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 122 Table 8 Results for the Estimation of the Relation between Accrual-Based Earnings Management and Real Activities Manipulation for Mandatory IFRS Firms 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) 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 ? 0.001 -0.060 -0.008 -0.065 -0.281** -0.040 RM_SUM it - -6.542*** RM_PROD it - -6.801*** RM_DISX it - -1.324 DA it - -0.697*** -0.835*** -0.075 BBATH it - -0.415*** -0.129*** -0.144*** -0.113*** -0.170*** -0.023*** SM_SUM it - -4.282*** -0.815*** SM_PROD it - -3.015*** -0.733*** SM_DISX it - -1.615** -0.303** DEBT it + 0.532*** 0.108* 0.520*** 0.106** 0.475* 0.092** ST_DEBT it + 0.424*** 0.060* 0.402*** 0.060** 0.261* 0.052** BIG it -/+ 0.025 0.043 0.201*** 0.061* 0.067 -0.005 MV it ? -0.012** 0.002 -0.032*** -0.001 0.001 0.001 EARN it ? 1.193*** 0.234*** 1.022*** 0.254*** 0.998 0.200*** DA it-1 - -0.154* -0.135* -0.366** LTGN it + -0.025 -0.012 -0.017 MILL it ? -0.441*** -0.144** -0.558*** -0.147*** -0.163* -0.015 No. of firm-years 436 436 436 436 436 436 Adjusted- R 2 0.420 0.457 0.654 0.284 0.074 0.289 Hausman t -statistic -2.286*** -1.857* -8.560*** -4.648*** -1.321 -0.407 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 in the manuscript.