The document examines how good corporate governance (GCG) affects the timeliness of financial reporting and whether there are differences in market reaction for companies that meet versus do not meet timely reporting requirements. It reviews prior literature on factors like institutional ownership, board independence, and audit committees that can influence timely reporting. The study analyzes data from Indonesian companies to determine the role of GCG in monitoring financial reporting timeliness and any impact on market reaction.
Decision Usefulness Approach to Financial Reporting: A Case for EmployeesIJAEMSJORNAL
Financial reporting it centers on about the FRS 101 known as presentation of financial statements. The International Accounting Standard Board (IASB) develop this standard to revised IAS 1 for improvement the qualities when present in the financial statement. FRS 101 is usually based on IAS 1 presentation of financial statements issued by IASB. That means, compliance the FRS 101 also will cause compliance with IAS 1. There are no different between two accounting standards. This paper describes and underlying criticism raised in the decision usefulness approach of financial reporting in the case of employees. The employees of the company can be categorized into two, i.e., the present and prospective employees. This paper examines why the reward system and corporate social responsibility must be used by organizations as an instrument for employees to improve their living conditions. The underlying significant role which employees play in organizational development has drawn considerable attention all over the world because the employees as the key to ensuring tactics and strategis of company’s run successfully. The argument is that employees increase the performance of the organizations through efficient and effective information that comes from financial reporting.
Corporate governance is of great importance for financial performance. Corporate governance issues have attracted public interest in the financial sector both locally and internationally after waves of corporate rip-offs and failures that almost led to loss of confidence in the finance sector. The general objective of this study was to determine the effect of corporate governance on financial performance of Savings and Credit Co-operatives in Kenya. The study adopted a descriptive research design. The study targeted a population of 65 active Savings and credit Co-operatives operating in Embu County. A sample size of 57 Savings and Credit Co-operatives was used in this study. Stratified sampling technique was used to select the sample. Primary data was collected using self-administered semi-structured questionnaires while secondary data was obtained from financial statements and periodicals using a record survey sheet. Pre-testing of research tool was conducted before the actual data collection was carried, to determine the reliability of the questionnaire by use of a Cronbach‘s alpha, statistical coefficient, while the validity was tested to ensure that the questions in the questionnaire provides adequate coverage to the investigative questions. Correlation and multiple regression analysis was used to establish the relationship between independent and dependent variables. The study findings indicated that corporate governance positively affected the financial performance. In specific the board composition and corporate risk management for SACCOs had a positive effect on the financial performances of the SACCOs. The study is beneficial to SACCOs management in improving the performance of Savings and Credit Co-operatives and enabling them to compete globally. The study recommends gender parity consideration and balanced mix of skilled board members during appointments of the board members. The recommendations are important to the government, especially the department of cooperatives in strengthening policies regarding cooperative societies.
Decision Usefulness Approach to Financial Reporting: A Case for EmployeesIJAEMSJORNAL
Financial reporting it centers on about the FRS 101 known as presentation of financial statements. The International Accounting Standard Board (IASB) develop this standard to revised IAS 1 for improvement the qualities when present in the financial statement. FRS 101 is usually based on IAS 1 presentation of financial statements issued by IASB. That means, compliance the FRS 101 also will cause compliance with IAS 1. There are no different between two accounting standards. This paper describes and underlying criticism raised in the decision usefulness approach of financial reporting in the case of employees. The employees of the company can be categorized into two, i.e., the present and prospective employees. This paper examines why the reward system and corporate social responsibility must be used by organizations as an instrument for employees to improve their living conditions. The underlying significant role which employees play in organizational development has drawn considerable attention all over the world because the employees as the key to ensuring tactics and strategis of company’s run successfully. The argument is that employees increase the performance of the organizations through efficient and effective information that comes from financial reporting.
Corporate governance is of great importance for financial performance. Corporate governance issues have attracted public interest in the financial sector both locally and internationally after waves of corporate rip-offs and failures that almost led to loss of confidence in the finance sector. The general objective of this study was to determine the effect of corporate governance on financial performance of Savings and Credit Co-operatives in Kenya. The study adopted a descriptive research design. The study targeted a population of 65 active Savings and credit Co-operatives operating in Embu County. A sample size of 57 Savings and Credit Co-operatives was used in this study. Stratified sampling technique was used to select the sample. Primary data was collected using self-administered semi-structured questionnaires while secondary data was obtained from financial statements and periodicals using a record survey sheet. Pre-testing of research tool was conducted before the actual data collection was carried, to determine the reliability of the questionnaire by use of a Cronbach‘s alpha, statistical coefficient, while the validity was tested to ensure that the questions in the questionnaire provides adequate coverage to the investigative questions. Correlation and multiple regression analysis was used to establish the relationship between independent and dependent variables. The study findings indicated that corporate governance positively affected the financial performance. In specific the board composition and corporate risk management for SACCOs had a positive effect on the financial performances of the SACCOs. The study is beneficial to SACCOs management in improving the performance of Savings and Credit Co-operatives and enabling them to compete globally. The study recommends gender parity consideration and balanced mix of skilled board members during appointments of the board members. The recommendations are important to the government, especially the department of cooperatives in strengthening policies regarding cooperative societies.
The Effect of Capital Structure on Firm Performance: Empirical Evidence from ...inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
Potential Big Bath Accounting Practice in CEO Changes (Study on Manufacturing...Mercu Buana University
This Research aims to compare the earnings management which is big bath accounting model while CEO Changes in Indonesia. This research is using Secondary data which is Financial Statement from the Indonesian Stock Exchange. CEO change is classified either as routine or non-routine based on RUPS (General Shareholders Meeting) and RUPSLB (Extraordinary General Shareholders Meeting) information. The purposive sampling was used in this research by sampling 14 listed company of CEO Change non-routine and 34 listed company of CEO Change routine. These samples are observed from 2004 to 2014. To identify the big bath accounting practice. Although CEO Change non-routine made a high correlation in this study, the study provides there is no difference in earnings management big bath accounting model while CEO Changes between routine and non-routine changes.
Intellectual capital: A modern model to measure the value creation in a businessAI Publications
Using a sample of 92 patients, this study looked into the impact of intellectual capital on the efficiency of private hospitals. The researchers used a quantitative approach to assess the effect of Intellectual capital (Human capital, Structural capital, and Relational capital) on long-term competitive advantage in private hospitals in Iraq's Kurdistan region. The research sample was selected using a random sampling method and conducted in various locations across Iraq's Kurdistan province. A total of 110 questionnaires were distributed, but only 92 people correctly completed them. The findings revealed that the most effective relationship with firm success was between human capital as an element of Intellectual capital, while the least effective relationship was between ownership as an element of Intellectual capital. Furthermore, our findings indicate that finance managers should use debts as a last resort in terms of intellectual capital. Finally, our research can be improved by using more controlled variables, a greater sample size, and data from a longer time span in the regression models. Other methods and steps can be used as well.
A STUDY ON THE FINANCIAL PERFORMANCE OF FOREIGN COMMERCIAL BANKS IN SRI LANKA...ectijjournal
Banks serve as backbone to the financial sector, which facilitate the proper utilization of financial
resources of a country. The banking sector is increasingly growing and it has witnessed a huge flow of
investment. The banking sector of developing countries is different from the developed countries in term of
performance. The banking sector, especially commercial banks of Sri Lanka plays a vital role in the Sri
Lankan economy. The focus of this study was to investigate the financial performance of foreign
commercial banks in Sri Lanka. Many studies are conducted in different countries to study the financial
performance of banking sector using the various statistical methods. In this study, the CAMEL rating
system is used to study the financial performance of foreign commercial banks in Sri Lanka. The study
selects three foreign banks for the analysis. Data was collected for the time period of 2008-2014.
According to the findings foreign sector banks are good in the performance of capital adequacy and
earnings while other variables show an average performance.
A Comparison of Key Determinants on Profitability of India’s Largest Public a...Rajveer Rawlin
The banking sector in India has come under the scanner following some key changes in monetary policy. With
the Reserve bank of India (RBI) raising interest rates to support the falling Indian currency the Rupee, the cost of
funds of banks has increased significantly. This could manifest itself in rising non-performing assets (NPAs) and
declining profitability. The profitability of banks is impacted by both internal and external factors. This paper is
an attempt to compare the key drivers of profits at India’s largest public and private sector banks. Bank specific
metrics and risk factors were important drivers of profits at both banks. Productivity measures were key drivers
of profits at India’s largest public sector bank SBI but had no effect on profits at India’s largest private sector
bank, HDFC bank. Asset usage efficiency measures were key determinants of profitability at HDFC bank but not
at SBI. The single most important determinant of SBI proved to be business per employee, a productivity
measure while advances and bank size which are traditional bank metrics were key drivers of profits at HDFC
bank. Managers at both banks and their share holders thus can look at these drivers to develop a broad
understanding of profitability at the two banks.
lysis of The Factors Responsible for Occupational Mobility from Agriculture t...inventionjournals
The tribal people are relatively isolates, encysted, tradition bound, inward looking and less enterprising. During the post independence period, they have been experiencing induced social change through planned development and interventions. But in spite of such endeavor, the rate of progress and development are not commensurate with the expectations. Majority of cultivators use land in only in kharif season and migrated to other places for alternative occupation like brickwork, construction work and industrial purposes in lean period. Even if they do not hesitate to leave their house including all other resources and migrated to other districts and continue to work as labourer for the rest period of their life. Due to lack of sufficient scope for livelihood and deterioration of natural resources on which the tribal people depend much for their hereditary occupation, they migrate to other occupation or other places in search of job. Pitrim Sorokin (1927) defined social mobility as “any transition of an individual or social object or value, anything that has been created or modified by human activity, from one social position to another”. The mobility of the tribal people mainly depends on the availability of work/job, job satisfaction, relative economic advantage etc. The present study has been carried out with the objectives of to study the modalities of the occupational mobility from the agriculture to non-agricultural activities along with the factors responsible for such mobility.The study was conducted in Mayurbhanj district of Odisha purposefully in which the tribals occupy 58.72 % of the total population. Four blocks were selected randomly each one from four sub divisions. Fifteen tribal people were selected from each village as respondents randomly from twelve villages three from each block totaling to sample size of 180. The finding from the study implies that 86.11 percent respondents were going outside their locality for their occupation. The table indicates that majority of the respondents (63.88 %) were moving within their own locality regularly whereas 40% of the respondents were moving within their block. It was observed that majority of respondents (84.44 percent) were always moving for other occupation during the period of April to June. It was observed that 48.88 percent respondents regularly visited outside after harvest of own crop. It was also observed that mobility of the respondents according to their occupation was highest in case of agricultural labourer (53.88 %) followed by labour in construction work. In the study majority of the respondents opined that to get more income was the main factor responsible for change in occupation followed by skill developed, government developmental schemes, communication facility, infrastructural development, change in life style, educational support, social status, change in climate, extension/technical support, marketability, input support, credit support and political influence.
The present study is an analysis of the differences in Life Satisfaction of Science students studying in North-Eastern Hill University. It may be mentioned that related literature supports that there are differences in Life Satisfaction amongst different group of students in universities. For the purpose of the study, necessary information was gathered through the Satisfaction with Life Scale (SwLS). The t-test was applied to find out the significant group differences. The results revealed significant differences in the groups of students. The present study contributes to the understanding of differences in Life Satisfaction of the different groups of students in the university arena.
