The Incidence of XBRL Voluntary Disclosure on the Value Relevance of Earnings: The Role of Corporate Governance. Cahier de recherche 2016-09. Chaire d'information financière et organisationnelle ESG UQAM

Denis Cormier, Dominique Dufour, Philippe Luu (), Pierre Teller () and Robert Teller
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Denis Cormier: ESG-UQAM - École des Sciences de la Gestion [UQAM] - UQAM - Université du Québec à Montréal = University of Québec in Montréal
Dominique Dufour: GRM - Groupe de Recherche en Management - EA 4711 - UNS - Université Nice Sophia Antipolis (1965 - 2019) - UniCA - Université Côte d'Azur
Philippe Luu: GRM - Groupe de Recherche en Management - EA 4711 - UNS - Université Nice Sophia Antipolis (1965 - 2019) - UniCA - Université Côte d'Azur
Pierre Teller: GRM - Groupe de Recherche en Management - EA 4711 - UNS - Université Nice Sophia Antipolis (1965 - 2019) - UniCA - Université Côte d'Azur
Robert Teller: GRM - Groupe de Recherche en Management - EA 4711 - UNS - Université Nice Sophia Antipolis (1965 - 2019) - UniCA - Université Côte d'Azur

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Abstract: The aim of this paper is to investigate how voluntary disclosures in XBRL files affect the value relevance of GAAP earnings considering the quality of corporate governance. Results are the following. Good corporate governance is positively associated with voluntary XBRL extensions. We observe that XBRL extensions enhance the positive relationship between earnings and stock price. However, this positive association is reduced for firms with a good governance, suggesting a substitution effect between XBRL extensions and corporate governance. This research highlights the importance to consider corporate governance when assessing the relevance of XBRL disclosures for stock market participants. It also appears that XBRL extensions would strategically be related to earnings quality. Finally, findings show that XBRL extensions attract financial analysts.

Keywords: Governance; Value relevance; XBRL (search for similar items in EconPapers)
Date: 2016-09
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Persistent link: https://EconPapers.repec.org/RePEc:hal:wpaper:hal-01544949

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