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

117 NTU Management Review Vol. 30 No. 2 Aug. 2020 Panel C. Real activities manipulation proxied by RM_DISX it Variable a Predicted Sign U.S. GAAP Observations IFRS Observations DA it RM_DISX it DA it RM_DISX it Parameter Estimate t -Statistic Parameter Estimate t -Statistic Parameter Estimate t -Statistic Parameter Estimate t -Statistic Intercept ? 0.134 2.386** 0.005 0.116 0.247 1.499 0.093 1.357 RM_DISX it - -3.216 -10.348*** -6.682 -3.780*** DA it - -2.023 -11.735*** -0.065 -0.459 BBATH it - -0.116 -3.574*** -0.122 -5.054*** -0.070 -1.908** -0.004 -0.169 SM_DISX it - -1.444 -11.786*** -0.988 -15.019*** -1.125 -6.426*** -0.099 -1.208 DEBT it + 0.187 5.531*** 0.060 2.612*** 0.643 4.863*** 0.051 0.881 ST_DEBT it + 0.033 1.846** 0.041 3.221*** 0.330 3.461*** 0.040 1.670** BIG it -/+ -0.026 -1.681* 0.004 2.159** -0.195 -1.749* -0.043 -0.945 MV it ? -0.019 -6.174*** -0.007 -3.525*** -0.051 -3.689*** -0.010 -2.603** EARN it ? 0.555 11.610*** 0.301 10.045*** 1.347 5.796*** 0.122 1.152 DA it-1 - -0.002 -1.341* -0.170 -2.155** LTGN it + 0.001 1.353* 0.022 0.983 MILL it ? 0.016 2.179** 0.019 8.401*** 0.031 2.203** -0.020 -3.781*** No. of firm-years 796 796 116 116 Adjusted- R 2 0.372 0.397 0.487 0.193 Hausman t -statistic -9.526*** -10.801*** -3.457*** -0.263 Note: ***,**,* denote significance at the 0.01, 0.05, and 0.10 level, respectively. Note a : All variables are defined in Tables 2 and 5.