IFRS in US

Pair-wise t-tests for equality of means

2006 - US GAAP

2007 - IFRS

2008 - IFRS

Mean

Standard Deviation

Mean

Standard Deviation

Mean

Standard Deviation

2006 vs 2007

2006 vs 2008

2007 vs 2008

Test Variables

ΔNP/ΔOCF

1.2398

5.2268

0.2605

8.2668

0.7054

13.4514

*

*

Accruals

−0.0163

0.0523

−0.0188

0.0489

−0.0271

0.0632

OCF

−0.2489

3.3118

0.1247

0.6612

0.0965

0.4082

*

*

LNL

0.0392

0.1946

0.0294

0.1694

0.0392

0.1946

*

SPP

0.0637

0.2449

0.1029

0.3046

0.1324

0.3397

Control variables

Size

SALESHA

6.3755

6.6614

5.1657

4.6842

5.7634

4.9065

**

**

*

NAVSH

3.8700

3.7502

3.7282

3.5341

4.1245

4.4827

SALETAS

0.7526

0.4408

0.7442

0.4642

0.7900

0.4733

RESTAS

−0.0448

0.9438

−0.0262

0.9782

−0.0448

1.0343

RESSFU

0.1007

1.3726

−0.0115

1.4462

0.1724

1.5306

*

Investment

DIVSH

0.3291

0.5008

0.4118

0.5419

0.3835

0.5274

*

DIVYI

0.1047

0.1561

0.0140

0.0360

0.0287

0.0673

***

***

***

DIVCOV

1.6246

1.7349

2.0997

4.5990

0.9954

2.0745

***

***

PE

0.3630

0.6833

0.3513

0.9337

0.2494

1.9770

HOLTA

0.0129

0.0149

0.0190

0.0213

0.0182

0.0200

***

***

Growth

MVBV

1.3805

7.5271

3.9436

5.2949

3.1402

5.8878

***

**

*

Profitability

PLOWB

1.6989

2.2698

2.7776

5.6659

1.6249

5.1562

**

**

OPM

0.1177

0.1636

0.1093

0.1829

0.0571

0.1939

***

***

NPM

0.0927

0.1394

0.0802

0.1983

0.0365

0.1522

***

**

ROSC

0.1799

1.2195

0.1777

0.5806

0.0636

1.1529

EPS

1.0483

1.4914

1.2400

1.9173

1.0355

2.5095

*

*

*

ROCE

0.1515

0.4402

0.1458

0.5388

0.1232

0.4102

Liquidity

CUR

0.9069

0.5862

2.0026

3.5788

1.2742

0.6746

***

***

***

CASH

0.3619

0.3014

0.3858

0.3577

0.5268

0.4727

***

***

QUI

3.9965

4.3084

6.0238

8.2109

3.6424

3.6913

***

***

CFSH

1.3684

1.6741

1.9886

2.6352

1.8856

2.9137

***

**

CFM

0.1527

0.1842

0.1468

0.2283

0.0948

0.2026

***

**

WCR

1.6138

4.0302

0.3467

2.5336

0.0200

2.1134

***

STOCKT

3.3925

2.4596

3.4070

2.6225

3.2502

2.3826

Leverage

DEBT

4.6150

2.3493

5.2159

2.8533

4.7356

2.5511

**

*

ETL

1.1936

1.3568

0.6404

0.4906

0.5879

0.4668

***

***

TLSFU

1.5389

2.2998

1.8722

6.0808

1.6348

4.3461

CGEAR

1.5915

5.4155

1.5070

5.5188

1.8397

6.8371

CLSFU

0.7739

1.2277

0.8321

1.9380

0.7938

5.9079

INTCOV

5.9204

11.2331

6.4715

12.6248

4.5755

11.9053

*

IGEAR

0.1356

0.2294

0.1536

0.3995

0.1388

3.2133

DEBTE

0.4320

0.4711

0.5755

1.1903

0.6784

1.3479

*

**

DSFU

0.5124

0.8900

0.4848

0.7564

0.5259

1.3144