Journal
ASIA-PACIFIC MANAGEMENT ACCOUNTING JOURNAL
Volume 16, Issue 2, Pages 95-127Publisher
ASIA-PACIFIC MANAGEMENT ACCOUNTING ASSOC
Keywords
XBRL; development of capital markets; panel estimation techniques; cross-countries study
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The study shows that the adoption of XBRL has a negative impact on the development of stock markets, indicating the need for strict policies and mechanisms to ensure successful implementation and stakeholder understanding.
The paper examines the impact of adoption of the eXtensible Business Reporting Language (XBRL) on the development of stock markets using a large international sample. Our analysis was based on panel estimation techniques for 18 countries for a period of 20 years from 2000 to 2019. Our analysis provided empirical evidence that the adoption of the XBRL has a negative impact on the development of stock markets. This implies that strict policies are needed for the successful adoption of the XBRL and also a mechanism is needed to ensure that stakeholders understand the value of the information provided by the XBRL formatted financial reports.
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