The Effect of Capital Structure on Firm Performance: Empirical Evidence from ...inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
Potential Big Bath Accounting Practice in CEO Changes (Study on Manufacturing...Mercu Buana University
This Research aims to compare the earnings management which is big bath accounting model while CEO Changes in Indonesia. This research is using Secondary data which is Financial Statement from the Indonesian Stock Exchange. CEO change is classified either as routine or non-routine based on RUPS (General Shareholders Meeting) and RUPSLB (Extraordinary General Shareholders Meeting) information. The purposive sampling was used in this research by sampling 14 listed company of CEO Change non-routine and 34 listed company of CEO Change routine. These samples are observed from 2004 to 2014. To identify the big bath accounting practice. Although CEO Change non-routine made a high correlation in this study, the study provides there is no difference in earnings management big bath accounting model while CEO Changes between routine and non-routine changes.
Intellectual capital: A modern model to measure the value creation in a businessAI Publications
Using a sample of 92 patients, this study looked into the impact of intellectual capital on the efficiency of private hospitals. The researchers used a quantitative approach to assess the effect of Intellectual capital (Human capital, Structural capital, and Relational capital) on long-term competitive advantage in private hospitals in Iraq's Kurdistan region. The research sample was selected using a random sampling method and conducted in various locations across Iraq's Kurdistan province. A total of 110 questionnaires were distributed, but only 92 people correctly completed them. The findings revealed that the most effective relationship with firm success was between human capital as an element of Intellectual capital, while the least effective relationship was between ownership as an element of Intellectual capital. Furthermore, our findings indicate that finance managers should use debts as a last resort in terms of intellectual capital. Finally, our research can be improved by using more controlled variables, a greater sample size, and data from a longer time span in the regression models. Other methods and steps can be used as well.
A STUDY ON THE FINANCIAL PERFORMANCE OF FOREIGN COMMERCIAL BANKS IN SRI LANKA...ectijjournal
Banks serve as backbone to the financial sector, which facilitate the proper utilization of financial
resources of a country. The banking sector is increasingly growing and it has witnessed a huge flow of
investment. The banking sector of developing countries is different from the developed countries in term of
performance. The banking sector, especially commercial banks of Sri Lanka plays a vital role in the Sri
Lankan economy. The focus of this study was to investigate the financial performance of foreign
commercial banks in Sri Lanka. Many studies are conducted in different countries to study the financial
performance of banking sector using the various statistical methods. In this study, the CAMEL rating
system is used to study the financial performance of foreign commercial banks in Sri Lanka. The study
selects three foreign banks for the analysis. Data was collected for the time period of 2008-2014.
According to the findings foreign sector banks are good in the performance of capital adequacy and
earnings while other variables show an average performance.
A Comparison of Key Determinants on Profitability of India’s Largest Public a...Rajveer Rawlin
The banking sector in India has come under the scanner following some key changes in monetary policy. With
the Reserve bank of India (RBI) raising interest rates to support the falling Indian currency the Rupee, the cost of
funds of banks has increased significantly. This could manifest itself in rising non-performing assets (NPAs) and
declining profitability. The profitability of banks is impacted by both internal and external factors. This paper is
an attempt to compare the key drivers of profits at India’s largest public and private sector banks. Bank specific
metrics and risk factors were important drivers of profits at both banks. Productivity measures were key drivers
of profits at India’s largest public sector bank SBI but had no effect on profits at India’s largest private sector
bank, HDFC bank. Asset usage efficiency measures were key determinants of profitability at HDFC bank but not
at SBI. The single most important determinant of SBI proved to be business per employee, a productivity
measure while advances and bank size which are traditional bank metrics were key drivers of profits at HDFC
bank. Managers at both banks and their share holders thus can look at these drivers to develop a broad
understanding of profitability at the two banks.
lysis of The Factors Responsible for Occupational Mobility from Agriculture t...inventionjournals
The tribal people are relatively isolates, encysted, tradition bound, inward looking and less enterprising. During the post independence period, they have been experiencing induced social change through planned development and interventions. But in spite of such endeavor, the rate of progress and development are not commensurate with the expectations. Majority of cultivators use land in only in kharif season and migrated to other places for alternative occupation like brickwork, construction work and industrial purposes in lean period. Even if they do not hesitate to leave their house including all other resources and migrated to other districts and continue to work as labourer for the rest period of their life. Due to lack of sufficient scope for livelihood and deterioration of natural resources on which the tribal people depend much for their hereditary occupation, they migrate to other occupation or other places in search of job. Pitrim Sorokin (1927) defined social mobility as “any transition of an individual or social object or value, anything that has been created or modified by human activity, from one social position to another”. The mobility of the tribal people mainly depends on the availability of work/job, job satisfaction, relative economic advantage etc. The present study has been carried out with the objectives of to study the modalities of the occupational mobility from the agriculture to non-agricultural activities along with the factors responsible for such mobility.The study was conducted in Mayurbhanj district of Odisha purposefully in which the tribals occupy 58.72 % of the total population. Four blocks were selected randomly each one from four sub divisions. Fifteen tribal people were selected from each village as respondents randomly from twelve villages three from each block totaling to sample size of 180. The finding from the study implies that 86.11 percent respondents were going outside their locality for their occupation. The table indicates that majority of the respondents (63.88 %) were moving within their own locality regularly whereas 40% of the respondents were moving within their block. It was observed that majority of respondents (84.44 percent) were always moving for other occupation during the period of April to June. It was observed that 48.88 percent respondents regularly visited outside after harvest of own crop. It was also observed that mobility of the respondents according to their occupation was highest in case of agricultural labourer (53.88 %) followed by labour in construction work. In the study majority of the respondents opined that to get more income was the main factor responsible for change in occupation followed by skill developed, government developmental schemes, communication facility, infrastructural development, change in life style, educational support, social status, change in climate, extension/technical support, marketability, input support, credit support and political influence.
The present study is an analysis of the differences in Life Satisfaction of Science students studying in North-Eastern Hill University. It may be mentioned that related literature supports that there are differences in Life Satisfaction amongst different group of students in universities. For the purpose of the study, necessary information was gathered through the Satisfaction with Life Scale (SwLS). The t-test was applied to find out the significant group differences. The results revealed significant differences in the groups of students. The present study contributes to the understanding of differences in Life Satisfaction of the different groups of students in the university arena.
Correlations among Brand Image, Dynamic Capability, Knowledge Management Capa...inventionjournals
This study aims to explore the relations among the brand image, dynamic capability, knowledge management capability of listed Taiwan semiconductor companies and their competitive advantage. The subject population in this study is department supervisors at listed Taiwan semiconductor companies. Convenience sampling is used to conduct sampling of the population. The results show that: (1) the brand image of listed Taiwan semiconductor companies (functionality/symbolism /experience) has a positive and significant effect on dynamic abilities; (2) dynamic capability (process/position/path) has a positive and significant effect on competitive advantage; (3) brand image (functionality/symbolic/experience) has a positive and significant effect on competitive advantage; (4) knowledge management capability (internal abilities/external abilities) has a positive and significant effect on dynamic capability; and (5) knowledge management capability (internal abilities/external abilities) has a positive and significant effect on competitive advantage. The results can serve as a reference for relevant operators when making operating policies.
A Structural Equation Modeling among Stress, Fear of Negative Evaluation and ...inventionjournals
The objective of this study is to examine the relations of the stress, fear of negative evaluation, avoidant decision making and dependent decision making among a group of university students that have moderate economic status. The study group consists of 330 participants who are students of public university. Our study was based on voluntary participation. 56% of participants were female and 44% participants were male. We used Structural Equation Modeling for the data analysis. The results were X2 /df=1.564; GFI=0.88; CFI=0.94; RMSEA=0.04; SRMR=0.05. The goodness of fit provided evidence that the hypothesized model was stable. All estimated path coefficients were significant. We found that the avoidant decision making and the dependent decision making have a positive impact on the fear of negative evaluation and the fear of negative evaluation has positive impact on the stress. The avoidant decision making style and the dependent decision making style explained %10 of the variation in the fear of negative evaluation. All these tree variables explained %20 of the variation in the stress. The fear of negative evaluation plays a mediating role for avoidant decision making style and the dependent decision making style on the stress.
A Study On TheRelationshipBetween Teachers' EducationalBeliefsAndTheirLevel O...inventionjournals
It is important to determine the educational beliefs and attitudes of teachers, being one of the most important determinants of change in educational organizations, towards change. The main purpose of this study is to test the model created for the relationship between the level of openness to occupational change of pre-school, primary and secondary school teachers and their educational beliefs. So as to identify the relationship between educational beliefs and the level of openness to change more clearly, a model according with the structural equation modeling assumptions has been set in the study. The working group of the study is comprised of 268 teachers of different branches working in Kars in the 2012-2013 academic years. "Openness to Personal Change Scale", "Openness to Occupational Change Scale" and "Educational Beliefs Scale" were used as data collection tools. Confirmatory factor analysis (CFA) was used for the validity and reliability of the scales used in the study while structural equation modeling analys is (SEM) was used for the analysis of data. Following the study, it has been determined that teachers being more open to personal and occupational change have educational beliefs of progressivism and re-construction is mwhile teachers being in tendency to preserve and sustain their personal habits have educational beliefs of perennial is mand essentialism.
This article is a review of neurofeedback techniques in the broad context of various clinical implications. Authors presented the neurophysiological background of these developing methods in relation to the state-of-the-art techniques. The broad range of methods of neurofeedback were reviewed, comprising the transfer of information, automation, brain-computer interface, multichannel Z-Score neurofeedback and slow cortical potentials. Neurofeedback may be an effective tool for self-regulation, useful for achieving better selfknowledge and enhanced cognitive skills. A tailored, dedicated program, based on quantitative electroencephalographic (QEEG) assessment and/or Z-Score should be implemented for a given patient in order to gain trust and fulfill the compliance. The proven clinical benefits of multi-channel neurofeedback, targeting regulation of particular brain regions, or inducing specific neural patterns, may be an alternative method for treating diseases in a non-invasive, introspective way. Effective modulation of the physiological functions which may affect various neural mechanisms of cognition and behavior seems to be the future perspective of neurofeedback
Quality Management System in Operations of Companies: A Case Study of North B...inventionjournals
The study was exploratory in nature and was conducted on the companies with ISO 9001 standard certification, situated at different parts of North Bengal (northern part of West Bengal, India). The study is aimed to assess ISO 9001 Quality Management System's (QMS) awareness level, types of companies opting it, causes for seeking certification, understanding the roles and responsibilities of the management of the companies, certifying bodies, consultants, employees of the companies, customers requirements, recognize difficulties, challenges and issues in implementation, advantages received and future prospects. The study illustrates that ISO 9001 Quality Management System is helpful in enhancing organizational performance. The companies experience benefits after its implementation. It helps in improvement of customer needs, satisfaction and demands, better documentation and improvement in the efficiency of the quality system. The study further shows that the effective implementation of QMS is facing difficulties due to some barriers like no serious involvement of top management in the process, lack of participant’s positive perception and lack of skilled personnel. It also appears from the study that significance of QMS is diminishing slowly due to its paperobsessed practice.
