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

115 NTU Management Review Vol. 30 No. 2 Aug. 2020 Table 6 Results for the Estimation of the Relation between Accrual-Based Earnings Management and Real Activities Manipulation for Voluntary Adopters prior to 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 ? 0.099 2.458** 0.011 0.446 -0.492 -4.669*** -0.496 -2.608** RM_SUM it - -2.031 -14.724*** -1.010 -9.085*** DA it - -2.097 -10.288*** -1.552 -5.006*** BBATH it - -0.089 -3.763*** -0.134 -3.650*** -0.134 -4.416*** -0.155 -2.514*** SM_SUM it - -1.409 -15.908*** -1.014 -17.356*** -1.003 -9.946*** -1.155 -9.267*** DEBT it + 0.128 2.633*** 0.054 1.907** 0.562 7.342*** 0.670 5.643*** ST_DEBT it + 0.050 1.873** 0.036 2.346*** 0.102 2.616*** 0.034 0.391 BIG it -/+ -0.016 -1.741* 0.004 1.135 0.259 3.711*** 0.231 1.755* MV it ? -0.014 -3.250*** -0.007 -2.863*** -0.006 -1.959* -0.008 -1.169 EARN it ? 0.257 4.011*** 0.262 7.019*** 1.155 8.858*** 1.404 6.276*** DA it-1 - -0.001 -0.702 -0.084 -1.474* LTGN it + 0.001 -0.703 0.103 1.356* MILL it ? 0.237 4.408*** 0.066 1.505* 0.509 6.437*** -0.164 -4.144*** No. of firm-years 796 796 116 116 Adjusted- R 2 0.356 0.337 0.598 0.474 Hausman t -statistic -12.992*** -9.006*** -5.796*** -3.128***