In order to avoid the incidence of influential cases, we also performed Pearson chi-square tests of median association for all previous mentioned variables.
We reinforced tests on the influence of the valuation method with regression models.
We considered profits as a dependent variable of the valuation method employed and
controlling for the cash flow generated by the farm, that is supposed to be a reliable data
and independent on accruals and accounting manipulation. On the other hand, we
considered profits depending on the valuation method, but controlling for sales
performed by the farm. We thus defined the following regression models to reinforce
tests on volatility: