臺大管理論叢 NTU Management Review VOL.29 NO.1

Earnings Informativeness of Long-Lived Assets Impairment Recognized and Reversals 240 Table 10 Results of Assets Impairment Recognized and Reversals in Earnings Informativeness---The Dummy Variable and Self-Selection Bias Testing R t = β 0 + β 1 X t-1 + β 2 X t + β 3 X t3 + β 4 R t3 + β 5 IM t + β 6 IM t *X t-1 + β 7 IM t *X t + β 8 IM t *X t3 + β 9 IM t *R t3 + β 10 LEV t + β 11 MB t + β 12 SIZE t + ε t R t = β 0 + β 1 X t-1 + β 2 X t + β 3 X t3 + β 4 R t3 + β 5 IM t + β 6 IM t *X t-1 + β 7 IM t *X t + β 8 IM t *X t3 + β 9 IM t *R t3 + β 10 REV t + β 11 MB t + β 12 SIZE t + β 13 IMR t + ε t R t = β 0 + β 1 X t-1 + β 2 X t + β 3 X t3 + β 4 R t3 + β 5 IM t + β 6 IM t *X t-1 + β 7 IM t *X t + β 8 IM t *X t3 + β 9 IM t *R t3 + β 10 REV t + β 11 REV t *IM t *X t-1 + β 12 REV t *IM t *X t + β 13 REV t *IM t *X t3 + β 14 REV t *IM t *R t3 + β 15 LEV t + β 16 MB t + β 17 SIZE t + ε t R t = β 0 + β 1 X t-1 + β 2 X t + β 3 X t3 + β 4 R t3 + β 5 IM t + β 6 IM t *X t-1 + β 7 IM t *X t + β 8 IM t *X t3 + β 9 IM t *R t3 + β 10 REV t + β 11 REV t *IM t *X t-1 + β 12 REV t *IM t *X t + β 13 REV t *IM t *X t3 + β 14 REV t *IM t *R t3 + β 15 LEV t + β 16 MB t + β 17 SIZE t + β 18 IMR t + ε t Dummy Variable Test Self-selection Correction Model IM model REV model Model IM model REV model Variables β β ( t -value) β ( t -value) Variables β β ( t -value) β ( t -value) Constant β 0 -1.313 b (-2.47) -1.325 b (-2.52) Constant β 0 -1.225 b (-2.33) -1.217 b (-2.31) X t-1 β 1 -0.831 a (-7.87) -0.831 a (-8.00) X t-1 β 1 -0.839 a (-7.64) -0.837 a (-7.58) X t β 2 1.399 a (8.14) 1.398 a (8.11) X t β 2 1.395 a (8.54) 1.391 a (8.46) X t3 β 3 0.383 a (6.28) 0.383 a (6.28) X t3 β 3 0.387 a (6.15) 0.387 a (6.08) R t3 β 4 -0.114 b (-2.29) -0.113 b (-2.27) R t3 β 4 -0.118 b (-2.36) -0.118 b (-2.34) IM t β 5 0.088 (0.11) -0.043 (-0.05) IM t β 5 -1.781 (-1.53) -1.867 c (-1.65) D_IM t *X t-1 β 6 0.042 (0.55) 0.089 (1.10) IM t *X t-1 β 6 7.321 b (2.21) 7.212 a (2.65) D_IM t *X t β 7 -0.208 c (-1.78) -0.304 b (-2.08) IM t *X t β 7 -12.238 a (-5.75) -13.407 a (-5.63) D_IM t *X t3 β 8 0.050 c (1.75) 0.070 b (2.03) IM t *X t3 β 8 1.590 c (1.75) 2.479 a (2.73) D_IM t *R t3 β 9 -0.038 (-1.62) -0.044 b (-2.31) IM t *R t3 β 9 -0.252 (-0.26) -0.613 (-0.61) REV t ---/β 10 0.085 (0.93) REV t ---/β 10 0.074 (0.93) REV t * D_IM t *X t-1 ---/β 11 -0.763 c (-1.71) REV t *IM t *X t-1 ---/β 11 -10.203 (-0.41) REV t * D_IM t *X t ---/β 12 1.248 a (2.72) REV t *IM t *X t ---/β 12 33.817 (1.62)