Personality Development: Assessing the Effects of Single Parent Families on S...inventionjournals
Family structures are an important contributor to the physiological and behavioral development of students. It is hypothesized that personality development of students living with single parent is influenced by the type of family structure, parent with whom the child lives with and the amount of time spent by parents with their children. To investigate such influence, this study employed a cross-sectional co-relational research design. A snow ball sampling technique was used to identify respondents for sample. The study used a sample 60 students whereby 50% were from single parent homes and 50% from intact homes. Data was collected by use of questionnaire designed to identify factors that contribute to personality development of students. Personality development was measured using the Big Five dimensions of personality trait parameters namely openness, conscientiousness, extraversion, agreeableness, neuroticism. The analysis was presented using frequencies, percentages, t-test, independent test and one way ANOVA tests. Statistical Package for Social Sciences was used to aid in generating a summary of results which were represented in tabular form. The findings of the study showed that there was very little influence of family structure on the personality development of the students. The absence of a parent or the interaction and involvement of parents with their children doesn’t have an immense effect on the personality development of the children, thus the amount of time spent by parents with their children doesn’t influence the personality development of students. The results also revealed that the major causes of the existence of single parent families are death and divorce.
Assessing knowledge of gram growers apropos their different package of practicesinventionjournals
The Management of Package of Practices of any crop plays a key role in its production. The important package of practices on which they were having high technological gap were insect management (46.55%) in Jabalpur and (45.77%) in Narsinghpur district, weed management (45.41%) in Jabalpur and (43.19%) in Narsinghpur district, seed treatment (41.80%) in Jabalpur and (41.85%) in Narsinghpur district, disease management (40.33%) in Jabalpur and (40.44%) in Narsinghpur district, seed selection (36.66%) in Jabalpur and (37.40%) in Narsinghpur district. Thus, it was suggested that a separate study on assessment of knowledge and adoption of components of gram production practices may be conducted to give wide predictability and consistency of results
Voting and Voter Suppression: An Analysis of Rhetoric in Online Messages by C...inventionjournals
This study is a qualitative content analysis that addresses how four civil rights organizations used rhetorical strategies and tactics to focus on voting and voter suppression leading up to Election 2012. The organizations involved in this study were the National Association for the Advancement of Colored People (NAACP), National Urban League (NUL), National Action Network (NAN), and ColorOfChange.org (COC). This study examines 82 press releases, official statements, blog posts, and miscellaneous public relations materials. It also explores how often the organizations referenced joint efforts between one another. Three rhetorical strategies and tactics are used in this study: identification, protest-framing theory, and vilification. Findings show that the predominant use of antithesis, a part of identification, suggests that the organization sought unity, primarily among members of its organization and state branches, against several perceived enemies, including the American Legislative Exchange Council, some Republicans, and the Tea Party Victory Fund. Findings also show that the organization missed several opportunities to publicize how they were working together.
In India, housing is essentially a private activity. The state intervenes only to provide legal status to the land. The state intervention is also necessary to meet the housing requirements of the vulnerable sections and to create a positive environment in achieving the goal of ‘shelter for all’ on self-sustainable basis.In view of the above aim, the government introduced Housing and Habitat Policy in 1998, which aimed at ensuring the basic need ‘Shelter for all’ and better quality of life to all citizens by harnessing the unused potentials in the public, private and household sectors. The central theme of the policy was creating strong Public/Private partnership for tackling the housing and habitat issues.
Job Satisfaction and Perceived Self-Efficacy among Greek Nursesinventionjournals
Aim: The aim of this study is to evaluate job satisfaction and perceived self-efficacy of nurses working in a general hospital in Greece. Background: Most people spend a considerable part of their lifetime working. Work and social life form a whole by being interconnected and also give each other meaning. For this reason, job satisfaction becomes important for all professions. Methods: A quantitative, cross-sectional, and descriptive research design was used in this study. Data were collected using the Minnesota Job Satisfaction Scale, the General Perceived Self-efficacy Scale and a demographic questionnaire. Results: The study sample was composed of 101 participants. We found that a positive significant relationship between job satisfaction, liking one’s job, salary, and choosing the department to work where one works. There was no significant difference between perceived self-efficacy and job satisfaction in our sample of Greek nurses. Conclusion: Further studies should be carried out in different countries with larger samples and different nursing specialties to shed light on nurses’ job satisfaction. Implications for nursing management: The obtained findings show that nursing managers should try to provide these factors related to working conditions in order to improve job satisfaction.
A Study on Consumer Behaviour towards Branded Garments am ong Male Shoppersinventionjournals
In the age of identity crisis and need for differentiation, everyone is after uniqueness; particularly h ow one wishes to appear. India is a global market for fashion garments and there is a cut throat competition exi sting among brands. Companies are rigorously working on identifying consumer buying behaviour, preferences, creating awareness, and a positive attitude towards their brands in order to grab larger portion of the market. Therefore, it is become necessary to study the consumer behaviour towards various branded men`s garments. T he study emphasis on how consumer evaluate branded garments on the basis of style, texture, price, colour, adv ertisement and celebrity endorsements, preferences towards branded garments and reasons for purchasing bran ded garments. The researcher has used descriptive research design, conducted study only with 150 respondents from two Engineering college, Bangalore. Statistical tools like measurement of central tendency, Chi-Square ar e used to test and analyse the collected data. Finally, it is revealed that irrespective of age and education levels respondents are buying branded garments to enhance their style, ant to protect their self-respect.
Marassi North Coast penthouse vacation home sea view ahmed khallaf
Penthouse for sale in Marassi
Located in North Coast, Sidi Abd Rahman Bay, Marassi Verdi.
Penthouse Marassi: 232m. 4 bedrooms , 3 bathrooms, Sea View.
Total Price: 3.000.000 L.E.
2.055.000 Cash, the rest 945000. divided :
maintenance & Receipt: 377000 L.E.
installment 44000 every 3 months to 2019
Receipt in 5/ 2017
Contact: 01221617104
Amenities Verdi:
Verdi is the child prodigy of Florence and Venice, a neighbourhood of tranquil lakes and alluring colonnades.
This is where the calmness of nature peeps through large windows, bringing along a vibrantly cheerful feel.
- Community Centre
- Beach Clubhouse
- Golf Academy
- Golf Course
- Mporium
- Sports Facilities
The Effect of Employee’s Perceptions on Corporate Social Responsibility Activ...inventionjournals
Banks is one of public sector which take part in relation with the communities by doing operational activities as a concern to their stakeholders. In banking sector, employees have authorities and powers in affecting the company. The aim of this research was analyze the influence of employee’s perceptions on corporate social responsibility activities to the organizational commitment which mediated by organizational trust. Sample in this research were employees on private banks in Malang by using total sampling and SEMPLS analysis. The results showed that employee’s perceptions on corporate social responsibility activities directly influenced organizational commitment. The influence of employee’s perceptions on corporate social responsibility activities to organizational commitment enhanced by organizational trust.
Social Representations of Learning in Mexican High School Students: A Compara...inventionjournals
The quantity of studies of social representations in the field of Education in Mexico, is still lacking, then, understanding and interpreting the images and conceptions built by the Knowledge Society is a crucial point to make a more assertiveness Teaching intervention in students. The aim of this study was to compare the social representations on Mexican High School students by using the technique and theory of Natural Semantic Network (NSN). A cross-sectional and mixed paradigm study was made, it was used the method of research-action. There were included 77Mexican students from the first and second quarter of high school, which were divided into two different groups: first quarter and second quarter (FQ and SQ). Results showed that it exists similarities between the FQ and SQ social representations about the meaning of learn, with the words: learning, school and life (FQ and SQ M value = 71,40; 38,30; 30,13). The conclusion of the study was that students share social representations about learning, in three different categories: learn as a process, school and life.
Quality of Residents' Lives in Autonomous Regions of North Sumatrainventionjournals
There are various factors that can improve the quality of life of the population such as physical quality factor, the quality of non-physical factors and attitudes about environmental management. These factors are not only important in promoting improved quality of life of the population in sustainable development, but also as the dominant factor affecting the implementation of the political life, social life, the use of functions in ecological dimension and the implementation of applicable legislation.
Simple presentation about the different careers available for Chemical Engineering Students.
It was prepared mainly for students at
Refining Engineering & Petrochemicals department
Faculty of Petroleum and Mining Engineering, Suez University.
Hoping it will help you with your career choices !!
Anger Control in Adolescence: Effectiveness of the CognitiveBehavioral Approa...inventionjournals
The aim of the study is to examine of effectiveness of the anger control group counseling program which is prepared on the basis of cognitive behavioral approaches and implemented. Study design is pre-post test, experiment and control group model. Mann-Whitney U test and Wilcoxon signed ranks test was used in the data analysis. Multidimensional School Anger Inventory and The Way of Coping Inventory were used as instruments. According to the findings of the research, the differences occurred between experiment and control group after the application of the group program in some sub-scales of Multidimensional School Anger Inventory and Ways of Coping Inventory. Moreover, the participants in the experimental group have been had also statistically significant differences
The Effect Of Profitability, Company Size, Auditor Reputation, And Leverage O...AJHSSR Journal
ABSTRACT : Audited financial statements are one of the information that plays an important role in the
investment business in the capital market. The audit completion process also affects the quality of financial
reports. This reflects the importance of timeliness in presenting financial reports to the public. Various
constraints that affect timeliness can come from internal and external companies. Therefore this study aims to
determine the effect of profitability, company size, auditor reputation, and leverage on Audit Delay in Property
and Real Estate Companies listed on the Indonesia Stock Exchange in 2019-2021. This study uses secondary
data that can be accessed through the Indonesia Stock Exchange website (www.idx.co.id) in the form of
financial reports and company annual reports. The data analysis technique used is the classical assumption test,
t test, F test and multiple regression analysis using SPSS software (Statistical Package for the Social Science)
version 26. The sample of this study consisted of 88 companies in the Property and Real Estate Sector and the
sampling method was carried out by purposive sampling method. Using this method, a sample of 21 companies
was obtained with an observation period of 3 years (2019- 2021). The results of this study show that company
size has an effect on audit delay while profitability, auditor reputation, and leverage have no effect on audit
delay.
KEYWORDS: audit delay, profitability, company size, auditor reputation, and leverage.
