The purpose of this paper is to examine whether and how firm's agency costs played a role in the voluntary adoption of the eXtensible Business Reporting Language (XBRL) under the SEC's voluntary filing program (VFP) that encouraged the voluntary adoption of the XBRL.,This study employs a logistics regression and a sample of 140 firms that voluntarily participated in the VFP during its entire existence in the United States, and 140 matched-pair counterparts that did not voluntarily adopt the XBRL to investigate the role of agency costs in the voluntary adoption of XBRL-based financial reporting.,We find evidence consistent with the conjecture that a firm's low magnitude of agency costs plays a significant motivating role in the voluntary adoption of XBRL-based financial reporting. Our results continue to hold after using an alternative measure of agency costs and conducting two-stage least squares regressions. Supplementing these results, the study also shows that the level of agency costs of voluntary XBRL adopters remains statistically unchanged after the adoption while the level of agency costs associated with the firms that did not participate in SEC's VFP significantly decline after the adoption during the XBRL mandate.,The findings of this study suggest that based on a firm's level of agency costs, regulators and policymakers, especially those in countries that are yet to mandate XBRL reporting, can, in advance, identify firms that are more likely to comply with their new financial reporting initiatives.,This paper provides first evidence on the role of agency costs in the voluntary adoption of XBRL using data from the United States.

中文翻译：

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机构成本在自愿采用基于XBRL的财务报告中的作用

在使用代理成本的替代度量并进行了两阶段最小二乘回归之后，我们的结果继续保持不变。作为对这些结果的补充，该研究还表明，自愿采用XBRL的用户在采用后的代理成本水平在统计上没有变化，而与未参与SEC VFP的公司相关的代理成本水平在XBRL强制采用后显着下降。 。，这项研究的结果表明，基于公司的代理成本水平，监管机构和政策制定者，尤其是那些尚未强制执行XBRL报告的国家/地区的监管者和政策制定者，可以预先确定更可能遵守其新法规的公司。财务报告计划。，