IFRS and Investors’ Trading Pattern: A Conceptual Framework
Main Article Content
Research aim: The purpose of this study is to provide a conceptual model that guides in examining the capital market effects of IFRS adoption from the perspective of investors’ trading patterns, particularly those behaviors that tend to defy the validity of EMH, in this context; herding behavior.
Design/ Methodology/ Approach: The study is conceptual in nature. It relies on a review of the prior academic literature on economic and informational consequences of IFRS adoption published in prominent academic journals.
Research findings: The study finds that despite an enormous amount of research thus far, in this area, substantive empirical evidence on economic and informational consequences of IFRS adoption appears to be far from reach. So far, many questions surrounding the capital market effect of IFRS adoption are yet to be fully resolved. More specifically, it is noted that one of the relatively under-researched areas in the current literature is the nexus between IFRS and investors’ trading behaviors.
Theoretical contribution/ Originality: To the researchers’ knowledge, this study is first to explicitly explore the nexus between IFRS and investors’ herding practices, while highlighting the role of the national economic culture.
Practitioner/ Policy implication: The results of this study are expected to be of interest to academics, regulators, and policymakers in performing a cost-benefit analysis of this planetary set of reporting benchmark, and to the investing public and other market participants who trade based on market fundamentals, treating them as principal indicators for future market movements.
Research limitation/ Implication: The study suggests the use of national economic culture to moderate the effect of IFRS on investors’ trading behavior. Nonetheless, this does not imply that there are no other significant factors or even more significant than culture but based on evidence documented in the prior studies there is no support for the contention that national economic culture is inconsequential.
Keyword: IFRS Adoption, Herding, National Economic Culture
Type of manuscript: Conceptual paper
JEL Classification: G14, G15, M41
The Asian Journal of Accounting Perspectives (AJAP) articles are published under a licence equivalent to the Creative Commons Attribution-NonCommercial-NoDerivs License (CC BY-NC-ND). The licence allows users to copy, distribute, and transmit an article as long as the author is attributed. The article is not used for commercial purposes. The work is not modified or adapted in any way.
Authors are required to sign the Exclusive License to Publish agreement upon publication in the AJAP. The agreement grants the Publisher (Faculty of Business and Accountancy, Universiti Malaya) to publish and disseminate the articles.
Articles published in the AJAP are digital, online, free of charge, and free of most copyright and licensing restrictions.
Article Processing Charge
Articles publish in AJAP is free submission, production and publication charges. However, all accepted articles are required for language editing. The AJAP officially appointed and outsourced proofreader will conduct this process, and the authors will cover the cost. AJAP does not profit from this process and transaction.
Ahmed, A. S., Neel, M., & Wang, D. (2013). Does Mandatory Adoption of IFRS Improve Accounting Quality? Preliminary Evidence. Contemporary Accounting Research, 30(4), 1344-1372.
Ahmed, K., Chalmers, K., & Khlif, H. (2013). A Meta-analysis of IFRS Adoption Effects. The International Journal of Accounting, 48(2), 173-217.
Albu, N., Albu, C. N., Bunea, S., Calu, D. A., & Girbina, M. M. (2011). A story about IAS/IFRS implementation in Romania. Journal of Accounting in Emerging Economies, 1(1), 76-100.
Alexandre, H., & Clavier, J. (2017). Adoption of IAS/IFRS, liquidity constraints, and credit rationing: The case of the European banking industry. The Quarterly Review of Economics and Finance, 63, 249-258.
Ali, A., Akbar, S., & Ormrod, P. (2016). Impact of international financial reporting standards on the profit and equity of AIM listed companies in the UK. Paper presented at the Accounting Forum.
Ames, D. (2013). IFRS adoption and accounting quality: The case of South Africa. Journal of Applied Economics and Business Research, 3(3), 154-165.
Amiram, D. (2012). Financial information globalization and foreign investment decisions. Journal of International Accounting Research, 11(2), 57-81.
Antoniou, A., Koutmos, G., & Pericli, A. (2005). Index futures and positive feedback trading: evidence from major stock exchanges. Journal of Empirical Finance, 12(2), 219-238.
Armstrong, C. S., Barth, M. E., Jagolinzer, A. D., & Riedl, E. J. (2010). Market reaction to the adoption of IFRS in Europe. The Accounting Review, 85(1), 31-61.
