Humeeda , Mohammad Mahmoud
A icle
Fo eign in es o s’ endencies and s ock ma ke
pe o mance in p e- and pos -XBRL adop ion: e idence
om Jo dan
Cogen Business & Managemen
P o ided in Coope a ion wi h:
Taylo & F ancis G oup
Sugges ed Ci a ion: Humeeda , Mohammad Mahmoud (2024) : Fo eign in es o s’ endencies and
s ock ma ke pe o mance in p e- and pos -XBRL adop ion: e idence om Jo dan, Cogen Business
& Managemen , ISSN 2331-1975, Taylo & F ancis, Abingdon, Vol. 11, Iss. 1, pp. 1-12,
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Fo eign in es o s’ endencies and s ock ma ke
pe o mance in p e- and pos -XBRL adop ion:
e idence om Jo dan
Mohammad Mahmoud Humeeda
To ci e his a icle: Mohammad Mahmoud Humeeda (2024) Fo eign in es o s’ endencies
and s ock ma ke pe o mance in p e- and pos -XBRL adop ion: e idence om Jo dan, Cogen
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2024, VoL. 11, no. 1, 2429790
Fo eign in es o s’ endencies and s ock ma ke pe o mance in p e-
and pos -XBRL adop ion: e idence om Jo dan
Mohammad Mahmoud humeeda
amman uni e si y College o Financial & adminis a i e sciences, al-Balqa applied uni e si y, amman, Jo dan
ABSTRACT
he adap a ion o mode n echnologies o se e economic decision-make s is ega ded
as an impo an ac o o capi al ma ke de elopmen . he e o e, his s udy in es iga es
o eign in es o s’ endencies and s ock ma ke pe o mance in p e- and pos -eX ensible
Business epo ing language (XB l) adop ion. Fo eign in es o s’ endencies we e
de e mined by he mon hly ne o eign in es o es buying , whe eas s ock ma ke
pe o mance was de e mined by he mon hly ma ke index. Da a o 167 lis ed i ms
on he Amman s ock exchange (Ase) we e collec ed o his s udy du ing a 6-yea
pe iod, om 2018 o 2023, including h ee yea s be o e and h ee yea s a e XB l
adop ion. he esul s o his s udy show a signi ican di e ence in s ock ma ke
pe o mance bu no di e ences in ne o eign in es men in p e- and pos -XB l
adop ion. Mul iple eg ession analysis e ealed a s ong posi i e ela ionship be ween
XB l adop ion and s ock ma ke pe o mance and a nega i e ela ionship wi h ne
o eign in es men .
1. In oduc ion
one o he mos c ucial ac o s con ibu ing o he a ac i eness o inancial ma ke s is he a ailabili y
o in o ma ion a he igh ime in a use ul o ma . in o ma ion enables decision-make s especially in es-
o s o make in es men decisions mo e e ec i ely, quickly, and easily. he abili y o compa e he in o -
ma ion be ween lis ed companies in he same inancial ma ke wi h ha p o ided by o he inancial
ma ke s is one o he mos c ucial ea u es ha should be a ailable in hese epo s. in o ma ion mus
also be p epa ed and p esen ed in a way ha makes i easy o e e yone o ead and unde s and.
in line wi h he echnical de elopmen aking place in all a eas o li e, i has become necessa y o
ake ad an age o his in he se ice o he economy and he capi al ma ke h ough he p epa a ion
and p esen a ion o inancial in o ma ion elec onically o di e en decision-make s. hus, mos o he
inancial ma ke s eques ed he lis ed i ms o in oduce hei inancial epo s in acco dance wi h iF s
and s a ed applying XB las a global echnique o iewing inancial and non- inancial in o ma ion, which
allows in es o s wi h a ious backg ounds o quickly and easily ob ain and unde s and he in o ma ion.
he XB l was c ea ed in esponse o he sho comings o adi ional epo ing echniques (ilias e al.,
2020). Acco ding o ezaei (2013), inconsis en accoun ing concep s and epo o ma s may make i
challenging o au oma e da a ex ac ion and analysis, and i is also challenging o compa e he inancial
s a emen s o wo dis inc companies side by side due o iden ical epo ing i ems a ying names.
