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RAF

1,400

5,2

1,200

102

1,000

0,800

Conservatism

B3

0,600

0,400

0,200

Figure 2. Changes in conservatism

0,000

1990

1991

1992

1993

1994 1995 Year

1996

1997

1998

1999

The R2s in the regression of timeliness R2 over time are respectively 0.076 (0.441) for small companies and 0.003 (0.879) for large companies. Contrary to our expectations, the average of timeliness R2 for small firms (0.129) is higher than that for large firms (0.069), although the difference is not statistically significant (t ¼ 1.376, sig ¼ 0.202).

1994

Year 1995

0.003 0.038 0.524

0.012 0.069 0.210

0.124 0.121 0.000

0.114 0.168 0.000

0.113 0.001 0.947 0.000

0.104 0.003 0.522 0.001

0.250 0.000 0.372 0.000

0.161 0.000 0.359 0.004

1990

1991

1992

1993

0.103 0.223 0.000

0.064 0.144 0.003

0.286 0.284 0.000

0.120 0.186 0.000

0.057 0.117 0.006

0.047 0.182 0.011

0.057 0.151 0.005

0.035 0.059 0.031

0.169 0.000 0.539 0.010

0.087 0.008 0.086 0.624

0.345 0.000 0.419 0.002

0.141 0.000 0.258 0.464

0.067 0.029 0.207 0.242

0.093 0.005 0.529 0.115

0.065 0.032 0.137 0.434

0.038 0.169 0.038 0.987

1996

1997

1998

1999

0.136 0.277 0.000

0.130 0.266 0.000

0.086 0.251 0.001

0.351 0.638 0.000

0.121 0.115 0.000

0.092 0.116 0.000

0.033 0.025 0.036

0.007 0.015 0.349

0.159 0.000 0.443 0.190

0.312 0.000 1.460 0.000

0.187 0.000 1.081 0.000

0.392 0.000 0.099 0.731

0.168 0.000 0.436 0.008

0.111 0.002 0.101 0.701

0.069 0.025 0.177 0.027

0.071 0.523 0.005 0.985

Table IV. Trends in earnings properties according to firm size

Timeliness Small R2

  • 1

Sig for 1 Large R2

  • 1

Sig for 1

Conservatism Small R2 Sig for model

  • 3

Sig for 3 Large R2 Sig for model

  • 3

Sig for 3

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