Profitability and Timeliness of Financial Reports in Nigerian Quoted Companiesijtsrd
This study examined the relationship between profitability and timeliness of financial reports in Nigerian quoted companies. Ex Post Facto research design was adopted for the study. The population is all the 145 quoted companies in Nigeria. The sample size was determined using Taro Yamane method. Data were sourced from the content analysis of annual reports and accounts of the selected quoted Nigerian companies for eleven years from the year 2010 to 2019. The panel data regression technique was used to estimate the relationship between the variables with aid of e view 9.0 software. The outcome of the study revealed that there is a significant relationship between profitability and timeliness of financial reports in Nigerian quoted companies at 5 level of significance. The study therefore, recommended Since lower profitability most especially losses poses high risk including liquidation risk. Auditors should take more time in their audit to avoiding future litigations more especially the firms with bad news. Aigienohuwa, Osarenren O | Uniamikogbo, Emmanual "Profitability and Timeliness of Financial Reports in Nigerian Quoted Companies" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-6 , October 2021, URL: https://www.ijtsrd.com/papers/ijtsrd47698.pdf Paper URL : https://www.ijtsrd.com/management/accounting-and-finance/47698/profitability-and-timeliness-of-financial-reports-in-nigerian-quoted-companies/aigienohuwa-osarenren-o
Luận Văn The Influence the Quality of Financial Reporting on Firm Value. The object of research in this study is the quality of financial reporting and corporate value. The focus of research is directed to the quality of financial reporting both weaknesses and advantages in increasing the value of the company. The research method used in this research is explanatory research (expalanatory reserach), because it is a research that explains the causal relationship between variables (Cooper and Schindler, 2006: 154) through census research.
Interim Financial Reporting and Compliance with SEBIs guidelines the case of ...PradeepKhadaria
The interim financial report containing condensed financial statements is intended to provide an update on the latest
annual financial statement as it throws light on new events, activities and circumstances. Timely and reliable
reporting is very useful for investors, creditors, government and others to understand an enterprise’s capability to
generate earnings and cash flows, and to know about its economic condition and liquidity.
Determinant of Audit Delay: Evidance from Public Companies in Indonesiainventionjournals
The purpose of this study is to prove the influence of audit committee, internal auditor, and independent auditor to audit delay and testing moderating effect from audit complexity on the relationship of audit commite, intern auditor, and independent auditor to audit delay. Sample of this study is consisted of 130 companies listed on the Stock Exchange in Indonesia listed in Indonesia Stock Exchange in the year 2013 to 2015 and meet certain criteria. The data of this study is Annual Report from the company. This study used Partial Least Square (PLS). The result show that audit delay of 130 public companies from 2013 until 2015 are between 6 days to 179 days. Hypothesis testing results indicate that the audit committee and the internal auditor have negative effect on audit delay, while the independent auditor does not affect the audit delay. The results of this study also show that the complexity of the audit can be a moderating variable on the relationship between internal auditors and audit delay, while the complexity of audit can’t be a moderating variabel on the relationship between audit commite.
Effect of Corporate Governance Committees and Financial Performance of Health...ijtsrd
This study examined empirically corporate governance committees and financial performance of healthcare companies. The independent variables are remuneration committees and nomination committees and independent variable was proxied with return on equity. The study used Ex Post Facto research design. Regression analysis was employed to test the hypotheses. The result showed that remuneration committee has a negative effect on return on assets, and this effect was not statistically significant at 5 level of significance. While nomination committee has a positive effect on return on assets, and this effect was statistically significant at 5 level of significance. It was suggested that the remuneration committee ensure that the appointed board members have an appropriate balance of skills to successfully discharge their duties. Unamma, Amaka Nkiru | Nwachukwu Raphael "Effect of Corporate Governance Committees and Financial Performance of Healthcare Companies in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-7 | Issue-4, August 2023, URL: https://www.ijtsrd.com/papers/ijtsrd59782.pdf Paper Url:https://www.ijtsrd.com/management/accounting-and-finance/59782/effect-of-corporate-governance-committees-and-financial-performance-of-healthcare-companies-in-nigeria/unamma-amaka-nkiru
Exploring the Role of Technology and Internet Financial Reports on Financial ...Premier Publishers
Internet financial reports (IFR) and the associated technology are considered among the most technical issues in Libya financial organizations that encouraged the current study, to better understand the future of financial report users. This has gained widespread acknowledgement in the current literature in recent years, where it became a significant phenomenon in practice. Several kinds of studies on IFRs in several areas have been done in developed countries, while IFR and some factors such as technology (Internet) are still not studied enough in developing countries, especially in public organizations in Libya. This study provides exploratory insight into identifying the aforementioned factors, which may affect the users of financial reports.
This study aims to determine the effect of financial distress and disclosure to the going concern of banking
companies listing on Indonesia Stock Exchange. Population of this research is all banking companies
listed in Indonesian Stock Exchange. Sample in this research is 6 banking companies. The analysis method
is logistic regression. The result of the research shows that financial distress has a negative effect on
going-concern opinion, while disclosure negatively affect of going concern opinion on banking company
listing in Indonesian Stock Exchange.
Determinants of Corporate Disclosure in Financial Statements: Evidence from V...IJAEMSJORNAL
Using data of listed firms on Hochiminh Stock Exchange, the study examines determinants of corporate disclosure in financial statements. In line with the literature, the findingsshow that firm size, the use of financial leverage and the presence of supervision board have a positive influence on corporate disclosure. Furthermore, auditing firm (whether a Big4 or not) also plays an important role in the degree of information disclosure by firms.Contradicting to the literature, however state ownership and the proportion of non-executive members in director board show a negative relation to corporate disclosure level. These counter factscanbe explained by real situations of Vietnam over the studied period. Finally, the concurrent role between chair of director board and managing director reduces corporate disclosure degree, as predicted by the agency theory.
Internal Audit Independence and Share Performance of Firms Listed In the Nair...paperpublications3
Abstract: Internal audit is considered as the backbone of the business accounting as it is the section that scrutinizes all businesses transactions of a company. The main objective of the study is to establish the relationship between Internal Audit Independence and Share performance of firms listed in the Nairobi Stock Exchange. The study adopted a descriptive research design targeting 60 companies quoted in the Nairobi Stock Exchange as of December 2013. The study found existence of significantly positive correlation between internal audit independence and share performance (Pearson correlation coefficient r = .456 Sig. = .011). It is recommended that listed companies should adopt effective corporate governance practices that address key auditing independence for effectiveness of audit department. This will go a long way to cut or eliminate wastage and thus improve company returns to attract investors in the stock exchange market.
Forensic Accounting and Integrated Financial Reporting of Banks using HausmanIJAEMSJORNAL
This study examined forensic accounting and integrated financial reporting of listed banks in Ghana. The study aimed to examine forensic accounting effects on the integrated financial reporting of the listed banks. Its specific objectives determined the impact Litigations, Claims, Fraud cases reported, Cost of forensic investigation and Non-performing loans (LCFCN) have on integrated financial reporting variables such as corporate social responsibility – CSR. Integrated financial reporting (IFR) is the dependent variable while forensic accounting (FA) is the independent variable. In line with these stated objectives, five research questions and five hypotheses were formulated and it adopted the ex-post facto research design. The population of study constitutes 24 listed banks in Ghana, only 8 listed banks was selected through a purposive sampling. The data for the study was purely secondary and sourced from related books of the banks via Central Banks bulletin (Ghana), African financials and banks reports for a period of 16years from 2004-2020. Moreover, data were analyzed using the descriptive statistics, the Shapiro -Wilk test for a diagnostic check for normality and a combination of the panel regression analysis with the Hausman test which aided appropriately specification whether the analysis should be done with a fixed effect or random effect model of which the fixed effect was used for the interpretation at (P 0.050 < 0.10). In nations analyzed, the results among others demonstrated that forensic accounting and integrated financial reporting were statistically significant at 1%, 5%, and 10% as claims is positive and have significant effect on CSR (β = 64687.53, P<0.10); Non-performing loans is statistically significant and had a negative effect on CSR (β = -2.934, P= 0.054 @ 0.10). The study hence concludes that the effective implementation of forensic accounting had a constructive and significant effect on the integrated financial reporting of listed banks in Ghana. The study recommends among others that the apex banks should mandate banks to incorporate forensic accounting when reassessing their employability skill set, report production, debt administration and management, and portray fairness virtue in their reporting system so as to attract more investment and positive public image.
Post IFRS Convergence Investigation: Corporate Social Responsibility Disclosu...IJAEMSJORNAL
This research aims to determine the factors that influence the level of Corporate Social Responsibility Disclosures after International Financial Reporting Standards convergence by testing the effect of Institutional Ownership, Public Ownership, Board of Independent Commissioner Size and Company Size on Corporate Social Responsibility Disclosures index. Sample used are mining sector companies that listed on Indonesia Stock Exchange for period 2013-2016. The sources of the data were taken from audited financial reports and annual reports and sample were 19 banks which taken by using purposive sampling. This research uses quantitative approach with multiple linier regression analysis. The results show that institutional ownership, public ownership and company size have a positive and significant effect on corporate social responsibility disclosures. There is no evidence to suggest that board of independent commissioner size have any effect on corporate social responsibility disclosures. The results simultaneously show that Institutional Ownership, Public Ownership, Board of Independent Commissioner Size and Company Size have an influence on Corporate Social Responsibility Disclosures..
Liquidity and Financial Performance A Correlational Analysis of Quoted Non Fi...ijtsrd
This study explored the interactions between liquidity and the financial performance of quoted non financial firms in Ghana. The study was correlational as it sought to examine the relationship between liquidity and the firms' viability. From the Pearson Product Moment Correlation Coefficient technique of data analysis, liquidity had a significant relationship with the firms' financial performance as measured by ROA, but insignificant relationship with the firms' financial performance as measured by ROE and ROCE. Based on the findings, the study recommended among others that, the firms can improve their final bottom line by proficiently handling their liquid resources. Yusheng Kong | Mohammed Musah | Andrew Osei Agyemang "Liquidity and Financial Performance: A Correlational Analysis of Quoted Non-Financial Firms in Ghana" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-5 , August 2019, URL: https://www.ijtsrd.com/papers/ijtsrd25248.pdfPaper URL: https://www.ijtsrd.com/management/accounting-and-finance/25248/liquidity-and-financial-performance-a-correlational-analysis-of-quoted-non-financial-firms-in-ghana/yusheng-kong
Similar to Analysis Market Reaction on Timeliness Reporting: Study on Indonesia Stock Exchange (20)
Saudi Arabia stands as a titan in the global energy landscape, renowned for its abundant oil and gas resources. It's the largest exporter of petroleum and holds some of the world's most significant reserves. Let's delve into the top 10 oil and gas projects shaping Saudi Arabia's energy future in 2024.
CFD Simulation of By-pass Flow in a HRSG module by R&R Consult.pptxR&R Consult
CFD analysis is incredibly effective at solving mysteries and improving the performance of complex systems!
Here's a great example: At a large natural gas-fired power plant, where they use waste heat to generate steam and energy, they were puzzled that their boiler wasn't producing as much steam as expected.
R&R and Tetra Engineering Group Inc. were asked to solve the issue with reduced steam production.
An inspection had shown that a significant amount of hot flue gas was bypassing the boiler tubes, where the heat was supposed to be transferred.
R&R Consult conducted a CFD analysis, which revealed that 6.3% of the flue gas was bypassing the boiler tubes without transferring heat. The analysis also showed that the flue gas was instead being directed along the sides of the boiler and between the modules that were supposed to capture the heat. This was the cause of the reduced performance.
Based on our results, Tetra Engineering installed covering plates to reduce the bypass flow. This improved the boiler's performance and increased electricity production.
It is always satisfying when we can help solve complex challenges like this. Do your systems also need a check-up or optimization? Give us a call!