se e al s udies ha e p o ided e idence ha elec onic sys ems such as XB l adop ion a e ad an ageous
and ha e a o able e ec s (Blankespoo , 2019; ahwani e al., 2019; ysochan e al., 2023). Among he
expec ed bene i s a e a ac ing o eign in es men s o he inancial ma ke and suppo ing i s e iciency.
in his con ex , adop ing an in e na ionally ecognized uni ied language o elec onic disclosu e, such
as XB l, will signi ican ly imp o e he s anda d o disclosu e in inancial ma ke s and consequen ly boos
© 2024 he au ho (s). Published by in o ma uK Limi ed, ading as aylo & F ancis g oup
CONTACT Mohammad Mahmoud Humeeda [email p o ec ed].jo amman uni e si y College o Financial &adminis a i esciences,
al-Balqa applied uni e si y, amman, Jo dan.
h ps://doi.o g/10.1080/23311975.2024.2429790
his is an open access a icle dis ibu ed unde he e ms o he C ea i e Commons a ibu ion License (h p://c ea i ecommons.o g/licenses/by/4.0/), which
pe mi s un es ic ed use, dis ibu ion, and ep oduc ion in any medium, p o ided he o iginal wo k is p ope ly ci ed. he e ms on which his a icle has been
published allow he pos ing o he accep ed Manusc ip in a eposi o y by he au ho (s) o wi h hei consen .
ARTICLE HISTORY
ecei ed 29 Ap il 2024
e ised 20 Augus 2024
Accep ed 10 no embe
2024
KEYWORDS
Fo eign in es o s’
endencies; s ock ma ke
pe o mance; eX ensible
business epo ing
language; Amman s ock
exchange; Jo dan
SUBJECTS
Business; Managemen
and Accoun ing;
economics; Finance
2 M. M. huMeeDA
anspa ency in hese ma ke s. Ase ook he ini ia i e in collabo a ion wi h he Jo dan secu i ies commission
(Jsc) in 2020 o con inue wi h he applica ion o XB l in he Jo danian inancial ma ke . his s udy aims
o measu e Ase endencies in p e- and pos -XB l adop ion by a ac ing o eign in es men and suppo -
ing ma ke pe o mance. gi en he ecen adop ion o XB l in Jo dan, we no e ha he majo i y o s udies
ha e ocused on he expec ed bene i s o applying his language o he business en i onmen , wi h ew
s udies add essing he ac ual impac . As a esul , his s udy will con ibu e o na owing he gap be ween
p e ious s udies while also en iching hem by p o iding ealis ic e idence o he impac XB l adop ion on
o eign in es men and ma ke pe o mance and p esen ing esul s and ecommenda ions ha will bene i
he Jo danian business en i onmen , speci ically he au ho i ies in cha ge o he inancial ma ke .
1.1. Resea ch p oblem
elec onic p epa a ion and disclose o inancial in o ma ion is conside ed one o he mos impo an
ecen de elopmen s in he business en i onmen because o he nume ous ad an ages i p o ides o
all pa ies in ol ed. on he o he hand, his p og ess may be plagued by nume ous issues conce ning
he eliabili y o in o ma ion deli e ed elec onically and use s’ us in wha i con ains. Acco ding o li
and nwaeze (2018), XB l ex ensions nega i ely impac business in o ma ion en i onmen s du ing he
ea ly s ages o XB l adop ion and posi i ely in luence i ms’ in o ma ion en i onmen s du ing he la e
phase o XB l implemen a ion. guo and Yu (2022) conclude ha e ail in es o s p e e adi ional me h-
ods o s uc u ed da a issued by XB l when making hei decisions.
in Jo dan en i onmen , Alkayed e al. (2023) show ha XB l adop ion ypically imp o es in o ma ion
anspa ency and e iciency in inancial epo ing, his s udy has ce ain limi a ions ela ed o sample size
and he ac ha ce ain s udy popula ion g oups did no ha e di ec knowledge o he opic o XB l.
