Determinants of Financial Statements Delay: An analysis of non-financial firms listed in BM&FBOVESPA
DOI:
https://doi.org/10.11606/rco.v8i20.69265Keywords:
Timeliness, Financial Statements, Delay, Accounting, Panel Data.Abstract
The goal of this research is to provide empirical evidences about the influences on managers’ decisions concerning the disclosure time of non-financial firms listed in BM&FBOVESPA. The disclosure time, called delay, was measured as the number of days between the end of the fiscal year and the respective financial statements disclosure. We focus on how the delay is influenced by the following non-observable factors: Monitoring, accounting complexity, corporate governance, audit report, and performance. To do so, we apply statistical tests based on the most suitable estimators, such as OLS pooled and panel data, to data from 322 Brazilian companies regarding the fiscal years 2010 and 2011. The results suggest that the faster (lower delays) companies are those: (i) with higher number of shareholders; (ii) higher debt level; (iii) higher proportion of external directors in their boards; (iv) audited by Big-4 firms; and (v) classified by BM&FBOVESPA among those with higher levels of corporate governance. In contrast, the higher delays were observed among firms: (i) subjected to financial statements consolidation; (ii) which received qualified audit opinion; and (iii) those presenting loss in the income statement.Downloads
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