“…The scale eŠect on the consolidation behavior has not yet been clariˆed. Many studies have been conducted and reported on the scale eŠect, such as Berre and Iversen (1972), Aboshi (1973), Ladd et al (1977), Jamiolkowski et al (1985), Mesri and Choi (1985), Imai and Tang (1992), Yin et al (1994), Imai et al (2003), Tanaka (2005), and Leroueil (2006). The objective of this study is to empirically clarify the scale eŠect.…”