public Company Limited
Tata Steel (Thailand) Public Company Limited
AP (THailand) Public Company Limited
Central Plaza Hotel PCL
Sahaviriya Steel INdustries PCL
Siam Global House PCL
Susco Public Company Limited
Quality Houses PCL
Milcon Steel Public Company Limited
Calsonic Kansei (Thailand) Co Ltd
Energy Earth Public Company Limited
Sino-Thai Engineering & COnstruction PCL
Thai Union Manufacturing CO Ltd
Thai Yamaha Moror Co LTd
Univentures PCL
Khon Kaen Sugar INdustry PCL
Beerthip Brewery (1991) Co Ltd
Table 6
2015 2014 2013 2012 2011
0.7480795080 0.0477403750 0.1930086036 0.1409045314 0.0495097187
0.1947702109 -0.1231906086 0.0165942243 0.0472634596 -0.0401725461
-0.0604691903 -0.0084640753 -0.0419958669 -0.0000741152 -0.0299317653
0.0231211886 -0.0157388701 -0.0118090116 0.0007286768 0.0456864301
-0.2761930184 -0.2938605386 0.0598266216 0.2309666714 0.0790031399
0.6650681152 -0.1542610372 0.2153994954 -0.2791145837 -0.1436933336
-0.0711110338 0.2552434738 -0.1271832932 0.1280398820 -0.0291405622
-0.0838433963 0.0878877193 -0.0799629098 0.0298633420 0.0072393292
0.2135191625 0.2249062089 0.2266064966 0.0219250779 0.0797647878
-0.3108589802 -0.3225574923 -0.0971199321 -0.0346544673 0.3899799148
-0.1056636038 -0.0820763989 0.1485484228 0.0276586860 -0.0698089515
-0.0013157702 -0.0529954891 -0.0065881070 -0.0886176915 -0.0302235197
-0.0382358543 -0.0609191996 -0.0531358251 -0.0465840999 -0.0600962456
-0.0952542989 -0.0533805267 -0.0799335500 -0.0626572085 -0.0146215400
-0.0146401912 0.0267392370 0.1318308134 -0.0252098263 0.1509979086
-0.0774939084 -0.0563363913 -0.0716691507 -0.0526389809 -0.0989942731
-0.4278220795 -0.0809570280 -0.0794359145 -0.0772668872 0.2618035319
-0.0493763251 -0.0106038954 0.1506678162 0.0585096220 -0.0183431081
-0.1517356084 0.0257280240 0.2982488116 -0.8412707290 -0.0987087077
0.0543358922 0.0376065041 0.0260776078 0.0910106811 0.1806546553
-0.0956320172 0.1706818352 0.5742872077 -0.6601376138 -0.0822561639
0.1413933405 0.0700116569 0.0131892206 0.0135815446 -0.5614345489
-0.2824623499 0.2772853090 0.1009822286 1.0594968057 0.8438394137
0.1339653558 0.0843184520 -0.0548929930 -0.2200393915 -0.1748259575
-0.1596910900 -3.1447565520 3.6668521615 0.1174327246 -0.1268876748
0.1077594247 -0.1927638902 -0.1008061302 -0.7485641641 -0.0874530687
-0.0576042692 0.4397315882 0.0882932298 0.1326664797 0.0906384238
-0.0329427648 0.0162873086 0.0340518167 -0.0488192049 -0.0061201379
-0.0643638066 0.0213510663 -0.0091972876 0.1833797916 0.0367050674
212
 Table 6
Panel Y: Earnings Management for Thailand
Companies 2015 2014 2013 2012 2011
PTT Public Company -92,497,231.00 -181,688,986.00 -86,292,521.00 -62,387,406.00 -53,415,465.00
Charoen Pokphand Foods PCL -34,486,001.00 -7,180,975.00 -12,667,498.00 17,925,100.00 -8,474,099.00
CP All Public Company Limited -9,639,288.00 -13,622,526.00 -20,838,977.00 -16,150,658.00 -4,783,842.00
The Siam Cement PCL -30,410,225.00 21,171,646.00 -24,969,829.00 -21,938,752.00 -8,824,404.00
Thai Oil Public Company Limited -13,559,006.00 -39,758,884.00 2,424,760.00 -22,231,227.00 1,464,587.00
Indorama Ventures Public Companly Limited -11,831,434.00 -16,563,690.00 -2,958,865.00 -42,168,407.00 46,526,803.00
Ek-Chai Distribution System Co LTD -13,813,771.00 -6,355,889.00 -23,185,566.00 -1,029,505.00 -10,681,663.00
Irpc Public Company Limited -15,989,410.00 -18,991,849.00 -13,785,549.00 -5,662,833.00 -12,549,002.00
Thai Airways International PCL -31,574,234.00 -50,043,748.00 -28,457,047.00 -27,090,733.00 -5,134,303.00
Isuzu Motors (Thailand) Co LTd -2,740,262.00 -6,140,256.00 -6,841,152.00 9,591,018.00 6,886,386.00
Siam Makro PCL -497,140.00 -4,357,183.00 -1,484,629.00 -1,915,972.00 -3,293,476.00
Star Petroleum Refining Public Company Limited -5,025,502.00 -17,526,494.00 11,148,254.00 -28,346,975.00 6,889,070.00
Advanced info Service PCl -32,089,945.00 -29,119,445.00 -23,115,017.00 -27,154,825.00 -21,871,445.00
PTT Exploration & Production PCL -124,350,522.00 -125,773,910.00 -65,553,861.00 -35,880,879.00 -30,840,130.00
Esso (Thailand) Public Company Limited 338,919.00 -29,595,213.00 -5,263,331.00 -6,642,159.00 -22,101,374.00
Bangchak Corporation PUblic Company Limited -7,719,635.00 -6,647,617.00 1,132,606.00 -9,743,335.00 5,885,602.00
Thai Beverage Public Company Limited -9,491,870.00 -4,621,084.00 -276,693.00 -3,525,224.00 4,249,202.00
Berli Jucker PCL -2,646,819.00 -3,099,211.00 -960,510.00 -1,357,953.00 -755,355.00
Thai Union Group Public Company Limited -8,034,088.00 819,385.00 3,155,262.00 3,453,396.00 7,366,070.00
TRI Petch Isuzu Sales CO Ltd 6,950,908.00 -7,918,279.00 13,657,080.00 18,635,904.00 -468,781.00
True Corporation Public Company Limited 8,295,065.00 -22,228,608.00 -60,951,743.00 -33,838,650.00 -121,799,429.00
BIG C Supercenter PCL -5,006,596.00 -5,215,149.00 -4,217,920.00 -6,391,078.00 -8,286,198.00
Boon Rawd Trading Co Ltd 3,726,526.00 1,798,548.00 6,506,815.00 -2,350,403.00 -4,005,789.00
Cal-Comp Electronics (Thailand) PCL -1,046,464.00 -4,193,600.00 -1,042,669.00 -5,540,545.00 2,211,114.00
Mtr Phol Sugar Corp Ltd 5,308,035.00 -6,611,493.00 5,071,548.00 -3,186,255.00 -1,705,762.00
Total Access Communication Public Company Limited -22,192,291.00 -23,281,201.00 -25,039,033.00 34,901,709.00 -70,487,540.00
Banpu PCL -18,362,271.00 -15,893,053.00 -10,973,155.00 -12,795,790.00 -5,768,345.00
SRI Trang Agro-Industry Public Company Limited 2,726,558.00 -11,494,338.00 2,384,937.00 -8,283,315.00 -3,718,972.00
SCG Packaging Public Company Limited -5,406,862.00 -1,996,809.00 -1,804,139.00 -5,529,128.00 198,029.00
Home Product Center PCL -4,216,119.00 -292,350.00 -5,893,742.00 -927,701.00 -2,208,945.00

213
 Table 6
Panel Z: Earnings Management for Thailand
Companies 2015 2014 2013 2012 2011
Minor INternational Public Company Limited 19,825,944.00 -4,675,464.00 -144,066.00 -1,139,791.00 -4,465,687.00
Glow Energy PCL -7,658,585.00 -4,995,221.00 290,495,347.00 -297,501,733.00 388,001.00
Airports Of Thailand PCL -2,390,443.00 -10,008,027.00 -10,047,834.00 334,825,508.00 -353,690,916.00
Ratchaburi Electricity Generating Company Limited 15,530,768.00 -10,543,145.00 1,639,755.00 -3,565,003.00 -5,475,943.00
Ptep International LTD 16,455,162.00 -7,315,604.00 -8,652,766.00 8,171,735.00 -362,339.00
Siamgas And Petrochemicals Public Company Limited -1,577,296.00 -5,675,337.00 -277,472.00 1,703,910.00 3,390,025.00
Italian-Thai Development PCL -363,679.00 -3,615,824.00 1,784,051.00 -858,369.00 -5,096,732.00
Delta Electronics (Thailand) PCL -467,922.00 -1,634,293.00 131,876.00 -3,189,922.00 -927,329.00
CH Karnchang Public Company Limited 2,734,774.00 -770,550.00 12,244,009.00 28,157,823.00 -21,715,677.00
Mercedez-Benz (Thailand) Ltd 1,282,194.00 4,498,033.00 3,265,735.00 -3,582,625.00 3,304,428.00
Mitsubishi Electronic Consumer Products (THailand) CO Ltd -5,008,989.00 4,516,982.00 1,353,852.00 -198,788.00 2,465,715.00
Thai Paraxylene CO Ltd 971,924.00 -6,949,628.00 -233,494.00 -2,726,203.00 174,710.00
Petroleum Thai Corporation Ltd -802,886.00 -696,595.00 -87,438.00 -368,846.00 -514,109.00
Central Department Store LTD 18,038,495.00 -21,784,056.00 -3,179,998.00 -3,385,191.00 233,237.00
PTT REtail Management CO Ltd 191,685.00 -381,511.00 -1,979,535.00 -1,264,542.00 -1,058,684.00
Nidec Electronics(Thailand) CO Ltd 773,671.00 -3,785,118.00 6,289,068.00 -17,391,890.00 -1,148,885.00
Siam City Cement PCL -2,450,530.00 -1,288,059.00 -1,897,999.00 -2,121,704.00 -912,077.00
Khonkaen Brewery CO Ltd 855,266.00 -2,168,884.00 1,493,707.00 1,490,277.00 -954,447.00
Saha Pathanapibul PCL -492,873.00 439,669.00 -124,634.00 -47,715.00 -613,794.00
TBI Prolene PCL -4,106,916.00 -1,601,103.00 -2,724,848.00 -4,491,853.00 11,324,307.00
HMC Polymers CO ltd -3,621,110.00 -1,786,033.00 -1,089,371.00 -2,233,882.00 -105,856.00
Thai Plastic & Chemical -3,128,262.00 -169,215.00 6,357,894.00 -10,574,574.00 -1,424,019.00
Land & HOuse PCL 2,181,894.00 6,289,201.00 6,813,423.00 -1,377,096.00 3,242,905.00
NHK Spring (Thailand) Co Ltd -50,245.00 -2,601,881.00 -2,519,161.00 -1,060,772.00 450,708.00
Thai Airaisa Co Ltd -805,522.00 -2,705,615.00 -2,083,273.00 -1,693,213.00 2,080,993.00
Thai Vegetable Oil PCL -3,890,350.00 -953,229.00 -1,810,769.00 4,336,562.00 1,140,532.00
Robinson Public Company Limited -2,535,882.00 -3,082,365.00 -2,193,556.00 -2,223,420.00 -1,606,796.00
Bangchak Green Net Co Ltd 101,620.00 42,164.00 -102,842.00 -318,699.00 36,535.00
Pandora Production Co Ltd -5,854,486.00 2,406,829.00 4,007,193.00 -9,531,802.00 11,954,112.00

