报告的及时性和财务信息的质量外文献英文与翻译

1、英文原文Timeliness of Reporting and the Quality of Financial InformationAbstractThis study is designed to investigate the effects of sector,reporting type, and income on firms timely annual financial reportingpractices listed on Istanbul Stock Exchange (ISE). Regression model isutilized to examine the e

2、ffects of sector (financial firms),financialstatementtype(consolidated-non-consolidatedfirms),andincome(positive-negative income) for the years from 2005 to 2008. The resultsreveal thatsector,financialstatementtype and income have significantimpact on timely reporting financial statements of selecte

3、d firms. Thecoefficient estimates for sector, financial statement type, and incomeare statisticallysignificant.Effectsofsectorand financialstatementtype on lead timeare positivewhileincome s is negative. Basedon theresults,nonfinancial firmspublishtheirfinancialstatementslater thanothers. Similarly,

4、consolidated firms report their financial statements later than non-consolidated firms.Finally, firms that report positive income release financial statements earlier than others.Keywords: Timeliness, Reporting Financial Statements, Quality of Financial Information,Lead Time, Timely ReportingInthiss

5、tudy,weinvestigatetheeffectsofsector(financial-non-financialfirms),financialstatementtype(consolidated-non-consolidatedfinancialstatements),andincome(positive-negative income) on timely reporting practices of companieslisted on Istanbul Stock Exchange (ISEstanbul Menkul K? ymetlerBorsas ?,IMKB).Thes

6、ectorisdefinedasfinancialfirmsandnon-financialfirmsthatarelistedon ISE. Financialstatementtype termis used for firms that report their financial statement as consolidatedand non-consolidated.Finally,income isconsideredas firmsthatreportpositiveincome and negativeincome. The resultsof ouranalysisindi

7、catethat those variables have significant impacts on timelines of financialstatements.Financialstatementsandmandatoryfinancialreportingareprominentsourcesofinformationforfinancialstatementusersindecisionmaking. Financialstatements must have certainattributestobeuseful: understandable, reliable, rele

8、vant, and comparable. Quality ofdata that financial statements provide is usually checked in accordancewith those attributes of statements.High-qualityinformationisessentialtothe proper functioningof equity markets, financial markets, and financial decisions (Shaw,2003). In order to be functional, f

9、inancial information gathered out offinancial statements must be useful to its users.Theusefulnessofaccountinginformationtofinancialstatementusers is an important criterion of quality of earnings. Financial datathat are not providing useful information to users are not valuable. Asa matterof fact,Th

10、e FinancialAccountingStandards Board (FASB) outlinesthe components ofqualityinformation:predictivevalue,feedbackvalue,timeliness,verifiability,neutrality,and representationalfaithfulness(Velury and Jenkins, 2006).Timelinessis one ofthemost importantcomponents ofrelevancy.Both timelinessandrelevancea

11、reimportantfeaturesofusefulinformation.Therefore,financialstatements shouldbe published on timeto be useful to its users in their decision making.Theconceptoftimelinessinfinancialreportinghastwodimensions:the frequencyoffinancialreportingand thelagbetween theend of the reporting period and the date

12、the financial statements areissued (Davies ,1980).Timelycorporatefinancialreportingisan importantqualitativeattribute and a necessary component of financial accounting. Financialinformation needs to be available toits usersas rapidly aspossible tomake corporatefinancialstatementinformationrelevantde

13、cisionmakingprocess.Timelyreportingon financialstatementsisnecessaryforhealthyfinancial markets. Timely financial reporting helps in efficient andtimely allocation of resources by reducing dissemination of asymmetricinformation,byimprovingpricingofsecurities,andbymitigatinginsider trading, leaks and

14、 rumors in the market (Kamran, 2003).Manystudieshavediscussedvariousaspectsofcorporategovernance. Inthearea oftimelinessoffinancialreporting,for example,the Accounting Principles Board (1970) recognized the general principleseveral decades ago. The Financial Accounting Standards Board (1980)recogniz

15、ed the importance of timelinessin one of its Concepts Statements(McGee, 2009,).Timelinessisanecessarycomponentofrelevantfinancialinformationthatisreceivingincreasedattentionbyaccountingregulatorsand listingauthoritiesworldwide.For example,intheUnitedStates (U.S.)the Securitiesand Exchange Commission

