Z-score analyses
| Year | x-bar of DFTA | ZDFTA | x-bar of CURAS | ZCURAS | x-bar of NCURAS | ZNCURAS | x-bar of CURLIA | ZCURLIA | x-bar of NCURLIA | ZNCURLIA |
|---|---|---|---|---|---|---|---|---|---|---|
| Panel A: Deferred tax asset pre-IAS 12 adoption | ||||||||||
| 1992 | 18,027.667 | −0.302 | 353,342.333 | 0.150 | 1,442,093.000 | 0.139 | 399,822.000 | 0.209 | 387,421.000 | −0.196 |
| 1993 | 9,751.000 | −0.338 | 166,299.000 | −0.120 | 211,401.000 | −0.531 | 66,140.000 | −0.333 | 69,539.000 | −0.515 |
| 1994 | 6,298.000 | −0.354 | 63,475.333 | −0.268 | 164,013.000 | −0.557 | 34,377.000 | −0.384 | 55,624.333 | −0.529 |
| 1995 | 2,964.333 | −0.368 | 9,313.500 | −0.351 | 134,112.000 | −0.598 | 11,340.000 | −0.428 | 47,594.500 | −0.553 |
| 1996 | 5,133.857 | −0.359 | 270,168.600 | −0.082 | 970,680.800 | −0.269 | 250,482.400 | −0.150 | 410,521.000 | −0.291 |
| 1997 | 3,355.833 | −0.367 | 28,451.250 | −0.332 | 319,187.500 | −0.531 | 29,780.000 | −0.408 | 156,544.750 | −0.480 |
| 1998 | 4,002.167 | −0.366 | 52,000.200 | −0.306 | 298,470.600 | −0.530 | 47,874.400 | −0.385 | 128,161.400 | −0.493 |
| 1999 | 12,588.714 | −0.338 | 153,295.286 | −0.188 | 844,817.429 | −0.289 | 340,475.286 | −0.010 | 376,397.429 | −0.291 |
| 2000 | 46,968.167 | −0.341 | 323,541.000 | −0.274 | 1,327,057.462 | −0.544 | 552,090.077 | −0.314 | 752,596.769 | −0.478 |
| 2001 | 25,400.050 | −0.356 | 215,872.348 | −0.278 | 994,827.667 | −0.536 | 431,980.667 | −0.297 | 521,186.778 | −0.478 |
| 2002 | 24,897.444 | −0.348 | 155,673.120 | −0.296 | 794,035.667 | −0.543 | 205,153.619 | −0.361 | 408,129.524 | −0.487 |
| 2003 | 27,349.033 | −0.339 | 176,684.929 | −0.277 | 919,368.652 | −0.513 | 176,922.696 | −0.363 | 480,450.348 | −0.456 |
| 2004 | 25,473.031 | −0.337 | 192,485.719 | −0.250 | 821,481.000 | −0.503 | 176,734.923 | −0.348 | 381,264.038 | −0.462 |
| Total | 24,055.791 | −0.345 | 191,592.935 | −0.269 | 863,904.969 | −0.517 | 254,282.649 | −0.326 | 428,605.344 | −0.466 |
| Panel B: Deferred tax asset post-IAS 12 adoption | ||||||||||
| 2007 | 59,173.979 | −0.234 | 308,135.833 | −0.103 | 1,096,207.970 | −0.409 | 269,520.121 | −0.266 | 555,835.455 | −0.363 |
| 2008 | 79,224.358 | −0.156 | 353,392.283 | −0.030 | 1,198,050.472 | −0.360 | 410,092.778 | −0.148 | 621,332.667 | −0.311 |
| 2009 | 80,104.160 | −0.152 | 314,004.096 | −0.054 | 1,235,776.278 | −0.332 | 332,443.278 | −0.188 | 631,533.833 | −0.289 |
| 2010 | 104,204.772 | −0.054 | 268,696.153 | −0.074 | 1,233,273.953 | −0.285 | 276,592.767 | −0.199 | 609,341.116 | −0.256 |
| 2011 | 96,628.984 | −0.065 | 257,063.033 | −0.084 | 1,228,276.477 | −0.288 | 314,752.432 | −0.166 | 582,038.705 | −0.272 |
| 2012 | 88,670.746 | −0.070 | 290,983.045 | −0.025 | 1,184,871.060 | −0.262 | 276,281.480 | −0.173 | 594,279.360 | −0.230 |
| 2013 | 99,351.533 | −0.057 | 268,890.130 | −0.030 | 1,147,514.241 | −0.230 | 298,169.093 | −0.118 | 538,587.444 | −0.225 |