214
 Table 6
Panel AA: Earnings Management for Thailand
Companies 2015 2014 2013 2012 2011
True Distribution & Sales CO Ltd 15,436,999.00 791,257.00 2,376,336.00 975,504.00 348,611.00
Pathum Thani Brewery Co Ltd 2,239,720.00 -1,862,045.00 -63,615.00 506,610.00 -864,363.00
Electricity Generating PCL -13,335,782.00 -2,651,499.00 -4,972,851.00 1,382,055.00 -3,479,236.00
Charoen Pokphand Group Co Ltd 9,101,301.00 -3,049,650.00 -6,839,857.00 3,971,670.00 8,642,171.00
Tipco Asphalt PCL -3,032,136.00 -7,915,800.00 1,482,946.00 5,072,472.00 1,115,273.00
Von-Bundit CO Ltd 8,330,321.00 -2,288,021.00 2,314,983.00 -3,671,636.00 -2,273,105.00
Synnex (Thailand) Public COmpany Limited -421,085.00 1,578,980.00 -1,006,720.00 714,852.00 -68,007.00
Thai-Mc CO LTd -730,838.00 712,443.00 -696,673.00 231,018.00 114,657.00
Supalai PCL 10,938,154.00 10,443,508.00 6,937,627.00 -796,725.00 2,353,998.00
Isuzu Engine Manufacturing Co (Thailand) Ltd -2,735,691.00 -3,160,142.00 -512,319.00 -587,645.00 3,023,225.00
G Steel Public Company Limited -5,353,850.00 -4,130,282.00 7,629,722.00 1,706,301.00 -4,617,625.00
Hitachi Consumer Products (Thailand) Co Ltd 281,304.00 -613,210.00 175,401.00 -659,420.00 -234,764.00
Hana Microelectronics Public Company Limited -2,010,620.00 -837,027.00 -1,297,994.00 -1,090,311.00 -1,603,867.00
Tata Steel (Thailand) Public Company Limited -1,666,429.00 -2,140,741.00 -2,278,064.00 -1,349,881.00 -813,600.00
AP (THailand) Public Company Limited -485,005.00 1,482,927.00 5,181,404.00 -1,893,615.00 4,796,706.00
Central Plaza Hotel PCL -2,876,625.00 -2,461,031.00 -2,377,722.00 -1,399,209.00 -1,951,906.00
Sahaviriya Steel INdustries PCL -44,710,453.00 -4,190,238.00 -13,002,421.00 -9,372,734.00 25,649,363.00
Siam Global House PCL -1,319,236.00 -350,060.00 2,528,287.00 655,106.00 -5,299.00
Susco Public Company Limited -1,195,965.00 183,388.00 2,476,488.00 -2,701,242.00 -150,928.00
Quality Houses PCL 3,248,888.00 2,099,922.00 1,053,345.00 5,863,613.00 7,305,682.00
Milcon Steel Public Company Limited -1,868,257.00 3,213,676.00 10,739,671.00 -11,196,415.00 -1,053,758.00
Calsonic Kansei (Thailand) Co Ltd 1,719,343.00 994,788.00 547,380.00 548,899.00 -5,894,310.00
Energy Earth Public Company Limited -6,704,164.00 4,773,183.00 708,547.00 6,744,371.00 1,972,274.00
Sino-Thai Engineering & COnstruction PCL 4,320,852.00 2,690,931.00 -1,149,430.00 -4,099,010.00 -2,540,362.00
Thai Union Manufacturing CO Ltd -3,026,609.00 -59,745,763.00 59,044,633.00 1,397,944.00 -2,153,311.00
Thai Yamaha Moror Co LTd 1,682,148.00 -2,230,047.00 -2,161,061.00 -11,276,527.00 -1,691,532.00
Univentures PCL -2,139,392.00 12,570,957.00 2,396,744.00 1,221,019.00 961,349.00
Khon Kaen Sugar INdustry PCL -2,023,359.00 749,868.00 -228,491.00 -1,954,228.00 1,562,213.00
Beerthip Brewery (1991) Co Ltd -742,707.00 431,451.00 -335,122.00 2,243,669.00 481,880.00

