XBRL Adoption of Information Asymmetry in Manufacturing Company

Manufacturing companies in the textile and garment sub-sector are the largest contributors to Indonesia's GDP, the industry has experienced a decline in performance due to the COVID-19 pandemic which resulted in a negative GDP in 2020, companies must continue to disclose financial reporting to provide signals to investors, differences in interests encourage management to perform dysfunctional behaviour by not reporting the actual situation so that there is an asymmetry of information between the company's internal and external parties. XBRL is an information technology that helps in the process of disclosing financial information. The purpose of this study is to determine whether the adoption of XBRL on the Indonesia Stock Exchange can reduce information asymmetry in relation to stock trading activities which are represented by variables of company size, stock price, stock volatility, turnover rate stock. The sampling technique used is the purposive sampling method obtained 17 companies or 39 samples. The proxy used to measure information asymmetry is the bid-ask spread and the analysis technique of this research is multiple linear regression analysis. The results of this study indicate that partially XBRL, stock prices, and stock volatility affect information asymmetry, while company size and stock turnover partially do not affect information asymmetry. The five independent variables simultaneously affect information asymmetry with a coefficient of determination of 73.1%.