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Does the IFRS 16 affect the key ratios of listed companies? Evidence from Poland

Anna Białek-Jaworska
Anna Białek-Jaworska
, 
Justyna Dobroszek
Justyna Dobroszek
 und 
Paulina Szatkowska
Paulina Szatkowska
   | 30. Sept. 2022
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Article Category: Empirical Paper
Online veröffentlicht: 30. Sept. 2022
Seitenbereich: 299 - 315
Eingereicht: 30. März 2022
Akzeptiert: 01. Sept. 2022
DOI: https://doi.org/10.2478/ijme-2022-0016
Schlüsselwörter
© 2022 Anna Białek-Jaworska et al., published by Sciendo
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

DID results for the services sector

Variables Model 1 (ROS) Model 2 (ROA) Model 3 (ROE) Model 4 (D/E) Model 5 (D/A) Model 6 (CR)
Year × Standard (DID variable) 159.24 (171.11) 0.04 (0.31) 0.16 (0.58) 2.48** (1.15) 1.64 (2.26) 4.77 (8.86)
Standard −8.36 (10.77) 0.003 (0.25) 0.25 (0.54) −1.36 (1.01) −0.6 (0.76) −11.76 (8.22)
Year −148.68 (170.78) 0.12 (0.19) 0.35 (0.3) −1.64* (1) 0.15 (1.17) −4.81 (8.86)
Constant −2.49* (1.48) −0.13*** (0.04) 0.43* (0.25) 2.58*** (0.98) 1.29* (0.75) 13.61* (8.21)
No. of observations 462 462 462 462 462 462
R2 0.0053 0.0337 0.0048 0.0116 0.0028 0.0125

Descriptive statistics of the dependent variables

Ratio Year Standard users N Mean Q1 Q3 Standard deviation
ROS 2018 Polish Accounting Act users 186 −14 −0.08 0.06 170
IFRS adopters 308 −9.2 0 0.08 113
Total 494 −11 −0.02 0.07 137
2019 Polish Accounting Act users 186 −87 −0.03 0.08 1340
IFRS adopters 308 −11 −0.004 0.08 133
Total 494 −40 −0.01 0.08 828
ROA 2018 Polish Accounting Act users 186 −0.16 −0.09 0.05 1.03
IFRS adopters 308 −0.06 −0.003 0.07 1.76
Total 494 −0.1 −0.03 0.07 1.5
2019 Polish Accounting Act users 186 −0.38 −0.04 0.09 4.2
IFRS adopters 308 −0.03 −0.005 0.06 0.82
Total 494 −0.16 −0.02 0.07 2.7
ROE 2018 Polish Accounting Act users 186 −0.33 −0.19 0.14 2.1
IFRS adopters 308 −0.13 0.01 0.14 3.4
Total 494 −0.21 −0.02 0.14 3
2019 Polish Accounting Act users 186 −0.24 −0.05 0.005 2.4
IFRS adopters 308 0.11 0.16 0.14 3.1
Total 494 −0.02 −0.02 0.15 2.8
D/E 2018 Polish Accounting Act users 186 2.1 0.37 1.67 8
IFRS adopters 308 1.2 0.41 1.44 4.9
Total 494 1.5 0.4 1.5 6.3
2019 Polish Accounting Act users 186 1.2 0.29 1.4 3.8
IFRS adopters 308 1.6 0.46 1.6 5.4
Total 494 1.4 0.39 1.6 4.9
D/A 2018 Polish Accounting Act users 186 1.4 0.29 0.69 8.7
IFRS adopters 308 0.6 0.35 0.62 1.1
Total 494 0.92 0.33 0.63 5.4
2019 Polish Accounting Act users 186 1.8 0.26 0.66 12
IFRS adopters 308 1.4 0.36 0.66 14
Total 494 1.5 0.32 0.66 13
CR 2018 Polish Accounting Act users 186 8.9 1 2.8 65
IFRS adopters 308 2 1 2 2.1
Total 494 4.6 1 2.3 40
2019 Polish Accounting Act users 186 6.3 1.1 3.2 26
IFRS adopters 308 1.9 0.92 2.1 2.2
Total 494 3.5 1 2.41 16

DID results for the construction sector

Variables Model 1 (ROS) Model 2 (ROA) Model 3 (ROE) Model 4 (D/E) Model 5 (D/A) Model 6 (CR)
Year × Standard (DID variable) 0.66 (1.54) −0.14 (0.29) −2.44 (2.8) −0.23 (4.3) 0.12 (0.33) −0.15 (0.34)
Standard 0.7 (0.71) 0.06 (0.06) 1.19 (1.09) −1.56 (4.85) 0.08 (0.12) −0.09 (0.2)
Year −0.6 (1.49) −0.02 (0.14) 1.52 (1.1) −3.95 (2.68) 0.08 (0.18) 0.04 (0.3)
Constant −0.74 (0.71) −0.07 (0.06) −1.22 (1.09) 5.16** (2.55) 0.71*** (0.07) 1.35*** (0.16)
No. of observations 42 42 42 42 42 42
R2 0.0916 0.0149 0.0096 0.0739 0.0262 0.0357

