Gbadamosi, Rachael Modupe; Alade, Ezekiel
A icle
Audi o s' Cha ac e is ics and Timeliness o Lis ed Family-
Owned Fi ms in Nige ia
Jou nal o Accoun ing and Managemen In o ma ion Sys ems (JAMIS)
P o ided in Coope a ion wi h:
The Bucha es Uni e si y o Economic S udies
Sugges ed Ci a ion: Gbadamosi, Rachael Modupe; Alade, Ezekiel (2024) : Audi o s' Cha ac e is ics
and Timeliness o Lis ed Family-Owned Fi ms in Nige ia, Jou nal o Accoun ing and Managemen
In o ma ion Sys ems (JAMIS), ISSN 2559-6004, Bucha es Uni e si y o Economic S udies, Bucha es ,
Vol. 23, Iss. 1, pp. 215-236,
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Accoun ing and Managemen In o ma ion Sys ems
Vol. 23, No. 1, pp. 215-236, 2024
DOI: h p://dx.doi.o g/10.24818/jamis.2024.01009
Audi o s’ cha ac e is ics and imeliness
o lis ed amily-owned i ms in Nige ia
Rachael Modupe Gbadamosia and Muyiwa Ezekiel Alade
1
,a
a Adekunle Ajasin Uni e si y, Akungba-Akoko, Nige ia
Abs ac
Resea ch ques ion: Wha a e he e ec s o audi o s’ cha ac e is ics on imeliness o
inancial epo ing among lis ed amily-owned i ms in Nige ia?
Mo i a ion: Timely issuance o audi ed annual inancial epo is highly desi able o
a ious s akeholde s agains op managemen inside ading on he accoun ing in o ma ion
o which amily-owned lis ed i ms is highly p one o in ol e.
Idea: This s udy examined he e ec o audi o ’s cha ac e is ics on imeliness o lis ed
amily-owned i ms in Nige ia. Speci ically, he s udy in es iga ed he ex en a which
audi o ’s ype; audi opinion; audi ee; audi o ’s enu e; and join audi a ec imeliness o
inancial s a emen s o lis ed amily-owned businesses in Nige ia.
Da a: The da a used and e alua ed co e ed a pe iod om 2012 o 2021, and we e d awn
om 47 lis ed amily-owned i ms in Nige ia. The seconda y da a we e ob ained om
MachameRa io da abase.
Tools: Bo h desc ip i e s a is ics and pa ial leas squa e eg ession analyses we e
pe o med.
Findings: The obus es pe o med e ealed ha Big-4 audi i ms, audi opinion and
audi enu e ha e posi i e e ec , while audi ee and join audi impound nega i e e ec , on
imeliness o inancial s a emen s o lis ed amily-owned i ms in Nige ia. Howe e , he
esul is s a is ically signi ican o audi opinion, audi enu e and audi ee.
Con ibu ion: The implica ion o he indings is ha audi opinion and audi enu e enhance
imely issuance o he inancial epo s o lis ed amily-owned i ms in Nige ia. This
s udy’s con ibu ions o he body o knowledge include explo ing he posi ion o audi o ’s
ea u es on imeliness o inancial s a emen s o lis ed amily-owned i ms in Nige ia which
ex an s udies ha e sca cely in es iga ed. The s udy ecommended ha lis ed amily-owned
i ms in Nige ia should engage audi o s o longe audi enu e among o he s.
1
Co esponding au ho : Muyiwa Ezekiel Alade, Depa men o Accoun ing, Facul y o
Adminis a ion & Managemen Sciences, Adekunle Ajasin Uni e si y, Akungba-Akoko,
Ondo S a e, Nige ia, Email add ess: [email p o ec ed]u.ng.
Accoun ing and Managemen In o ma ion Sys ems
216 Vol. 23, No. 1
Keywo ds: Audi , audi ee, audi o , big-4, amily-owned, imeliness
JEL codes: M41
1. In oduc ion
Delay in inancial epo ing has he p opensi y o a ec he use ulness o inancial
epo s o a epo ing en i y. Thus, imely audi epo is becoming an impo an
issue in he inancial epo ing pa lance (Nelson & Shuke i, 2011). The imeliness
o audi epo is usually measu ed as he numbe o days be ween he iscal yea
end and he da e in which audi epo is issued; his is o en called audi epo lag.
