4.15德勤－复旦会计论坛系列讲座之五十四

时间：2014年4月15日（周二）下午13：30

地点：史带楼502室

主持人：施海娜副教授

演讲嘉宾：Jeong-Bon Kim (City University of Hong Kong)

Title：Who Benefits More from XBRL Adoption? Evidence from Breadth of Ownership

Abstract：This study investigates whether and how a firm’s adoption of eXtensible Business Reporting Language (XBRL) influences breadth of share ownership in that firm. We find that XBRL adoption significantly increases the total number of investors holding a firm’s stock, and that the effect of XBRL adoption on breadth of ownership is stronger for firms with higher complexity and for those whose information is more difficult to gather, process, and analyze. This finding is consistent with the notion that XBRL adoption facilitates a more transparent environment, decreases information processing costs, and thus, attracts more investors, thereby leading to a larger investor base in general. More interestingly, we find that, while XBRL adoption results in a significant increase in the number of individual and foreign institutional investors, it does not increase the number of total and domestic institutional investors. Our findings, taken together, suggest that XBRL adoption helps firms establish a level playing field by reducing the information advantage of domestic institutional investors over individual and foreign institutional investors. Our results are robust to potential endogeneity concerns and different research designs.

会计学系

2014-4-8