臺大管理論叢 NTU Management Review VOL.30 NO.2

105 NTU Management Review Vol. 30 No. 2 Aug. 2020 Table 5 Results for the Estimation of the Relation between Accrual-Based Earnings Management and Real Activities Manipulation for Voluntary Adopters after the Reconciliation Elimination DA it = τ 0 + τ 1 RM it + τ 2 BBATH it + τ 3 SMOOTH it + τ 4 DEBT it + τ 5 ST_DEBT it + τ 6 BIG it + τ 7 MV it + τ 8 EARN it + τ 9 DA it-1 + τ 10 MILL it + ε it (6) RM it = δ 0 + δ 1 DA it + δ 2 BBATH it + δ 3 SMOOTH it + δ 4 DEBT it + δ 5 ST_DEBT it + δ 6 BIG it + δ 7 MV it + δ 8 EARN it + δ 9 LTGN it + δ 10 MILL it + ε it (7) Panel A. Real activities manipulation proxied by RM_SUM it Variable a Predicted Sign U.S. GAAP Observations IFRS Observations DA it RM_SUM it DA it RM_SUM it Parameter Estimate t -Statistic Parameter Estimate t -Statistic Parameter Estimate t -Statistic Parameter Estimate t -Statistic Intercept ? 1.762 7.731*** 0.549 9.240*** 0.020 0.337 -0.105 -1.585 RM_SUM it ? -4.269 -8.364*** -2.033 -11.054*** DA it - -1.915 -10.809*** -1.711 -6.031*** BBATH it - -0.653 -9.437*** -0.461 -11.173*** -0.266 -7.443*** -0.160 -3.298*** SM_SUM it - -0.661 -7.861*** -0.253 -14.890*** -1.300 -13.053*** -0.955 -9.875*** DEBT it + 0.144 1.532* 0.267 4.297*** -0.179 -2.575*** 0.009 0.236 ST_DEBT it + 0.264 3.718*** 0.233 6.026*** -0.105 -3.045*** 0.023 1.179 BIG it -/+ 0.064 1.134 0.065 2.198** -0.032 -2.525** 0.005 0.360 MV it ? -0.154 -9.536*** -0.159 -10.458*** 0.009 2.286** 0.005 1.100 EARN it ? 0.564 5.359*** 0.413 7.471*** 0.097 1.884* 0.209 3.483*** DA it-1 - -0.121 -1.455* 0.002 0.945 LTGN it + 0.012 2.064** 0.011 1.422* MILL it ? -0.661 -4.251*** 0.487 6.075*** 0.163 4.522** 0.085 2.118** No. of firm-years 78 78 83 83 Adjusted- R 2 0.699 0.871 0.683 0.537 Hausman t -statistic -7.777*** -10.358*** -9.388*** -5.052***