Work done in cooperation with James Malloy and David Moelling from Tetra Engineering.
More examples of our work https://www.r-r-consult.dk/en/cases-en/
Water scarcity is the lack of fresh water resources to meet the standard water demand. There are two type of water scarcity. One is physical. The other is economic water scarcity.
Sachpazis:Terzaghi Bearing Capacity Estimation in simple terms with Calculati...Dr.Costas Sachpazis
Terzaghi's soil bearing capacity theory, developed by Karl Terzaghi, is a fundamental principle in geotechnical engineering used to determine the bearing capacity of shallow foundations. This theory provides a method to calculate the ultimate bearing capacity of soil, which is the maximum load per unit area that the soil can support without undergoing shear failure. The Calculation HTML Code included.
Student information management system project report ii.pdfKamal Acharya
Our project explains about the student management. This project mainly explains the various actions related to student details. This project shows some ease in adding, editing and deleting the student details. It also provides a less time consuming process for viewing, adding, editing and deleting the marks of the students.
Analysis Market Reaction on Timeliness Reporting: Study on Indonesia Stock Exchange
1. International Journal of Business and Management Invention
ISSN (Online): 2319 – 8028, ISSN (Print): 2319 – 801X
www.ijbmi.org || Volume 5 Issue 3 || March. 2016 || PP—01-10
www.ijbmi.org 1 | Page
Analysis Market Reaction on Timeliness Reporting:
Study on Indonesia Stock Exchange
Lailah Fujianti 1
1
(Department Accounting of Business and Economics Fakulty/ Universitas Pancasila, Indonesia)
ABSTRACT: Indonesia Stock Exchange (ISE) in 2012 recorded that there were 36.6% of companies that did
not meet the timeliness reporting in preparing the financial statements, whereas companies that implement
Good Corporate Governance (GCG) should be timely in preparing the financial statements as the
implementation of the principle of transparency which is one of the principles of GCG. This study aims to
examine how the role of GCG in monitoring and suppressing the timeliness reporting in preparing the financial
statements and whether there are differences in market reaction between the companies that meet the timeliness
reporting and which do not. The research samples taken from population members were 96 companies listed
on Indonesia Stock Exchange in 2013. The data processed by using logistic regression and independent t test.
The results show that the institutional ownership, independent board and audit committee play a role in the
fulfillment of timeliness reporting while the management ownership and board size have insignificant. Further
results of the study showed no difference in reaction to the market on the company meet and do not meet the
timeliness reporting.
KEYWORDS: Good Corporate Governance (GCG), Timeliness Reporting, and Financial Statements,
Market reaction
I. INTRODUCTION
The financial statement is a report that provides information regarding the financial position and the
achievement of the company's performance during a certain period of time and changes in financial position.
This information is useful for stakeholders as input in decision making (Belkaoui, 2007: 233). In order this
information can provide the intended benefits for stakeholders, the submission of such information should be in
accordance with the qualitative characteristics of financial statement presentation. Qualitative characteristics are
characteristics that make information of financial statements useful for stakeholders. The fourth characteristics
are understandable, relevant, reliable, and can be compared. The timeliness is one of the obstacles of relevant
and reliable information as well as an important prerequisite in order to meet the relevance of the financial
statements (Moradi et al. 2013).
Timeliness and relevance are components that must be fulfilled in presenting the financial statements
(Aktas and Kargin, 2011) because the presentation of the financial statements that do not meet the timeliness
and irrelevant can reduce or eliminate the ability of the financial statements as a tool for stakeholders to make
decisions. Besides that, the timeliness reporting of financial statements can help investors, creditors, and other
users to estimate the ability to gain revenue, cash flow and financial condition of a company (Etemadi and
Yarmohammadi, 2003). This reflects the importance of timeliness reporting of financial statements to
stakeholders.
Transparency is one of the principles of GCG besides accountability, responsibility, independence and
fairness. Transparency principle means that transparency of information both in decision-making process and in
disclosing material and relevant information regarding the company. Transparency principle must provide
information that is timely, adequate, clear, accurate, comparable and easily accessible by stakeholders.
Indonesia Stock Exchange (ISE) has set a deadline for submission of financial statements for
companies listed on the Stock Exchange on March 31 for financial statements ended on December 31 in the
previous year. This determination aims to meet transparency and protect the minority interests in the capital
market. However, data from Stock Exchange for the year 2012 of 448 companies listed on the Stock Exchange
as a whole, there are 164 companies that are not timely in submitting financial statements or by 36.61 % of the
companies that are late in submitting financial statements to the Stock Exchange. On the other hand, companies
that implement GCG should submit financial statements on time (Abdullah, 2007). This study examines the role
of GCG in monitoring and suppressing the timeliness reporting of financial statements.
2. Analysis Market Reaction on Timeliness…
www.ijbmi.org 2 | Page
Previous research related to timeliness reporting has been extensively studied both in developing
countries and in developed countries. Researchers who examined the case in developing countries including
Tauringana et al. (2008) in Zimbabwe; Kumor and Chandler (2004); Ismail and Candler (2004) in Malaysia,
Karim et al. (2006 ) in Bangladesh, and Mahajan dan Chander (2008) in India; Akle (2011) in Egypt, Ika and
Ghazali (2012) in Indonesia while researchers who have examined the same case in developed countries
including McGee and Yuan (2012) in China, USA and European Union; Eriotis et al. (2009) in Athens,
Krishnan and Yang (2009) in the United States, Turel (2010 ) in Turky.
Previous research shows some of the variables that can affect the timeliness reporting. These factors are
divided into two parts, namely the company characteristics factors and the audit factors (Owusu - Ansah, 2000).
The company characteristics factors are factors which allow management to prepare annual financial statements
promptly and reduce unnecessary costs , which arise as a result of the delay of the report presentation. Firm size,
firm age, types of industry and the company financial condition such as profitability and leverage are variables
included in factors of company characteristics. While audit factors are factors that can facilitate (or hinder) the
auditor to complete the audit assignment and present the audit report on time, for example, the size of the audit
firm, the audit opinion, and the complexity of the company's operations. Besides these two factors, there is one
more factor namely GCG (Afify, 2009). GCG is a factor that can control, suppress and decide that the annual
financial statements completed on time. Management ownership, institutional, board and audit committee
included in the GCG factor.
Literature review on the results of previous studies show some contradictions. The research result of
Shukeri and Nelson (2011) shows the audit committee of a company fought to encourage timeliness reporting of
financial statements. The Result of this study is supported by Mitra et al. (2012) and Abernathy et al. (2014 ).
Another research result of Emeh (2013) shows the opposite result, independent audit committee do not
significantly affect the timeliness reporting. The research result of Abdelsalam and Street (2007) shows that
boad independent affect the timeliness reporting. On the other hand, indicated by Al Daoud et al. 2014 that the
presence of board independent does not affect the timeliness reporting of financial statements. There are some
contradictions of previous research results related to the variables that affect the timeliness reporting in some
countries, this study will use these variables as predictors of timeliness reporting in Indonesia and expand the
scope of research by examining the effect of the market reaction on timeliness reporting.
II. LITERATURE REVIEW AND HYPOTHESES DEVELOPMENT
2.1 Literature Review
a. Agency Theory
Agency theory is part of the positivist theory derived from the financial economy (Adams, 1994). This
agency theory explains the relationship between agents as those who manage the company and the principal as
the owner, both are bound by a contract (Wu et al. 2014). The Principals or owners are parties that evaluate
information and the agents are parties that run the management activities and decision-making (Jensen and
Meckling 1976). Agency theory is based on the premise that the agents have more information than the
principals. This premise lead to asymmetry information between principals and agents. This arises because the
agents have better internal information and future prospects on the company compared to the information
obtained by the principals. Asymmetry information is harmful because it reduces the ability of the principals to
monitor the resources that have been entrusted to the agents and this theory also assumes that both principals
and agents acting rationally that they use the contract process to maximize their welfare, which also means that
agents have selfish motive and will take the opportunity to act against the interest of the principals. One way to
reduce asymmetry information is to timely present the financial statements (Owusu and Leventis, 2006).
b. Financial Timeliness Reporting
One of the qualitative aspects of the financial statements is timeliness reporting of financial statements.
Timeliness reporting is also a part of transparency aspect in corporate governance. Late submission of financial
statement will reduce the benefits of the financial statements themselves. Bapepam on September 30, 2003,
issued a decree No. Kep/36/PM/2003 which states that the annual financial statements along with the auditor's
report submitted to Bapepam no later than the end of the third month (90 days) after the date of the annual
financial statements. Bapepam Regulation, XK6 dated on December 7, 2006 states that the submission of annual
financial statements is said timely if submitted prior to or at the latest at the end of the third month after the date
of the annual financial statements of public companies.
c. Governance
The Asian Development Bank (ADB) explains that corporate governance is: ―The issue of corporate
governance arises because of the separation of ownership from control in modern organizations. When salaries
managers run companies on behalf of dispersed shareholders, they may not act in shareholders’ best interest.
This agency or moral hazard problem could exist not just between shareholders and managers, but also
between controlling and minority shareholders, between shareholders and creditors and between controlling
3. Analysis Market Reaction on Timeliness…
www.ijbmi.org 3 | Page
shareholders and other stakeholders, including suppliers and workers. A sound corporate governance system
should provide effective protection for shareholders and creditors such that they are not denied the return on
their investment ”.
The collapse of Enron in 2001 is the starting point of GCG needed to protect the company and
stakeholders. This can be done through internal control mechanisms as well as through external mechanisms.
Two important forms of external mechanisms: (1) the various regulations that explain the relationship between
shareholders, managers, creditors, government and other stakeholders (the regulations defining the rights and
obligations of those parties) and (2 ) the various mechanisms that are directly or indirectly enforce those
regulations.
The Indonesian Research Institute of Corporate Governance in 2003 found that the main reason of
companies apply corporate governance is adherence to the rules. The company believes that the implementation
of corporate governance is another form of business ethics enforcement and work ethic that has long been a
commitment of the company and is associated with the increase of the image of the company.
The weak of GCG and transparency encourage bankruptcy of several companies listed on Kuala
Lumpur Stock Exchange (KLSE). It encourages the need of GCG standards in order to increase transparency
and improve the relationship between the company and investors (Che Haat et al. 2008). Companies that
practice corporate governance will improve the image and increase the value of the company. The relationship
of GCG and timeliness reporting of financial statements has been the object of researches by many previous
studies including Schmidt and Wilkins (2013); Akle (2011); Nor et al. (2010).
d. Timelines Reporting and Market Reaction
The presentation of financial statements is an important source of information for investors and
shareholders (Alam and Rashid, 2014). This information is expected to have relevant value for decision makers.
Relevant value is defined as the ability of accounting numbers to summarize the information underlying stock
price (Halonen et al. 2013). Research of relationship between company earnings information presented in the
financial statements has been a popular object of researches internationally over the last 30 years (Dimitropoulos
and Asteriou, 2009). Around the world, researches on the relationship of earnings information motivated by
listed companies that using the data to communicate with investors and the public (Menike and Man, 2013).
However, studies conducted in developed and developing countries impressed that the financial statements of
companies have lost their value relevance (Sharma et al. 2012). This is supported by Javid and Faraz (2011)
who found that there was no abnormal return during the period of earnings announcements.
