Access the full text.
Sign up today, get DeepDyve free for 14 days.
M. Bradbury (1988)
Characteristics of firms and voluntary interim earnings disclosures
Douglas Skinner (1997)
Earnings Disclosures and Stockholder LawsuitsChicago Booth ARC: Financial Accounting (Topic)
J. Core (2001)
A Review of the Empirical Disclosure Literature: DiscussionJournal of Accounting Abstracts
J. Boritz, Guoping Liu (2006)
Determinants of the Timeliness of Quarterly Reporting: Evidence from Canadian Firms
(1983)
Discretionary disclosure
S. Myers (1977)
Determinants of corporate borrowingJournal of Financial Economics, 5
Journal of Accounting and Public Policy, 23
R. Ashton, Paul Graul, James Newton (1989)
Audit delay and the timeliness of corporate reportingContemporary Accounting Research, 5
William Kross, Douglas Schroeder (1984)
An Empirical-Investigation Of The Effect Of Quarterly Earnings Announcement Timing On Stock ReturnsJournal of Accounting Research, 22
M. Morunga, M. Bradbury (2012)
The Impact of IFRS on Annual Report LengthThe Australasian Accounting Business and Finance Journal, 6
M. Bagnoli, William Kross, Susan Watts (1999)
The Information in Management's Expected Earnings Report Date: A Day Late, a Penny ShortJournal of Accounting Abstracts
E. Fama, M. Jensen (1983)
Separation of Ownership and ControlThe Journal of Law and Economics, 26
Zoe-Vonna Palmrose (1986)
AUDIT FEES AND AUDITOR SIZE - FURTHER EVIDENCEJournal of Accounting Research, 24
Journal of Accounting and Economics, 23
(1993)
Audit structure and other determinants of audit report lag: an empirical analysis
P. Sengupta (2004)
Disclosure Timing: Determinants of Quarterly Earnings Release DatesCorporate Finance: Capital Structure & Payout Policies
John Mcconnell, H. Servaes (1990)
Additional evidence on equity ownership and corporate valueJournal of Financial Economics, 27
M. Bradbury (1992)
Voluntary Semiannual Earnings Disclosures, Earnings Volatility, Unexpected Earnings, And Firm SizeJournal of Accounting Research, 30
Stergios Leventis, P. Weetman, Constantinos Caramanis (2005)
Determinants of Audit Report Lag: Some Evidence from the Athens Stock ExchangeSocial Science Research Network
Brian Bushee, Dawn Matsumoto, Gregory Miller (2002)
Open Versus Closed Conference Calls: The Determinants and Effects of Broadening Access to DisclosureFinancial Accounting eJournal
Alfred Wagenhofer (1990)
Voluntary disclosure with a strategic opponentJournal of Accounting and Economics, 12
R. Ashton, John Willingham, R. Elliott (1987)
An Empirical-Analysis Of Audit DelayJournal of Accounting Research, 25
Brian Bushee, Christopher Noe (2000)
Corporate Disclosure Practices, Institutional Investors, and Stock Return VolatilityJournal of Accounting Research, 38
(2004)
Corporate governance in New Zealand – principles and guidelines
A. Chambers, S. Penman (1984)
Timeliness Of Reporting And The Stock-Price Reaction To Earnings AnnouncementsJournal of Accounting Research, 22
Lawrence Abbott, Susan Parker, Gary Peters (2004)
Audit Committee Characteristics and RestatementsEar and Hearing, 23
Mark Lang, Russell Lundholm (1993)
CROSS- SECTIONAL DETERMINANTS OF ANALYST RATINGS OF CORPORATE DISCLOSURESJournal of Accounting Research, 31
(1984)
Timeliness of financial reporting and financial distress
M. Bradbury, Diandian Ma, T. Scott (2018)
Explanations for Not Having an Audit Committee in a ‘Comply or Explain’ RegimeAustralian Accounting Review, 29
Journal of Accounting and Economics, 31
Journal of Accounting and Economics, 34
Lawrence Abbott, Y. Park, Susan Parker (2000)
The effects of audit committee activity and independence on corporate fraudManagerial Finance, 26
D. Gilling (1977)
Timeliness in Corporate Reporting: Some Further CommentAccounting and Business Research, 8
(2020)
International standard on auditing 315: identifying and assessing the risks of material misstatement through understanding the entity and its environment
(2014)
Review of non-filing financial statements
E. Rainsbury, M. Bradbury, S. Cahan (2008)
Firm characteristics and audit committees complying with ’best practice‘ membership guidelinesAccounting and Business Research, 38
Stergios Leventis, Constantinos Caramanis (2005)
Determinants of audit time as a proxy of audit qualityManagerial Auditing Journal, 20
R. Morck, Andrei Shleifer, Robert Vishny (1988)
Management Ownership and Market Valuation: An Empirical AnalysisJournal of Financial Economics, 20
M. Bradbury, J. Hooks (2005)
Annual Report Disclosures Surrounding the Restructuring of the Electric Utility IndustryJournal of Contemporary Accounting & Economics, 1
P. Healy, Amy Hutton, K. Palepu (1999)
Stock Performance and Intermediation Changes Surrounding Sustained Increases in DisclosureContemporary Accounting Research, 16
L. Deangelo (1981)
Auditor size and audit qualityJournal of Accounting and Economics, 3
Kym Irving (2012)
The financial life well-lived: psychological benefits of financial planning
(2014)
Directors charged for financial reporting lapses
Douglas Skinner (1994)
WHY FIRMS VOLUNTARILY DISCLOSE BAD-NEWSJournal of Accounting Research, 32
John Abernathy, Michael Barnes, Chad Stefaniak, Alexandria Weisbarth (2017)
