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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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    Citations

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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, Romanian Foundation for Business Intelligence, Editorial Department, issue 4, pages 545-554, July.
    2. Ishaq Ahmed Mohammed & Ayoib Che-Ahmad & Mazrah Malek, 2018. "Shareholder’s involvement in the audit committee, audit quality and financial reporting lag in Nigeria," Business and Economic Horizons (BEH), Prague Development Center, vol. 14(2), pages 355-374, April.
    3. Oliver Lukason & María-del-Mar Camacho-Miñano, 2021. "What Best Explains Reporting Delays? A SME Population Level Study of Different Factors," Sustainability, MDPI, vol. 13(9), pages 1-15, April.
    4. Imen Fakhfakh Sakka & Anis Jarboui, 2016. "Audit reports timeliness: Empirical evidence from Tunisia," Cogent Business & Management, Taylor & Francis Journals, vol. 3(1), pages 1195680-119, December.
    5. Thomas Selleslagh & Stefanie Ceustermans & Lara Stas, 2021. "Not All Late Filers Are the Same: Distinguishing between Differences in Filing Behaviour," Sustainability, MDPI, vol. 13(19), pages 1-21, September.
    6. Susana Escaloni & Mercedes Mareque, 2021. "Audit Report Lag. Differential Analysis between Spanish SMEs and Non-SMEs," Sustainability, MDPI, vol. 13(22), pages 1-21, November.
    7. Ndidi Asien, Etumudon, 2019. "Questing For A Uniform Financial Reporting Date In Nigeria," International Journal of Contemporary Accounting Issues-IJCAI (formerly International Journal of Accounting & Finance IJAF), The Institute of Chartered Accountants of Nigeria (ICAN), vol. 8(2), pages 142-157, September.
    8. Asli Gunduzay Türel, 2010. "Timeliness of Financial Reporting in Emerging Capital Markets: Evidence from Turkey," European Financial and Accounting Journal, Prague University of Economics and Business, vol. 2010(3), pages 113-133.
    9. Khondkar E. Karim & Jiayan Li & Karen Jingrong Lin & Ashok Robin, 2022. "Do directors have style? Board interlock and accounting properties," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 49(1-2), pages 3-32, January.
    10. Alexeyeva, Irina, 2024. "Does board composition impact the timeliness of financial reporting? Evidence from Swedish privately held companies," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 54(C).
    11. Tanzina Haque, 2023. "“Impact of Bankruptcy Risk on Reporting Aelay: An Empirical Evidence from Engineering Industry in Bangladesh.â€," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 7(8), pages 1538-1552, August.
    12. Eghosa Inneh & Isaiah Omotayo FAKUNLE & Romoke Rafiat BUSARI & Ibrahim Gbenga OLATUNJI, 2022. "Audit Characteristics and Financial Reporting Timeliness of Nigerian Listed Non-Financial Institution," Journal of Economics and Behavioral Studies, AMH International, vol. 14(2), pages 13-25.
    13. Turel, Asli, 2010. "Timeliness of financial reporting in emerging capital markets:Evidence from Turkey," MPRA Paper 29799, University Library of Munich, Germany.
    14. Souha Ben Gamra & Fadhila Hamza & Hela Borgi, 2022. "The Impact of IFRS Adoption and Corporate Governance Mechanisms on Audit Report Lag: Evidence from An Emerging Country," Journal of Accounting and Management Information Systems, Faculty of Accounting and Management Information Systems, The Bucharest University of Economic Studies, vol. 21(4), pages 604-630, December.
    15. 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, vol. 23(1), pages 59-91, March.
    16. Ayad Ahmed Mohammed Al-Qublani & Hasnah Kamardin & Rohami Shafie, 2020. "Audit Committee Chair Attributes and Audit Report Lag in an Emerging Market," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 11(4), pages 475-492, July.
    17. Oliver Lukason & María-del-Mar Camacho-Miñano, 2019. "Bankruptcy Risk, Its Financial Determinants and Reporting Delays: Do Managers Have Anything to Hide?," Risks, MDPI, vol. 7(3), pages 1-15, July.
    18. 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.
    19. George Silviu CORDOȘ & Melinda Times FÜLÖP, 2014. "Audit Reporting And Corporate Governance: Links And Implications," SEA - Practical Application of Science, Romanian Foundation for Business Intelligence, Editorial Department, issue 3, pages 146-154, April.
    20. Owusu-Ansah, Stephen & Leventis, Stergios & Caramanis, Constantinos, 2010. "The pricing of statutory audit services in Greece," Accounting forum, Elsevier, vol. 34(2), pages 139-152.
    21. Oliver Lukason & María-del-Mar Camacho-Miñano, 2020. "Corporate Governance Characteristics of Private SMEs’ Annual Report Submission Violations," JRFM, MDPI, vol. 13(10), pages 1-19, September.
    22. Srbinoska Dusica Stevcevska & Srbinoski Igor, 2021. "A study on audit report timeliness: The Macedonian Stock Exchange," International Journal of Management and Economics, Warsaw School of Economics, Collegium of World Economy, vol. 57(3), pages 234-254, September.
    23. Beylem Çelik & Gökhan Özer & Abdullah Kürşat Merter, 2023. "The Effect of Ownership Structure on Financial Reporting Timeliness: An Implementation on Borsa Istanbul," SAGE Open, , vol. 13(4), pages 21582440231, November.
    24. Rachael Modupe Gbadamosi & Ezekiel Alade, 2024. "Auditors’ Characteristics and Timeliness of Listed Family-Owned Firms in Nigeria," Journal of Accounting and Management Information Systems, Faculty of Accounting and Management Information Systems, The Bucharest University of Economic Studies, vol. 23(1), pages 215-236, January.
    25. Andra GAJEVSZKY, 2013. "The Timeliness Of Financial Reporting In The Context Of European Union’S Emerging Economies," Network Intelligence Studies, Romanian Foundation for Business Intelligence, Editorial Department, issue 2, pages 73-82, October.

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