Does XBRL adoption reduce information asymmetry?

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This paper examines whether or not XBRL (eXtensible Business Reporting Language) adoption reduces information asymmetry in a stock market context. Student t-tests and multiple regression analysis were employed to examine the effect of XBRL adoption on information asymmetry in the capital market. A significant and negative association exists between XBRL adoption and information asymmetry, which implies that the adoption of XBRL may lead to the reduction of the information asymmetry in the Korean stock market. In addition, the effect of XBRL adoption on reducing information asymmetry is stronger for large-sized companies than for medium-sized and small-sized companies. Based on these findings, the demand for XBRL-enabled applications and services in the capital market is expected to grow while governments should promote XBRL adoption for business reporting. (C) 2010 Elsevier Inc. All rights reserved.
Publisher
ELSEVIER SCIENCE INC
Issue Date
2011-02
Language
English
Article Type
Article
Keywords

BID-ASK SPREAD; DISCLOSURE; EARNINGS; MARKET; COMPONENTS; LIQUIDITY; ANALYSTS; IMPACT; POLICY; FIRMS

Citation

JOURNAL OF BUSINESS RESEARCH, v.64, no.2, pp.157 - 163

ISSN
0148-2963
DOI
10.1016/j.jbusres.2010.01.008
URI
http://hdl.handle.net/10203/250901
Appears in Collection
MG-Journal Papers(저널논문)
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