Towards a Logical Interpretation of the Determinants of the Timeliness of Publishing Financial Reporting of Non-Banking Financial Services Companies Listed on the Egyptian Stock Exchange: A Critical and Applied Study

Document Type : Original Article

Authors

1 Department of Accounting and Auditing - Faculty of Commerce - Damanhour University

2 Department of Accounting and Auditing- Faculty of Commerce - Damanhour University

3 Department of Accounting and Auditing, Faculty of Commerce - Damanhour University

Abstract

    This research aims to examine and test the key determinants of the timing of publishing companies’ annual financial reports, whether internal factors related to the company itself or external factors related to the audit firm.
    To achieve the research objective and test its hypotheses, an applied study was conducted on a sample of non-banking financial services companies listed on the Egyptian Stock Exchange during the period (2018–2024). The required data were collected from several sources, including the annual financial statements and reports of the sampled companies, annual governance reports, annual board of directors’ reports, and the minutes of ordinary general assembly meetings. The data were analyzed using the multiple linear regression method.
    Based on the main analysis, the study found that non-banking financial services companies listed on the Egyptian Stock Exchange needed, on average, (68.08) days to publish their annual financial reports. Meanwhile, approximately (88%) of these companies complied with publishing their financial reports and statements within (90) days from the end of their fiscal year, in line with Article No. (89) of the Executive Regulations of the Capital Market Law No. (95) of 1992.
    The study also revealed a significant positive impact of company size, profitability, and the level of corporate governance compliance on the appropriate timing of publishing annual financial reports. Conversely, it found a significant negative impact of financial leverage, company age, and audit fees on the timing of report publication. Moreover, no significant effect was found for operational complexity, audit firm size, auditor’s opinion type, or the company’s fiscal year-end coinciding with busy audit seasons. The results of the sensitivity analysis were largely consistent with those of the main analysis

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