16、 (SEC), NewYork StockExchange(NYSE), and NASDAQhave issuedrequirementsand recommendationsregardingthetimely disseminationoffinancialinformation(Abdelsalamand Street, 2007,).Timelinessoffinancial statements isbeingdiscussedintheOECDPrinciplesofCorporateGovernance1.Discloserandtransparencyareexplained

17、as follows:“The corporategovernance framework should ensurethat timely and accurate disclosure is made on all material mattersregardingthecorporation,includingthefinancialsituation,performance,ownership,and governance ofthecompany. Disclosure shouldinclude,butnotbe limitedto,materialinformationon:Th

18、e financialandoperating results of the company. Information should be prepared anddisclosed in accordance with high quality standards of accounting andfinancial and non-financial disclosure ” (OECD, 2004,p.22).Timely reporting on financial statements is affected by manyfactors.The regulations,accoun

19、tingstandards,andsectorandfirm-specificsare some ofthose.While theremay bemany factors,company-specificand audit-relatedoneshave beenexamined inpriorstudies as being particularly important. Company-specific factors arethose that enable management of a firm either to produce more timelyfinancial stat

20、ements or to reduce costs of delaying in reporting. Suchfactorsincludecompanysize,profitability,gearing,financialcondition, industry type and ownership structure(Ansah and Leventis,2006).Inthisstudy,weexploretheeffectsofsector,financialstatement type,and income on timely reporting.1.1. The Regulator

21、y Framework for Timely Reporting in TurkeyForlistedcompaniestwolegalsourcesgoverntimelyreporting:Turkish Commercial Code and Law of Capital Market. In addition to thosesources, Turkish Accounting Standards Board is publishing accountingstandards including timeliness in financial reporting.TheTurkish

22、 Commercial Code requiresannualreportstobe preparedat least15 days beforethe date ofthe annual general meeting.In addition,CapitalMarketBoard(CMB) ofTurkeypublishedseveralcommuniquésrelated to financial reporting process between 1989 and 2003. In 2003,the Board issued a broad set of financial r

23、eporting standards that aretranslationofInternationalAccountingStandards(IAS)andInternational Financial Reporting Standards (IFRS). Currently, TurkishAccountingStandardsBoard (TASB) is theonlyorganizationthatpublishesaccountingstandards.Accordingtoregulationsthatenactedin2003, companies that are lis

24、tedon thestockexchange must publishtheirauditedannualfinancialstatementsby the10th week aftertheirfinancialyear-end.However, consolidated financial statements must be publishedwithin 14 weeks of the financial year end(Türel, 2010).2. Review of the LiteratureA number of studies have discussed th

25、e aspects and components oftimelinessinfinancialreporting.Actually,most ofthose studiesexaminewhat effects timely reporting of financial statements. The literaturecontainsstudiesthatarediscussinginternationaldifferenceson timelyreporting of financial statements as well.Many works state mixed conclus

26、ions regarding the relationship oftimelinessofreportingand thequalityof theinformationbeing reported.Somestudiesshow thatgood news is reportedbeforebad news, whereas otherstudiesshow thatbad news is reportedbeforegood news. Someresearchersfound that many companiesare not willing toreport bad newsand

27、 becauseof thatcompanies take more timeto calculatethe numbers or apply creativeaccountingtechniqueswhen theyneed toreportbad news.On theotherhand,some studies found that bad news are reported before good news becausethe market would not focus enough on good news (McGee, 2009).Basu (1997) states tha

28、t reporting bad news sooner could be justbecause ofconservatismand reportedearningsrespond more completelyorquickly to bad news than good news. However,sometimes because of lessincentive in tax system, conservatism is not an important variable inreportingbad news orgood news sooner(Jindrichovskaand

29、Mcleay,2005).When financialstatements are releasedearlierthan expected,theytend to have larger price effects than when they are released on time orlaterthanexpected.Further,unexpectedlyearlyreportsarecharacterizedby good news, whereas unexpectedlylate reportstend to bearbad news (Chambers & Penm

