His research focus is on accounting disclosure and quality, auditing, banking and corporate social responsibility. He has published work in a number of international scientific journals. He serves on the editorial boards of international journals such as Accounting and Business Research and Corporate Governance: An International Review.
The timely publication of corporate financial information depends on the time taken to complete the audit. The audit report lag is a particularly critical factor in emerging and newly developed capital markets where the audited financial statements in the annual report are the only reliable source of information available to investors. This paper examines the audit report lag of companies listed on the Athens Stock Exchange at the time of its transition from an emerging market to a newly developed capital market. A statistically significant association is found between audit report lag and type of auditor, audit fees, number of remarks in the audit report, the presence of extraordinary items, and an expression of uncertainty in the audit report. The results suggest that audit report lag is reduced by appointing an international audit firm or paying a premium audit fee, but is extended by aspects of potentially bad news.
We investigate the impact of organizational religiosity on the earnings quality of listed banks in the Middle East and North Africa region. We analyze Islamic banking institutions, which operate within strict religious norms and extended accountability constraints, and compare them with their conventional counterparts during 2008-2013.We find that Islamic banks are less likely to manage earnings and that they adopt more conservative accounting policies. Based on these findings, we argue that religious norms and moral accountability constraints in these organizations have a significant impact on financial reporting quality and agency costs, which has implications for both regulators and market participants.
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.
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Manuscript Type
Empirical
Research Question/Issue
In this paper, we empirically investigate whether US listed commercial banks with effective corporate governance structures engage in higher levels of conservative financial accounting and reporting.
Research Findings/Insights
Using both market‐ and accrual‐based measures of conservatism and both composite and disaggregated governance indices, we document convincing evidence that well‐governed banks engage in significantly higher levels of conditional conservatism in their financial reporting practices. For example, we find that banks with effective governance structures, particularly those with effective board and audit governance structures, recognize loan loss provisions that are larger relative to changes in nonperforming loans compared to their counterparts with ineffective governance structures.
Theoretical/Academic Implications
We contribute to the extant literature on the relationship between corporate governance and quality of accounting information by providing evidence that banks with effective governance structures practice higher levels of accounting conservatism.
Practitioner/Policy Implications
The findings of this study would be useful to US bank regulators/supervisors in improving the existing regulatory framework by focusing on accounting conservatism as a complement to corporate governance in mitigating the opaqueness and intense information asymmetry that plague banks.
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