Table I Sample selection Panel A: sample...

Table I

Sample selection

Panel A: sample selection from FAME
All active firms in the FAME database with listing status information				3,131,051
Less subsidiaries companies				259,447
Less financial services firms				7,912
Less firms with qualified accounts				2,059
Less firms without a value of total assets in any year, 2006-2013				2,114,134
Initial sample–no. of firms				747,499
Panel B: breakdown of sample for earnings quality analysis across size categories
	Listed firms	Large private firms	Medium-sized firms	Small firms	Micro firms	All firms
Initial sample – no. of firms	1,419	3,448	9,023	403,693	329,916	747,499
Less: firms filing abbreviated Accounts (Pr=0)	N/A	N/A	(764)	(285,639)	(246,429)	(532,832)
Less: firms with missing data	(290)	(693)	(2,220)	(39,862)	(27,870)	(70,935)
No. of firms used in Equations (1) and (2)	1,129	2,755	6,039	78,192	55,617	143,732
No. of firm-years used in Equations (1) and (2)	6,318	13,067	20,630	256,562	217,647	514,224
Panel C: breakdown of sample for switching accounting regimes
	Listed firms	Large private firms	Medium-sized firms	Small firms	Micro firms	All firms
No. of firms used in Equations (1) and (2)	1,129	2,755	6,039	78,192	55,617	143,732
Firms not switching accounting standards	977	2,686	5,999	78,088	55,617	143,367
Firms which followed IFRS	977	132	56	111	0	1,276
Firms which followed GAAP	0	2,554	5,943	77,977	55,617	142,091
Firms switching accounting standards	152	69	40	104	0	365
Instances of switching from GAAP to IFRS	152	65	37	78	0
Instances of switching from IFRS to GAAP	0	32	19	68	0

Notes: All observations are observed during the sample period, 2006-2013. The instances of switching from GAAP to IFRS plus the instances of switching from IFRS to GAAP may not add up to the number of firms switching accounting standards due to firms having multiple switches during the sample period. The instances of switching accounting standards are examined in Table IV panels B and C

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Panel A: sample selection from FAME
All active firms in the FAME database with listing status information				3,131,051
Less subsidiaries companies				259,447
Less financial services firms				7,912
Less firms with qualified accounts				2,059
Less firms without a value of total assets in any year, 2006-2013				2,114,134
Initial sample–no. of firms				747,499
Panel B: breakdown of sample for earnings quality analysis across size categories
	Listed firms	Large private firms	Medium-sized firms	Small firms	Micro firms	All firms
Initial sample – no. of firms	1,419	3,448	9,023	403,693	329,916	747,499
Less: firms filing abbreviated Accounts (Pr=0)	N/A	N/A	(764)	(285,639)	(246,429)	(532,832)
Less: firms with missing data	(290)	(693)	(2,220)	(39,862)	(27,870)	(70,935)
No. of firms used in Equations (1) and (2)	1,129	2,755	6,039	78,192	55,617	143,732
No. of firm-years used in Equations (1) and (2)	6,318	13,067	20,630	256,562	217,647	514,224
Panel C: breakdown of sample for switching accounting regimes
	Listed firms	Large private firms	Medium-sized firms	Small firms	Micro firms	All firms
No. of firms used in Equations (1) and (2)	1,129	2,755	6,039	78,192	55,617	143,732
Firms not switching accounting standards	977	2,686	5,999	78,088	55,617	143,367
Firms which followed IFRS	977	132	56	111	0	1,276
Firms which followed GAAP	0	2,554	5,943	77,977	55,617	142,091
Firms switching accounting standards	152	69	40	104	0	365
Instances of switching from GAAP to IFRS	152	65	37	78	0
Instances of switching from IFRS to GAAP	0	32	19	68	0

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