The issue o imeliness is a c ucial quali y o inancial s a emen s ha canno be
o e s a ed, bu mus be app op ia ely add essed o e ain he inancial s a emen ’s
use ulness. Howe e , se e al ac o s could be esponsible o p omp o delay in
issuance o audi ed inancial epo s.
Public accoun an s, egula o s, and o he use s o inancial in o ma ion o e he
yea s ha e been conce ned abou he quali y o inancial epo s as well as inancial
s a emen s (Je y & Saidu, 2017; Rusmin & E ans, 2017; Ishak e al., 2017; Singe
& Zhang, 2018; Abdillah e al., 2019; Yayaha & Awen, 2021). This is because
inancial epo has long se ed as a p ima y mechanism o communica ing he
ou comes o in e nal ac i i ies and e en s o he public. I enables hem o assess a
company’s economic pe o mance and condi ion, as well as o make economic
judgmen s abou he epo ing en i y (Kan udu & Alhassan, 2022).
Business en i y concep sugges s ha co po a e es ablishmen , including amily-
owned i ms, ca y ou imely inancial epo ing. Aside om he ac i i ies o he
managemen and o he key s akeholde s, audi o s also con ibu e o enhancing
imeliness o inancial epo ing. Howe e , mos imes, unheal hy managemen o
an o ganiza ion can esul o an un imely ‘dea h’ o minimal g ow h o a business.
Family-owned i ms e e o a business o ganiza ion whe e decision-making is
in luenced by mul iple amily membe s ela ed by blood, ma iage, o adop ion.
This se o indi iduals con inues o hold posi ions in he boa d/ op managemen
wi h he highes s ockholdings and ha e a leas a con olling o o ing igh o 5%.
Such companies ha e he ad an age o making quick decisions ha could bene i
o ma he en i y.
P io esea ches ha e shown ha i ms and audi o s’ cha ac e is ics which include
size o he i m, audi opinion, audi ee, audi enu e, audi i m s uc u e, and so
on in luence audi epo imeliness (Singe & Zhang, 2018; Abdillah e al., 2019;
Yayaha & Awen, 2021). Ano he iden i ied cha ac e is ic capable o in luencing
audi o ’s e ec i eness is ype o he audi i m. S udy e ealed ha when he e is a
Audi o s’ cha ac e is ics and imeliness o lis ed amily-owned i ms in Nige ia
Vol. 23, No. 1 217
long audi o -clien connec ion, audi i ms unc ion mo e e ec i ely, leading o
imely issuance o inancial epo (Lee e al., 2009). A he beginning o an audi
engagemen , audi ask is less e icien han in he subsequen yea s because audi
companies needs ime o become amilia wi h he business ac i i ies wi hin hei
clien ’s o ganiza ion. Meanwhile, a ious deba es ha e been in place on whe he
companies should engage audi o s o a sho e pe iod o no .
I has been obse ed ha some publicly lis ed companies consis en ly ail o
p oduce imely inancial epo s o he bene i o hei use s (Tu el, 2010; Mouna
& Anis, 2013; Reheul e al., 2014), o which Nige ia is no an excep ion.
Speci ically, o e bea ing in luence o he execu i e o op managemen o amily-
owned i ms po ends possible cause o he iden i ied delay in imely issuance o
i s audi ed inancial epo s. Whe eas, one o he p ope ies o a ele an inancial
s a emen is i s imeliness, which makes i use ul o decision-making. The longe a
company delays i s annual epo s, and accompanying inancial s a emen s, he
mo e s ale he in o ma ion becomes, and i becomes less use ul in he capi al
ma ke . Thus, he empi ical ques ion s ill begging o a en ion in he li e a u e is
he conce n abou he e ec o audi o s’ cha ac e is ics on imeliness o audi ed
annual epo s o lis ed amily-owned i ms in Nige ia. Abili y o he ex e nal
audi o s o comple e hei s a u o y audi ing engagemen s imely will consequen ly
in o m p omp issuance o he inancial epo , ice e sa.