Ayres, I., & Mitts, J. (2015). Anti-Herding Regulation. Harvard Business Law Review, 5, 1-46.
Ball, R. (2006). International Financial Reporting Standards (IFRS): pros and cons for investors. Accounting and Business Research, 36(sup1), 5-27.
Ball, R., Kothari, S., & Robin, A. (2000). The effect of international institutional factors on properties of accounting earnings. Journal of Accounting and Economics, 29(1), 1-51.
Barth, M. E., & Israeli, D. (2013). Disentangling mandatory IFRS reporting and changes in enforcement. Journal of Accounting and Economics, 56(2–3, Supplement 1), 178-188.
Barth, M. E., Landsman, W. R., & Lang, M. H. (2008). International accounting standards and accounting quality. Journal of Accounting Research, 46(3), 467-498.
Barth, M. E., Landsman, W. R., Lang, M. H., & Williams, C. D. (2013). Effects on comparability and capital market benefits of voluntary adoption of IFRS by US firms: Insights from voluntary adoption of IFRS by non-US firms.
Beneish, M. D., Miller, B. P., & Yohn, T. L. (2015). Macroeconomic evidence on the impact of mandatory IFRS adoption on equity and debt markets. Journal of Accounting and Public Policy, 34(1), 1-27.
Beneish, M. D., & Yohn, T. L. (2008). Information friction and investor home bias: A perspective on the effect of global IFRS adoption on the extent of equity home bias. Journal of Accounting and Public Policy, 27(6), 433-443.
Bikhchandani, S., & Sharma, S. (2000). Herd behavior in financial markets. IMF Staff papers, 279-310.
Blasco, N., Corredor, P., & Ferreruela, S. (2017). Can agents sensitive to cultural, organizational and environmental issues avoid herding? Finance Research Letters, 22, 114-121.
Borker, D. R. (2012). Accounting, culture, and emerging economies: IFRS in the BRIC countries. Journal of Business and Economics Research (Online), 10(5), 313-324.
Borker, D. R. (2014). IFRS and Socio-cultural Orientation in Egypt, Iran and Iraq. Journal of Accounting and Finance, 14(5), 175.
Brochet, F., Jagolinzer, A. D., & Riedl, E. J. (2013). Mandatory IFRS Adoption and Financial Statement Comparability. Contemporary Accounting Research, 30(4), 1373-1400.
Brown, P. (2011). International Financial Reporting Standards: what are the benefits? Accounting and Business Research, 41(3), 269-285.
Brown, P., & A. Tarca (2005). A commentary on issues relating to the enforcement of International Financial Reporting Standards in the EU. European Accounting Review, 14(1),181-212.
Brüggemann, U., Hitz, J.-M., & Sellhorn, T. (2013). Intended and Unintended Consequences of Mandatory IFRS Adoption: A Review of Extant Evidence and Suggestions for Future Research. European Accounting Review, 22(1), 1-37.
Byard, D., Li, Y., & Yu, Y. (2011). The Effect of Mandatory IFRS Adoption on Financial Analysts’ Information Environment. Journal of Accounting Research, 49(1), 69-96.
Callao, S., Jarne, J. I., & Laínez, J. A. (2007). Adoption of IFRS in Spain: Effect on the comparability and relevance of financial reporting. Journal of International Accounting, Auditing and Taxation, 16(2), 148-178.
Callen, J. L., Khan, M., & Lu, H. (2013). Accounting quality, stock price delay, and future stock returns. Contemporary Accounting Research, 30(1), 269-295.
Capkun, V., Collins, D., & Jeanjean, T. (2016). The effect of IAS/IFRS adoption on earnings management (smoothing): A closer look at competing explanations. Journal of Accounting and Public Policy, 35(4), 352-394.
Cascino, S., & Gassen, J. (2015). What drives the comparability effect of mandatory IFRS adoption? Review of Accounting Studies, 20(1), 242-282.
Chakrabarty, K. (2011). KC Chakrabarty: Introduction of International Financial Reporting Standards (IFRS)–Issues and challenges.
Chang, C. H., & Lin, S. (2015). The effects of national culture and behavioral pitfalls on investors' decision-making: Herding behavior in international stock markets. International Review of Economics and Finance, 37, 380-392.
Chau, F., Dosmukhambetova, G. B., & Kallinterakis, V. (2013). International Financial Reporting Standards and noise trading. Journal of Applied Accounting Research, 14(1), 37-53.
