Model 1-NIGERIAN FIRMS
PRE-IFRS				POST-IFRS
Variables	Co-efficient	P-values	Reject/Accept	Coefficient	P-value	Reject/Accept
BPS	0.1996	0.7155	Accept H₀₁, P-value ≥ 0.05	0.2628	0.0150**	Reject H₀₁, P-value ≤ 0.05
EPS	0.2011	0.0001***	Reject H₀₂, P-value ≤ 0.05	0.2214	0.0001***	Reject H₀₂, P-value ≤ 0.05
FSZ	0.2191	0.0008***	Reject H₀₃, P-value ≤ 0.05	0.2341	0.0415**	Reject H₀₃, P-value ≤ 0.05
LEV	0.1472	0.7740	Accept H₀₄, P-value ≥ 0.05	0.6895	0.0490**	Reject H₀₄, P-value ≤ 0.05
OCF	0.1430	0.0104	Reject H₀₅, P-value ≤ 0.05	0.3287	0.0004***	Reject H₀₅, P-value ≤ 0.05
CUR	−0.0624	0.0990*	Accept H₀₆, P-value ≥ 0.05	−0.0152	0.8637	Accept H₀₆, P-value ≥ 0.05
Model 2-SOUTH AFRICAN FIRMS
PRE-IFRS				POST-IFRS
Variables	Co-efficient	P-values	Reject/Accept	Coefficient	P-value	Reject/Accept
BPS	0.1890	0.0186**	Reject H₀₁, P-value ≤ 0.05	0.4341	0.0221**	Reject H₀₁, P-value ≤ 0.05
EPS	0.1234	0.0008***	Reject H₀₂, P-value ≤ 0.05	0.1386	0.0011***	Reject H₀₂, P-value ≤ 0.05
FSZ	0.3178	0.0001***	Reject H₀₃, P-value ≤ 0.05	0.3629	0.0001***	Reject H₀₃, P-value ≤ 0.05
LEV	0.1809	0.1998	Accept H₀₄, P-value ≥ 0.05	0.0206	0.2874	Accept H₀₄, P-value ≥ 0.05
OCF	0.0424	0.5547	Accept H₀₅, P-value ≥ 0.05	0.0532	0.8300	Accept H₀₅, P-value ≥ 0.05
CUR	−0.0869	0.2524	Accept H₀₆, P-value ≥ 0.05	−0.0128	0.4370	Accept H₀₆, P-value ≥ 0.05