Regression analysis: extended model
| Clustered SE | GMM | PW correction | Prior IFRS | Post IFRS | |
|---|---|---|---|---|---|
| Constant | 14.662*** (0.218) | 14.662*** (0.505) | 14.593*** (0.219) | 14.876*** (0.248) | 13.113*** (0.346) |
| IFRS | −0.861*** (0.188) | −0.861*** (0.231) | −0.866*** (0.185) | ||
| EPS | 0.126*** (0.018) | 0.126*** (0.028) | 0.128*** (0.018) | 0.125*** (0.019) | 0.202*** (0.021) |
| EPS*IFRS | 0.068* (0.027) | 0.068* (0.020) | 0.068* (0.027) | ||
| BVPS | −0.009 (0.007) | −0.009 (0.009) | −0.007 (0.007) | −0.001 (0.008) | 0.055*** (0.010) |
| BVPS*IFRS | 0.055*** (0.012) | 0.055*** (0.014) | 0.056*** (0.012) | ||
| OCFPS | 0.125*** (0.025) | 0.125*** (0.023) | 0.121*** (0.024) | 0.130*** (0.026) | 0.066* (0.024) |
| OCFPS*IFRS | −0.022 (0.033) | −0.022 (0.029) | −0.024 (0.033) | ||
| LEV | 0.921*** (0.138) | 0.921*** (0.241) | 0.946*** (0.139) | 0.763*** (0.160) | 1.638*** (0.301) |
| DPS | 0.001 (0.001) | 0.001* (0.001) | 0.001 (0.001) | −0.001 (0.001) | 0.024 (0.067) |
| Industry effects | Included | Included | Included | Included | Included |
| Firm and time effects | Included | Included | Included | Included | Included |
| F-test | 33.03*** | x | 33.00*** | 17.05*** | 28.6*** |
| R2adjusted | 43.3% | x | 43.2% | 35.4% | 48.5% |
| Clustered SE | GMM | PW correction | Prior IFRS | Post IFRS | |
|---|---|---|---|---|---|
| Constant | 14.662*** (0.218) | 14.662*** (0.505) | 14.593*** (0.219) | 14.876*** (0.248) | 13.113*** (0.346) |
| −0.861*** (0.188) | −0.861*** (0.231) | −0.866*** (0.185) | |||
| 0.126*** (0.018) | 0.126*** (0.028) | 0.128*** (0.018) | 0.125*** (0.019) | 0.202*** (0.021) | |
| 0.068* (0.027) | 0.068* (0.020) | 0.068* (0.027) | |||
| −0.009 (0.007) | −0.009 (0.009) | −0.007 (0.007) | −0.001 (0.008) | 0.055*** (0.010) | |
| 0.055*** (0.012) | 0.055*** (0.014) | 0.056*** (0.012) | |||
| 0.125*** (0.025) | 0.125*** (0.023) | 0.121*** (0.024) | 0.130*** (0.026) | 0.066* (0.024) | |
| −0.022 (0.033) | −0.022 (0.029) | −0.024 (0.033) | |||
| 0.921*** (0.138) | 0.921*** (0.241) | 0.946*** (0.139) | 0.763*** (0.160) | 1.638*** (0.301) | |
| 0.001 (0.001) | 0.001* (0.001) | 0.001 (0.001) | −0.001 (0.001) | 0.024 (0.067) | |
| Industry effects | Included | Included | Included | Included | Included |
| Firm and time effects | Included | Included | Included | Included | Included |
| 33.03*** | x | 33.00*** | 17.05*** | 28.6*** | |
| 43.3% | x | 43.2% | 35.4% | 48.5% |
Note(s): ***, **, and * denote the statistical significance at p values equal to 0.001, 0.01, and 0.05, respectively
Source(s): Authors' own work
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