Addi ionally, se e al ea lie s udies conduc ed in Jo dan concen a ed on he an icipa ed e ec s o imple-
men ing XB l on nume ous aspec s o in e es o bo h use s and inancial epo p epa e s (Al a awneh,
2021; Qush om, 2021; Abed, 2018). Jo dan is conside ed a ecen ly de eloped coun y ha implemen ed
he XB l language in he inancial ma ke , and he e ha e been ew p e ious s udies in he Jo danian
en i onmen ha used quan i a i e measu es o assess he impac o XB l adop ion on he pe o mance
o he inancial ma ke and i s in es o s. he e o e, his s udy came o measu e he di e ences in he
ma ke index and o eign in es men in Ase be ween p e- and pos -adop ion o XB l.
2. XBRL an o e iew
XB l da es back o 1998, when cha les ho man, a ce i ied public accoun an , s a ed he c ea ion o
an XMl-based language o company epo ing (Ame ican ins i u e o ce i ied public Accoun an s, 1998).
in 1999 he i s copy o he eX ensible Financial epo ing Ma kup language (XF Ml) was de eloped
and named XB l a e making se e al echnical modi ica ions. XB l is a “p og amming language designed
o enable he exchange o co po a e in o ma ion” ( omney & s einba , 2018; pp. 503). cong e al. (2014)
s a ed ha XB l “a co po a e compu e language ha de ines a echnique o sha e inancial in o ma ion.”
o aise awa eness o au oma ed disclosu e and i s impo ance among i ms and o he in ol ed pa -
ies, he Ase published a b ochu e on elec onic disclosu e using XB l in 2018. Ase and Jsc launched
XB l on Decembe 20, 2020.
Ase e eals ha he au oma ed disclosu e sys em p ojec is an impo an p ojec ha se es all
ela ed pa ies in he inancial ma ke , whe e his sys em ep esen s a quali a i e leap in he disclosu e
mechanism o p esen ing inancial and non- inancial i ms’ in o ma ion, and has led o he de elopmen
o a me hod o ob aining in o ma ion and disclosu es in bo h A abic and english.
compa ed o al e na i e epo ing o ma s, such as excel, pDF and X Ml, XB l o e s addi ional ben-
e i s o he de elopmen , p epa a ion, in e change, analysis, and sha ing o business in o ma ion (Bo gi
& awiah, 2022).
3. Li e a u e e iew and hypo hesizes de elopmen
one o he eme ging issues in in o ma ion echnology ex s is he examina ion o use s’ pe cep ions o
echnology. s udies ha assess use s’ pe cep ions o echnology equen ly use subjec i e measu es
cogen Business & MAnAgeMen 3
because hose use s equen ly equi e a speci ic unde s anding o echnology be o e elying upon i
(ghani, 2008). Jan in and no (2012) conclude ha use s o inancial epo s ha e di icul y ob aining
da a s o ed on company web pages ia he h Ml o pDF e sions because i equi es conside able
ime-consuming ac i i y, such as mo ing da a om one ile o ano he . in gene al, and especially since
he co ona c isis, eliance on mode n elec onic means has expanded in educa ion, economy, and o he
a eas o li e, which has aided membe s o socie y o accep echnology and de elop hei alen s.
Di e en s udies ha e demons a ed ha using XB l educes in o ma ion asymme y, imp o es ana-
lys o ecas ing p ecision, educes he cos o capi al, and p omo es company s ock liquidi y (liu e al.,
2017; Felo e al., 2018; les a i e al., 2021). ghani e al. (2014) in es iga ed Malaysian inancial epo ing
p epa e s’ a i udes owa d XB l and disco e ed ha he majo i y o p epa e s belie e ha XB l is com-
pa ible and hence ad an ageous o companies o decision-making. howe e , se e al s udies ha e shown
ha ins i u ional in es o s a e mo e esponsi e and bene i om new echnological app oaches o ecei e
sui able in o ma ion o make in es men decisions. pan and Ji (2023) concluded ha inc eased ins i u-
ional in es o pa icipa ion is one o he de e minan s o success and p omo es he adop ion o XB l
echnology by lis ed i ms. XB l enhances he quali y o in es men decisions and inc eases he accu-
acy, con idence, and calib a ion o inancial in o ma ion (Almilia e al., 2019; Almilia & Anas ha ika,
2022). he adop ion o XB l o e s no only easie and less expensi e access o da a, bu also he abili y
o change he models i ually ins an ly as new in o ma ion is eleased, p o iding a conside ably mo e
use ul ool o in es o s, pa icula ly small in es o s (palas & Ba anes, 2019). using XB l echnology o
unde s and inancial in o ma ion enhances beginne in es o s’ choice quali y by a ec ing decision e i-
ciency (sca la a e al., 2019). XB l lowe s he cos o in o ma ion p ocessing and imp o es capi al ma ke
in o ma ion anspa ency, which lowe s in es o expec a ions o po en ial c ash isk (Zhang e al., 2019).
