H1: Countries with their own local

H1: Countries with their own local GAAP as the primary set of accounting standards are less likely to adopt IFRS for SMEs
H2: Countries that require or allow (instead of local GAAP) private firms to report under full IFRS are more likely to adopt IFRS for SMEs
H3: Countries with a relatively low quality of governance institutions are more likely to adopt IFRS for SMEs
H4: Countries with a common law legal system are more likely to adopt IFRS for SMEs