Se e al s udies conduc ed on imeliness o inancial epo s aspec o accoun ing
esea ch include Ismail e al. (2012), Eza (2015), Mukh a uddin e al., (2015),
Je y and Saidu (2017), Rusmin and E ans (2017), Ishak e al.(2017), Singe and
Zhang (2018), Abdillah e al. (2019), Yayaha and Awen (2021). Howe e , none o
hese s udies ha e ex ended his in es iga ion o lis ed amily-owned i ms in
Nige ia, especially o show whe he i s inna e peculia i y p esen s a unique inding
qui e di e en om ha o ex an s udies. Che i , Ayadi and Hamad (2020) equally
s essed ha less a en ion has been acco ded amily owne ship based s udy.
Accoun ing in o ma ion should be a ailable as soon as possible. In o ma ion ha is
supplied quickly is gene ally mo e ele an o use s, whe eas delays in he
ansmission o inancial in o ma ion end o make i less ele an o he use s’
decision-making needs. Howe e , he e a e se e al i m-speci ic in insic and
ex insic esponsible ac o s. Hence, his s udy made a emp o in es iga e he
e ec o audi o ’s cha ac e is ics such as audi ee, audi enu e, join audi , audi
opinion, audi o ype on he imeliness o inancial s a emen o amily-owned i m
in Nige ia. Ou come o he s udy was en isaged o p o ide policy implica ion o
capi al ma ke egula o s especially in he de eloping na ions like Nige ia, audi ing
i ms, and in es o s o lis ed amily-owned i ms.
The s udy is s uc u ed in o i e sepa a e sec ions which a e in oduc ion, li e a u e
e iew, da a and me hods, esul s and discussion o indings, conclusion and
ecommenda ions.
Accoun ing and Managemen In o ma ion Sys ems
218 Vol. 23, No. 1
2. Li e a u e e iew and hypo hesis de elopmen
The sec ion p esen s e iew o ele an and ela ed concep , heo y, empi ical
s udies, he eby pa ing way o iden i ied gap he s udy made a emp o ill.
2.1 Audi o ’s cha ac e is ics
E e y audi ing i m o audi o has i s unique peculia i y, al hough in he simili ude
o o he s. Tha is, all audi o s collec audi ees, bu dis inc om one ano he .
Audi i ms ha audi lis ed amily-owned i ms could ei he engage a big-4 audi
i ms o non-big-4. A i m’s audi enu e could ei he be sho o long, while he
audi assignmen could be ca ied ou join ly o o he wise. As a esul , his s udy
iden i ied and e iewed a ew audi o s’ ea u es capable o a ec ing imely elease
o annual epo s o lis ed co po a e en i ies, di o amily-owned i ms.
2.1.1 Audi o ’s ype
Acco ding o A i y (2009), la ge audi i ms ha e a g ea e incen i e o comple e
hei audi wo k on schedule in o de o main ain hei b and and name.
Fu he mo e, majo audi i ms o en ha e mo e e icien audi eams because hey
ha e g ea e esou ces o unde ake employee aining and a e able o deploy mo e
powe ul audi echnologies ha cu audi wo king ime (Owusu & Le en is, 2006).
As a esul , i is expec ed ha la ge audi i ms (Big-4 i ms) would comple e audi
exe cise mo e quickly han small audi i ms (non-Big-4 i ms) e en in a lis ed
amily-owned i m as con i med by Rusmin and E ans (2017). Big-4 i ms can
comple e audi wo k on ime, because o hei access o mo e esou ces, he eby
lowe ing audi epo imeliness.