gi en he signi icance o inancial in o ma ion o nume ous in e nal and ex e nal s akeholde s, he
quali y o inancial epo s is ega ded as one o he mos signi ican a eas o in es iga ion in accoun ing.
As a esul , nume ous s udies ha e been conduc ed o in es iga e he impac o using he XB l lan-
guage on he quali y o inancial epo s. awiah and Bo gi (2022) in es iga e he e ec o XB l adop ion
on inancial epo ing quali y a he coun y le el, using da a om 98 de eloped and de eloping coun-
ies be ween 2005 and 2018. he indings show ha XB l is co ela ed wi h highe inancial epo ing
quali y, wi h he ela ionship being g ea e in de eloping coun ies han in de eloped coun ies. Also,
Ashoka e al. (2020) concluded ha inancial epo ing, audi ing, and he quali y o inancial in o ma ion
a e all pe cei ed o be impac ed by he adop ion o XB l. on he o he hand, Mus a a (2023) concluded
ha XB l did no educe ea nings managemen o imp o e he quali y o ea nings epo ed in inancial
epo s ha we e submi ed o he saudi s ock exchange. Fu he mo e, co po a ions a e pe mi ed o
use XB l o cons uc axonomic ex ension. guo and Yu (2022) p o ide empi ical e idence ha e ail
in es o s do no u ilize XB l o he ex en expec ed by he uni ed s a es secu i ies and exchange
commission. Acco ding o he indings, p ima y epo s in he h Ml o ma a e signi ican ly mo e com-
monly used han s uc u ed da a in aw XB l.
he Amman s ock exchange was ounded in Ma ch 1999 as a non-p o i independen ins i u ion
au ho ized o ope a e as a egula ed ma ke o ading secu i ies in Jo dan, i includes 167 lis ed com-
panies, di ided in o ou main sec o s, banks, insu ance, se ice, and indus y. sleha (2018) examined he
impac o echnical, o ganiza ional, and en i onmen al a iables on XB l adop ion in Jo danian busi-
nesses, and concluded ha lis ed companies in Jo dan ha e he equi ed acili ies o XB l implemen a-
ion. Qush om (2021) demons a es a signi ican posi i e co ela ion be ween he use o he XB l
amewo k and he alue o inancial in o ma ion o decision-making and planning. on he o he hand,
Bani-Khalid e al. (2021) e ealed ha o inc ease he uni o mi y o he in o ma ional con en in annual
epo s, i is essen ial o comp ehend how inancial epo s p epa e s and use s iew he obs acles o
XB l adop ion in di e en comme cial sec o s. Al a awneh (2021) demons a es ha , e en a e manda-
o y XB l deploymen , knowledge o he language emains limi ed among inancial epo ing s akehold-
e s, and ha he e is a gap be ween he p ojec ed and ac ual bene i s o implemen ing such a echnology.
Al-Qa anani (2024) concludes ha he e is no signi ican alue added o in es o s by e-disclosu e using
XB l. Finally, Al a awneh e al. (2022) ound an ad e se co ela ion be ween in o ma ion asymme y and
XB l u iliza ion, sugges ing ha XB l adop ion could educe in o ma ion asymme y in he Jo danian
s ock ma ke .
4 M. M. huMeeDA
h01: he e a e no s a is ically signi ican di e ences in ne o eign in es o s’ endencies and ma ke pe o -
mance be ween p e- and a e he adop ion o XB l in Amman s ock exchange.
