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

243 NTU Management Review Vol. 29 No. 1 Apr. 2019 From the IM model in Table 11, in the 2005-2010 model, the coefficients of IM t *X t and IM t *X t3 are respectively -12.022 ( t = -3.30) and 2.128 ( t = 1.45). The coefficients of IM t *X t and IM t *X t3 are respectively -14.267 ( t = -4.08) and 3.073 ( t = 1.84) in the REV model, both statistically significant. We also find that the combined coefficient of IM t *X t1 and REV t *IM t *X t1 ( β 7 + β 12 ) and combined coefficient of IM t *X t3 and REV t *IM t *X t3 ( β 8 + β 13 ) are all statistically insignificant. In the 2005-2010 model (excluding 2008), the coefficients of IM t *X t and IM t *X t3 are respectively -13.650 ( t = -2.32) and 3.469 ( t = 1.71) in the IM model. The coefficients of IM t *X t and IM t *X t3 are respectively -14.412 ( t = -2.61) and 4.290 ( t = 2.45) in the REV model, both statistically significant. The combined coefficient of IM t *X t1 and REV t *IM t *X t1 ( β 7 + β 12 ) and the combined coefficient of IM t *X t3 and REV t *IM t *X t3 ( β 8 + β 13 ) are respectively 37.562 ( t = 1.62) and -20.632 ( t = -1.42), both statistically insignificant. The additional diagnoses do not qualitatively change the primary results. Thus, managerial decisions to recognize asset impairment also influence earnings informativeness when we exclude the years of voluntarily early adoption of SFAS No. 35 and the onset of global financial crisis.