In the section of this article discussing the accounting diversity across the six
countries, we predicted that the Philippines, Indonesia, and Malaysia would have high
incremental explanatory power for book value with low explanatory power in Taiwan
and Thailand. Our expectation that the explanatory power of book value would be
highest in the Philippines and the lowest in Taiwan is supported. However, the
incremental explanatory power of book value in Indonesia and Malaysia do not stand
out as high.