15] presents the discriminative multivariate model to analyze the independent variables of size, ownership
variable and capital structure. The empirical results show that size is the most significant variable of the LIFO
choice. Ownership structure is also a significant factor at the level of 0.05 in the multivariate analysis compared
with the significance level of 0.10 at the univariate analysis when size is controlled. It implies that size interacts
with ownership structure to affect the LIFO choice.