2.2 Hypotheses Development
a. Management Ownership
Management ownership tends to disclose less information on the website as their shareholders can
access the necessary information and get it internally (Marston and Polei, 2004). Some studies show significant
relationship between this variable with the timeliness reporting (Abdelsalam and El‐Masry, 2008; and Momany
and Al – Shorman, 2006). Based on this, the hypothesis 1 ( H1 ) is as follows :
H1 : There is an influence of management ownership on timeliness reporting of financial
statements.
b. Institutional Ownership
Institutional ownership requires more information about the company's operations compared with
individual ownership (Balsam et al. 2002) because institutional ownership wants to use this information as an
argument against management decisions that contradict their interests (Hessel and Norman, 1992). Institutional
ownership has the power to prosecute and requires management to deliver financial information immediately, as
institutional ownership can use voting rights to influence the management decisions (Kane and Velury, 2004).
The greater the percentage of shares held by institutional parties will lead to surveillance that is done to be more
effective because it can control opportunistic behavior of managers (Mitra et al. 2007) and according to Ishak et
al., 2010, institutional ownership affects the reporting timeliness. Based on this, the hypothesis 2 (H2) is as
follows:
H2 : There is an influence of institutional ownership on timeliness reporting of financial
statements
c. Board Size
One of disadvantages of large board size is communication and coordination problems (Nor et al.
2010). This makes the board are less capable and less efficient in monitoring the company's operations
compared with the small board size (Dimitropoulos & Asteriou, 2010). Mak and Li (2001) found a large board
size is less capable to participate and not organize so that they can not reach an agreement. Xie et al. ( 2003)
also found that the small board size is not burdened with the problem of bureaucracy, and thus more able to
report better financial oversight. For hypothesis 3 (H3) is as follows :
4. Analysis Market Reaction on Timeliness…
www.ijbmi.org 4 | Page
H3 : There is an influence of board size on the timeliness reporting of financial statements.
d. Board Independent
Board Independent is expected to act as a supervisor and advisor to the board of directors on behalf of
stockholders (Fama & Jensen, 1983). Board Independent is one of important elements in GCG mechanism and
their presence on the board is a recommendation from the practitioners of GCG (Zattoni & Cuomo, 2010).
Regulation of various countries require board independent performing the duty and responsibility to carry out
effective supervision (Lazar et al., 2014) over the behavior of directors. Effective board independent should be
able to monitor behavior of directors on minority interests (El Masry, 2008) and may affect the timeliness
reporting. Based on this, the hypothesis 4 (H4) is as follows:
H4 : There is an influence of board independent on timeliness reporting of financial statements.
e. Audit Committee
Audit committee is defined as the committee appointed by the company as a liaison between the board
of directors and external auditors. The audit committee is an important part of the GCG specifically related to
the quality and the issuance of the financial statements. The audit committee must be independent to be able to
carry out effective monitoring, so they can suppress opportunistic behavior of management, the committee
usually have majority of members of the executive and are expected to see the affairs of the company separately
and impartially. The quality and credibility on the financial reporting can be decreased when the audit
committee have low or no independence (Habbash, 2010). One of the purposes of the audit committee is to
provide objective reviews on financial information (Appah dan Emeh 2013) and Archambeault et al. (2008)
shows that the independence of the audit committee reduces earnings management and the possibility of
presenting fraudulent financial reporting. Similarly, Choi et al. (2004) found that when members of audit
committee have stock in the company, they are less effective in reducing earnings management. Thus, the
independence of audit committee is a key factor in increasing their role in preventing mis-statements in the
financial statements. Under these conditions, Hypothesis 5 (H5) is as follows:
H5 : There is an influence of audit committee on timeliness reporting of financial statements
f. Timeliness Reporting
The relationship between stock returns and accounting data has become one of the topics studied
intensively in accounting research. Until now, the research focus predominantly on using data such as revenues
and earnings announcements (Huang and Zhang, 2012). Presentation of the financial statements helps users in
assessing the company's ability to obtain profit (Lee, 2012). The profit announcement has a positive market
reaction (Haw et al. (2000) and may increase the price of stock market (Cheng, 2006; Johnson and Zhao, 2012).
Based on these conditions, Hypothesis 6 (H6) is as follows :
H6 : There is an influence of timeliness reporting on market reaction
III. METHODOLOGY
3.1 Population and Sample Selection
The population used in this study is all companies listed on the Indonesian Stock Exchange (ISE). The
sampling method used is purposive sampling. Based on consideration of sampling, the size of samples in this
study is 96, since the company listed in Kompas 100 is one hundred companies and there are two companies
that do not have the completeness of the data and 2 data contains outliers then the number of data processed is
96.
3.2 Reseacrh Variabel
Endogenous Variabel :
1. Timeliness Reporting
Timeliness reporting is the timeliness reporting of financial statement presentation. This variable is
measured by a dummy variable which is the nominal scale , in which category 0 for companies that timely
and category 1 for companies that are not timely. Companies that are categorized not timely , if the
financial statements are reported after March 31, while companies are categorized timely if the financial
statements are reported before and on March 31.
2. Market Reaction
Market reaction is measured by stock returns. The formula of stock return is as follows :
Stock Return
P0 = Average weekly stock price before the financial statements publication
P1 = Average weekly stock price before the financial statements after publication
5. Analysis Market Reaction on Timeliness…
www.ijbmi.org 5 | Page
Exogenous variabel :
1. Management Ownership
Management ownership in Indonesia is very varied, many companies that do not have management
ownership and some companies that have management ownership with a large enough percentage. To avoid
the possibility of outlier data, ownership management is measured 0 if no percentage of management
ownership and 1 if there is.
2. Institutional Ownership
Institutional ownership is measured by comparing the number of stock owned by institutional parties and the
number of shares outstanding.
3. Board Size
Board size is measured by ratio of the number of commissioners board than the number of board of
directors.
4. Board Independent
Board of Independent is measured by ratio of members of Independent commissioner and members of
commissioner board.
5. Audit Committee
Audit committee is measured by the percentage of audit committe from external companies to total of audit
committee members.
3.1 Research Model
This study has two models. The first model is to test the effect of GCG on timelines reporting. The first
research model is as follows : Ln (TR/1-TR) = β0 + β1MO + β2IO+ β3 BZ+ β4 BI + β5AC + ɛ
Explanations:
Ln (TR/1-TR) : Timeliness Reporting
β0 : Constanta
β1- β5 : Beta
MO : Management Ownership
IO : Institutional Ownership
BZ : Board Size
BI : Board Independent
AC : Audit Committee
ɛ : Error
The second model is to test whether there are differences in market reaction between companies that
comply the timeliness reporting and those that do not. The research model is as follows:
Explanations:
t : t- test value
: Mean group 1
: Mean group 2
n1 : Sample size group 1
n2 : Sample sizen group 2
: Variance group 1
: Variance group 2
IV. RESULT AND DISCUSSION
4.1 Descriptive Statistics
Table 4.1 shows the test results of descriptive statistics. Descriptive statistics explain the value of the
minimum, maximum, mean and standard deviation. TR variable measured by dummy data, the maximum value
of TL is 1 and the minimum value is 0 and the mean value is 0.260 and the standard deviation is 0.4412. MO is
also valued minimum is 0 and maximum is 1 because this variable is also measured by dummy data, the mean
value is 0.4896 and standard deviation is 0.50253. IO variable has a minimum value of 4.35 and a maximum
value of 99.96. While the mean value 45. 2133 and standard deviation are respectively 26.52910. Variable BZ
has a minimum value of 0.36 and a maximum value of 2.17 and the mean value of 0.9242 and the standard
deviation of 0.37693. BI Variable has a minimum value of 0.17 and a maximum value of 0.80 and the mean
value of 0.4325 and the standard deviation of 0.11925. CA variable has a minimum value of 0 % and a
6. Analysis Market Reaction on Timeliness…
www.ijbmi.org 6 | Page
N Minimum Maximum Mean
Std.
Deviation
TR 96 0,0 1,0 ,260 ,4412
MO 96 0,00 1,00 ,4896 ,50252
IO 96 4,35 99,96 45,2133 26,52910
BZ 96 ,36 2,17 ,9242 ,37693
BI 96 ,17 ,80 ,4325 ,11925
CA 96 0,00 1,00 ,6753 ,19537
MR 96 -,91 9,67 ,1186 ,99733
Valid N
(listwise)
96
Block Number = 0 Block Number = 1
-2 Log Likelihood 110,710 97,252
Chi-square df Sig.
1 4,425 8 ,817
Step
Significant
(α = 0,05
MO -,455 ,565 ,650 1 ,420 Insignificant H1 rejected
IO -,023 ,011 4,470 1 ,035 Significant H2 accepted
BZ -,325 ,724 ,201 1 ,654 Insignificant H3 rejected
BI -5,240 2,518 4,331 1 ,037 Significant H4 accepted
CA 3,940 1,640 5,768 1 ,016 Significant H5 accepted
Constant -,151 1,529 ,010 1 ,921
Remarks
a. Variable(s) entered on step 1: MO, IO, BZ, BI, CA.
` B S.E. Wald df Sig.
maximum value of 100 %. While the mean and standard deviation are respectively 68. 53 % and 19.537 %. MR
variable (Stock Price) has a minimum of -0.91 and a maximum value of 9.67, and the mean value of 0.1186 and
a standard deviation of 0.99733
Table 4.1 Descriptive Statistics
4.2 Fit Test Model
Fit test model can be seen by the value of Hosmer and Lemeshow in Table 4.2, the result shows the
probability is 0.817 greater than α = 0.05, it can be concluded that the logistic regression model is feasible for
subsequent analysis due to no real difference between the predicted classifications and the observed
classification.
Table 4.2 Fit Test Model with Hosmer dan Lemeshow Test
4.3 Overall Model Fit Test
After assessing the feasibility of regression models, the next step is to assess the overall model fit test by
looking at the numbers -2 Log Likelihood (LL), at the initial (Block Number = 0) and the numbers -2 Log
Likelihood (LL) block number = 1. The initial value of -2 Log Likelihood (LL -2) (Block Number = 0) of
110.710, while the block number = 1, the number of -2 LL becomes 97.252. A decrease of 110. 710 to 94.252
indicates that the model meets the overall fit.
Table 4.3 The value of -2 Log L
4.4 Hypothetical Testing
Hypothetical testing shows the significant values of H1 and H3 are greater than α = 0.05. It means that
the existence of MO and BI insignificantly influence on timeliness reporting. Hypothesis H2, H4, and H5 are
accepted due to the significant values are smaller than α = 0.05. This means IO, BI dan CA significantly
influence on the timeliness reporting.
Table 4.4 Hypothesis Test
Simultaneously or with MO, IO, BZ, BI and CA significantly influence on the timeliness reporting. It can
be seen the value of Omnibus Tests of Model Coefficients shows significant value is 0.012 smaller than α =
0.05. These five variables are simultaneously influenced by 20.9 % (table 4.7) and the rest influenced by other
variables outside the research.
7. Analysis Market Reaction on Timeliness…
www.ijbmi.org 7 | Page
Chi-square df Sig.
