Open AccessThe Impact of Adoption of The XBRL on the Development of Stock Markets
Author(s) -
Wafa Sassi,
Hakim Ben Othman,
Khaled Hussainey
Publication year - 2021
Publication title -
asia-pacific management accounting journal/asia-pacific management accounting journal
Language(s) - English
Resource type - Journals
eISSN - 2550-1631
pISSN - 1675-3194
DOI - 10.24191/apmaj.v16i2-04
Subject(s) - xbrl , business reporting , stock (firearms) , business , capital market , panel data , stock market , sample (material) , accounting , industrial organization , finance , economics , econometrics , mechanical engineering , paleontology , chemistry , horse , chromatography , engineering , biology
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. Keywords: XBRL, development of capital markets, panel estimation techniques, cross-countries study