Acco ding o Huang, Wen, and Zhang (2020), Big-4 audi ing i ms play a
signi ican s onge ole in de e ing manage s om exp op ia ing ou side s
h ough cash esou ce; hence hei p o essionalism is highly e ec i e. Audi
quali y has imp o ed as a esul o s ong incen i e and moni o ing wi hin he Big–
4 i ms (Che e al., 2020). Howe e , con ounding empi ical submissions exis
ega ding he e ec o audi o ’s ype on imeliness o inancial epo s (Alkha ib &
Ma ji, 2012; Ismail e al., 2012; Ishak e al., 2017) as Lee and Jahng (2008)
con i med nega i e ela ionship be ween Big-4 audi i ms and audi epo lag.
2.1.2 Audi opinion
An unquali ied audi opinion indica es ha he o ganiza ion has good managemen
and an in e nal con ol sys em, which educes he ime necessa y o he audi
p ocess and p ocesses (Sol ani, 2002). Quali ied opinions a e unlikely o be g an ed
un il he audi o has spen signi ican ime and e o execu ing u he audi
p ocesses, acco ding o Bambe e al. (1993). Fu he mo e, i ms always in e p e
audi -quali ied opinions nega i ely and may ail o eply o he audi o 's eques in
Audi o s’ cha ac e is ics and imeliness o lis ed amily-owned i ms in Nige ia
Vol. 23, No. 1 219
a imely manne . I is an indica ion o audi o -managemen dispu e, which could
lead o audi delays (Che-Ahmad & Abidin, 2008).
Acco ding o Mulyadi and Budiawan (2018), audi o s can issue i e ypes o audi
epo opinions: unquali ied opinion; modi ied unquali ied opinion, quali ied
opinion, un a ou able opinion, and disclaime opinion. An audi opinion is a epo
submi ed by a public accoun an based on his/he assessmen o he ai ness o he
company's inancial s a emen s, as well as whe he he inancial s a emen s a e
subs an i ely p esen ed. Bu , ex an s udy has documen ed posi i e e ec o audi
opinion on audi epo lag (A i uddin & Usman, (2017), while Lee and Jahng
(2008) eco ded nega i e e ec o audi opinion on audi epo lag. This sugges s
con ounding submission ega ding he e ec o audi opinion on audi epo lag.
2.1.3 Audi ee
Audi ee is he mone a y compensa ion ecei ed by a i m’s ex e nal audi o o
pe o ming an audi ask. Audi cos s can a y g ea ly amongs audi companies,
based on he complexi y o he se ices, isk assessmen , audi i m cos s uc u e,
equi ed deg ee o compe ence, and o he p o essional conce ns (Isah &
Muhammad, 2019). In compa ison o paying a lowe amoun o audi ees, he
la ge he amoun paid o audi ees, he mo e p o essional audi ing se ices he
audi o s deli e o hei clien s (Ado e al., 2020).
Acco ding o Ugwun a e al. (2018), la ge audi i m cha ges highe audi ees ha
co espond o hei weal h s a us and minimize hei clien s’ exposu e o li iga ion.
Ce ain ac o s a e conside ed when de e mining audi ee. Companies ha epo
high le el o p o i s will ace ex ensi e audi es ing o hei e enues and
expenses, esul ing in highe audi ees. The amoun o audi ees ha a clien i m
pays o i s audi i m should, in heo y, e lec he le el o audi wo kload ha he
la e mus accomplish du ing he audi ing p ocess. The audi o 's assessmen o he
p ocess’s complexi y and he desi ed le el o isk de e mine his le el o wo k.
Acco ding o Hussin e al. (2018), audi wo kload ex ends audi epo lag which
could lead o ise in audi ees. Howe e , Lai (2022) ound nega i e e ec o audi
ees on audi epo lag, p esupposing ha amoun ecei ed by he audi o has
p opensi y o d i e audi epo lag.
