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

121 NTU Management Review Vol. 30 No. 2 Aug. 2020 Table 7 Results for the Estimation of the Relation between Accrual-Based Earnings Management and Real Activities Manipulation Classi fi ed by Four Groups of Non-U.S. Cross-Listed Firms DA it = τ 0 + τ m Regressors in equation (6) + τ 11 D1 it + τ 12 D2 it + τ 13 D3 it + ε it RM it = δ 0 + δ m Regressors in equation (7) + δ 11 D1 it + δ 12 D2 it + δ 13 D3 it + ε i Variable a Predicted Sign (i) DA it (ii) RM_SUM it (iii) DA it (iv) RM_PROD it (v) DA it (vi) RM_DISX it Parameter Estimate Parameter Estimate Parameter Estimate Parameter Estimate Parameter Estimate Parameter Estimate Intercept ? 0.138*** 0.031 0.135*** 0.033 0.259*** -0.037** Regressors in equations (6)-(7) Included Included Included Included Included Included D1 it ? 0.035*** 0.025** 0.089*** 0.032* 0.090*** 0.018* D2 it ? 0.113*** 0.029** 0.164*** 0.038** 0.147*** 0.028** D3 it ? -0.006*** -0.028** -0.026*** -0.040*** -0.034*** -0.024*** No. of firm-years 400 400 400 400 400 400 Adjusted- R 2 0.489 0.393 0.503 0.323 0.414 0.304 Hausman t -statistic -2.364*** -2.046*** -4.432*** -5.859*** -3.509*** -4.520*** Note: ***,**,* denote significance at the 0.01, 0.05, and 0.10 level, respectively. Note a : We use dummy variables to distinguish different control groups of firms in our analyses. Specifically, we present four categories of non-U.S. cross-listed firms (excluding U.S. GAAP firms and their matched domestic firms) in 2SLS regression by including three dummy regressors, employing the following coding scheme: Group D1 D2 D3 Voluntary IFRS observations after the regulatory change (A) 1 0 0 Voluntary IFRS observations before the regulatory change (B) 0 1 0 Mandatory IFRS observations (C) 0 0 1 A ’ s matched domestic observations (D) 0 0 0 All other variables are defined in Tables 2 and 5.