국내 자본시장의 질적 향상을 위한 XBRL 시스템 도입효과에 관한 연구

XBRL system was introduced for firms listed on the korea stock exchange. XBRL system not only shortens the duration of the process of producing and offering information, but enhances the accessibility and the instant comparability of information so as to reduce risks associated with decision-making and information-related unnecessary costs. In this research, we investigate whether or not the information asymmetry among investors has been reduced since the introduction of XBRL system, using bid-ask spread and dispersion between the first ten bid(ask) prices to the closing prices around the disclosure date of earnings. Empirical research finds that there is some additional decline in information asymmetry after the introduction of XBRL system, besides a considerable reduction in information asymmetry already achieved under the new disclosure systems such as DART system or Fair Disclosure Rule. This reduction is found equally in dispersion between the first ten bid(ask) prices as well as bid-ask spread to the closing prices around the disclosure date of earnings. After controlling variables related to information environment, we analyzed the findings again to see if we have the same results. This additional research shows that XBRL system has the desirable effect of improving the information environment of investors fundamentally and raising the quality of capital markets.