Step 15,617 5 ,008
Block 15,617 5 ,008
Model 15,617 5 ,008
Step 1
-2 Log
likelihood
Cox & Snell R
Square
Nagelkerke R
Square
1 94,493a ,150 ,220
Step
a. Estimation terminated at iteration number 5 because parameter
estimates changed by less than ,001.
Lower Upper
Equal variances
assumed
,831 ,364 -,480 94 ,632 -,11183 ,23288 -,57422 ,35057
Equal variances not
assumed
-,800 74,801 ,426 -,11183 ,13985 -,39043 ,16678
df
Sig. (2-
tailed)
Mean
Difference
Std. Error
Difference
95% Confidence
Interval of the
MR
Levene's Test for
Equality of Variances
t-test for Equality of Means
F Sig. t
Table 4.5 Omnibus Tests of Model Coefficients
Table 4.6 Model Summary
Independent t test is used to determine whether there are differences in market reaction between the
report presented timely and no timely or hypothesis 6. The results show a significant value 0.364 greater than α
= 0.05. This means hypothesis H6 is also rejected and also means there is no difference in market reaction
between the reports presented timely and those presented no timely.
Table 4.9
The results of Independent T Test
4.5 Discussion
The test result of hypothesis H1 is rejected. This means that there is no significant effect of
management ownership on timeliness reporting. This study has failed to prove that managerial ownership
structure affects the timeliness reporting and is unable to support the research of Marston and Polei, 2004; Mitra
et al. 2012; Momany and Al - Shorman 2006 due to the percentage of management ownership in Indonesia is
very low (only 3 %) so they can not eliminate the conflict of interest between managers and principals
(Puspitaningrum and Atmini, 2012). The test result of hypothesis H2 is accepted. This means there is a
significant influence of institutional ownership on the timeliness reporting. Beta coefficient of institutional
ownership is with minus, means that the greater institutional ownership, the greater the chances of the company
to meet the timeliness reporting. This study has successfully supported the research of Mitra et al. 2007. The
percentage of institutional ownership in Indonesia is quite large. A large percentage of institutional ownership
means also they have bigger voting rights so they are able to suppress the management decisions that are
contrary to their interests or to control opportunistic behavior of managers, including the timeliness reporting of
financial statements.
The test result of hypothesis H3 is rejected which means there is no influence of board size on timeliness
reporting. The result is unable to support the research of El-Masry (2008). The average number of board in
Indonesia especially in the companies in this research is over five members. This number is still large enough
and proves that their existence can not affect the timeliness reporting. The large number of board may cause
problems of coordination (Nor et al, 2010), are less able to monitor the company's operations, are less able to
participate and disorganized (Dimitropoulos dan Asteriou, 2009) so that they have not been able to maximize
their roles in supervising managers, including in terms of timeliness reporting of financial statements.
The test result of hypothesis H4 is accepted which means there is a significant influence of the board
independen on timeliness reporting. This result supports the research of Adelsalam and El Masry (2008 ); Mitra
et al. (2012) and does not support the research result of Shukeri and Islam (2012). Indonesian regulation requires
board of board independent to carry out the duties and responsibilities to supervise the behavior of directors
proved to be effective because the presence of independent commissioner board affect the timeliness reporting
of financial statements. Board independent can monitor top management on behalf of shareholders (El Masry,
2008). The percentage of independent commissioner board can improve the control over the opportunism of
managers and reduce the chance of management in slowing the delivery of financial information (Kelton and
Yang 2008).
8. Analysis Market Reaction on Timeliness…
www.ijbmi.org 8 | Page
The test result of hypothesis H5 is accepted. This means there is a significant influence of the audit
committee on the timeliness reporting. This result successfully supports the research of Abernathy et al (2014)
and conflicts the research result of Emeh (2013). The existence of an independent audit committee in GCG
structure plays a role in the acquisition of a qualified audit report (Pucheta et al. 2007; Afify (2009). The
existence of an audit committee can reduce the time spent by the auditors to complete the audit work. The audit
committee in Indonesia is relatively new, because they are set after the Asian financial crisis in 1997 (Ika and
Ghazali, 2012). Despite the existence of audit committee which is still relatively new but proven capable of
carrying out their duties, especially in the timeliness reporting of financial statements.
The test result of hypothesis 6 is rejected. It means there is no difference in the market reaction between
companies that meet timeliness reporting and those that fail to meet timeliness reporting. The absence of
differences in market reaction also shows that the timeliness reporting does not affect the market reaction. This
result supports the research of Menike and Man (2013) and conflicts research of Vieira (2011) which shows that
there is market reaction on the announcement of dividends, and Drake et al. (2015) shows there is selling
activity when there is restatement of financial statements after the error correction. Robbani and Bhuyan (2010),
shows there is also a negative effect on the market stock price when there is announcement of companies’
earning correction. The result also shows that the financial statements have not been effectively used as a source
of information or input in decision making for investors in Indonesia. It is in line with the result of Sharma et al.
(2012) that in developing countries, including Indonesia, the financial statements have not been relevant for
investors and this is also confirmed by Javid and Faraz (2011) which shows no abnormal return during the
period of financial statement presentation.
V. CONCLUSIONS
The existence of institutional ownership structure, board of independent commissioners and audit
committee in GCG structures encourage the creation of transparent of financial reporting. Those variables prove
that they affect on the timeliness reporting of financial statements. Percentage of large institutional ownership
structure is capable of pressing management to meet the timeliness reporting of financial statements. Board of
Independent Commissioners have duty and responsibility to supervise the behavior of directors proven effective
in expanding the duty and responsibility. The existence of audit committee plays a role in reducing the time
spent by the auditors to complete the audit work. The low relevance of the presentation of the financial
statements as input in decision making by stakeholders including investors causes no difference in market
reaction between companies that meet timeliness reporting and those that do not.
The size of research sample is 96 companies and only examine companies listed in Kompass 100. The
period of study is only one year that is 2013. It is recommended for further research is to increase the number of
research samples, and to add the number of time periods so that the conclusions of the next research can be
generalized. Besides that, the result shows a large variations in reporting timeliness due to the influence of GCG
is only 22.%. For that study suggested by adding research variables that allegedly expected to affect the
timeliness reporting such as the characteristics of the company and the type of auditor.
ACKNOWLEDGEMENTS
The authors are very grateful to the management and staff of the Indonesia Stock Exchange for making
available all the required financial statements for the collection of secondary data. The authors are also grateful
to all our past and present students that were used as research assistants for the collection some very vital data
that enriched the quality of this paper. We are also grateful to the anonymous reviewer for the comments that
improved the quality of the paper.
REFERENCES
[1] Belkaoui, A, Accounting Theory (5th Edition, Thomson Learning, Singapore, 2007).
[2] Moradi, M., Salehi, M., Maresk, M.S. 2013. Timeliness of Annual Financial Reporting : Evidence From The Tehran Stock
Exchange, ABAC Journal, Vol. 33, No. 3, pp. 20-28.
[3] Aktas, R dan Kargin, M. 2011. Timeliness of Reporting and The Quality of Financial Information, International Research Journal
of Finance and Economics, No. 63, pp. 71-77.
[4] Etemadi, H., Yarmohammadi, A. 2003. Examination of Effective Factors on Timeliness Semiannual Reporting in Tehran Stock
Exchange, Social and Human Sciences, Vol. 19, No. 2, No. 87-99.
[5] Abdullah, S.N . 2007. Board Composition, Audit Committee and Timeliness of Corporate Financial Reports in Malaysia,
Corporate Ownership & Control, Vol. 4, No. 2, pp. 33-145
[6] Tauringana, V., Kyeyune, M.F. Opio, P.J. 2008. Corporate Governance, Dual Language Reporting and The Timeliness of
Annual Reports on The Nairobi Stock Exchange, Research In Accounting In Emerging Economies, No.8, pp.13 – 37.
[7] Kumor, I.K.N.I. and Chandler, R. 2004. The Timeliness of Quarterly Financial Reports of Companies in Malaysia, Asian Review
of Accounting. Vol. 12, No. 1, pp. 1-18.
[8] Ismail, K.N.I., Chandler, R. 2004. The Timeliness o f Quarterly Financial Reports of Companies in Malaysia, Asian Review of
Accounting, Vol. 12, No. 1, pp.1 – 18
[9] Karim, W., Ahmad, K. and Islam, A. 2006. The Effect of Regulation on Timeliness of Corporate Financial Reporting: Evidence
From Bangladesh, JOAAG, Vol. 1, No.1, pp. 15-35
9. Analysis Market Reaction on Timeliness…
www.ijbmi.org 9 | Page
[10] Mahajan, P and Chander, S. 2008. Determinants of Timeliness of Corporate Disclosure of Selected Companies in India. The
IUP Journal of Accounting Research and Audit Practices, Vol. VII, No . 4, pp. 28-63
[11] Akle, Y.H., 2011. Financial Reporting Timeliness In Egypt: A Study Of The Legal Framework And Accounting Standards.
Internal Auditing and Risk Management, Vo. 1, 6(21), pp. 81-91
[12] Ika, S.R., Ghazali, N.A.M. 2012. Audit Committee Effectiveness and Timeliness of Reporting: Indonesian Evidence. Managerial
Auditing Journal, Vol. 27, No. 4, pp. 403 – 424
[13] McGee, R., and Yuan, X. 2012. Corporate Governance and The Timeliness of Financial Reporting: A Comparative Study of The
People's Republic of China, The USA and The European Union, Journal of Asia Business Studies, Vol. 6, No.1, pp. 5-16
[14] Eriotis, N., Siriopoulos, C., Vasiliou, D., Zisis, V. 2009. The Effect of Asymmetric Timeliness in The Reporting of Good and
Bad News on The Properties of Profitability: Evidence From Athens Stock Exchang, Managerial Finance, Vol. 35, No. 11, pp.
918 – 929
[15] Krishnan, J. and Yang, J.S. 2009. Recent Trends in Audit Report and Earnings Announcement Lag, Accounting Horizons, Vol.
29, No. 3, pp. 265-88.
[16] Turel, A. 2010. Timeliness of Financial Reporting in an Emerging Capital Market: Evidence From Turkey, Journal of the School
of Business Administration, Vol. 39, No.2, pp. 227-240
[17] Owusu-Ansah, S. 2000. Timeliness of Corporate Financial Reporting in Emerging Capital Markets: Empirical Evidence From
The Zimbabwe Stock Exchange, Accounting and Business Research, Vol. 30, No. 3, pp. 241-254.
[18] Afify, H.A.E., 2009. Determinants of Audit Report Lag Does Implementing Corporate Governance Have Any Impact? Empirical
Evidence From Egypt, Journal of Applied Accounting Research, Vol. 10, No. 1, pp. 56-86.
[19] Shukeri, S.W., Nelson, S.P. 2011. Corporate Governance and Audit Report Timeliness: Evidence from Malaysia, Research in
Accounting in Emerging Economies, No. 11: 109 – 127.