| 2014 | 105,814.070 | −0.045 | 225,590.424 | −0.088 | 1,154,356.577 | −0.233 | 218,785.077 | −0.206 | 563,750.231 | −0.213 |
| 2015 | 117,499.333 | 0.002 | 202,495.652 | −0.096 | 1,255,664.294 | −0.169 | 228,464.373 | −0.181 | 634,156.157 | −0.141 |
| 2016 | 126,726.098 | 0.026 | 231,555.806 | −0.040 | 1,358,581.154 | −0.097 | 227,730.865 | −0.166 | 669,392.385 | −0.086 |
| 2017 | 132,906.164 | 0.060 | 219,022.400 | −0.079 | 1,366,342.075 | −0.106 | 231,894.698 | −0.167 | 662,724.943 | −0.102 |
| 2018 | 133,342.339 | 0.069 | 253,791.242 | −0.029 | 1,412,765.055 | −0.067 | 237,383.564 | −0.150 | 686,116.673 | −0.066 |
| 2019 | 133,072.088 | 0.070 | 223,907.597 | −0.067 | 1,542,207.130 | −0.034 | 292,624.148 | −0.094 | 750,382.944 | −0.036 |
| Total | 104,721.192 | −0.050 | 259,538.625 | −0.061 | 1,272,733.976 | −0.226 | 272,923.318 | −0.171 | 626,267.085 | −0.204 |
| Panel A: Deferred Tax Liabilities Pre-IAS 12 Adoption | ||||||||||
| 1992 | 538.000 | −0.291 | 21,172.000 | −0.464 | 26,955 | −0.326 | 13,128.000 | −0.348 | 538.000 | −0.319 |
| 1993 | 24,043.333 | 0.801 | 234,499.667 | 0.384 | 1,426,751.333 | 2.353 | 403,374.667 | 1.389 | 346,687.000 | 1.510 |
| 1994 | 8,992.750 | 0.102 | 234,089.667 | 0.150 | 1,394,660 | 1.625 | 414,038.000 | 0.976 | 445,740.000 | 1.444 |
| 1995 | 4,804.833 | −0.093 | 276,082.200 | 0.367 | 887,675.2 | 1.038 | 316,247.000 | 0.767 | 289,659.200 | 0.954 |
| 1996 | 2,217.667 | −0.213 | 88,739.000 | −0.195 | 136,293 | −0.117 | 78,941.333 | −0.055 | 8,256.333 | −0.278 |
| 1997 | 4,330.625 | −0.115 | 187,072.500 | 0.196 | 594,010.125 | 0.759 | 239,142.500 | 0.658 | 221,892.625 | 0.851 |
| 1998 | 4,459.500 | −0.109 | 273,400.714 | 0.403 | 661,884.4286 | 0.731 | 298,886.143 | 0.758 | 380,155.571 | 1.435 |
| 1999 | 2,355.667 | −0.206 | 103,057.250 | −0.184 | 142,531.375 | −0.135 | 52,455.375 | −0.199 | 59,411.500 | −0.042 |
| 2000 | 31,210.000 | 1.134 | 165,151.182 | 0.054 | 189,331.1818 | −0.045 | 75,624.545 | −0.098 | 50,089.000 | −0.079 |
| 2001 | 13,213.625 | 0.298 | 156,553.000 | −0.003 | 259,969.4286 | 0.058 | 110,479.857 | 0.024 | 105,875.714 | 0.168 |
| 2002 | 12,049.750 | 0.244 | 132,108.429 | −0.088 | 196,866.4286 | −0.048 | 92,633.286 | −0.046 | 64,790.357 | −0.022 |
| 2003 | 10,583.056 | 0.176 | 136,331.063 | −0.066 | 153,853.1875 | −0.116 | 74,213.938 | −0.113 | 71,046.188 | 0.012 |
| 2004 | 7,156.739 | 0.017 | 125,824.286 | −0.091 | 141,099.3333 | −0.131 | 78,796.095 | −0.086 | 57,178.238 | −0.046 |
| Total | 10,783.283 | 0.185 | 157,806.500 | 0.015 | 331,289.904 | 0.192 | 133,561.456 | 0.127 | 123,159.579 | 0.263 |
| Panel B: Deferred tax liabilities post-IAS 12 adoption | ||||||||||
| 2007 | 3,211.143 | −0.167 | 213,999.111 | 0.181 | 234,714.056 | 0.007 | 138,752.944 | 0.123 | 65,752.333 | −0.024 |