Chen, C., Young, D., & Zhuang, Z. (2012). Externalities of mandatory IFRS adoption: Evidence from cross-border spillover effects of financial information on investment efficiency. The Accounting Review, 88(3), 881-914.
Chen, H., Tang, Q., Jiang, Y., & Lin, Z. (2010). The role of international financial reporting standards in accounting quality: Evidence from the European Union. Journal of International Financial Management and Accounting, 21(3), 220-278.
Chen, J. J., & Cheng, P. (2007). Corporate governance and the harmonisation of Chinese accounting practices with IFRS practices. Corporate Governance: An International Review, 15(2), 284-293.
Christensen, H. B., Hail, L., & Leuz, C. (2013). Mandatory IFRS reporting and changes in enforcement. Journal of Accounting and Economics, 56(2–3, Supplement 1), 147-177.
Christensen, H. B., Hail, L., & Leuz, C. (2016). Capital-market effects of securities regulation: Prior conditions, implementation, and enforcement. The Review of Financial Studies, 29(11), 2885-2924.
Chua, Y. L., Cheong, C. S., & Gould, G. (2012). The Impact of Mandatory IFRS Adoption on Accounting Quality: Evidence from Australia. Journal of International Accounting Research, 11(1), 119-146.
Cieslewicz, J. K. (2014). Relationships between national economic culture, institutions, and accounting: Implications for IFRS. Critical Perspectives on Accounting, 25(6), 511-528.
Clements, A., Hurn, S., & Shi, S. (2017). An empirical investigation of herding in the US stock market. Economic Modelling.
Clements, C. E., Neill, J. D., & Stovall, O. S. (2010). Cultural diversity, country size, and the IFRS adoption decision. Journal of Applied Business Research, 26(2), 115.
Cotter, J., Tarca, A., & Wee, M. (2012). IFRS adoption and analysts’ earnings forecasts: Australian evidence. Accounting and Finance, 52(2), 395-419.
Cumming, D., Knill, A., & Richardson, N. (2015). Firm size and the impact of securities regulation. Journal of Comparative Economics, 43(2), 417-442.
Dang, H. V., & Lin, M. (2016). Herd mentality in the stock market: On the role of idiosyncratic participants with heterogeneous information. International Review of Financial Analysis, 48, 247-260.
Daniel, S. J., Cieslewicz, A. P. J. K., & Pourjalali, H. (2012). The impact of national economic culture and country-level institutional environment on corporate governance practices. Management International Review, 52(3), 365-394.
Daske, H. (2006). Economic Benefits of Adopting IFRS or US‐GAAP–Have the Expected Cost of Equity Capital Really Decreased? Journal of Business Finance and Accounting, 33(3‐4), 329-373.
Daske, H., Hail, L., Leuz, C., & Verdi, R. (2008). Mandatory IFRS reporting around the world: Early evidence on the economic consequences. Journal of Accounting Research, 46(5), 1085-1142.
Daske, H., Hail, L., Leuz, C., & Verdi, R. (2013). Adopting a Label: Heterogeneity in the Economic Consequences Around IAS/IFRS Adoptions. Journal of Accounting Research, 51(3), 495-547.
Dechow, P., Ge, W., & Schrand, C. (2010). Understanding earnings quality: A review of the proxies, their determinants and their consequences. Journal of Accounting and Economics, 50(2-3), 344-401.
De George, E. T., Li, X., & Shivakumar, L. (2016). A review of the IFRS adoption literature. Review of Accounting Studies, 21(3), 898-1004.
Deegan, C. (2013). Financial Accounting Theory: McGraw-Hill Education Australia.
DeFond, M., Hu, X., Hung, M., & Li, S. (2011). The impact of mandatory IFRS adoption on foreign mutual fund ownership: The role of comparability. Journal of Accounting and Economics, 51(3), 240-258.
Diamond, D. W., & Verrecchia, R. E. (1991). Disclosure, liquidity, and the cost of capital. The Journal of Finance, 46(4), 1325-1359.
Ding, Y., Hope, O.-K., Jeanjean, T., & Stolowy, H. (2007). Differences between domestic accounting standards and IAS: Measurement, determinants and implications. Journal of Accounting and Public Policy, 26(1), 1-38.
dos Santos, M. A., Fávero, L. P. L., & Distadio, L. F. (2016). Adoption of the International Financial Reporting Standards (IFRS) on companies’ financing structure in emerging economies. Finance Research Letters, 16, 179-189.