3.1. Fo eign in es men and XBRL
p e ious esea ch indings con adic ega ding he na u e o he ela ionship be ween XB l adop ion
and o eign in es o endencies. A o a and chauhan (2023) e ealed ha eadable inancial epo s
a ac o eign in es men s and ha eadabili y di e s acco ding o he deg ee o in o ma ion asymme-
y. Wang and seng (2014) de e mine ha he e is a posi i e co ela ion be ween o eign ins i u ional
in es o owne ship and XB l adop ion. choi e al. (2015) demons a es ha he implemen a ion o XB l
has an e ec on o eign in es o s’ ading habi s, and inds ha small i ms ha e a mo e no iceable and
economically signi ican inc ease in he o eign in es o u no e a io han la ge.
howe e , o he s udies indica e ha o eign in es o s ace g ea e in o ma ional disad an ages han
domes ic in es o s. his is due o he ac ha domes ic in es o s a e mo e able o ack company pe -
o mance and ha e be e access o in o ma ion han o eign in es o s (choe e al., 2005). jiba e al.
(2021) demons a ed ha complica ed ex ual disclosu e es ic s in es o s’ abili y o p ocess and analyze
inancial epo s, esul ing in inc eased isk and consequen ly, highe equi y capi al cos s. Also, lee e al.
(2022) conclude ha a weak ela ionship be ween XB l quali y and in es o esponse in companies wi h
la ge holdings om o eign in es o s.
Based on he abo e explana ion, we hypo hesized ha :
h02: he adop ion o XB l did no inc ease he ne o eign in es men s in Amman s ock exchange.
3.2. S ock ma ke pe o mance and XBRL
Financial ma ke e iciency is de e mined by a a ie y o ac o s, one o he mos signi ican o which is
p o iding and p esen ing inancial in o ma ion o in es o s and ela ed pa ies in an accessible and sim-
ple manne . Wanapu a e al. (2018) examine he impac o XB l adop ion on i m pe o mance om
2008 o 2013, and conclude ha XB l adop ion posi i ely a ec s ma ke pe o mance and inc eases
s ock ma ke e iciency (cong e al., 2014). When in o ma ion is disclosed in he XB l o ma , e iciency
in he chinese capi al ma ke inc eases, and co po a e s ock p ice synch onici y le els dec ease ( uan
e al., 2021). on he o he hand, empi ical e idence was p esen ed by sassi e al. (2021) o suppo he
claim ha he implemen a ion o XB l has a nega i e impac on inancial ma ke de elopmen , s ingen
egula ions a e equi ed o XB l o be adop ed success ully, and ha he sys em is equi ed o gua an-
ee ha s akeholde s a e awa e o he impo ance o he da a p o ided by inancial epo s in XB l
o ma . co mie e al. (2022) analyzed he signi icance o olun a y disclosu e using XB l in inancial
ma ke s and disco e ed ha , a e a ce ain le el o XB l ex ended disclosu e, he e ec on he sha e
p ice is nega i e.
Based on he abo e explana ion, we hypo hesized ha :
h03: he adop ion o XB l did no imp o e he pe o mance o he Amman s ock exchange.
4. Resea ch me hodology
his s udy ollowed a quan i a i e me hodology, which is he mos widely used in he ield o scien i ic
esea ch, his s udy ended o be mo e ealis han posi i is because adop ing XB l was expec ed o
inc ease o eign in es men and suppo ma ke pe o mance, and used a deduc i e me hod o de el-
oping hypo heses and conduc ing s a is ical es ing. We elied on he mon hly s a is ics published on he
Ase websi e o compile he s udy’s quan i a i e da a du ing he pe iod ex ending om 2018 o 2023.
A eg ession models a e de eloped o de e mine he impac o XB l adop ion on o eign in es men
and inancial ma ke pe o mance in Ase which con ains 167 lis ed companies in he yea 2023, he
s udy elied on mon hly s a is ics published on he Ase websi e. since he adop ion o XB l began a
cogen Business & MAnAgeMen 5
he end o Decembe 2020, he s udy pe iod co e ed h ee yea s be o e (2018-2020) and h ee yea s
a e adop ion (2021-2023), while con olling a iables p e iously ound o in luence he o eign in es -
men and inancial ma ke pe o mance as ollows:
Model 1:
FORINV XBRL LogT ad DD MV MV BV GDP
i i i i i
=+ + + − + −+αβ β β β β
0 1 2 3 4 5 ii
+
ε
(1)
Whe eas:
FORINV i = o eign in es men s is measu ed by ne o eign in es o s buying ( o al alue o sha es
pu chased less o al alue o sha es sold) du ing he s udy pe iod (Xu e al., 2023).