| 2008 | 3,317.455 | −0.162 | 117,991.235 | −0.185 | 127,627.294 | −0.189 | 76,939.000 | −0.142 | 43,231.059 | −0.145 |
| 2009 | 3,794.296 | −0.139 | 105,595.087 | −0.190 | 136,823.043 | −0.155 | 78,645.348 | −0.108 | 44,694.522 | −0.120 |
| 2010 | 2,755.458 | −0.188 | 95,322.895 | −0.248 | 115,554.526 | −0.203 | 54,259.947 | −0.215 | 31,468.895 | −0.190 |
| 2011 | 2,969.773 | −0.178 | 272,753.947 | 0.388 | 334,567.632 | 0.175 | 155,172.105 | 0.190 | 134,156.789 | 0.291 |
| 2012 | 4,262.850 | −0.118 | 89,293.833 | −0.228 | 114,766.278 | −0.180 | 42,507.111 | −0.236 | 30,063.722 | −0.178 |
| 2013 | 5,586.304 | −0.056 | 100,956.278 | −0.234 | 97,291.778 | −0.232 | 52,864.389 | −0.222 | 24,587.000 | −0.220 |
| 2014 | 14,195.480 | 0.344 | 400,705.952 | 0.790 | 504,641.381 | 0.434 | 282,782.476 | 0.651 | 191,862.762 | 0.530 |
| 2015 | 24,884.323 | 0.840 | 348,857.520 | 0.570 | 585,374.400 | 0.526 | 230,860.800 | 0.422 | 268,453.880 | 0.822 |
| 2016 | 16,987.529 | 0.473 | 365,776.037 | 0.607 | 567,687.333 | 0.485 | 250,691.000 | 0.480 | 249,537.926 | 0.725 |
| 2017 | 17,539.355 | 0.499 | 472,585.423 | 1.027 | 683,383.308 | 0.719 | 295,785.462 | 0.698 | 309,672.654 | 1.050 |
| 2018 | 28,529.710 | 1.009 | 548,933.125 | 1.141 | 762,618.833 | 0.753 | 346,809.833 | 0.789 | 351,119.833 | 1.114 |
| 2019 | 27,391.633 | 0.956 | 552,165.708 | 1.208 | 719,635.750 | 0.724 | 349,008.042 | 0.836 | 307,679.417 | 0.979 |
| Total | 13,319.176 | 0.303 | 302,617.538 | 0.436 | 415,097.763 | 0.272 | 194,189.659 | 0.301 | 173,540.161 | 0.429 |
| Year | x-bar of DFTA | ZDFTA | x-bar of CURAS | ZCURAS | x-bar of NCURAS | ZNCURAS | x-bar of CURLIA | ZCURLIA | x-bar of NCURLIA | ZNCURLIA |
|---|---|---|---|---|---|---|---|---|---|---|
| 1992 | 18,027.667 | −0.302 | 353,342.333 | 0.150 | 1,442,093.000 | 0.139 | 399,822.000 | 0.209 | 387,421.000 | −0.196 |
| 1993 | 9,751.000 | −0.338 | 166,299.000 | −0.120 | 211,401.000 | −0.531 | 66,140.000 | −0.333 | 69,539.000 | −0.515 |
| 1994 | 6,298.000 | −0.354 | 63,475.333 | −0.268 | 164,013.000 | −0.557 | 34,377.000 | −0.384 | 55,624.333 | −0.529 |
| 1995 | 2,964.333 | −0.368 | 9,313.500 | −0.351 | 134,112.000 | −0.598 | 11,340.000 | −0.428 | 47,594.500 | −0.553 |
| 1996 | 5,133.857 | −0.359 | 270,168.600 | −0.082 | 970,680.800 | −0.269 | 250,482.400 | −0.150 | 410,521.000 | −0.291 |
| 1997 | 3,355.833 | −0.367 | 28,451.250 | −0.332 | 319,187.500 | −0.531 | 29,780.000 | −0.408 | 156,544.750 | −0.480 |
| 1998 | 4,002.167 | −0.366 | 52,000.200 | −0.306 | 298,470.600 | −0.530 | 47,874.400 | −0.385 | 128,161.400 | −0.493 |
| 1999 | 12,588.714 | −0.338 | 153,295.286 | −0.188 | 844,817.429 | −0.289 | 340,475.286 | −0.010 | 376,397.429 | −0.291 |
| 2000 | 46,968.167 | −0.341 | 323,541.000 | −0.274 | 1,327,057.462 | −0.544 | 552,090.077 | −0.314 | 752,596.769 | −0.478 |
| 2001 | 25,400.050 | −0.356 | 215,872.348 | −0.278 | 994,827.667 | −0.536 | 431,980.667 | −0.297 | 521,186.778 | −0.478 |
