| Dependent variable is IDR | |||||
---|---|---|---|---|---|---|
Post | l | 0.012 | 0.006 | 0.010 | 0.003 | 0.021 |
 | (0.642) | (0.334) | (0.181) | (0.315) | (0.103) | (0.599) |
Treatment | 0.086 | 0.073 | 0.063 | 0.054 | 0.054 | 0.080* |
 | (1.457) | (1.197) | (1.115) | (1.000) | (0.871) | (1.439) |
IFRS (Post*Treatment) |  − 0.065 |  − 0.057 |  − 0.041 |  − 0.052 |  − 0.041 |  − 0.061 |
 | (− 1.072) | (0.889) | (− 0.704) | (− 0.915) | (− 0.698) | (− 1.032) |
Voice and accountability |  − 0.035 |  |  |  |  |  |
 | (− 0.984) |  |  |  |  |  |
Political stability |  |  − 0.016 |  |  |  |  |
 |  | (− 0.510) |  |  |  |  |
Government effectiveness |  |  | − 0.015 |  |  |  |
 |  |  | (− 0.247) |  |  |  |
Regulatory quality | Â | Â | Â | 0.078 | Â | Â |
 |  |  |  | (1.101) |  |  |
Control of corruption | Â | Â | Â | Â | 0.013 | Â |
 |  |  |  |  | (0.227) |  |
Rule of law |  |  |  |  |  | − 0.071 |
 |  |  |  |  |  | (− 1.073) |
Firm-level controls | Included | Included | Included | Included | Included | Included |
Market-level Controls | Included | Included | Included | Included | Included | Included |
YE and IE | Included | Included | Included | Included | Included | Included |
Observations | 188 | 188 | 188 | 188 | 188 | 188 |
Adj. R2 | 0.108 | 0.106 | 0.105 | 0.109 | 0.105 | 0.108 |
Prob. of F-Statistics | 0.018 | 0.020 | 0.021 | 0.018 | 0.021 | 0.019 |