Note(s): The table reports the results of the explanatory of banking firms’ financial variables in the pre- and post-mandatory period and standard errors are reported in parentheses. We consider two accounting adoption period such as pre-mandatory adaption period (2003–2004) and post-mandatory adaption (2005–2012). *, ** and *** significant at the 1%, 5% and 10% levels, respectively. The table reports the results of the explanatory of banking firms’ financial variables in the pre-mandatory period show beginning of the 2008 financial crisis, while post-mandatory period shows during and after 2008 crisis. Where 1 = IFRS group, 2 = local GAAP group

Source(s): Processed data, 2023