Do Larger Reporting Networks Yield Benefits from Information Network Effects?

• 成果类型: Article
• 署名作者: Brown, Anna Bergman; Byard, Donal; Darrough, Masako; Suh, Jangwon; Wang, Yakun
• 署名单位: Clarkson University; City University of New York (CUNY) System; Baruch College (CUNY); City University of New York (CUNY) System; Queens College NY (CUNY); The Chinese University of Hong Kong, Shenzhen
• 刊物名称: ACCOUNTING REVIEW
• ISSN/ISSBN: 0001-4826; 1558-7967
• DOI: 10.2308/TAR-2021-0778
• 发表日期: 2026-01
• 页码: 57-80
• 关键词: information network effects; positive information externalities; financial reporting comparability; mandatory ifrs adoption; analyst research; disclosure; implementation; ENFORCEMENT; accuracy; investor

摘要

This study explores whether an increase in the size of firms' reporting networks (the number of industry peer firms reporting in comparable standards) improves the quality of analysts' information environments. We exploit the effect of the 2005 mandatory adoption of IFRS around the world on U.S. firms, as IFRS adoption did not directly affect U.S. firms but increased the size of their reporting networks. We document that mandatory IFRS adoption is associated with a significantly larger improvement in the quality of analysts' information environment for U.S. firms with relatively few domestic industry peers than for other U.S. firms. Further, we show that there is a larger increase in the frequency with which analysts' research reports for U.S. firms with few domestic peers mention IFRS-adopting EU industry peer firms. Our results provide evidence that mandatory reporting regulations that increase reporting comparability can result in positive information externalities from information network effects.