Corporate Governance and Timeliness of Corporate Reports of Listed Manufacturing Firms in Nigeria

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@article{1712071,
      author = {Akinwumi Ayodeji, Prof. H. O. Aderemi-Bejide},
      title = {Corporate Governance and Timeliness of Corporate Reports of Listed Manufacturing Firms in Nigeria},
      journal = {Iconic Research And Engineering Journals},
      year = {2025},
      volume = {9},
      number = {5},
      pages = {1208-1231},
      issn = {2456-8880},
      url = {https://www.irejournals.com/formatedpaper/1712071.pdf},
      abstract = {Timeliness in the rendition of the financial reports is one of the hallmarks of corporate governance as this allows the stakeholders to take a well-informed economic decision concerning the performance of every listed firm. Therefore, this study investigated the impact of corporate governance on timeliness of corporate reporting of listed manufacturing firms in Nigeria. The study employed ?ex-post facto? research design because of the availability of published corporate reports for the period of study (2000 -2022) as contained in the Nigerian Exchange Group website and Fact Book 2022.The population of the study comprised all the 75 listed manufacturing firms as at 2022; while purposive sampling technique was employed to select 50 manufacturing firms based on the criteria of not being delisted and having an uninterrupted operation for the period of study. Quantile regression estimation technique was used to analyse the objectives of the study. The findings of the study reveal that firms with a larger board size (above average) have significantly longer audit delays (p-value 0.05). This effect holds true even for the firms with average or below ?average audit delays. A higher proportion of independent directors on the board is associated with significantly shorter audit delays (p-value 0.05) across the entire spectrum of audit delay (from high to low). This suggests independent directors play a crucial role in ensuring timely reporting. The presence of more women on the board (gender diversity) does not statistically impact audit delay (p-value 0.05) for most parts of the distribution. While there is a significant effect for firms with the highest timeliness (shortest audit delays (p=15.0.0112), overall, gender diversity seems to have minimal influence on the audit timeliness in this context. The study concluded that Board independence has significant impact on the timely submission of financial reports, while there is no indication that having more women on corporate boards will improve the timeliness of corporate report. The study recommended that firms should evaluate the ratio of non-executive directors to ensure board independence which will in turn guarantee timeliness of financial reporting. },
      keywords = {Timeliness, Financial Reporting, Corporate Governance, Board Size, Board Independence  },
      month = {November},
      doi = {https://doi.org/10.64388/IREV9I5-1712071}
  }