2.1.4 Audi o ’s enu e
Tenu e is he amoun o ime ha an audi o is pe mi ed o ca y ou an audi
exe cise in sequen ial o de (Ilechukwu, 2017). Acco ding o Ha on e al. (2009),
audi enu e is he ag eed-upon leng h o employmen be ween he audi o and he
clien . Acco ding o Ha on e al. (2009), audi enu e is he ag eed-upon leng h o
employmen be ween he audi o and he clien . The leng h o ime be ween
Accoun ing and Managemen In o ma ion Sys ems
220 Vol. 23, No. 1
audi o -clien ela ionships is also known as audi o s’ enu e, and i is hough o
a ec i m pe o mance. In o he wo ds, audi i m’s enu e e e s o how long
audi o s ha e se ed hei clien s (U hoghide & Izedonmi, 2015). Acco ding o he
li e a u e, an audi con ac wi h a e m o up o h ee yea s is conside ed long- e m,
while one wi h a e m o ewe han h ee yea s is conside ed sho - e m (Ilaboya,
Ize bekhai & Ohiokha, 2014; Rahmina & Agoes, 2014; Oladipupo & Monye-
Emina, 2016; Onaolapo e al., 2017). The hypo hesis is ha he leng h o ime he
ex e nal audi o ’s ela ionship wi h he clien las s may esul in a dec ease in audi
quali y (Qawqzeh, e al., 2018). Ex an s udy has no ed ha audi epo lag is
in luenced by audi enu e (Lee & Masulis, 2009). Con e sely, Dao and Pham
(2014) ound no ela ionship be ween audi epo s lag and audi enu e.
2.1.5 Join audi
Join audi s en ail appoin ing wo (o mo e) audi i ms o sha e esponsibili y o a
single audi engagemen and he c ea ion o a single audi epo . Collabo a i e
audi s o en include collabo a i e planning, join ieldwo k, and a c oss- e iew o
each i m’s wo k by he o he . The audi i ms collabo a e in epo ing o he audi
commi ee and a e bo h pa ies o he audi epo . Oka o e al. (2018) in es iga ed
he bene i s and cos s o compulso y join audi s in Nige ia and disco e ed minimal
ag eemen among s akeholde s on he desi abili y o manda ed join audi s,
emphasizing ha he bene i s ou weigh he cos s. Join Audi indica e high le el o
expe ise ha is being exe cised in ca ying ou he audi assignmen ; which could
ei he esul o a dec ease o inc ease in audi epo lag. Whe eas, Eza (2015)
epo ed nega i e connec be ween audi epo lag and join audi p ac ice.
2.2 Timeliness
The p ima y goal o inancial epo ing is o gi e in o ma ion abou an en i y's
inancial si ua ion, pe o mance, and cash low ha is ele an o decision-making
by end use s o inancial s a emen s, and he inancial epo also indica es he
esul s o managemen 's accoun abili y. The in o ma ion in he inancial s a emen s
mus mee wo quali a i e c i e ia: undamen al and imp o ing quali a i e ea u es.
Rele ance and p ecise ep esen a ion a e undamen al quali a i e ea u es, while
compa abili y, e i iabili y, imeliness, and unde s andabili y a e enhanced
undamen al quali a i e c i e ia.
The imely issuance o inancial s a emen is essen ial; as a esul i will in luence
he decision making o he inancial s a emen s’ use s. I a company publishes i s
inancial s a emen s on ime, he eliabili y and ele ance o he in o ma ion in i s
inancial s a emen s will be p ese ed; con e sely, i he company publishes i s
inancial s a emen s la e, he eliabili y and ele ance o he in o ma ion in i s
inancial s a emen s will be diminished Academic s udy has demons a ed he
Audi o s’ cha ac e is ics and imeliness o lis ed amily-owned i ms in Nige ia
Vol. 23, No. 1 221
impo ance o inancial epo ing imeliness in ela ion o many a iables such as
audi ee, audi du a ion, join audi , i m size, audi o ype, p o i abili y, and
le e age, among o he s. The audi epo lag, which quan i ies he ime be ween he
balance shee da e and he day he ex e nal audi o signs he inancial s a emen s,
has been commonly used as a p oxy o imeliness.
