ABSTRACT We examine both subsidiary- and group-level determinants of IFRS adoption by unlisted UK firms. Many unlisted firms are part of large conglomerate groups. For these firms, decisions about reporting practices are expected to be made at the group-level. Consistent with this hypothesis, we find that subsidiaries adopt IFRS as part of their group’s strategy to improve within group monitoring and raise external debt capital. The probability of a subsidiary adopting IFRS increases further when the parent firm is applying IFRS itself, when the within group information asymmetry is greater, and when the subsidiary is less autonomous. ROC curve analysis indicates that these incentives are more important than traditional subsidiary-level incentives studied previously. In additional analyses, we find that adopting subsidiaries benefit from better accounting quality and higher investment efficiency.

中文翻译：

---

英国非上市公司采用IFRS：子公司级与集团级激励

摘要我们研究了非上市英国公司采用IFRS的子公司和集团层面的决定因素。许多未上市的公司都是大型企业集团的一部分。对于这些公司，有关报告惯例的决策预计将在小组级别做出。与该假设一致，我们发现子公司将IFRS作为其集团战略的一部分，以改善集团内部监控并筹集外债资本。当母公司自己应用IFRS时，组内信息不对称性较大且子公司的自治性较低时，子公司采用IFRS的可能性会进一步增加。ROC曲线分析表明，这些激励措施比以前研究的传统子公司级激励措施更为重要。在其他分析中，