| Joint Significance Test | Nigerian Firms | South African Firms | ||||
| Chi-Square (p-value) | Null Hypotheses | Decisions | Chi-Square (p-value) | Null Hypotheses | Decisions | |
| Pre-IFRS Adoption | 0.9032 (0.7080) | Pooled OLS Model is Adequate | The Pooled OLS is adequate | 0.8018 (0.8782) | Pooled OLS Model is Adequate | Pooled OLS Model is Adequate |
| Post-IFRS Adoption | 0.6176 (0.9950) | Pooled OLS Model is Adequate | The Pooled OLS is Adequate. | 0.9495 (0.5996) | Pooled OLS Model is Adequate | Pooled OLS Model is Adequate |