Timeliness of financial reporting in emerging capital markets:Evidence from Turkey
AbstractTimely financial reporting is an essential ingredient for a well-functioning capital market. This study has two objectives. The first one is to measure the extend of timeliness of financial reporting in a developing country, Turkey. The second one is to establish the impact of both company specific and audit related factors on timeliness of financial reporting in Turkey. This study reports on the results of an empirical investigation of the timeliness of financial reports by 211 non-financial companies listed on the Istanbul Stock Exchange. The descriptive analysis indicates that 59% of the companies that prepares separate financial statements and 66% of the companies that prepares consolidated financial statements release their financial statements less than the maximum time allowed after the financial year-end. 28% of the companies that prepares separate financial statements and 16% of the companies that prepares consolidated financial statements exceeded the regulatory deadline. The multivariate regression analysis indicates that both sign of income, audit opinion, auditor firm and industry affect timeliness. The findings indicate that the companies, which report net income, have standard audit opinion, and operate in manufacturing industry release their financial statements earlier while the companies are audited by the big four audit firms report their financial statements later.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 29799.
Date of creation: Nov 2010
Date of revision:
Publication status: Published in Istanbul University Journal of the School of Business Administration 39.2(2010): pp. 227-240
Timeliness; financial reporting; accounting; Turkey;
Find related papers by JEL classification:
- M41 - Business Administration and Business Economics; Marketing; Accounting - - Accounting - - - Accounting
- M4 - Business Administration and Business Economics; Marketing; Accounting - - Accounting
This paper has been announced in the following NEP Reports:
- NEP-ACC-2011-04-09 (Accounting & Auditing)
- NEP-ALL-2011-04-09 (All new papers)
- NEP-ARA-2011-04-09 (MENA - Middle East & North Africa)
- NEP-CFN-2011-04-09 (Corporate Finance)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Stephen Owusu-Ansah & Stergios Leventis, 2006. "Timeliness of corporate annual financial reporting in Greece," European Accounting Review, Taylor & Francis Journals, Taylor & Francis Journals, vol. 15(2), pages 273-287.
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