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 116 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 ? 0.060 1.898* 0.001 0.015 -0.181 -3.457*** -0.278 -2.304** RM_PROD it - -3.584 -17.900*** -1.175 -11.672*** DA it - -2.106 -7.547*** -1.538 -6.327*** BBATH it - -0.089 -4.826*** -0.162 -4.105*** -0.125 -5.015*** -0.132 -2.639*** SM_PROD it - -1.517 -19.878*** -0.956 -9.883*** -1.021 -14.416*** -1.168 -8.347*** DEBT it + 0.185 4.759*** 0.079 1.376* 0.454 9.136*** 0.550 5.244*** ST_DEBT it + 0.134 6.016*** 0.064 1.698** 0.034 1.440* -0.031 -0.574 BIG it -/+ -0.048 -2.646*** -0.004 -0.133 0.099 2.850*** 0.096 1.800* MV it ? -0.007 -2.084** -0.004 -0.643 -0.014 -2.585** -0.010 -1.162 EARN it ? -0.249 -5.619*** -0.005 -0.065 0.991 11.423*** 1.310 5.705*** DA it-1 - 0.003 1.076 -0.063 -1.319* LTGN it + -0.002 -0.987 0.094 1.704** MILL it ? 0.008 1.978* 0.013 3.267*** 0.026 1.906* 0.027 4.686*** No. of firm-years 796 796 116 116 Adjusted- R 2 0.383 0.265 0.638 0.476 Hausman t -statistic -16.881*** -7.048*** -7.959*** -4.259***