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

95 NTU Management Review Vol. 30 No. 2 Aug. 2020 firms complying with local GAAP. The remaining variables, however, do not statistically differ between our U.S. GAAP/IFRS firms and their corresponding matched firms. Finally, Panel F of Table 2 reports descriptive statistics related to the variables used in the simultaneous equations for our U.S. GAAP and IFRS test samples. The results reveal that U.S. GAAP firms exhibit significantly lower means for DA it and DA it-1 (i.e., discretionary accruals for the current and prior year, respectively) relative to IFRS firms. In addition, the mean and median value(s) of BBATH it ( ST_DEBT it , and EARN it ) for the U.S. GAAP sample is (are) significantly higher (lower) than for its counterpart, suggesting that firms that voluntarily changed their filing choice to U.S. GAAP had a greater propensity to take a “big bath,” had a smaller proportion of short-term debt, and were more likely to exhibit poor earnings performance than firms that switched to IFRS. The mean proxies for the smoothing incentive (i.e., SM_SUM it , SM_PROD it , and SM_DISX it ) are marginally higher, although the differences are insignificant, for U.S. GAAP adopters than for IFRS adopters. Table 2 Descriptive Statistics a Panel A. Descriptive statistics on the variables used in the adoption choice analysis for U.S. GAAP versus matched domestic samples U.S. GAAP Observations (n = 78) Matched Domestic Observations (n = 78) Probability Value c Variable d Mean Median Std. Dev. Mean Median Std. Dev. t -test a W-test b Jian -0.173 -0.027 0.850 0 .001 0.036 0.132 0.096 0.005 LEV it 0.629 0.536 0.772 0.411 0.384 0.239 0.023 0.031 MV it 6.235 5.935 1.771 6.328 5.772 1.753 0.805 0.864 NMKT it 1.460 2.000 0.894 1.560 2.000 0.625 0.454 0.135 CS it 0.690 1.000 0.466 0.820 1.000 0.387 0.069 0.088 LT_DEBT it 0.450 0.000 0.500 0.380 0.000 0.488 0.387 0.482 Panel B. Descriptive statistics on the variables used in the adoption choice analysis for IFRS versus matched domestic samples IFRS Observations (n = 83) Matched Domestic Observations (n = 83) Probability Value c Variable d Mean Median Std. Dev. Mean Median Std. Dev. t -test a W-test b ROA it 0.054 0.047 0.085 -0.014 0.030 0.185 0.003 0.140 LEV it 0.511 0.546 0.212 0.417 0.402 0.214 0.006 0.004 MV it 7.526 7.707 2.248 7.019 7.101 2.070 0.149 0.163 NMKT it 1.240 1.000 0.702 1.150 1.000 0.893 0.489 0.608 CS it 0.630 1.000 0.485 0.610 1.000 0.491 0.745 0.452 LT_DEBT it 0.490 0.000 0.503 0.440 0.000 0.500 0.527 0.632