Descriptive statistics and changes in total assets and liabilities (in thousands of PLN) by standard users before and after implementing IFRS 16

Item Year, Δ Standard users N Mean Minimum Maximum Standard deviation
Total assets 2018 Polish Accounting Act users 186 30,908 49 563,668 63,456
IFRS adopters 308 2,107,938 54 75,905,000 7,773,162
Total 494 1,325,898 49 75,905,000 6,216,285
2019 Polish Accounting Act users 186 31,347 35 591,346 63,398
IFRS adopters 308 2,299,975 90 77,650,000 8,357,781
Total 494 1,445,795 35 77,650,000 6,686,596
Change Polish Accounting Act users 186 1.42%
IFRS adopters 308 9.11%
Total 494 9.04%
Total liabilities 2018 Polish Accounting Act users 186 15,171 16 223,246 27,709
IFRS adopters 308 1,005,321 164 28,402,000 3,344,601
Total 494 632,511 16 28,402,000 2,682,695
2019 Polish Accounting Act users 186 14,352 21 164,686 24,210
IFRS adopters 308 1,191,435 37 34,513,000 3,921,738
Total 494 748,242 21 34,513,000 3,146,991
Change Polish Accounting Act users 186 −5.40%
IFRS adopters 308 18.51%
total 494 18.30%

Descriptive statistics of profitability indicators

Indicator Numerator No. of observations Mean Q1 Q3 Standard deviation
ROS Net income 988 −7.38 −0.15 0.08 593
EBIT 988 −2.7 0 0.11 54
ROA Net income 988 −0.13 −0.02 0.07 2.2
EBIT 988 −0.03 −0.0004 0.09 1.8
ROE Net income 988 −0.11 −0.02 0.14 2.9
EBIT 988 0.08 0.01 0.2 1

DID results of model estimation on the total research sample

Variables Model 1 (ROS) Model 2 (ROA) Model 3 (ROE) Model 4 (D/E) Model 5 (D/A) Model 6 (CR)
Year × Standard (DID variable) 71.7 (99.45) 0.24 (0.34) 0.17 (0.35) 1.27* (0.77) 0.47 (1.34) 2.57 (5.12)
Standard 4.68 (14) 0.11 (0.13) 0.19 (0.25) −0.87 (0.65) −0.85 (0.64) −6.96 (4.74)
Year −73.34 (98.95) −0.21 (0.32) 0.08 (0.23) −0.9 (0.65) 0.32 (1.09) −2.67 (5.12)
Constant −13.9 (12.42) −0.16** (0.08) −0.33** (0.15) 2.06*** (0.58) 1.44** (0.64) 8.94* (4.74)
R2 0.0025 0.0034 0.0033 0.0035 0.002 0.0089

DID results of models with different numerators of profitability ratios on the total sample

Variable Model 1 (ROS with net income) Model 7 (ROS with EBIT) Model 2 (ROA with net income) Model 8 (ROA with EBIT) Model 3 (ROE with net income) Model 9 (ROE with EBIT)
Year × Standard (DID variable) 71.7 (99.45) 0.37 (5.51) 0.24 (0.34) 0.12 (0.3) 0.17 (0.35) −0.08 (0.14)
Standard 4.68 (14) −3.51 (4.03) 0.11 (0.13) 0.07 (0.07) 0.19 (0.25) 0.24* (0.12)
Year −73.34 (98.95) −0.18 (0.58) −0.21 (0.32) −0.11 (0.3) 0.08 (0.23) 0.16 (0.12)
Constant −13.9 (12.42) −0.56*** (0.22) −0.16** (0.08) −0.06 (0.06) −0.33** (0.15) −0.13 (0.12)
R2 0.0025 0.0009 0.0034 0.0016 0.0033 0.0126

DID model estimation results on research sample truncated by 5p outliers

Variables Model 1 (ROS) Model 2 (ROA) Model 3 (ROE) Model 4 (D/E) Model 5 (D/A) Model 6 (CR)
Year × Standard (DID variable) −0.03 (0.03) −0.02 (0.02) −0.02 (0.03) 0.15 (0.14) 0.08** (0.03) −0.13 (0.19)
Standard 0.05** (0.02) 0.04*** (0.01) 0.04* (0.02) 0.03 (0.1) −0.02 (0.02) −0.22* (0.13)
Year 0.02 (0.03) 0.01 (0.01) 0.01 (0.03) −0.08 (0.12) −0.05*** (0.02) 0.18 (0.15)
Constant −0.05*** (0.02) −0.02* (0.01) 0.02 (0.02) 1.08*** (0.09) 0.52*** (0.02) 1.93*** (0.11)
No. of observations 888 889 890 889 890 889
R2 0.009 0.019 0.0054 0.0039 0.0098 0.0132