Duasa, J., & Kassim, S. (2009). Herd behavior in Malaysian capital market: An empirical analysis. Journal of Applied Economic Sciences, 1(7), 45-57.
Dumontier, P., & Maghraoui, R. (2007). Does the adoption of IAS-IFRS reduce information asymmetry systematically? Paper presented at the European Accounting Association Annual Congress.
Elbakry, A. E., Nwachukwu, J. C., Abdou, H. A., & Elshandidy, T. (2017). Comparative evidence on the value relevance of IFRS-based accounting information in Germany and the UK. Journal of International Accounting, Auditing and Taxation, 28, 10-30.
Florou, A., & Pope, P. F. (2012). Mandatory IFRS adoption and institutional investment decisions. The Accounting Review, 87(6), 1993-2025.
Galariotis, E. C., Krokida, S.-I., & Spyrou, S. I. (2015a). Bond Market Investor Herding: Evidence from the European Financial Crisis. International Review of Financial Analysis, 48, 367-375
Galariotis, E. C., Rong, W., & Spyrou, S. I. (2015b). Herding on fundamental information: A comparative study. Journal of Banking and Finance, 50, 589-598.
García, M. d. P. R., Alejandro, K. A. C., Sáenz, A. B. M., & Sánchez, H. H. G. (2016). Does an IFRS adoption increase value relevance and earnings timeliness in Latin America? Emerging Markets Review, 30, 155-168
Gassen, J., & Sellhorn, T. (2006). Applying IFRS in Germany: Determinants and consequences. https://dx.doi.org/10.2139/ssrn.906802
Gjerde, Ø., Knivsflå, K., & Sættem, F. (2008). The value-relevance of adopting IFRS: Evidence from 145 NGAAP restatements. Journal of International Accounting, Auditing and Taxation, 17(2), 92-112.
Gong, J. J., Sophia, I., & Wang, L. (2016). Changes in the value relevance of research and development expenses after IFRS adoption. Advances in Accounting, 35, 49-61.
Gordon, T. P., & Porter, J. C. (2009). Reading and understanding academic research in accounting: A guide for students. Reading, 6, 25-45.
Gray, S. J., Kang, T., Lin, Z., & Tang, Q. (2015). Earnings management in Europe post IFRS: do cultural influences persist? Management International Review, 55(6), 827-856.
Grosse, R. (2017). The global financial crisis—Market misconduct and regulation from a behavioral view. Research in International Business and Finance, 41, 387-398.
Guney, Y., Kallinterakis, V., & Komba, G. (2017). Herding in frontier markets: Evidence from African stock exchanges. Journal of International Financial Markets, Institutions and Money, 47, 152-175.
Hachicha, N. (2010). New Sight of Herding Behavioural through Trading Volume.–Economics Discussion Papers, No 2010–11. Kiel Institute for the World Economy.
Hail, L., Leuz, C., & Wysocki, P. (2010). Global accounting convergence and the potential adoption of IFRS by the US (Part I): Conceptual underpinnings and economic analysis. Accounting Horizons, 24(3), 355-394.
Hamberg, M., Mavruk, T., & Sjögren, S. (2013). Investment allocation decisions, home bias and the mandatory IFRS adoption. Journal of International Money and Finance, 36, 107-130.
Ho, S. S., & Wong, K. S. (2001). A study of corporate disclosure practice and effectiveness in Hong Kong. Journal of International Financial Management and Accounting, 12(1), 75-102.
Hodgdon, C., Tondkar, R. H., Harless, D. W., & Adhikari, A. (2008). Compliance with IFRS disclosure requirements and individual analysts’ forecast errors. Journal of International Accounting, Auditing and Taxation, 17(1), 1-13.
Hofstede, G. (1980). Culture’s consequences: International differences in work-related values. Beverly Hills; London: Sage Publications.
Hofstede, G. (2001). Culture´s consequence, Comparing Values, Behaviors, Institutions, and Organizations Across Nations, 2nd ed. Thousand Oaks, CA: Sage.
Horton, J., Serafeim, G., & Serafeim, I. (2013). Does mandatory IFRS adoption improve the information environment? Contemporary Accounting Research, 30(1), 388-423.
