2. Given the low number of countries that ignore the existence of IAS/IFRS (two countries) and taking into consideration the purpose of this study, we decided to eliminate these two countries and not to include them in the analysis.
3. If all there indicators are not available, market development is considered as the mean of the standardized indicators for which data are available.
4. Like Larson and Kenny (1995) and Zeghal and Mhedhbi (2006), we look at the use of IAS/IFRS without differentiating between total adoption with modification. Frist, There are only five countries that adopted all the IASB standards. Second, we think that the consequences of these standards are mainly associated with their first implementation regardless of whether or not there is modification.