1 | |||||||||||
0.785 |
1 | ||||||||||
−0.049 | −0.002 | 1 | |||||||||
−0.118 |
−0.097 |
0.123 |
1 | ||||||||
0.095 |
0.190 |
0.0260 | 0.0289 | 1.0000 | |||||||
−0.062 | −0.078 | −0.069 | 0.009 | −0.200 |
1 | ||||||
−0.062 | −0.087 |
−0.114 |
0.058 | −0.223 |
0.555 |
1 | |||||
−0.047 | −0.026 | 0.054 | 0.025 | 0.135 |
0.081 | −0.029 | 1 | ||||
−0.092 |
−0.139 |
0.396 |
0.467 |
−0.047 | −0.003 | −0.004 | −0.050 | 1 | |||
−0.034 | 0.013 | 0.049 | 0.059 | 0.396 |
−0.060 | −0.045 | 0.243 |
−0.0789 | 1 | ||
0.093 |
0.196 |
−0.043 | −0.087 |
0.625 |
−0.498 |
−0.497 |
0.122 |
−0.214 |
0.264 |
1 |
B | (St. Error) | B | (St. Error) | B | (St. Error) | B | (St. Error) | |
---|---|---|---|---|---|---|---|---|
−0.010 | 0.013 | 0.000 | 0.012 | −0.018 | 0.018 | −0.002 | 0.017 | |
0.019 |
0.011 | 0.027 |
0.011 | 0.008 | 0.016 | 0.037 |
0.015 | |
0.000 | 0.026 | −0.033 | 0.026 | 0.009 | 0.037 | −0.027 | 0.035 | |
−0.021 | 0.069 | −0.093 | 0.068 | 0.138 | 0.097 | 0.082 | 0.094 | |
0.291 |
0.026 | 0.287 |
0.045 | 0.642 |
0.037 | 0.410 |
0.062 | |
−0.019 |
0.004 | −0.021 |
0.003 | −0.011 |
0.005 | −0.001 | 0.004 | |
−0.018 |
0.005 | −0.014 |
0.004 | −0.008 | 0.008 | −0.007 | 0.005 | |
−0.001 | 0.001 | 0.000 | 0.001 | 0.000 | 0.001 | −0.002 |
0.001 | |
−0.001 | 0.000 | −0.003 |
0.001 | −0.001 |
0.000 | −0.008 |
0.001 | |
0.003 | 0.006 | 0.000 | 0.001 | 0.001 | 0.009 | −0.001 | 0.001 | |
−0.185 | 0.150 | 0.205 | 0.163 | −0.477 |
0.212 | −0.249 | 0.224 | |
0.544 | 0.448 | 0.697 | 0.507 | |||||
0.296 | 0.201 | 0.486 | 0.257 | |||||
0.277 | 0.179 | 0.472 | 0.237 | |||||
1.894 | 2.013 | 1.866 | 1.934 | |||||
<0.001 | <0.001 | <0.001 | <0.001 | |||||
5.39 | 6.017 | 5.39 | 6.017 |
Discretionary accruals separated by the Modified Jones model using time-series ( |
||
Dummy variable for the year of interest. It was coded as 1 for observations in the 2020 pandemic year (2021 recovery year) in the 2019–2020 (2020–2021) regression and 0 for the 2019 (2020) observation in the 2019–2020 (2020–2021) regression. | ||
Variable measured by the Z-score Altman model for public companies | ||
The share of property, plant and equipment in total assets in year t | ||
The ratio of intangible assets to total assets in year t | ||
Return on assets (ROA) in year t | ||
The sum of supplementary capital and retained earnings to total assets in year t | ||
The ratio of firm’s interest-bearing debt to total assets in year t | ||
The share of long-term liabilities to total assets in year t | ||
Relative chain increase in operating profits in year t | ||
The ratio of income tax paid to gross profit in year t | ||
The ratio of depreciation to total assets in year t |
B | (St. Error) | B | (St. Error) | B | (St. Error) | B | (St. Error) | |
---|---|---|---|---|---|---|---|---|
−0.008 | 0.013 | 0.024 |
0.013 | −0.035 | 0.020 | −0.016 | 0.018 | |
0.039 |
0.011 | 0.028 |
0.010 | 0.018 | 0.016 | 0.035 |
0.014 | |
0.002 |
0.001 | −0.002 |
0.001 | 0.003 |
0.001 | 0.001 | 0.001 | |
−0.004 |
0.001 | −0.001 |
0.000 | −0.002 | 0.001 | 0.001 |
0.000 | |
−0.004 | 0.025 | −0.039 | 0.025 | 0.011 | 0.037 | −0.023 | 0.035 | |
−0.064 | 0.067 | −0.075 | 0.066 | 0.088 | 0.098 | 0.069 | 0.093 | |
0.250 |
0.026 | 0.317 |
0.044 | 0.609 |
0.038 | 0.390 |
0.062 | |
−0.015 |
0.005 | −0.013 |
0.003 | −0.023 |
0.008 | −0.006 | 0.005 | |
−0.041 |
0.007 | −0.033 |
0.005 | −0.006 | 0.011 | 0.005 | 0.007 | |
−0.001 | 0.001 | 0.000 | 0.001 | −0.001 | 0.001 | −0.002 | 0.001 | |
−0.001 | 0.000 | −0.003 |
0.001 | −0.001 |
0.000 | −0.008 |
0.001 | |
0.004 | 0.006 | 0.000 | 0.001 | 0.002 | 0.008 | −0.001 | 0.001 | |
−0.147 | 0.148 | 0.039 | 0.162 | −0.351 | 0.216 | −0.150 | 0.227 | |
0.594 | 0.503 | 0.705 | 0.522 | |||||
0.353 | 0.253 | 0.497 | 0.272 | |||||
0.331 | 0.228 | 0.481 | 0.248 | |||||
1.951 | 2.000 | 1.852 | 1.938 | |||||
<0.001 | <0.001 | <0.001 | <0.001 | |||||
7.774 | 9.393 | 7.774 | 9.393 |
Positive | 35.98% | 40.74% | |
Negative | 64.02% | 59.26% | |
Positive | 44.44% | 43.92% | |
Negative | 55.56% | 56.08% | |
Positive | 66.14% | 67.72% | |
Negative | 33.86% | 32.28% |
2019 | Mean (St. Dev.) | −0.010 (0.416) | −0.011 (0.391) |
Asymptotic Sig. | 0.285 | 0.243 | |
2020 | Mean (St. Dev.) | −0.001 (0.186) | 0.005 (0.233) |
Asymptotic Sig. | 0.463 | 0.396 | |
2021 | Mean (St. Dev.) | −0.001 (0.146) | −0.018 (0.164) |
Asymptotic Sig. | 0.458 | 0.076 |
−0.030 | −0.021 | 0.129 | 0.017 | −0.064 | 0.026 | ||
0.001 | −0.005 | 0.121 | 0.015 | −0.047 | 0.031 | ||
0.028 | 0.020 | 0.102 | 0.010 | −0.014 | 0.062 | ||
−0.041 | −0.017 | 0.248 | 0.062 | −0.082 | 0.033 | ||
−0.006 | −0.005 | 0.156 | 0.024 | −0.052 | 0.031 | ||
0.029 | 0.033 | 0.162 | 0.026 | −0.015 | 0.088 |