Houqe, M. N., Easton, S., & van Zijl, T. (2014). Does mandatory IFRS adoption improve information quality in low investor protection countries? Journal of International Accounting, Auditing and Taxation, 23(2), 87-97.
Houqe, M. N., & Monem, R. M. (2016). IFRS Adoption, Extent of Disclosure, and Perceived Corruption: A Cross-Country Study. The International Journal of Accounting, 51(3), 363-378.
Houqe, M. N., Monem, R. M., Tareq, M., & van Zijl, T. (2016). Secrecy and the impact of mandatory IFRS adoption on earnings quality in Europe. Pacific-Basin Finance Journal, 40(PartB), 476-490.
Houqe, M. N., Monem, R. M., & van Zijl, T. (2016). The economic consequences of IFRS adoption: Evidence from New Zealand. Journal of International Accounting, Auditing and Taxation, 27, 40-48.
Hellmann, A. (2016). The role of accounting in behavioral finance. Journal of Behavioral and Experimental Finance, 9, 39-42.
Hribar, P., Kravet, T., & Wilson, R. (2014). A new measure of accounting quality. Review of Accounting Studies, 19(1), 506-538.
Irani, A. J., & Karamanou, I. (2004). A study of the economic consequences of regulation FD (fair disclosure). Research in Accounting Regulation, 17, 191-207.
Isidro, H., & Raonic, I. (2012). Firm incentives, institutional complexity and the quality of “harmonized” accounting numbers. The International Journal of Accounting, 47(4), 407-436.
Jang, J. (2017). Stock return anomalies and individual investors in the Korean stock market. Pacific-Basin Finance Journal, 46, 141-157.
Javaira, Z., & Hassan, A. (2015). An examination of herding behavior in Pakistani stock market. International Journal of Emerging Markets, 10(3), 474-490.
Jonas, G. J., & Blanchet, J. (2000). Assessing quality of financial reporting. Accounting Horizons, 14(3), 353-363.
Judge, W., Li, S., & Pinsker, R. (2010). National adoption of international accounting standards: An institutional perspective. Corporate Governance: An International Review, 18(3), 161-174.
Jun, M. (1993). New Capital Markets and Securities Regulations in Hungary: A Comparative Analysis of the Insider Trading Regulations in Hungary and the United States. Bklyn Journal of International Law, 19(3), 1047-1100.
Karaibrahimoglu, Y. Z., & Cangarli, B. G. (2016). Do auditing and reporting standards affect firms’ ethical behaviours? The moderating role of national culture. Journal of Business Ethics, 139(1), 55-75.
Karampinis, N. I., & Hevas, D. L. (2011). Mandating IFRS in an unfavorable environment: The Greek experience. The International Journal of Accounting, 46(3), 304-332.
Kerl, A. G., & Pauls, T. (2014). Analyst herding and investor protection: a cross-country study. Applied Financial Economics, 24(8), 533-542.
Kim, J.-B., Shi, H., & Zhou, J. (2014). International Financial Reporting Standards, institutional infrastructures, and implied cost of equity capital around the world. Review of Quantitative Finance and Accounting, 42(3), 469-507.
Kim, O. (2013). Russian Accounting System: Value Relevance of Reported Information and the IFRS Adoption Perspective. The International Journal of Accounting, 48(4), 525-547.
Krismiaji, Aryani, Y. A., Aryani, Y. A., Suhardjanto, D., & Suhardjanto, D. (2016). International Financial Reporting Standards, board governance, and accounting quality: A preliminary Indonesian evidence. Asian Review of Accounting, 24(4), 474-497.
Lakonishok, J., Shleifer, A., & Vishny, R. W. (1992). The impact of institutional trading on stock prices. Journal of financial economics, 32(1), 23-43.
Lambert, R., Leuz, C., & Verrecchia, R. E. (2007). Accounting information, disclosure, and the cost of capital. Journal of Accounting Research, 45(2), 385-420.
Lambert, M., Hübner, G., Michel, P.-A., & Olivier, H. (2006). International Financial Reporting Standards and Market Efficiency: A European Perspective. CREFI-LSF Working Paper Series No. 06-04, 1-48.
Lambertides, N., & Mazouz, K. (2013). Stock price volatility and informational efficiency following the mandatory adoption of IFRS in Europe. Journal of Applied Accounting Research, 14(1), 4-17.
