Equity ownership structure and timeliness of financial reporting: Evidence from the listed financial companies in Nigeria
Koroye, E. Mykhayliv, D. Gozgor, Giray
Koroye, E.
Mykhayliv, D.
Gozgor, Giray
Publication Date
2025
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© 2025 The Author(s). Published with license by Taylor & Francis Group, LLC.This is an Open Access article distributed under the terms of the Creative Commons Attribution-NonCommercial-NoDerivatives License (http://creativecommons.org/licenses/by-nc-nd/4.0/), which permits non-commercial re-use, distribution, and reproduction in any medium, provided theoriginal work is properly cited, and is not altered, transformed, or built upon in any way. The terms on which this article has been published allow theposting of the Accepted Manuscript in a repository by the author(s) or with their consent.
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openAccess
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2025-07-14
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Abstract
The study investigates the effects of equity ownership structure, which encompasses government, foreign institutional, managerial (both foreign and domestic directors), and individual foreign ownership, on the FRL (financial reporting lag) of financial companies listed on the Nigerian Exchange Group (NGX). The sample comprises 48 financial companies, including banks and insurance firms, listed on the NGX over ten financial years (2012–2021), amounting to 450 firm-year observations. The study employed three distinct measures of FRL (total delay, management delay, and audit delay). The results indicate that the mean audit and management delays do not differ among the sampled banks; however, audit delays are more pronounced than management delays in insurance companies. Despite the shorter regulatory timeframe, the banks demonstrate greater timeliness than insurance companies. The findings also reveal that foreign institutional ownership significantly impacts all three FRL constructs, suggesting it reduces FRL. Conversely, domestic managerial ownership has a notable adverse effect on management and total delays. It was also discovered that government ownership reduces audit delays (a negative relationship) but extends management delays (a positive relationship). The results remained robust when two alternative measures were utilized to evaluate the timeliness of financial reporting.
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Citation
Koroye E, Li J, Mykhayliv D et al (2025) Equity ownership structure and timeliness of financial reporting: Evidence from the listed financial companies in Nigeria. Emerging Markets Finance and Trade. Accepted for Publication.
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