| 2002 | 24,897.444 | −0.348 | 155,673.120 | −0.296 | 794,035.667 | −0.543 | 205,153.619 | −0.361 | 408,129.524 | −0.487 |
| 2003 | 27,349.033 | −0.339 | 176,684.929 | −0.277 | 919,368.652 | −0.513 | 176,922.696 | −0.363 | 480,450.348 | −0.456 |
| 2004 | 25,473.031 | −0.337 | 192,485.719 | −0.250 | 821,481.000 | −0.503 | 176,734.923 | −0.348 | 381,264.038 | −0.462 |
| Total | 24,055.791 | −0.345 | 191,592.935 | −0.269 | 863,904.969 | −0.517 | 254,282.649 | −0.326 | 428,605.344 | −0.466 |
| 2007 | 59,173.979 | −0.234 | 308,135.833 | −0.103 | 1,096,207.970 | −0.409 | 269,520.121 | −0.266 | 555,835.455 | −0.363 |
| 2008 | 79,224.358 | −0.156 | 353,392.283 | −0.030 | 1,198,050.472 | −0.360 | 410,092.778 | −0.148 | 621,332.667 | −0.311 |
| 2009 | 80,104.160 | −0.152 | 314,004.096 | −0.054 | 1,235,776.278 | −0.332 | 332,443.278 | −0.188 | 631,533.833 | −0.289 |
| 2010 | 104,204.772 | −0.054 | 268,696.153 | −0.074 | 1,233,273.953 | −0.285 | 276,592.767 | −0.199 | 609,341.116 | −0.256 |
| 2011 | 96,628.984 | −0.065 | 257,063.033 | −0.084 | 1,228,276.477 | −0.288 | 314,752.432 | −0.166 | 582,038.705 | −0.272 |
| 2012 | 88,670.746 | −0.070 | 290,983.045 | −0.025 | 1,184,871.060 | −0.262 | 276,281.480 | −0.173 | 594,279.360 | −0.230 |
| 2013 | 99,351.533 | −0.057 | 268,890.130 | −0.030 | 1,147,514.241 | −0.230 | 298,169.093 | −0.118 | 538,587.444 | −0.225 |
| 2014 | 105,814.070 | −0.045 | 225,590.424 | −0.088 | 1,154,356.577 | −0.233 | 218,785.077 | −0.206 | 563,750.231 | −0.213 |
| 2015 | 117,499.333 | 0.002 | 202,495.652 | −0.096 | 1,255,664.294 | −0.169 | 228,464.373 | −0.181 | 634,156.157 | −0.141 |
| 2016 | 126,726.098 | 0.026 | 231,555.806 | −0.040 | 1,358,581.154 | −0.097 | 227,730.865 | −0.166 | 669,392.385 | −0.086 |
| 2017 | 132,906.164 | 0.060 | 219,022.400 | −0.079 | 1,366,342.075 | −0.106 | 231,894.698 | −0.167 | 662,724.943 | −0.102 |
| 2018 | 133,342.339 | 0.069 | 253,791.242 | −0.029 | 1,412,765.055 | −0.067 | 237,383.564 | −0.150 | 686,116.673 | −0.066 |
| 2019 | 133,072.088 | 0.070 | 223,907.597 | −0.067 | 1,542,207.130 | −0.034 | 292,624.148 | −0.094 | 750,382.944 | −0.036 |
| Total | 104,721.192 | −0.050 | 259,538.625 | −0.061 | 1,272,733.976 | −0.226 | 272,923.318 | −0.171 | 626,267.085 | −0.204 |
| 1992 | 538.000 | −0.291 | 21,172.000 | −0.464 | 26,955 | −0.326 | 13,128.000 | −0.348 | 538.000 | −0.319 |
| 1993 | 24,043.333 | 0.801 | 234,499.667 | 0.384 | 1,426,751.333 | 2.353 | 403,374.667 | 1.389 | 346,687.000 | 1.510 |
| 1994 | 8,992.750 | 0.102 | 234,089.667 | 0.150 | 1,394,660 | 1.625 | 414,038.000 | 0.976 | 445,740.000 | 1.444 |
| 1995 | 4,804.833 | −0.093 | 276,082.200 | 0.367 | 887,675.2 | 1.038 | 316,247.000 | 0.767 | 289,659.200 | 0.954 |
| 1996 | 2,217.667 | −0.213 | 88,739.000 | −0.195 | 136,293 | −0.117 | 78,941.333 | −0.055 | 8,256.333 | −0.278 |