Landsman, W. R., Maydew, E. L., & Thornock, J. R. (2012). The information content of annual earnings announcements and mandatory adoption of IFRS. Journal of Accounting and Economics, 53(1–2), 34-54.
Lee, S., & Lee, K. (2015). Heterogeneous expectations leading to bubbles and crashes in asset markets: Tipping point, herding behavior and group effect in an agent-based model. Journal of Open Innovation: Technology, Market, and Complexity, 1(1), 11.
Lennard, A. (2007). Stewardship and the objectives of financial statements: a comment on IASB's preliminary views on an improved conceptual framework for financial reporting: the objective of financial reporting and qualitative characteristics of decision-useful financial reporting information. Accounting in Europe, 4(1), 51-66.
Leuz, C., & Verrecchia, R. E. (2000). The economic consequences of increased disclosure. Journal of Accounting Research, 91-124.
Leuz, C., & Wysocki, P. D. (2016). The economics of disclosure and financial reporting regulation: Evidence and suggestions for future research. Journal of Accounting Research, 54(2), 525-622.
Li, S. (2010). Does mandatory adoption of International Financial Reporting Standards in the European Union reduce the cost of equity capital? The Accounting Review, 85(2), 607-636.
Lin, S., Riccardi, W., & Wang, C. (2012). Does accounting quality change following a switch from US GAAP to IFRS? Evidence from Germany. Journal of Accounting and Public Policy, 31(6), 641-657.
Litimi, H., BenSaïda, A., & Bouraoui, O. (2016). Herding and excessive risk in the American stock market: A sectoral analysis. Research in International Business and Finance, 38, 6-21.
Liu, C., Yao, L. J., Hu, N., & Liu, L. (2011). The Impact of IFRS on Accounting Quality in a Regulated Market: An Empirical Study of China. Journal of Accounting, Auditing and Finance, 26(4), 659-676.
Lodorfos, G., & Boateng, A. (2006). The role of culture in the merger and acquisition process: Evidence from the European chemical industry. Management Decision, 44(10), 1405-1421.
Lourenço, I. M. E. C., Branco, M. E. M. d. A., & Castelo, D. (2015). Main consequences of IFRS adoption: analysis of existing literature and suggestions for further research. Revista Contabilidade and Finanças, 26(68), 126-139.
Mensah, Y. M., & Yang, R. (2008). An empirical evaluation of analysts’ herding behavior following Regulation Fair Disclosure. Journal of Accounting and Public Policy, 27(4), 317-338.
Mısırlıoğlu, İ. U., Tucker, J., & Yükseltürk, O. (2013). Does mandatory adoption of IFRS guarantee compliance? The International Journal of Accounting, 48(3), 327-363.
Mobarek, A., Mollah, S., & Keasey, K. (2014). A cross-country analysis of herd behavior in Europe. Journal of International Financial Markets, Institutions and Money, 32(0), 107-127.
Musse, O. S. H., & Echchabi, A. (2015). Islamic and conventional behavioral finance: A critical review of literature. Journal of King Abdulaziz University: Islamic Economics, 28(2), 249-266.
Naranjo, P. L., Saavedra, D., & Verdi, R. S. (2016). Financial reporting regulation and financing decisions.
Neel, M. (2017). Accounting comparability and economic outcomes of mandatory IFRS adoption. Contemporary Accounting Research, 34(1), 658-690.
Nobes, C. W., & Stadler, C. (2015). The qualitative characteristics of financial information, and managers’ accounting decisions: evidence from IFRS policy changes. Accounting and Business Research, 45(5), 572-601.
Nurunnabi, M. (2015a). The impact of cultural factors on the implementation of global accounting standards (IFRS) in a developing country. Advances in Accounting, 31(1), 136-149.
Nurunnabi, M. (2015b). Tensions between politico‐institutional factors and accounting regulation in a developing economy: insights from institutional theory. Business Ethics: A European Review, 24(4), 398-424.
Olibe, K. O. (2016). Response to Discussion of “Security Returns and Volume Responses around International Financial Reporting Standards (IFRS) Earnings Announcements”. The International Journal of Accounting, 51(2), 271-274.
Paananen, M. (2008). The IFRS adoption's effect on accounting quality in Sweden.
