XBRL 공시품질과 정보효과: 한국상장기업을 중심으로

Abstract

[Purpose] We examine whether the use of standardized official XBRL tags increases information contents of XBRL filings.
 [Methodology] Using a sample of all XBRL filings for interim and annual financial statements during 2013-2018, we create a measure of the quality of XBRL filing by using an abnormal standard tag use.
 [Findings] We then show that this quality measure is associated with a higher information content of XBRL filings, suggesting that the usefulness of the XBRL formatted financial reporting depends on the use of standard tags. Our empirical results further reveals that in companies with high foreign investor holdings, the association between XBRL quality and investor reaction is not more pronounced. Thus, XBRL adoption does not appear to benefit foreign investors, among the intended beneficiaries, in a materially different way than domestic investors.
 [Implications] Overall, our findings shed light on the importance of filers’ use of standard tags to increase the usefulness of the XBRL reporting.