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The Regulation of Non-GAAP Reporting and Earnings Management: Evidence from the Recognition of
Opportunistic Special Items

表 10 穩健性測試：改變揭露非 GAAP 盈餘的辨認方式
Panel A：假說一
Dependent variable = OppSI
Variables 係數值 t 值
NonGAAPIBES 0.012*** (8.84)
Post -0.004*** (-5.43)
NonGAAPIBES × Post -0.005*** (-3.54)
ROA -0.126*** (-21.42)
LEV -0.010*** (-3.86)
BTM 0.001* (1.87)
VolSales -0.011*** (-5.15)
Size 0.002*** (9.65)
Age -0.000*** (-5.23)
Constant 0.009*** (3.13)
Industry FE YES
Adjusted R-squared 0.16
Observations 29,494
註：* 表示達 10% 顯著水準；** 表示達 5% 顯著水準；*** 表示達 1% 顯著水準。
各變數之定義請詳表 2。括號為 t 值。標準差估計係採用 Petersen (2009) 群聚穩健標準誤
(Cluster-adjusted Standard Error) 矯正公司別異質性後之標準差。
Panel B：假說二
Dependent variable = MBEPCT
Variables 係數值 t 值
Post -0.005 (-0.73)
OppSI -0.258*** (-3.80)
NonGAAPIBES 0.047*** (6.59)
OppSI × Post 0.170 (0.89)
OppSI × NonGAAPIBES 0.247*** (2.94)
NonGAAPIBES × Post 0.010 (1.17)
OppSI × NonGAAPIBES × Post -0.466** (-2.05)
ROA 0.006 (0.41)
Growth 0.003 (0.36)
BTM -0.023*** (-8.76)
LEV -0.117*** (-7.53)
Loss -0.092*** (-13.60)
Size -0.018*** (-8.66)
NOA 0.005*** (4.13)
Constant 0.430*** (15.13)
Industry FE YES
Adjusted R-squared 0.11
Observations 17,366
註：* 表示達 10% 顯著水準；** 表示達 5% 顯著水準；*** 表示達 1% 顯著水準。
各變數之定義請詳表 2。括號為 t 值。標準差估計係採用 Petersen (2009) 群聚穩健標準誤
(Cluster-adjusted Standard Error) 矯正公司別異質性後之標準差。

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