Year × Standard (DID variable) | 159.24 (171.11) | 0.04 (0.31) | 0.16 (0.58) | 2.48 |
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 |
0.15 (1.17) | −4.81 (8.86) |
Constant | −2.49 |
−0.13 |
0.43 |
2.58 |
1.29 |
13.61 |
No. of observations | 462 | 462 | 462 | 462 | 462 | 462 |
0.0053 | 0.0337 | 0.0048 | 0.0116 | 0.0028 | 0.0125 |
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 |
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 |
0.71 |
1.35 |
No. of observations | 42 | 42 | 42 | 42 | 42 | 42 |
0.0916 | 0.0149 | 0.0096 | 0.0739 | 0.0262 | 0.0357 |
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 | ||
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 | ||
Polish Accounting Act users | 186 | 1.42% | |||||
IFRS adopters | 308 | 9.11% | |||||
Total | 494 | 9.04% | |||||
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 | ||
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 | ||
Polish Accounting Act users | 186 | −5.40% | |||||
IFRS adopters | 308 | 18.51% | |||||
total | 494 | 18.30% |
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 |
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 |
−0.33 |
2.06 |
1.44 |
8.94 |
0.0025 | 0.0034 | 0.0033 | 0.0035 | 0.002 | 0.0089 |
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 |
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 |
−0.16 |
−0.06 (0.06) | −0.33 |
−0.13 (0.12) |
0.0025 | 0.0009 | 0.0034 | 0.0016 | 0.0033 | 0.0126 |
Year × Standard (DID variable) | −0.03 (0.03) | −0.02 (0.02) | −0.02 (0.03) | 0.15 (0.14) | 0.08 |
−0.13 (0.19) |
Standard | 0.05 |
0.04 |
0.04 |
0.03 (0.1) | −0.02 (0.02) | −0.22 |
Year | 0.02 (0.03) | 0.01 (0.01) | 0.01 (0.03) | −0.08 (0.12) | −0.05 |
0.18 (0.15) |
Constant | −0.05 |
−0.02 |
0.02 (0.02) | 1.08 |
0.52 |
1.93 |
No. of observations | 888 | 889 | 890 | 889 | 890 | 889 |
0.009 | 0.019 | 0.0054 | 0.0039 | 0.0098 | 0.0132 |
ROS (for H1) | Return on sales ratio |
|
Increase |
ROA (for H2A) | Return on assets ratio |
|
Decrease |
ROE (for H2B) | Return on equity ratio |
|
Increase |
D/E (for H3) | Debt-to-equity ratio |
|
Increase |
D/A (for H3) | Debt-to-total assets ratio |
|
Increase |
CR (for H4) | Current liquidity ratio |
|
Decrease |
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 |
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 |
2.26 (1.73) | 3.04 (0.81) |
No. of observations | 344 | 344 | 344 | 344 | 344 | 344 |
0.0063 | 0.0238 | 0.0263 | 0.0018 | 0.0147 | 0.018 |
Year × Standard (DID variable) | −0.19 (0.31) | −0.07 |
−0.08 (0.09) | 0.67 |
0.05 (0.05) | −0.13 (0.19) |
Standard | 0.45 |
0.06 |
0.14 |
−0.31 (0.23) | 0.01 (0.03) | −0.22 |
Year | 0.23 (0.29) | 0.07 |
0.07 (0.08) | −0.52 |
−0.02 (0.04) | 0.18 (0.15) |
Constant | −0.63 |
−0.07 |
−0.11 |
1.5 |
0.53 |
1.93 |
No. of observations | 969 | 969 | 969 | 970 | 968 | 889 |
0.0086 | 0.0066 | 0.0073 | 0.0056 | 0.0028 | 0.0233 |
Construction | 21 | 15 | 21,799 |
Trade | 70 | 48 | 124,376 |
Manufacturing | 172 | 121 | 94,502 |
Services | 231 | 124 | 101,014 |
Year × Standard (DID variable) | −39.1 (39.57) | −0.02 (0.28) | 0.79 (0.8) | 1.75 |
0.35 (0.3) | −0.93 (1.3) |
Standard | 0.96 (1.03) | −0.14 |
0.16 (0.13) | −0.97 |
0.14 |
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 |
0.49 |
1.94 |
No. of observations | 140 | 140 | 140 | 140 | 140 | 140 |
0.0134 | 0.0061 | 0.0128 | 0.0298 | 0.0272 | 0.007 |