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

The Effects of Relaxing the Reconciliation Requirement in Foreign Private Issuers’ SEC Filings on Earnings Management Strategies: IFRS Adopters versus U.S. GAAPAdopters 106 Panel B. Real activities manipulation proxied by RM_PROD it Variable a Predicted Sign U.S. GAAP Observations IFRS Observations DA it RM_PROD it DA it RM_PROD it Parameter Estimate t -Statistic Parameter Estimate t -Statistic Parameter Estimate t -Statistic Parameter Estimate t -Statistic Intercept ? 1.092 1.351 0.129 1.988* 0.199 3.145*** -0.075 -0.650 RM_PROD it ? -4.692 -1.560* -2.794 -13.851*** DA it - -1.031 -2.530*** -1.715 -6.133*** BBATH it - -0.425 -2.334** -0.213 -3.165*** -0.260 -10.370*** -0.151 -4.066*** SM_PROD it - -0.352 -2.322** -0.150 -3.358*** -1.310 -17.742*** -0.966 -8.264*** DEBT it + -0.670 -1.267 0.091 1.598* -0.266 -10.121*** 0.005 0.105 ST_DEBT it + 0.276 2.321** 0.200 2.565*** -0.065 -5.625*** 0.024 1.242 BIG it -/+ -0.115 -1.027 -0.033 -1.259 -0.001 -0.074 0.012 0.749 MV it ? -0.042 -2.520** -0.031 -2.591** 0.003 2.111** 0.001 0.387 EARN it ? -0.151 -0.690 0.047 0.844 -0.266 -6.424*** 0.223 3.045*** DA it-1 - -0.119 -1.826** -0.004 -0.266 LTGN it + 0.035 1.451* -0.004 -0.227 MILL it ? -0.556 -1.923* 0.135 2.076** 0.050 2.677*** 0.069 1.787* No. of firm-years 78 78 83 83 Adjusted- R 2 0.385 0.552 0.762 0.512 Hausman t -statistic -1.697** -2.490** -8.359*** -3.634***