Exploring the determinants of voluntary adoption of IFRS by unlisted firms: A comparative study between the UK and Germany

Dan Yang

China Journal of Accounting Studies, 2014, vol. 2, issue 2, 118-136

Abstract: This study provides direct evidence on unlisted firms’ adoption of International Financial Reporting Standards (IFRS), differing from previous studies that focused on listed firms. The current literature documents little evidence regarding the determinants of voluntary adoption of IFRS by unlisted firms. This study aims to fill in this gap with respect to both firm attributes and country attributes. From examining a sample of unlisted firms in the UK and Germany, I find that firm size, leverage, legal form, profitability and country-level institutional environment contribute to IFRS choices by unlisted firms. I further find that the country-level institutional environment fails to strengthen or weaken the role of firm-level factors affecting IFRS adoption. The evidence in this study offers insights regarding the determinants of unlisted firms’ preferences for adoption of accounting standards, and suggests which types of unlisted firms prefer to use and benefit from IFRS.

Date: 2014
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DOI: 10.1080/21697221.2014.917030

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