XBRL i = A dummy a iable ha shows 0 o he ime pe iod p io o he adop ion o XB l and 1 o
he pe iod ollowing i ( ohang & lusiana, 2022; liu e al., 2014).
con ol a iables:
LogT ad = na u al loga i hm o he ading olume in he Jo danian dina .
DD-MV = cash di idends dis ibu ed di ided by he sha e’s ma ke alue.
MV-BV = sha es ma ke alue di ided by he sha es book alue.
GDP = eal g oss Domes ic p oduc
Model 2:
INDEX XBRL LogT ad DD MV MV BV GDP
i i i i i i
=+ + + − + −+αβββββ
0 1 2 3 4 5
+
ε
(2)
Whe eas:
INDEX i = s ock ma ke pe o mance is measu ed by he ma ke index, which was ep esen ed by he
mon hly collec i e pe o mance o all sha es o companies lis ed on Amman s ock exchange (osi o &
Abusomwan, 2023).
5. Analy ical esul s
he ollowing pa shows he esul s and in e p e a ions o s a is ical app oaches used in da a analysis.
5.1. Desc ip i e s a is ics
able 1 p esen s desc ip i e s a is ics o ne o eign in es men s, wi h an a e age mean o 6.420 million
Jo danian dina s, as de e mined by he o al alue o sha es pu chased om he Ase by o eign in es o s
less he o al alue o sha es sold du ing he s udy pe iod. he lowes alue was -39.500 million in 2022,
while he highes alue was 460.900 million in 2018.
Figu e 1 illus a es he deg ee o a ia ion in a e age o eign in es men o e he cou se o his s udy.
i peaked in 2018 a 40.900 million, ell o 9.242 million in 2020, and hen inc eased once again o each
−5.717 million by 2020.
able 2 p o ides desc ip i e s a is ics o s ock ma ke pe o mance as de e mined by he ma ke
index, whe e he index le el is 2074.45 poin s on a e age. he lowes le el was 1551.37 poin s in 2020,
while he highes alue was 2676.5 poin s in 2023.
Figu e 2 illus a es he le el o a ia ion in he a e age Ase index o e he cou se o he s udy pe iod.
i eached 2058.67 poin s in 2018, ell o 1650.48 poin s in 2020, and peaked in 2023 a a le el o
2488.54 poin s.
able 3 p o ides desc ip i e s a is ics o independen and con ol a iables du ing he s udy pe iod.
5.2. Mul icollinea i y
he co ela ion analysis o independen and con ol a iables included in he s udy eg ession models
is shown in able 4. consequen ly, his sugges s ha he e is li le co ela ion be ween he a iables,
anging om 0.062 o 0.569. he ac ha pea son’s co ela ion o e e y a iable is less han 80%
(guja a i e al., 2017) sugges s ha he s udy models do no ha e a linea co ela ion issue.
6 M. M. huMeeDA
Table 1. Desc ip i e s a is ics o o eign in es men s.
Pe iod symbol NYea Minimum Maximum Mean s d. De .
P e-XBRL 0 12 2018 −7.300 460.900 40.900 132.6530
0 12 2019 −6.600 153.300 16.283 45.0035
0 12 2020 −27.100 1.100 −5.717 7.2825
Pos -XBRL 1 12 2021 −28.800 0.040 −5.155 7.8104
1 12 2022 −39.500 11.600 −5.292 12.4017
1 12 2023 −13.706 13.200 −2.500 6.21741
o al 72 2023-2018 −39.500 460.900 6.420 58.2159
Figu e 1. Fo eign in es men s.
Table 2. Desc ip i e s a is ics o s ock ma ke pe o mance.
Pe iod symbol n Yea Minimum Maximum Mean s d. De .
