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Timeliness of corporate annual financial reporting in Greece

Author

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  • Stephen Owusu-Ansah
  • Stergios Leventis

Abstract

This paper reports on the results of an empirical investigation of the factors that affect timely annual financial reporting practices by 95 non-financial, group companies listed on the Athens Stock Exchange. A descriptive analysis indicates that 92% of the companies reported early (relative to the 161-day regulatory deadline), 3% reported on the 161st day and 5% reported late. A multivariate regression analysis suggests that large companies, service companies and companies audited by the former Big-5 audit firms have shorter final reporting lead-time. Our tests provide strong empirical evidence to suggest, however, that companies in the construction sector, companies whose audit reports were qualified and companies that had a greater proportion of their equity shares directly and indirectly held by insiders do not promptly release their audited financial statements. No empirical evidence was found in support of the monitoring cost theory. Policy implications of the results for the regulatory agency of the stock market are suggested.

Suggested Citation

  • Stephen Owusu-Ansah & Stergios Leventis, 2006. "Timeliness of corporate annual financial reporting in Greece," European Accounting Review, Taylor & Francis Journals, vol. 15(2), pages 273-287.
  • Handle: RePEc:taf:euract:v:15:y:2006:i:2:p:273-287 DOI: 10.1080/09638180500252078
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    References listed on IDEAS

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    Cited by:

    1. Melinda Timea FÜLÖP & Mirela-Oana PINTEA, 2014. "Effects Of The New Regulation And Corporate Governance Of The Audit Profession," SEA - Practical Application of Science, Fundația Română pentru Inteligența Afacerii, Editorial Department, issue 4, pages 545-554, July.
    2. Asli Gunduzay TÜREL, 2010. "Timeliness of Financial Reporting in Emerging Capital Markets: Evidence from Turkey," European Financial and Accounting Journal, University of Economics, Prague, vol. 2010(3), pages 113-133.
    3. Andra GAJEVSZKY, 2013. "The Timeliness Of Financial Reporting In The Context Of European Union’S Emerging Economies," Network Intelligence Studies, Fundația Română pentru Inteligența Afacerii, Editorial Department, issue 2, pages 73-82, October.
    4. Dasilas, Apostolos & Leventis, Stergios, 2011. "Stock market reaction to dividend announcements: Evidence from the Greek stock market," International Review of Economics & Finance, Elsevier, vol. 20(2), pages 302-311, April.
    5. George Silviu CORDOȘ & Melinda Times FÜLÖP, 2014. "Audit Reporting And Corporate Governance: Links And Implications," SEA - Practical Application of Science, Fundația Română pentru Inteligența Afacerii, Editorial Department, issue 3, pages 146-154, April.
    6. Turel, Asli, 2010. "Timeliness of financial reporting in emerging capital markets:Evidence from Turkey," MPRA Paper 29799, University Library of Munich, Germany.
    7. Apostolos Dasilas, 2009. "The ex-dividend day stock price anomaly: evidence from the Greek stock market," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, pages 59-91.

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