30、an, 1984). Kross and Schroeder (1984) concludethat abnormal returns of companies that are announced early (late) weresignificantlyhigher(lower)thanthereturnsoffirmsthatareannouncedlate (early). And their results are consistent with previous studies.Therelationshipbetween companysizeand timelinessof

31、financialreports is another aspect being discussed by researchers. Aroly(1989)state that large firms reportearningsrelativelyearly,buttheassociated market reaction tends to be small due to the size effect. Onthe other hand,smallsize firmsreleaselater,but theirassociatedmarketreaction tends to be hig

32、h due to the size effect.Timeliness of financial statements is being discussed from theview of sector characteristics.Türel (2010) indicates that Ahmad andKamarudin (2003)investigatethedeterminantsofauditdelayinthe KualaLumpur Stock Exchange during the period 1996-2000. The results suggestthatt

33、heauditdelayissignificantlylongerforcompanies classifiedinnon-financial industry.Some researchersexamined the timelinessofaccountingdisclosurefrom the view of stock returns. Alford, and Jones (1994) examine thetimelinessofaccountingdisclosuresand report thatfirmswho filebeyondthefilingrequirementhav

34、epoorerperformanceby bothaccountingmeasures and stock returns.The latefilershave lowerreturnson equity,smallergrowthinearnings per share,higherfinancialleverage,and lowerinternal liquidity for the fiscal year in which they file late.Marketadjustedstockreturnsare alsolowerduringthefiscalyearinwhichth

35、efirmfileslate.Furthermore,theauthors findthatmarketadjustedstockreturnsforlatefilersare lower in the post90-dayperiod,past thetimewhen an investor would already be aware that a late filing firm waspotentially facing financial difficulty.Our study is designed to test the effects of sector, financial

36、statement type, and income on timely reporting. Research is designed based on data that are collected from ISE for the selected firms.3. Research Design3.1. SampleData were gathered for the companies listed on ISE for the years 2005, 2006, 2007, and 2008. Number of firms by years indicated in Table

37、1. Wechose our sample on the basis of the following criteria. We eliminated the firms that do not have sufficient data because of bankruptcy or any other reasons.YearNumber of firms2005310200631920073232008316In most studies (Ansah and Leventis (2006), McGee (2009), Türel(2010), timeliness was

38、defined by counting the number of days thatelapsed between year-end and the date of the financialreportingdeadline.As in Ansah and Leventis (2006), we define“timeliness” as the numberof days between a firm s financialyear-end and the day on which the firmpublishes its financial statements according

39、to regulatory deadline.Lead-time is used insteadof“delay ” todenote timelinessbecause firmsreleased financial statements by legal deadline. Therefore we presentlead-time as dependent variable in the model that we developed below.3.2. The ModelIn this study following model is designed to examine the

40、effects ofsector(non-financial- financial firms),firm-specific-types (consolidated-non-consolidated), and income on timelyofreportingreportingfinancial statements. The model designed for the years 2005-2008. We estimated the model by ordinary least squares (OLS) method to evaluate variables below.Ta

41、ble 2: Regression ModelLEAD-TIME = b0 + b1SECTOR + b2 FINSTATYPE + b3INCOME + E LEAD-TIME= Lead-time is the number of days between financialyear-end and the date release of firms annualSECTOR = Type of firm is represented by a 1 for non-financialfirms, a 0 for financialFINSTATYPE = Type of financial

42、 statement is represented by a 1 for consolidated, a 0 for non-consolidatedINCOME = Firms with positive net income were assigned as 1, otherwise as 0.4 .ConclusionsWe estimated the model by ordinary least squares (OLS) method to evaluate the variables. The coefficient estimates for sector, financial

43、 statements type , and income are statistically significant. Effects of sector and financial statements type on lead-time are positive while income is negative.Effects of sector and financial statement type on lead time are positive while income is negative. The presence of sector has positiveeffect

44、s on timely reporting financial statements. That means non-financial companies publish their financial statements about 6 days later than others.Financial Consolidatedstatement type firms are reportinghas theirpositive financialeffect on statementslead abouttime.20 dayslaterthannon-consolidatedfirms