Palea, V. (2013). IAS/IFRS and financial reporting quality: Lessons from the European experience. China Journal of Accounting Research, 6(4), 247-263.
Parker, L. D., & Guthrie, J. (2012). Accounting scholars and journals rating and benchmarking: risking academic research quality. Accounting, Auditing and Accountability Journal, 26(1), 4-15.
Perera, H. (1994). Culture and international accounting: Some thoughts on research issues and prospects. Advances in International Accounting, 7, 267-285.
Perera, H., Cummings, L., & Chua, F. (2012). Cultural relativity of accounting professionalism: evidence from New Zealand and Samoa. Advances in Accounting, 28(1), 138-146.
Perera, M. H. B. (1989). Towards a framework to analyze the impact of culture on accounting. The International Journal of Accounting, 24(1), 42-56.
Persakis, A., & Iatridis, G. E. (2016). The joint effect of investor protection, IFRS and earnings quality on cost of capital: An international study. Journal of International Financial Markets, Institutions and Money.
Persakis, A., & Iatridis, G. E. (2017). The joint effect of investor protection, IFRS and earnings quality on cost of capital: An international study. Journal of International Financial Markets, Institutions and Money, 46, 1-29.
Platikanova, P., & Perramon, J. (2012a). Economic consequences of the first-time IFRS introduction in Europe. Spanish Journal of Finance and Accounting/Revista Española de Financiación y Contabilidad, 41(156), 497-519.
Platikanova, P., & Perramon, J. (2012b). Economic Consequences of the First-Time IFRS Introduction in Europe. Rochester: Social Science Research Network.
Prosad, J. M., Kapoor, S., & Sengupta, J. (2012). An Examination of Herd Behavior: An Empirical Evidence from Indian Equity Market. International Journal of Trade, Economics and Finance, 3(2), 154.
Qu, W., & Leung, P. (2006). Cultural impact on Chinese corporate disclosure-a corporate governance perspective. Managerial Auditing Journal, 21(3), 241-264.
Rudra, T., & Bhattacharjee, C. D. (2012). Does IFRs influence earnings management? Evidence from India. Journal of Management Research, 4(1), 1.
Shima, K. M., & Yang, D. C. (2012). Factors Affecting the Adoption of IFRS. International Journal of Business, 17(3), 276-298.
Soderstrom, N. S., & Sun, K. J. (2007). IFRS adoption and accounting quality: a review. European Accounting Review, 16(4), 675-702.
Tan, H., Wang, S., & Welker, M. (2011). Analyst Following and Forecast Accuracy After Mandated IFRS Adoptions. Journal of Accounting Research, 49(5), 1307-1357.
Tang, L., & Koveos, P. E. (2008). A framework to update Hofstede's cultural value indices: Economic dynamics and institutional stability. Journal of International Business Studies, 39(6), 1045-1063.
Turki, H., Wali, S., & Boujelbene, Y. (2016). The effect of IFRS mandatory adoption on the information asymmetry. Cogent Business & Management, 3(1), 1209100.
Ugrin, J. C., Mason, T. W., & Emley, A. (2017). Culture's consequence: The relationship between income-increasing earnings management and IAS/IFRS adoption across cultures. Advances in Accounting, 37, 140-151.
Voronkova, S., & Bohl, M. T. (2005). Institutional traders’ behavior in an emerging stock market: Empirical evidence on polish pension fund investors. Journal of Business Finance and Accounting, 32(7‐8), 1537-1560.
Wang, S., & Welker, M. (2011). Timing equity issuance in response to information asymmetry arising from IFRS adoption in Australia and Europe. Journal of Accounting Research, 49(1), 257-307.
Yao, J., Ma, C., & He, W. P. (2014). Investor herding behaviour of Chinese stock market. International Review of Economics & Finance, 29(0), 12-29.
Yu, S., & Webb, G. (2017). Market adaptation to Regulation Fair Disclosure: The use of industry information to enhance the informational environment. Journal of Economics and Business, 89, 1-12.
Zeghal, D., Chtourou, S. M., & Fourati, Y. M. (2012). The effect of mandatory adoption of IFRS on earnings quality: Evidence from the European Union. Journal of International Accounting Research, 11(2), 1-25.
Zhou, R. T., & Lai, R. N. (2009). Herding and information based trading. Journal of Empirical Finance, 16(3), 388-393.