Table 6.

Earnings management truncated regression results.

Truncated Regression
		Size		Region
Variable	All	Big	Small	Africa	Europe	Middle East	Americas	Asia
Intercept	0.838***	0.822***	0.800***	0.889***	0.814***	0.725***	0.633***	0.875***
	(0.010)	(0.018)	(0.030)	(0.014)	(0.017)	(0.021)	(0.042)	(0.015)
LLP	-0.069***	-0.081	-0.060**	-0.118*	-0.020	-0.375***	0.773	-0.376***
	(0.015)	(0.043)	(0.018)	(0.051)	(0.015)	(0.107)	(0.550)	(0.049)
LLR	-0.040***	-0.100***	-0.031***	-0.077**	-0.027***	-0.070	-0.978	-0.036**
	(0.005)	(0.017)	(0.007)	(0.027)	(0.006)	(0.039)	(0.542)	(0.012)
TA	-0.004***	-0.005***	-0.002	-0.004***	-0.002**	-0.005**	0.022***	-0.001
	(0.001)	(0.001)	(0.002)	(0.001)	(0.001)	(0.001)	(0.004)	(0.001)
GROW	-0.000	-0.000	0.000	0.000	-0.000	-0.000	-0.017***	-0.001***
	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.001)	(0.005)	(0.000)
TL	0.009	0.056***	-0.078***	-0.118***	0.010	0.164***	-0.383***	-0.116***
	(0.008)	(0.014)	(0.014)	(0.017)	(0.015)	(0.015)	(0.030)	(0.015)
Year Dummies	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Country Dummies	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Adj-R2	0.035	0.029	0.039	0.032	0.032	0.035	0.024	0.03
Observations	2557	1748	809	458	857	516	35	726

Notes: The p-value denotes significance at three levels: 0.05*, 0.01**, and 0.001***. All Sigma values are significant at the 0.01 level.