The Impact of XBRL Adoption on theInformation Environment: Evidence from Japan
The Impact of XBRL Adoption on theInformation Environment: Evidence from Japan
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XBRL 采用对信息环境的影响：来自日本的证据
DOI：
10.11640/tjar.4.2014.03
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发表时间：
2014
期刊：
影响因子：
--
通讯作者：
and Fumiko Takeda
中科院分区：
文献类型：
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作者：
Bai Zhenyang;Manabu Sakaue;and Fumiko Takeda
本文调查了日本金融厅强制使用XBRL是否以及如何影响投资者评估财务信息。尽管监管机构预计引入XBRL将提高商业报告的透明度和质量，但考虑到实施和学习成本不是微不足道的，基于XBRL的披露是否会减少老练和不那么老练的投资者之间的信息不对称仍是一个经验问题。由于之前在其他国家强制采用XBRL的研究结果喜忧参半，我们对日本案例的分析应该有一定的洞察力，因为日本是少数几个迫使数千家上市公司同时使用XBRL格式的国家之一。通过考察XBRL之前和之后的各种衡量标准，我们提供了与XBRL的采用有助于改善信息环境的概念一致的证据，如事件收益波动性、绝对累积异常收益、收益标准差的变化和异常买卖价差的降低。
This article investigates whether and how the Japanese Financial Services Agency’s mandatory use of XBRL affects investors in assessing financial information. Although regulators expect the introduction of XBRL to enhance the transparency and quality of business reporting, given the non-trivial implementation and learning costs, whether the XBRL-based disclosure reduces the information asymmetry between sophisticated and less-sophisticated investors remains an empirical question. As prior studies in other countries employing mandatory XBRL adoption provide mixed results, our analysis of the Japanese case should be somewhat insightful because Japan is one of the few countries where thousands of listed firms were forced to use the XBRL format all at once. By examining various measures in the pre-and post-XBRL periods, we provide evidence consistent with the notion that the adoption of XBRL has helped to improve the information environment, as indicated by the reduction of event returns volatility, absolute cumulative abnormal returns, changes in the standard deviation of returns, and the abnormal bid-ask spread.