Table 3 One-way ANOVA-comparing three...

Table 3

One-way ANOVA-comparing three groups in the pre- and post-mandatory adoption period

Variables		Pre-mandatory adoption period				Post-mandatory adoption period
		non-M&A		M&A		non-M&A		M&A
		1	2	1	2	1	2	1	2
Capital structure	ETA	−4.801	−1.097		3.705	−3.884	−1.372		2.512
Capital structure	ETA	(0.390)	(1.000)		(0.831)	(0.000)	(0.216)		(0.105)
Asset structure	SIZE	3.810***	1.364***		−2.446***	3.049***	1.659***		−1.390***
	SIZE	(0.000)	(0.000)		(0.000)	(0.000)	(0.000)		(0.000)
	NLTA	−5.701	5.726		11.427	−7.014	4.892		11.906
	NLTA	(0.796)	(0.015)		(0.113)	(0.000)	(0.000)		(0.000)
	NLCTF	−4.815	3.933		8.748	−3.927	−0.932		2.995
	NLCTF	(1.000)	(1.000)		(1.000)	(1.000)	(1.000)		(1.000)
	LACSTF	16.037**	−19.338**		−35.376**	5.593***	−16.879***		−22.472***
	LACSTF	(0.723)	(0.001)		(0.048)	(0.600)	(0.000)		(0.000)
Cost-efficiency	CIR	2.293	−5.012		−7.306	−0.308	−2.584		−2.276
	CIR	(1.000)	(0.166)		(0.897)	(1.000)	(0.466)		(1.000)
	NIEXPA	−1.369	−0.881		0.488	−1.637	−0.620		1.017
	NIEXPA	(1.000)	(0.418)		(1.000)	(0.002)	(0.342)		(0.290)
Profitability	NIM	−0.861**	0.661**		1.522**	−0.859***	0.790***		1.640***
	NIM	(0.339)	(0.007)		(0.027)	(0.000)	(0.000)		(0.000)
	ROA	−0.293	0.174		0.467	−0.261	0.009		0.270
	ROA	(1.000)	(1.000)		(1.000)	(0.332)	(1.000)		(0.603)
	ROE	−1.550	2.854		4.403	−1.075	1.623		2.698
	ROE	(1.000)	(0.031)		(0.421)	(0.657)	(0.007)		(0.050)
	OOPINCA	−1.056	−1.114		−0.059	−1.431	−1.346		0.084
	OOPINCA	(1.000)	(0.302)		(1.000)	(0.028)	(0.000)		(1.000)

Variables		Pre-mandatory adoption period				Post-mandatory adoption period
		non-M&A		M&A		non-M&A		M&A
		1	2	1	2	1	2	1	2
Capital structure	ETA	−4.801	−1.097		3.705	−3.884	−1.372		2.512
Capital structure	ETA	(0.390)	(1.000)		(0.831)	(0.000)	(0.216)		(0.105)
Asset structure	SIZE	3.810***	1.364***		−2.446***	3.049***	1.659***		−1.390***
	SIZE	(0.000)	(0.000)		(0.000)	(0.000)	(0.000)		(0.000)
	NLTA	−5.701	5.726		11.427	−7.014	4.892		11.906
	NLTA	(0.796)	(0.015)		(0.113)	(0.000)	(0.000)		(0.000)
	NLCTF	−4.815	3.933		8.748	−3.927	−0.932		2.995
	NLCTF	(1.000)	(1.000)		(1.000)	(1.000)	(1.000)		(1.000)
	LACSTF	16.037**	−19.338**		−35.376**	5.593***	−16.879***		−22.472***
	LACSTF	(0.723)	(0.001)		(0.048)	(0.600)	(0.000)		(0.000)
Cost-efficiency	CIR	2.293	−5.012		−7.306	−0.308	−2.584		−2.276
	CIR	(1.000)	(0.166)		(0.897)	(1.000)	(0.466)		(1.000)
	NIEXPA	−1.369	−0.881		0.488	−1.637	−0.620		1.017
	NIEXPA	(1.000)	(0.418)		(1.000)	(0.002)	(0.342)		(0.290)
Profitability	NIM	−0.861**	0.661**		1.522**	−0.859***	0.790***		1.640***
	NIM	(0.339)	(0.007)		(0.027)	(0.000)	(0.000)		(0.000)
	ROA	−0.293	0.174		0.467	−0.261	0.009		0.270
	ROA	(1.000)	(1.000)		(1.000)	(0.332)	(1.000)		(0.603)
	ROE	−1.550	2.854		4.403	−1.075	1.623		2.698
	ROE	(1.000)	(0.031)		(0.421)	(0.657)	(0.007)		(0.050)
	OOPINCA	−1.056	−1.114		−0.059	−1.431	−1.346		0.084
	OOPINCA	(1.000)	(0.302)		(1.000)	(0.028)	(0.000)		(1.000)

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. Where 1 = IFRS group, 2 = local GAAP group

Source(s): Processed data, 2023

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