The paper examines the impact of eXtensible Business Reporting Language (XBRL) adoption on the development of stock markets using a large international sample. Our analysis is based on panel estimation techniques for 18 countries for a period of 20 years from 2000 to 2019. Our analysis provides empirical evidence that the adoption of XBRL has a negative impact on the development of stock markets. This implies that strict policies are needed for the successful adoption of XBRL and also a mechanism is needed to ensure that stakeholders understand the value of the information provided by XBRL formatted financial reports.
|Journal||Asia-Pacific Management Accounting Journal|
|Publication status||Accepted for publication - 28 Dec 2020|
- development of capital markets
- panel estimation techniques
- cross-countries study