Dependent Variable: Change in Accounting Policy
Intercept	2.59***	−2.24***	−2.08***	−3.07***	−2.12***	−2.86***	−3.39***	−2.65***	−3.41***	−2.91***	−1.96***	−2.63***	−2.97***
	(7.55)	(5.85)	(4.70)	(3.79)	(5.32)	(3.58)	(4.89)	(9.52)	(4.93)	(3.42)	(4.48)	(3.12)	(3.40)
LTDMB	−0.79		0.75	0.55		0.78	0.50		0.88	0.44		0.67	0.93
	(1.34)		(0.70)	(0.77)		(1.10)	(0.73)		(1.26)	(0.62)		(0.94)	(1.28)
LEV		−6.07*	−0.92		−0.64*	−0.71*		−0.63*	−0.73**		−0.72**	−0.76**	−0.66*
		(1.86)	(1.63)		(1.84)	(1.96)		(1.93)	(2.12)		(2.00)	(2.08)	(1.81)
EPS	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	(0.47)	(0.48)	(0.50)	(0.38)	(0.30)	(0.34)	(0.47)	(0.56)	(0.57)	(0.33)	(0.22)	(0.27)	(0.35)
ROA	−0.71	−2.55	−2.84										20.00*
	(0.15)	(0.54)	(0.60)										(1.93)
ROE	−2.90	2.36	−2.26										−6.95**
	(1.19)	(0.99)	(0.95)										(1.98)
LROA				1.86	−3.06	−1.84				−0.03	−6.11	−4.69	−18.82*
				0.36	(0.58)	(0.33)				(0.01)	(1.04)	(0.76)	(1.71)
LROE				−5.59*	−4.09	−4.28				−4.83	−3.03	−3.25	−0.56
				(1.90)	(1.43)	(1.46)				(1.62)	(1.07)	(1.12)	(0.21)
DROA							−0.14	−0.14	−0.13	−0.13	−0.19	−0.17	−0.49
							(0.92)	(0.94)	(0.89)	(0.86)	(1.13)	(1.03)	(1.49)
DROE							0.06	0.06	0.06	0.03	0.03	0.03	0.12**
							(1.33)	(1.37)	(1.41)	(0.57)	(0.70)	0.73	(2.02)
TA	0.12	−0.24	−0.58	−0.24	−0.23	−0.26	−0.23	−0.22	−0.25	−0.24	−0.25	−0.27	−0.24
	(0.33)	(0.91)	(1.04)	(0.87)	(0.87)	(0.93)	(0.86)	(0.84)	(0.92)	(0.88)	(0.91)	(0.96)	(0.86)
Opinion	1.96***	1.94***	1.92***	2.10***	2.11***	2.11***	2.07***	2.13***	2.12***	2.09***	2.09***	2.09***	2.13***
	(6.99)	(6.95)	(6.88)	(6.79)	(6.75)	(6.76)	(6.82)	(6.96)	(6.94)	(6.72)	(6.68)	(6.69)	(6.72)
Sigma (random	0.86***	0.83**	0.81**	0.82**	0.83**	0.78**	0.87**	0.85**	0.79**	0.82	0.81**	0.77**	0.72*
effect analysis)	(2.66)	(2.55)	(2.44)	(2.20)	(2.20)	(2.03)	(2.43)	(2.33)	(2.13)	(0.03)	(2.15)	(2.00)	(1.77)
Log-likelihood	−237.10	−235.86	−235.62	−207.64	−205.64	−204.96	−209.15	−206.92	−206.02	−206.95	−204.38	−203.90	−200.52

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