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| Author: | Francis, J.R. (et al.) |
| Title: | The role of firm-specific incentives and country factors in explaining voluntary IAS adoptions: Evidence from private firms |
| Journal: | European Accounting Review
2008 : VOL. 17:2, p. 331-360 |
| Index terms: | international accounting standards financial statements incentives private companies small and medium-sized enterprises (SMEs) |
| Language: | eng |
| Abstract: | This paper examines voluntary adoptions of International Accounting Standards (IAS) by private enterprises. There are the following questions: 1. Do firm-specific incentives matter in the IAS adoption decision after controlling for country-level institutional factors? 2. Does the relative importance of firm factors (here as: f-fs.) vs. country factors (as: c-fs.) vary across institutional settings? Using a sample of more than 3,700 small and medium-sized private enterprises (here as: SMEs) from 56 countries, the following two primary findings are reported: 1. Both f-fs. and c-fs. matter in the voluntary IAS adoption decision. 2. When focusing on sub-samples of countries partitioned by the level of economic development, f-fs. are found to dominate c-fs. in more developed countries, whereas in less developed countries, c-fs. dominate f-fs. in explaining IAS adoptions. Overall, the results suggest that less developed countries can enhance the benefits from IAS adoptions by developing institutions facilitating private contracting. |
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