The Impact of Information Processing Costs on Firm Disclosure Choice: Evidence from the XBRL Mandate
研究发现，当美国证券交易委员会要求企业使用XBRL详细标记财务报告附注后，企业增加了定量附注披露，表明降低信息使用者的处理成本会促使企业提供更多信息。
ABSTRACT This paper examines the effect of market participants’ information processing costs on firms’ disclosure choice. Using the recent eXtensible Business Reporting Language (XBRL) regulation, I find that firms increase their quantitative footnote disclosures upon implementation of XBRL detailed tagging requirements designed to reduce information users’ processing costs. These results hold in a difference‐in‐difference design using matched nonadopting firms as controls, as well as two additional identification strategies. Examination of the disclosure increase by footnote type suggests that both regulatory and nonregulatory market participants play a role in monitoring firm disclosures. Overall, these findings suggest that the processing costs of market participants can be significant enough to impact firms’ disclosure decisions.