Expected impact of IFRS 16 on selected financial indicators

Indicator Formula Expected change
ROS (for H1) Return on sales ratio NetincomeSales {{Net\,income} \over {Sales}} Increase
ROA (for H2A) Return on assets ratio NetincomeTotalassets {{Net\,income} \over {Total\,assets}} Decrease
ROE (for H2B) Return on equity ratio NetincomeEquity {{Net\,income} \over {Equity}} Increase
D/E (for H3) Debt-to-equity ratio DebtEquity {{Debt} \over {Equity}} Increase
D/A (for H3) Debt-to-total assets ratio DebtTotalassets {{Debt} \over {Total\,assets}} Increase
CR (for H4) Current liquidity ratio CurrentassetsCurrentliabilities {{Current\,assets} \over {Current\,liabilities}} Decrease

Correlations matrix

Variables Year Standard Year × Standard ROS ROA ROE D/E D/A CR
Year 1
Standard 0 1
Year × Standard 0.673 0.523 1
ROS −0.024 0.033 0.016 1
ROA −0.014 0.05 0.031 0.083 1
ROE 0.032 0.046 0.052 0.077 0.302 1
D/E −0.009 −0.02 0.012 0.01 0.017 −0.198 1
D/A 0.031 −0.03 0.011 0 −0.319 0.005 −0.028 1
CR −0.018 −0.091 −0.048 0.028 0.008 0.005 −0.023 −0.014 1

DID results for the manufacturing sector

Variables Model 1 (ROS) Model 2 (ROA) Model 3 (ROE) Model 4 (D/E) Model 5 (D/A) Model 6 (CR)
Year × Standard (DID variable) −44.03 (48.12) 0.96 (1.09) 0.53 (0.55) −0.74 (1.24) −0.83 (3.1) −0.14 (1.12)
Standard 32.63 (46.73) 0.36 (0.26) 0.21 (0.16) 0.29 (0.77) 1.8 (1.73) −0.9 (0.83)
Year 44.67 (45.08) −0.99 (1.09) −0.53 (0.54) 0.82 (1.01) 0.86 (3.1) −0.06 (1.1)
Constant −44.95 (45.08) 0.35 (0.26) −0.15 (0.15) 0.84* (0.43) 2.26 (1.73) 3.04 (0.81)
No. of observations 344 344 344 344 344 344
R2 0.0063 0.0238 0.0263 0.0018 0.0147 0.018

DID model estimation results on research sample truncated by 1p outliers

Variables Model 1 (ROS) Model 2 (ROA) Model 3 (ROE) Model 4 (D/E) Model 5 (D/A) Model 6 (CR)
Year × Standard (DID variable) −0.19 (0.31) −0.07* (0.04) −0.08 (0.09) 0.67** (0.3) 0.05 (0.05) −0.13 (0.19)
Standard 0.45* (0.24) 0.06* (0.03) 0.14** (0.06) −0.31 (0.23) 0.01 (0.03) −0.22* (0.13)
Year 0.23 (0.29) 0.07** (0.03) 0.07 (0.08) −0.52** (0.23) −0.02 (0.04) 0.18 (0.15)
Constant −0.63*** (0.23) −0.07*** (0.02) −0.11** (0.05) 1.5*** (0.19) 0.53*** (0.03) 1.93*** (0.11)
No. of observations 969 969 969 970 968 889
R2 0.0086 0.0066 0.0073 0.0056 0.0028 0.0233

Characteristics of research subsamples by industry

Sector Number of companies Number of companies using IFRS 16 (test group) Average lease liability (in thousands of PLN)
Construction 21 15 21,799
Trade 70 48 124,376
Manufacturing 172 121 94,502
Services 231 124 101,014

DID results for the trade sector

Variables Model 1 (ROS) Model 2 (ROA) Model 3 (ROE) Model 4 (D/E) Model 5 (D/A) Model 6 (CR)
Year × Standard (DID variable) −39.1 (39.57) −0.02 (0.28) 0.79 (0.8) 1.75* (0.91) 0.35 (0.3) −0.93 (1.3)
Standard 0.96 (1.03) −0.14* (0.08) 0.16 (0.13) −0.97* (0.54) 0.14* (0.08) 0.14 (0.5)
Year −0.35 (1.59) −0.09 (0.07) −0.22 (0.2) −0.42 (0.48) −0.03 (0.06) 0.94 (1.04)
Constant −1.01 (1.03) 0.06 (0.04) 0.06 (0.07) 1.58*** (0.42) 0.49*** (0.04) 1.94*** (0.21)
No. of observations 140 140 140 140 140 140
R2 0.0134 0.0061 0.0128 0.0298 0.0272 0.007
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