2.3 Theo e ical e iew
2.3.1 Agency heo y
An agency ela ionship is de ined by Jensen and Meckling (1976) as a con ac in
which one o mo e indi iduals known as he p incipal(s) engage ano he pe son
known as he agen o unde ake some managemen se ices on hei behal ,
including delega ing some decision-making au ho i y o he agen . The agency
heo y is conce ned wi h he con ac ual ela ionship be ween managemen and
sha eholde s, in which he sha eholde s, as he owne s, ans e esponsibili ies o
he manage o ensu e he smoo h ope a ion o he business. Agen s ha e mo e
in o ma ion han p incipals in agency heo y, and his scena io o in o ma ion
asymme y hampe s he p incipals' abili y o assess whe he o no hei in e es s
a e being app op ia ely se ed.
The audi unc ion eme ges as a esul o he sepa a ion o i m owne ship om
managemen . Acco ding o agency heo y, audi quali y is an e ec i e moni o ing
mechanism ha aids in de ec ing manage manipula ion and aligning sha eholde s’
and manage s’ in e es s. Agency heo y ecognizes audi ing as one o he p ima y
moni o ing and con olling echnique o egula ing con lic s o in e es and
educing agency cos s (Adeyemi & Fagbemi, 2010). The agency heo y is ele an
in his s udy o de e mine he impac o audi cha ac e is ics on he inancial
imeliness o lis ed amily-owned i ms in Nige ia.
2.3.2 S akeholde heo y
In 1984, F eeman o iginally explained he s akeholde heo y o o ganiza ional
managemen and business e hics ha add esses mo als and alues in managing an
o ganiza ion. A unc ional business is expec ed o se e a ious needs o i s
s akeholde s and company is expec ed o p o ide a imely inancial s a emen so
ha a ious s akeholde s could make an in o med decision.
The s akeholde s’ heo y iden i ies di e en s akeholde s apa om sha eholde s
and managemen including employees, c edi o s, supplie s, esea che s, membe s
o he gene al public, egula o s, and ax au ho i ies. Howe e , a ious s akeholde s
need he inancial s a emen o he o ganiza ion o make an in o med decision;
delay in p esen a ion o inancial s a emen s can dep i e hem o making such
Accoun ing and Managemen In o ma ion Sys ems
222 Vol. 23, No. 1
decision as a when needed. And, audi o ’s cha ac e is ics ha e been iden i ied as
some o he ac o s ha could educe o delay in he p esen a ion o he inancial
s a emen . O e ly, bo h heo ies a e ele an , howe e , as s a ed ea lie , he pape
elied mo e on Agency heo y.
D awing om he abo e heo e ical basis, his s udy hypo hesized hus;
H0: The e is no signi ican e ec o audi o s’ cha ac e is ics on imeliness o
inancial epo s o lis ed amily-owned i ms in Nige ia.
2.4 Empi ical e iew
The e ec s o audi o s’ cha ac e is ics on inancial epo imeliness ha e been
ex ensi ely esea ched, esul ing in a li ely deba e in he inancial o accoun ing
li e a u e. Some o he indings o ex an s udies on he e ec (o ela ionship
be ween) audi o cha ac e is ics on (and) imeliness ha ha e been conduc ed bo h
locally and in e na ionally a e e iewed below.
The indings o Nelson and Shuke i (2011) conce ning he e ec o co po a e
go e nance on audi epo imeliness o 703 Malaysian lis ed companies e ealed
ha imely audi epo is in luenced by audi o ype and audi opinion. This is in
andem wi h he empi ical inding o Ha indahyani and Ha indahyani (2018) and
Ocak and Zden (2018) on audi opinion. On he con a y, Alkha ib and Ma ji,
(2012) and Ismail e al., (2012) no ed ha audi o ype is nega i ely ela ed o
imeliness o inancial s a emen based on da a ob ained om 137 Jo danian and
636 Bu sa Malaysia’s main boa d lis ed i ms espec i ely, and is consis en wi h
Güleç (2017). Bu , Abdillah e al. (2019) eco ded no signi ican in luence o
audi o ype. Mo eo e , empi ical in es iga ion by Ishak e al., (2017) om
Nige ian epo ing en i onmen on audi quali y also co obo a e ha o Alkha ib
and Ma ji, (2012) and Ismail e al., (2012). These con lic ing indings is a poin e
ha go e nance s uc u e impound mixed in luence on imeliness o co po a e
epo ing, depending on he epo ing en i onmen and sec o . Thus, audi o ype
and opinion a e po en ial de e minan s o imeliness o amily-owned lis ed i ms.
