Table 7

Value relevance of IAS 12

VariableDFTADFTADFTLDFTL
Random effects (log ratio)Random effects (deflated by assets)Random effects (log ratio)Random effects (deflated by assets)
(1)(2)(3)(4)
DFTA/DFTL0.103***0.098***−0.091***−0.071***
(0.027)(0.033)(0.028)(0.026)
DFTA/DFTL*IAS 120.1530.118−0.180***−0.165***
(0.148)(0.157)(0.031)(0.036)
IAS 120.167***0.181***0.041***0.110***
(0.061)(0.051)(0.015)(0.031)
CURAS0.072***0.094***0.235***0.041**
(0.015)(0.019)(0.071)(0.018)
NCURAS0.054***0.041***0.169***0.172***
(0.021)(0.013)(0.047)(0.058)
CURLIA−0.171−0.182−0.055−0.164
(0.157)(0.137)(0.033)(0.099)
NCURLIA−0.219***−0.198***−0.051***−0.127***
(0.053)(0.034)(0.016)(0.041)
Constant−1.742−1.493***−0.844***0.761**
(0.684)(0.452)(0.283)(0.326)
Observations3354335433543354
Year effectYesYesYesYes
Firm effectYesYesYesYes
R-squared0.6590.7350.7590.760
p-value (F-statistic)<0.001<0.001<0.001<0.001
 Standard errors in parenthesesRobust standard errors in parenthesesStandard errors in parenthesesRobust standard errors in parentheses

Note(s): ***p < 0.01, **p < 0.05 and *p < 0.1

Source(s): Created by author

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