45、 and thisisan expectedresult.Consolidatedfinancialstatements publishingdeadlineisset longerbytheregulatoryinstitutionsforthosefirms.Companiesthatreportpositive income publish their financial statements about 8 days earlierthan others. It can be said that firms that are reporting loss releasethe news

46、 late.The statistical test reveals that sector, financial statements typeandincomehave significantimpactson timelyreportingfinancialstatements ofselectedfirmsforthe years of 2005-2008.The coefficientestimatesforsector,financialstatementtype,andincomearestatistically significant.中文原文报告的及时性和财务信息的质量摘要本

47、研究的目的是调查部门，报告类型 和收入的影响，这些是列在伊斯坦布尔证券交易所关于上市企业及时年度的财务报告。 利用回归模型检查从 2005 年到 2008 年的部门（金融公司） 的影响，财务报表类型 （合并非整合企业）和收入（正负收入）。结果表明部门，财务报表的类型和收入对企业的及时报告财务报表有着重大影响。 部门，财务报表类型和收入的系数估计有着统计学意义。虽然收益为负，但部门和财务报表类型对交货时间的影响是积极的。基于结果，非金融企业公布其财务报表要比其他的晚。 同样，综合公司报告其财务报表， 比非综合公司的晚。 最后，那些报告正收益的公司发布其财务报表也比其他公司更早。关键词：及时性申报

48、财务报表财务信息质量交货期 及时报告1、介绍在这项研究中，我们调查部门（金融非金融公司） 的影响，财务报表类型（综合非合并财务报表）和收入（正负收入） ，这些是在伊斯坦布尔证券交易企业的及时报告上的。这个部门被定义为伊斯坦布尔证券交易企业上所列的金融企业和非金融企业。 综合和非综合财务报表类型术语用于公司财务报表之中。最后，收入是被公司用来报告其正收益和负收益的。 我们的分析结果表明， 这些变量对财务报表的及时性有着显著的影响。财务报表和强制性财务报告对财务报表使用者决策的信息来源影响是突出的。财务报表必须有一些有用的的属性：可以理解的，可靠的，相关的，和可比较的。通常，财务报表按照这些提供的

49、数据对报表属性进行质量检查。高质量的信息对股权市场，金融市场及财务决策（邵氏，2003 年）的正常运作发挥着必不可少的的作用。 来自财务报表的财务信息对它的用户必须是有用的。会计信息对财务报表使用者的有用性是盈利质量的一个重要标准。给用户提供的财务信息的数据必须是有价值的。事实上，美国财务会计准则委员会（ FASB）概述了组件的质量信息预测值， 反馈价值，及时性，可验证性，中立性，反应真实性（瓦尔瑞和詹金斯， 2006 年）。及时性是关联性的最重要组成部分之一。 及时性和关联性是有用信息的重要特征。因此，财务报表应予以及时公布，而且对它的用户在决策时是有用的。在财务报告的及时性的概念有两个维度

50、： 财务报告的频率和结束本报告期财务报表（戴维斯， 1980 年）发行日期之间的时间差。及时的企业财务报告是一个重要的定性属性且是财务会计的必要组成部分。尽可能迅速地作出有关决策过程的企业财务报表信息 , 而这种财务资料对它的用户应是可利用的。及时报告财务报表对健康的金融市场是必要。通过减少信息不对称的传播，提高证券的定价， 并通过减少在市场上的内幕交易， 漏洞和谣传， 适时的财务报告对有效和及时分配资源是有帮助的（卡姆兰， 2003 年）。许多研究已经对公司治理的各个方面做了讨论。在财务报告的时效性区域，例如，会计准则委员会（ 1970）认可几十年前的一般原则。财务会计准则委员会（ 1980）对重要性和时效性集于一体的概念报表做出了认可（麦基，2009 年）。及时性是相关财务资料的必要组成部分， 日益受到会计监管机构和世界各地的房产部门的重视。例如，在美国（美国）证券和交易委员会（ SEC），纽约证券交易所（NYSE）及纳斯达克已颁布了有关财务信息的及时传播 （阿卜杜勒萨拉姆和杰， 2007 年）的要求和建议。在经济合作与发展组织中大