The indings a e no la gely di e en om he empi ical submission o Eza ,
(2015) who eco ded ha audi enu e, audi ee, and join audi end o inc ease he
delay in audi epo lag among he sampled companies, consis en wi h Senge s
(2017) and Singe and Zhang (2018) who eco ded posi i e and signi ican
in luence o audi enu e on imeliness con a y o he inding by Ishak e al.
(2017). Howe e , Abdillah e al. (2019) and Yahaya and Awen (2021) ob ained no
signi ican e ec o audi enu e on imeliness. An ob ious deduc ion om he
posi ion o ex an s udies is ha imeliness could be d i en by audi enu e, audi
ees and join audi and con ounding empi ical submission in his ega d exis .
Audi o s’ cha ac e is ics and imeliness o lis ed amily-owned i ms in Nige ia
Vol. 23, No. 1 229
Fu he mo e, audi opinion (AUDO) has coe icien o 85.74 and - alue o -2.61;
his esul align wi h he posi ion o Nelson and Shuke (2011), Mukh a uddin e
al.(2015), and Ha indahyani and Ha indahyani’s (2018) indings. This shows ha
audi opinion ex ends imeliness o he lis ed i ms’ inancial epo con a y o he
assump ions o s akeholde s’ heo y. Audi enu e (AUDT) also e eals posi i e
e ec on imeliness o he inancial epo o he i m wi h a co-e icien o 19.89
and - alue o 2.34. This explains ha inc ease in, o longe audi o ’s enu e does
no suppo imeliness o inancial s a emen among he amily-owned lis ed i ms
in Nige ia. This esul nega es Nelson and Shuke ’s (2011) and Yahaya and
Awen’s (2021) indings; he esul he e o e, is a a iance wi h he lea ning cu e
heo y bu in andem wi h Singe and Zhang’s (2018) submission. Hence, issuance
o he inancial epo is no imely. Fu he , audi ee (AFEE) ha e a nega i e
e ec on he imeliness o he inancial s a emen o he amily-owned lis ed i ms
wi h a co-e icien o -16.84 and - alue o -2.17. This implies ha audi ee is a
d i e o imely inancial epo among Nige ian lis ed amily-owned i ms. Thus,
highe audi ee p esen s capabili y o encou age ex e nal audi o s o issue imely
audi ed inancial epo . This also sugges s ha audi ee helps o amelio a e
agency cos and enhance s akeholde s’ heo y.
Succinc ly, only audi opinion, audi enu e and ee p esen s a is ical signi ican
e ec on imeliness. The e o e, since he model’s F-s a is signi ican and h ee ou
o he i e es ed p edic o s p esen signi ican -s a , he null hypo hesis canno be
upheld, hence, audi o s’ cha ac e is ics impound signi ican e ec on imelines o
he Nige ian amily-owned i ms in Nige ia.
Table 7. Reg ession es ima e
(Fixed E ec )
(Random E ec )
(PCSE)
SIZE
-511.6**
-77.00
-67.33*
(-2.83)
(-1.27)
(-2.31)
ATYP
-32.25
19.30
23.89*
(-0.40)
(0.36)
(2.46)
JOTA
-60.37
-4.902
1.037
(-0.31)
(-0.04)
(0.03)
AUDO
3.780
94.18
98.52*
(0.03)
(1.26)
(2.47)
AUDT
-30.77
-4.134
-3.173
(-0.64)
(-0.09)
(-0.07)
AFEE
9.594**
1.726
1.446
(2.67)
(1.03)
(0.88)
_CONS
3149.7**
523.0
468.7
(2.69)
(1.51)
(1.62)
R2
0.028
0.0092
0.211
- alue
1.70
4.47
15.40
P( - alue)
0.1194
0.6138
0.0173
B eusch and
0.16(p>0.05)
.
