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Future Business Journal

Table 5 Univariate comparisons

From: Corporate governance, external financing, and earnings management: new evidence from an emerging market

Variable

(1) TEMA = 0 (N = 1284)

(2) TEMA = 1 (N = 1320)

(5) Test of difference H0: (1)–(2) = 0

Mean

Mean

t-stat

p-value

XFIN

− 0.064

0.018

− 17.1537

0.0000

EQUIF

− 0.035

− 0.021

− 4.7478

0.0000

DEBF

− 0.029

0.039

− 17.9774

0.0000

CGS

0.379

0.377

0.806

0.4203

 

(3) TEMR = 0 (N = 1284)

(4) TEMR = 1 (N = 1320)

(6) Test of difference H0: (3)–(4) = 0

Mean

Mean

t-stat

p-value

XFIN

− 0.025

− 0.020

− 1.1090

0.2675

EQUIF

− 0.020

− 0.036

5.6046

0.0000

DEBF

− 0.005

0.016

− 5.3828

0.0000

CGS

0.379

0.377

0.7088

0.4785

  1. This table reports the univariate test results of two groups sorted by the value of accrual-based and real earnings management. The definitions for the variables are provided previously
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