Panel A

Panel B

2006

2007

2008

Pair-wise F-test for equality of variances

US GAAP

IFRS

IFRS

2006-2007

2007-2008

Variables

Mean

Standard Deviation

Mean

Standard Deviation

Mean

Standard Deviation

Size

SALESHA

6.37551

6.66143

5.16566

4.68424

5.76340

4.90646

***

NAVSH

3.87002

3.75021

3.72820

3.53414

4.12446

4.48268

**

SALETAS

0.75259

0.44080

0.74420

0.46421

0.79002

0.47327

RESTAS

−0.04482

0.94384

−0.02624

0.97822

−0.04482

1.03433

RESSFU

0.10074

1.37256

−0.01145

1.44616

0.17240

1.53060

Investment

DIVSH

0.32906

0.50077

0.41181

0.54194

0.38348

0.52744

DIVYI

0.10469

0.15613

0.01403

0.03605

0.02872

0.06733

**

***

DIVCOV

1.62463

1.73485

2.09973

4.59897

0.99537

2.07454

***

***

PE

0.36297

0.68327

0.35130

0.93371

0.24937

1.97702

*

HOLTA

0.01289

0.01495

0.01905

0.02132

0.01817

0.01997

***

Growth

MVBV

1.38051

7.52705

3.94362

5.29489

3.14018

5.88780

EPSG

0.29078

1.44912

0.28594

5.33395

−0.24138

3.12616

PEG

1.26812

4.81105

0.12099

1.45390

−0.28179

2.18778

***

**

DIVSHG

0.11515

0.22666

0.02533

0.26382

0.03042

0.30685

*

Profitability

PLOWB

1.69894

2.26980

2.77757

5.66592

1.62486

5.15622

***

OPM

0.11767

0.16357

0.10926

0.18289

0.05706

0.19389

NPM

0.09267

0.13937

0.08020

0.19833

0.03654

0.15217

**

*

ROSC

0.17994

1.21950

0.17771

0.58060

0.06361

1.15292

EPS

1.04832

1.49137

1.24003

1.91733

1.03546

2.50946

***

*

ROCE

0.15146

0.44016

0.14583

0.53882

0.12318

0.41018

Liquidity

CUR

0.90687

0.58619

2.00257

3.57877

1.27420

0.67458

***

***

CASH

0.36189

0.30140

0.38582

0.35767

0.52682

0.47266

**

***

QUI

3.99649

4.30838

6.02380

8.21090

3.64236

3.69135

***

***

CFSH

1.36842

1.67405

1.98856

2.63516

1.88562

2.91371

***

CFM

0.15268

0.18418

0.14678

0.22833

0.09483

0.20265

WCR

1.61378

4.03024

0.34670

2.53363

0.01998

2.11339

***

STOCKT

3.39249

2.45957

3.40696

2.62246

3.25017

2.38259

*

Leverage

DEBT

4.61497

2.34932

5.21586

2.85328

4.73557

2.55109

ETL

1.19364

1.35684

0.64038

0.49062

0.58790

0.46682

***

TLSFU

1.53894

2.29977

1.87220

6.08082

1.63482

4.34613

**

CGEAR

1.59147

5.41552

1.50701

5.51884

1.83969

6.83706

CLSFU

0.77387

1.22769

0.83213

1.93798

0.79379

5.90788

**

INTCOV

5.92040

11.23310

6.47149

12.62482

4.57547

11.90530

IGEAR

0.13560

0.22935

0.15359

0.39948

0.13881

3.21325

***

**

DEBTE

0.43196

0.47109

0.57554

1.19027

0.67840

1.34788

***

DSFU

0.51244

0.88999

0.48485

0.75645

0.52587

1.31439

***