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Analysis of the Timeliness of Financial Statements Submitted by Companies of the Spanish Continuous Market

Author

Listed:
  • Enrique BONSON

    (Research Group: “New Technologies in Accounting and Business Administration”, Faculty of Business Administration, Plaza de la Merced, Nº 11, 21002 Huelva, Spain)

  • Cinta BORRERO

    (Research Group: “New Technologies in Accounting and Business Administration”, Faculty of Business Administration, Plaza de la Merced, Nº 11, 21002 Huelva, Spain)

Abstract

This study examines the timeliness of the financial information of the companies that form part of the Spanish continuous market and the factors that influence this. The sample comprises 105 companies that formed part of the Spanish continuous market at the end of 2004, and the period of study runs from the first half-year of 2002 to the second half-year of 2008, considering only the half-yearly and annual information. The results obtained with the panel data model demonstrate that the company size and the pressure exerted on particular sectors, have a direct effect on the timeliness of the financial information, and a smaller number of days for the information submission is observed. However, the variable audit report seems to be the main cause of delay.

Suggested Citation

  • Enrique BONSON & Cinta BORRERO, 2011. "Analysis of the Timeliness of Financial Statements Submitted by Companies of the Spanish Continuous Market," Review of Economic and Business Studies, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, issue 8, pages 63-86, December.
    • Handle: RePEc:aic:revebs:y:2011:i:8:bonsone
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    References listed on IDEAS

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    1. Chambers, Ae & Penman, Sh, 1984. "Timeliness Of Reporting And The Stock-Price Reaction To Earnings Announcements," Journal of Accounting Research, Wiley Blackwell, vol. 22(1), pages 21-47.
    2. Skinner, Dj, 1994. "Why Firms Voluntarily Disclose Bad-News," Journal of Accounting Research, Wiley Blackwell, vol. 32(1), pages 38-60.
    3. B. M. Craven & C. L. Marston, 1999. "Financial reporting on the Internet by leading UK companies," European Accounting Review, Taylor & Francis Journals, vol. 8(2), pages 321-333.
    4. Stephen Owusu-Ansah, 2000. "Timeliness of corporate financial reporting in emerging capital markets: empirical evidence from the Zimbabwe Stock Exchange," Accounting and Business Research, Taylor & Francis Journals, vol. 30(3), pages 241-254.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    financial information; timeliness; panel data;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • G1 - Financial Economics - - General Financial Markets

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