Voluntary Adoption of the IFRS and Industry-Level Comparability: Evidence from Korean Unlisted Firms

Heesun Chung and Sung Ook Park

Emerging Markets Finance and Trade, 2017, vol. 53, issue 7, 1654-1666

Abstract: This study examines the role of industry-level comparability with regard to voluntary adoption of the international financial reporting standards (IFRS) by unlisted firms in Korea. Mandatory adoption of the IFRS for listed firms in 2011 inhibits financial statement comparability between listed and unlisted firms. Our empirical findings reveal that unlisted firms in industries with higher ratios of listed firms tend to adopt the IFRS voluntarily. After this adoption, such unlisted firms seem to attract greater investment in the public debt market.

Date: 2017
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DOI: 10.1080/1540496X.2016.1247688

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