[20] Mitra, S., Hossain, M., Marks, B.R. 2012. Corporate Ownership Characteristics and Timeliness of Remediation of Internal
Control Weaknesses, Managerial Auditing Journal, Vol. 27, No. 9, pp. 846 - 877
[21] Abernathy, J.L., Beyer, B., Masli, A., Stefaniak, C. 2014. The Association Between Characteristics of Audit Committee
Accounting Experts, Audit Committee Chairs, and Financial Reporting Timeliness, Advances in Accounting, Vol. 30, No.2, pp.
283-297
[22] Emeh, Y. 2013. Audit Committee and Timeliness of Financial Reports: Empirical Evidence From Nigeria, Journal of Economics
and Sustainable Development, Vol. 4, No. 20, pp. 14-25
[23] Abdelsalam, O.H. dan Street, D.L. 2007. Corporate Governance and The Timeliness of Corporate Internet Reporting by U.K.
Listed Companies, Journal of International Accounting, Auditing and Taxation, Vol. 16, No. 2, pp. 111–130
[24] Al Daoud, K.A., Ismail, K.N.I., Lode, N.A. 2014. The Timeliness of Financial Reporting among Jordanian Companies: Do
Company and Board Characteristics, and Audit Opinion Matter, Asian Social Science, Vol. 10, No. 13, pp. 191-201
[25] Adams, M. B.1994. Agency Theory and the Internal Audit, Managerial Auditing Journal, Vol. 9, No. 8, pp. 8 – 12
[26] Wu, X., Lan, Y., Liu, H. 2014. Optimal Revenue-Sharing Contract Based on Forecasting Effort for Uncertain Agency Problem.
Int. J. Mach. Learn. & Cyber, No. 5, pp. 971–979
[27] Jensen, M. and Meckling, W.1976. Theory of The Firm: Managerial Behavior Agency Cost, and Ownership Structure. Journal of
Finance Economics, No. 3, pp. 305-360
[28] Owusu-Ansah, S. and Leventis, S. 2006. Timeliness of Corporate Annual Financial Reporting in Greece, European Accounting
Review, No.15, pp. 273-287.
[29] Che Haat, M.H., Rahman, R.A., Mahenthiran, S. 2008. Corporate Governance, Transparency and Performance of Malaysian
Companies, Managerial Auditing Journal, Vol. 23, No. 8, pp. 744-778
[30] Schmidt, J and Wilkins, M.S..2013. Bringing Darkness to Light: The Influence of Auditor Quality and Audit Committee
Expertise on the Timeliness of Financial Statement Restatement Disclosures. A Journal of Practice & Theory American
Accounting Association, Vol. 32, No. 1): 221–244
[31] Akle, Y.H. 2011. The relationship between corporate governance and financial reporting timeliness for companies listed on
Egytian Stock Exchane an empirical study, Internal Auditing & Risk Management, Vol. VI, No. 2, pp. 81-90
[32] Nor, M.N.M., Shafie, R., Wan-Hussin, W.N. 2010. Corporate governance and audit report lag in Malaysia. Asian Academy
Management Journal of Accounting and Fianance, Vol. 6, No. 2, pp. 57–84.
[33] Alam, Z dan Rashid, K. 2014. Corporate Financial Reporting on The Internet: A Survey of Websites of Listed Companies in
Pakistan, IUP Journal of Corporate Governance, Vol. XIII, No. 3, pp. 17-39
[34] Halonen, E., Pavlovic, J., Persson, R .2013. Value Relevance of Accounting Information and its Impact on Stock Prices:
Evidence From Sweden. Econometrics : http://people.su.se
[35] Dimitropoulos, P.E., Asteriou, D. 2009. The Value Relevance of Financial Statements and Their Impact on Stock Prices,
Managerial Auditing Journal, Vol. 24, No. 3, pp. 248 – 265
[36] Menike, M.G.P.D., Man, W. 2013. Stock Market Reactions to The Release of Annual Financial Statements Case of The Banking
Industry in Sri Langka, European Journal of Business and Management, Vol. 5, No. 31, pp. 75-86
[37] Sharma, A., Kumar, S.,Singh, R. 2012. Value Relevance of Financial Reporting and its Impact on Stock Prices: Evidence from
India, South Asian Journal of Management. Vol. 19, No. 2, pp. 60
[38] Javid I. & Faraz A.F.( 2011) ,The Stock Price Reaction to Earnings Announcement: The case of an Emerging Market.(on line)
Department of Statistics , Karachi University, Pakistan, http://mpra.ub.unimuenchen.de/30865
[39] Marston, C. and Polei, A. 2004. Corporate Reporting on The Internet by German Companies, International Journal of Accounting
Information Systems, No. 5, pp. 285-311.
[40] Abdelsalam, O., El‐Masry.A 2008. The Impact of Board Independence and Ownership Structure on The Timeliness of Corporate
Internet Reporting of Irish‐Listed Companies, Managerial Finance, Vol. 34, No. 12, pp. 907 – 918
[41] Momany, M.T. and Al-Shorman, S.A.D. 2006. Web-Based Voluntary Financial Reporting of Jordanian Companies, International
Review of Business Research Papers, Vol. 2, pp. 127-39.
[42] Balsam, S., Bartov, E. and Marquardt, C. 2002. Accruals Management, Investor Sophistication, and Equity Valuation: Evidence
from 10Q Filings, Journal of Accounting Research, No. 40, pp.987-1012
[43] Hessel, C. and Norman, M. 1992. Financial Characteristics of Neglected and Institutionally Held Stocks, Journal of Accounting,
Auditing and Finance, No. 7, pp. 313-34
[44] Kane, G.D., Velury, U. 2004. The Role Of Institutional Ownership In The Market For Auditing Services: An Empirical
Investigation, Journal of Business Research, Vo. 57, No. 9, pp. 976-983
[45] Mitra, S., Mahmud,H., Donald,R. D. 2007. The Empirical Relationship Between Ownership Characteristics and Audit Fees, Rev
Quant Finan Acc, No. 28, pp. 257-285.
10. Analysis Market Reaction on Timeliness…
www.ijbmi.org 10 | Page
[46] Ishak, I., Sedek, A.S.M., Rashid, A.A. 2010. The Effect of Company Ownership on The Timeliness of Financial Reporting:
Empirical Evidence From Malaysia, Unitar E Journal, Vol. 6, No. 2, pp. 20-35
[47] Dimitropoulos, P. E., & Asteriou, D. (2010). The Effect of Board Composition on The Informativeness and Quality of Annual
Earnings: Empirical Evidence From Greece. Research in International Business and Finance, Vol. 24, No. 2, pp. 773–784
[48] Mak, Y.T dan Yuan Li, 2001. Determinants of Corporate Ownership and Board Structure: Evidence from Singapor, Journal of
Corporate Finance, No.7, pp. 235-256
[49] Xie, B., Davidson, W. N., and Dadalt, P. J. (2003). Earnings Management and Corporate Governance: The Roles of The Board
and The Audit Committee. Journal of Corporate Finance, Vol. 9, pp. 295-316.
[50] Fama, E., & Jensen, M. 1983. Separation Of Ownership And Control, Journal of Law and Economics, Vol. 26, No. 2, pp. 301–
325.
[51] Zattoni, A., & Cuomo, F. 2010. How Independent, Competent and Incentivized Should Non-Executive Directors Be? An
Empirical Investigation of Good Governance Codes, British Journal of Management, Vol. 21, No. 1, pp. 63–79.
[52] Lazar, C., Metzner, Y., Rapp, M. S., & Wolff, M. 2014. Remuneration of Non-Executive Directors in German Listed Firms: An
Empirical Analysis From a Practitioners’ Perspective, Accounting Economics and Law. Vol. 4, No. 2, pp. 1–16.
[53] El Masry, A.E. 2008. The Impact of Corporate Governance on The Timeliness of Corporate Internet Reporting By Egyptian
Listed Companies, Managerial Finance, Vol. 34, No. 12, pp. 848 – 867
[54] Habbash, M, The Effectiveness of Corporate Governance and External Audit on Constraining Earnings Management Practices in
the UK”, Ph.D. thesis, Durham University, 2010.
[55] Appah, E., Emeh, Y, 2013. Corporate Governance Structure and Timeliness of Financial Reports of Quoted Firms in Nigeria,
European Journal of Business and Management, Vol.5, No.32, PP. 34-45
[56] Archambeault, D., DeZoort, T. and Hermanson, D. 2008. Audit Committee Incentive Compensation and Accounting
Restatements, Contemporary Accounting Research, Vol. 25, No. 4, pp. 965-992.
[57] Choi, J., Jeon, K. & Park, J. (2004), “The role of audit committees in decreasing earnings statement: Korean evidence”,
International Journal of Accounting, Auditing & Performance Evaluation, Vol. 1, No. 1, pp. 37–60
[58] Huang, Y., Zhang, G. 2012. An Examination of The Incremental Usefulness of Balance-Sheet Information Beyond Earnings in
Explaining Stock Returns, Journal of Accounting, Auditing & Finance, Vol. 27, No. 2, pp. 267–293
[59] Lee, Y.J .2012. The Effect of Quarterly Report Readability on Information Efficiency of Stock Prices, Contemporary Accounting
Research, Vol. 29, No. 4, pp. 1137–1170
[60] Haw, I., Qi, D., Wu, W.2000. Timeliness of Annual Report Releases and Market Reaction to Earnings Announcements in an
Emerging Capital Market: The Case of China, Journal of International Financial Management & Accounting, Vol. 11, No. 2, pp.
108–131
[61] Cheng F.F. 2006. Timeliness of Annual Report Releases in Relation to The Direction and Magnitude of Earnings and Share Price
Revaluation: The Case of Malaysia, Survey Academic Journal, No. 3, pp. 117–131
[62] Johnson, W. B., Zhao, R. 2012. Contrarian Share Price Reactions to Earnings Surprises. Journal of Accounting, Auditing &
Finance, Vol. 27, No. 2, pp. 236–266.
[63] Puspitaningrum, D., Atmini, S. 2012. Corporate Governance Mechanism and The Level of Internet Financial Reporting:
Evidence From Indonesian Companies. Proc Economics and Finance, 2012, 157 – 166
[64] Shukeri, S. N., & Islam, M. A. 2012. The Determinants of Audit Timeliness: Evidence From Malaysia. Journal of Applied
Sciences Research, Vol. .8, No. 7, pp. 3314-3322
[65] Pucheta-Martinez, M. and Fuentes, C. 2007. The Impact of Audit Committee Characteristics on The Enhancement of The
Quality of Financial Reporting: An Empirical Study in The Spanish Context, Corporate Governance, Vol. 15, No.6, pp. 1394-
412.
[66] Vieira, E.S. 2011. Investor Sentiment and The Market Reaction to Dividend News: European Evidence, Managerial Finance,
Vol. 37, No. 12, pp. 1213 – 1245
[67] Drake, M.S., Myers, L A., Scholz, Susan., Sharp, N. Y. 2015. Short Selling Around Restatement Announcements: When Do
Bears Pounce, Journal of Accounting, Auditing & Finance, Vol. 30, No. 2, pp. 218–245
[68] Robbani, M.G., Bhuyan, R. 2010. Re-Stating Financial Statements and its Reaction in Financial Market, International Journal of
Accounting & Information Management, Vol.18, No. 3, pp. 188 – 197