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IFRS - a pathway to financial development: assessing the effects of international financial reporting standards adoption on financial development
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IFRS has brought better quality and more transparent financial reports for companies, which can ultimately benefit investors and the financial system as a whole. The goal of this paper is therefore to assess the contribution of the adoption of IFRS in the financial development of a country. Moreover, an in-depth examination of the origin of such effect will be conducted. It was used panel data models with fixed effects based on 34 countries and 22 years. Overall, it was found that IFRS contributes positively to financial development, with the relation deriving from improvements in financial institutions.
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IFRS Financial development Institutions Capital markets