P e-XBRL 0 12 2018 1863.13 2233.26 2058.671 127.6321
0 12 2019 1795.21 1992.12 1857.424 65.25806
0 12 2020 1551.37 1867.9 1650.484 102.1418
Pos -XBRL 1 12 2021 1726.82 2120.86 1977.258 159.6908
1 12 2022 2148.3 2607.1 2414.343 150.4502
1 12 2023 2406.8 2676.5 2488.542 98.27198
o al 72 2023-2018 1551.37 2676.5 2074.45 319.7495
Figu e 2. s ock Ma ke pe o mance.
Table 3. Desc ip i e s a is ics o independen and con ol a iables du ing he s udy pe iod (2018-2023).
Va iables NMinimum Maximum Mean s d. De .
XBRL 72 .00 1.00 .5000 .50351
Log ad 72 4.50 5.77 5.1134 .19507
DD/MV 72 .81 6.75 4.2660 1.58709
MV-BV 72 .80 1.35 1.0982 .14463
gDP 72 6992.09 9662.08 8204.5640 742.83582
cogen Business & MAnAgeMen 7
5.3. Au oco ela ion
he Du bin–Wa son es alues a e limi ed o (0) and (4), and i i s alue anges be ween (1.5–2.5), his
indica es ha he e is no au oco ela ion p oblem (Ken on, 2021).
able 5 shows ha he alue (Du bin–Wa son) calcula ed o he hypo heses was g ea e han (1.5)
and less han (2.5) a he 5% signi icance le el, indica ing ha he e is no au oco ela ion p oblem and
ha he eg ession models a e alid o es ing.
6.Tes ing he hypo heses
his pa shows he esul s and in e p e a ions o he analyze da a o he s udy hypo hesis.
6.1. Tes ing he i s hypo hesis
able 6 p esen s he calcula ed mean and s anda d de ia ion o ne o eign in es men s and ma ke
pe o mance o he p e- and pos -XB adop ion pe iods, in o de o es he i s hypo hesis.
he mean alue o ne o eign in es men s was highe p io o he adop ion o XB l han a e adop-
ion, wi h alues o 17.1556 and –4.3156, espec i ely. Also, he mean alue o ma ke pe o mance a e
he adop ion o XB l was highe han he mean alue be o e he adop ion, wi h alues o 2293.381
poin s and 1855.526, espec i ely.
o igu e ou he s a is ically signi ican aspec o he di e ences, a one-way analysis o a iance
(one-way Ano A) was used, and he esul s we e shown in able 7.
he F- alue o ne o eign in es men s is (2.500) wi h a P- alue o 0.118, demons a ing ha he e
a e no signi ican di e ences in he ne o eign in es men s be ween p e- and pos -adop ion o XB . he
F- alue o he ma ke pe o mance is 63.434, wi h a P- alue o 0.000, indica ing ha he e a e signi ican
di e ences in he le el o he ma ke index be ween p e- and pos -adop ion o XB , and di e ences
we e cen e ed on he pe iod ollowing XB l adop ion, which had a highe mean and s anda d de ia ion.
6.2. Tes ing he second hypo hesis
able 8 shows he indings o eg ession analysis o model (1), which in es iga es he e ec o XB l
adop ion on ne o eign in es men in he Amman s ock exchange.
Table 4. Co ela ion ma ix o he s udy models.
Va iables XBRL Log ad DD/MV MV/BV gDP
XBRL 1
Log ad 0.222 1
DD/MV 0.140 0.181 1
MV/BV 0.182 0.360** 0.427** 1
gDP 0.569** 0.101 0.399** 0.062 1
**Co ela ion is signi ican a he 0.01 le el.
Table 5. Du bin–Wa son es alues.
Model Hypo hesis Du bin–Wa son calcula ed
1 Ho.2 2.009
2 Ho.3 2.201
Table 6. Desc ip i e s a is ics o ne o eign in es men s and ma ke pe o mance o pe iod p e-and pos -adop ion o
XBRL.
Va iable Pe iod NMean s d. De . s d. e o
FoRinV P e-XBRL adop ion 36 17.1556 80.97254 13.49542
Pos -XBRL adop ion 36 −4.3156 −9.01982 1.50330
o al 72 6.4200 58.21585 6.86080
inDeX P e-XBRL adop ion 36 1855.526 195.7082 32.6180
Pos -XBRL adop ion 36 2293.381 265.5219 44.2537
o al 72 2074.454 319.7495 37.6828