215
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229
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 Table 8: Mandatory Application of IFRS
Indonesia Yes
Malaysia Yes
Philippines Yes
Singapore Yes
Thailand No
Vietnam No

Table 9: Components of the Three Aspects of Audit Quality

WB_LOANS Standards Independence Oversight
1 2 3 4 5 6 Average 7 8 9 Average Sum
Indonesia 10.61834 0.33 1 0.33 1 1 0 0.67 1 1 1 1 6.66
Malaysia 9.61811 1 1 1 0 0 1 0.6 1 1 1 1 7
Philippines 10.16263 1 1 1 1 1 1 1 1 0.5 1 0.83 8.5
Singapore 8.2584 0.67 1 0.33 1 0 1 0.67 0 0.5 1 0.5 5.5
Thailand 9.97558 0.67 1 0.33 0 1 1 0.67 1 0.5 1 0.83 6.5
Vietnam 9.24743 0.33 1 1 0 1 0 0.6 1 0.5 1 0.83 5.83
Mean 9.64675 0.67 1 0.67 0.5 0.67 0.67 0.7 0.83 0.67 1 0.83 6.67

234
 APPENDIX E

CERTIFICATIONS FROM ENGLISH CRITIC AND STATISTICIAN

235
 Certification
To whom it may concern,

This is to certify that the research study entitled “The Effect of Accounting
Quality and Audit Strength on the Level of World Bank Lending for ASEAN
Countries” has been reviewed and edited by the undersigned.

This certification is issued upon the request of the researchers. Given this
August 15, 2017 at De La Salle University-Taft, Manila.

Donna Fernandes Datinggaling

Licensed English Teacher, Grammarian

236
 APPENDIX F

RESEARCHERS’ PROFILE

AGUILA, Alfea A.

Managpi, Calapan City, Oriental Mindoro

alfeaaguila.dlsu@yahoo.com

Bachelor of Science Major in Accountancy

De La Salle University – Manila

CONTRERAS, Aaron Manuel M.

Blk 9 Lot 8, Villagio Di Xavier, Binan, Laguna

aaronmanuelcontreras97@gmail.com

Bachelor of Science Major in Accountancy

De La Salle University – Manila

DE MESA, Arman Dickzon B.

270 National Road, Bayanan, Muntinlupa City

armandemesa@yahoo.com.ph

Bachelor of Science Major in Accountancy

De La Salle University – Manila

237
SULAPAS, Kimberly Jane T.

090 Picasales Street, Caramcam District, Mangagoy, Bislig City, Surigao del Sur

jane_kimkim@yahoo.com

Bachelor of Science Major in Accountancy

De La Salle University – Manila

238