An International Perspective on Audit Report Lag: A Synthesis of the Literature and Opportunities for Future ResearchWiley-Blackwell: International Journal of Auditing
Sanjeev Bhojraj, P. Sengupta (2004)
The Association between Outside Directors, Institutional Investors and the Properties of Management Earnings ForecastsSPGMI: Compustat Fundamentals (Topic)
J. Courtis (1976)
Relationships between Timeliness in Corporate Reporting and Corporate AttributesAccounting and Business Research, 7
Ho-Young Lee, Vivek Mande, Myungsoo Son (2008)
A Comparison of Reporting Lags of Multinational and Domestic FirmsOrganizations & Markets eJournal
Michael Barclay, C. Holderness (1991)
Negotiated Block Trades and Corporate ControlJournal of Finance, 46
Linda Bamber, Y. Cheon (1998)
Discretionary management earnings forecast disclosures: Antecedents and outcomes associated with forecast venue and forecast specificity choicesJournal of Accounting Research, 36
Charles Carslaw, S. Kaplan (1991)
An Examination of Audit Delay: Further Evidence from New ZealandAccounting and Business Research, 22
Pacific Accounting Review, 3
(2015)
Non-Filing of financial statements
(1982)
Timeliness of annual earnings announcements: some empirical evidence
W. Knechel, Jeff Payne (2001)
Additional Evidence on Audit Report LagEar and Hearing, 20
P. Healy, K. Palepu (2000)
Information Asymmetry, Corporate Disclosure and the Capital Markets: A Review of the Empirical Disclosure LiteratureManagement Practice
This paper is motivated by the Financial Markets Authority’s (FMA) investigation into reporting delays of New Zealand issuers. The purpose of this paper is to provide regulators with systematic evidence on firm specific characteristics associated with reporting delay. The paper examines the audit report lag (ARL), the financial report lag and the corresponding interim report lags for a large sample of New Zealand listed firms.Design/methodology/approachBecause of the small sample we report bivariate correlations. Together with OLS regression, we examine the association between reporting delay and firm characteristics (e.g., size, complexity, governance) that capture the supply and demand for timely audited financial reports. We choose a period immediately prior to the FMA enforcement of reporting delays to capture the voluntary choice of reporting timeliness by managers.FindingsThe audit lag (i.e. balance date to preliminary announcement to the NZX) is longer than the report lag (i.e. preliminary announcement date to the issuance of the report to the NZX). We find that audit risk factors (leverage and finance firms) and busy reporting period are associated with longer audit lag. Whereas, having a Big 4 auditor and an interim review reduces annual audit lag. Investor demand factors are associated with a shorter report lag. Firms with a loss and more segments have a shorter report lag, while firms with high market to book ratio have a longer report lag. These are consistent with agency and proprietary cost explanations. The interim report lag is only seven days shorter than the annual lag. The determinants of annual report lag provide weak explanations for the interim report lags.Research limitations/implicationsAlthough all listed companies are sampled, the small sample size reduces the power of the analysis and may limit finding significant results at conventional levels.Practical implicationsThe factors associated with reporting delays could be used by regulators as red flags to identify abnormal reporting delays. Interim reporting lags appear excessively relative to annual report lags. Therefore, regulators should investigate the reasons for the lack of timeliness of interim reports.Social implicationsReport timeliness is an important, but often overlooked, component of accounting quality. The major social implication is that timely reporting reduces information asymmetry between managers and shareholders and other stakeholders. Making better, timelier decisions ought to increase the wealth and welfare of investors and other stakeholders.Originality/valueThere are many studies on reporting delay. However, prior evidence on reporting delay in New Zealand is pre-IFRS and pre-recent regulatory reforms (such as the formation of the FMA). Hence, our contribution is to provide more contemporary-relevant evidence. We also distinguish between ARL and the financial report lag and found that different firm characteristics drive these lags. We also examine the interim reporting lag.
Pacific Accounting Review – Emerald Publishing
Published: Sep 29, 2020
Keywords: Audit report lag; Financial report lag; Interim report lag; Timeliness; Regulation
Read and print from thousands of top scholarly journals.
Already have an account? Log in
Bookmark this article. You can see your Bookmarks on your DeepDyve Library.
To save an article, log in first, or sign up for a DeepDyve account if you don’t already have one.
Copy and paste the desired citation format or use the link below to download a file formatted for EndNote
Access the full text.
Sign up today, get DeepDyve free for 14 days.
All DeepDyve websites use cookies to improve your online experience. They were placed on your computer when you launched this website. You can change your cookie settings through your browser.