| 1997 | 4,330.625 | −0.115 | 187,072.500 | 0.196 | 594,010.125 | 0.759 | 239,142.500 | 0.658 | 221,892.625 | 0.851 |
| 1998 | 4,459.500 | −0.109 | 273,400.714 | 0.403 | 661,884.4286 | 0.731 | 298,886.143 | 0.758 | 380,155.571 | 1.435 |
| 1999 | 2,355.667 | −0.206 | 103,057.250 | −0.184 | 142,531.375 | −0.135 | 52,455.375 | −0.199 | 59,411.500 | −0.042 |
| 2000 | 31,210.000 | 1.134 | 165,151.182 | 0.054 | 189,331.1818 | −0.045 | 75,624.545 | −0.098 | 50,089.000 | −0.079 |
| 2001 | 13,213.625 | 0.298 | 156,553.000 | −0.003 | 259,969.4286 | 0.058 | 110,479.857 | 0.024 | 105,875.714 | 0.168 |
| 2002 | 12,049.750 | 0.244 | 132,108.429 | −0.088 | 196,866.4286 | −0.048 | 92,633.286 | −0.046 | 64,790.357 | −0.022 |
| 2003 | 10,583.056 | 0.176 | 136,331.063 | −0.066 | 153,853.1875 | −0.116 | 74,213.938 | −0.113 | 71,046.188 | 0.012 |
| 2004 | 7,156.739 | 0.017 | 125,824.286 | −0.091 | 141,099.3333 | −0.131 | 78,796.095 | −0.086 | 57,178.238 | −0.046 |
| Total | 10,783.283 | 0.185 | 157,806.500 | 0.015 | 331,289.904 | 0.192 | 133,561.456 | 0.127 | 123,159.579 | 0.263 |
| 2007 | 3,211.143 | −0.167 | 213,999.111 | 0.181 | 234,714.056 | 0.007 | 138,752.944 | 0.123 | 65,752.333 | −0.024 |
| 2008 | 3,317.455 | −0.162 | 117,991.235 | −0.185 | 127,627.294 | −0.189 | 76,939.000 | −0.142 | 43,231.059 | −0.145 |
| 2009 | 3,794.296 | −0.139 | 105,595.087 | −0.190 | 136,823.043 | −0.155 | 78,645.348 | −0.108 | 44,694.522 | −0.120 |
| 2010 | 2,755.458 | −0.188 | 95,322.895 | −0.248 | 115,554.526 | −0.203 | 54,259.947 | −0.215 | 31,468.895 | −0.190 |
| 2011 | 2,969.773 | −0.178 | 272,753.947 | 0.388 | 334,567.632 | 0.175 | 155,172.105 | 0.190 | 134,156.789 | 0.291 |
| 2012 | 4,262.850 | −0.118 | 89,293.833 | −0.228 | 114,766.278 | −0.180 | 42,507.111 | −0.236 | 30,063.722 | −0.178 |
| 2013 | 5,586.304 | −0.056 | 100,956.278 | −0.234 | 97,291.778 | −0.232 | 52,864.389 | −0.222 | 24,587.000 | −0.220 |
| 2014 | 14,195.480 | 0.344 | 400,705.952 | 0.790 | 504,641.381 | 0.434 | 282,782.476 | 0.651 | 191,862.762 | 0.530 |
| 2015 | 24,884.323 | 0.840 | 348,857.520 | 0.570 | 585,374.400 | 0.526 | 230,860.800 | 0.422 | 268,453.880 | 0.822 |
| 2016 | 16,987.529 | 0.473 | 365,776.037 | 0.607 | 567,687.333 | 0.485 | 250,691.000 | 0.480 | 249,537.926 | 0.725 |
| 2017 | 17,539.355 | 0.499 | 472,585.423 | 1.027 | 683,383.308 | 0.719 | 295,785.462 | 0.698 | 309,672.654 | 1.050 |
| 2018 | 28,529.710 | 1.009 | 548,933.125 | 1.141 | 762,618.833 | 0.753 | 346,809.833 | 0.789 | 351,119.833 | 1.114 |
| 2019 | 27,391.633 | 0.956 | 552,165.708 | 1.208 | 719,635.750 | 0.724 | 349,008.042 | 0.836 | 307,679.417 | 0.979 |
| Total | 13,319.176 | 0.303 | 302,617.538 | 0.436 | 415,097.763 | 0.272 | 194,189.659 | 0.301 | 173,540.161 | 0.429 |
Source(s): Created by author
Sharing content requires targeting cookies to be enabled. Please update your cookie preferences to use this feature.