.
Accoun ing and Managemen In o ma ion Sys ems
230 Vol. 23, No. 1
(Fixed E ec )
(Random E ec )
(PCSE)
Pagan
Lag angian
mul iplie es
Hausman es
9.89(p>0.05)
He e oscedas ici y
2.0e+06(p<0.05)
Au oco ela ion
es
2.790(p>0.05)
- alue
P( - alue)
s a is ics in pa en heses
*p< 0.05, **p< 0.01, ***p< 0.001
Thus, i m size play signi ican ole in he e ec o audi o ’s cha ac e is ics on
imeliness o lis ed amily-owned in Nige ia. When he con ol a iable was
in oduced, he explana o y powe inc eased om 10.1% o 21.1% as p esen ed in
Table 7. This implied ha i m size demons a es signi ican con olling powe in
he e ec o audi o ’s cha ac e is ics on imeliness o amily-owned lis ed i ms in
Nige ia. As such, u u e s udies should ake cognisance o his, while audi i ms
should pay mo e a en ion o he clien ’s size in he build-up o audi exe cise
owa ds a aining imeliness o audi unc ions. I was also no ed ha i m size
educes imeliness o he inancial epo wi h coe icien o -67.33 and - alue o -
2.31. This indica es ha big i ms will likely expe ience issuance o inancial
epo s ea lie han small i ms con a y o expec ed hough ha he mo e he size
o a i m, he longe ime i akes o comple e i s audi asks.
4.3 C oss-sec ional analysis
In o de o showcase he beha iou o he pa ame e s ac oss sec ions, c oss-
sec ional analyses conduc ed we e pe o med and he esul s a e p esen ed in Table
8. A succinc deduc ion om he esul s is ha audi o cha ac e is ics p esen he
highes explana o y powe (adj. R2 = 42%) o e imeliness among amily-owned
lis ed i ms in Nige ia in 2015 when con ol a iable was no included in he
model, and he model was ound s a is ically signi ican . Howe e , when he
con ol a iable was included, he highes explana o y powe occu ed in he same
yea 2015 among he i ms, bu declined sligh ly o 41%. Gene ally, abou hal o
he c oss-sec ional analyses did no p esen s a is ical signi ican model esul s.
This sugges s ha ac oss sec ions, he e was p esence o endogenei y p oblem.
Ne e heless, he combined pa ame e s did no p esen p og essi e o e og essi e
explana o y powe o e imeliness om 2012 o 2021, a he , i c issc ossed
h oughou he pe iod, wi h o wi hou con ol a iable. Bu , no known ela ed
ex an inding was ound o compa e ou inding wi h in his ega d.
Audi o s’ cha ac e is ics and imeliness o lis ed amily-owned i ms in Nige ia
Vol. 23, No. 1 231
Table 8. C oss-sec ional analysis o he a iables
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Model wi hou con ol a iable
C
40.30
(0.513)
107.1
(1.051)
141.4
(0.840)
69.52
(0.618)
218.8*
(1.912)
203.3***
(2.813)
174.4***
(3.057)
119.1
(1.760)
252.2**
(2.30)
104.0**
(2.431)
ARTP
9.962
(0.308)
-1.837
(-0.06)
-48.43
(-0.931)
-37.35
(-1.071)
-12.08
(-0.47)
75.01***
(2.850)
27.08
(1.206)
0.449
(0.019)
9.51
(0.265)
26.6
(1.610)
AUDO
86.27**
(2.196)
-4.253
(-0.12)
263.6
(3.030)
397.7
(5.870)
94.20
(1.190)
78.55**
(2.578)
19.84
(0.761)
59.25**
(2.402)
3.19
(0.017)
-2.27
(-0.124)
AUDT
63.37***
(3.248)
7.318
(0.345)
5.284
(0.080)
-12.08
(-0.353)
17.50
(0.756)
2.963
(0.121)
-7.839
(-0.44)
-10.06
(0.499)
26.41
(0.865)
3.55
(0.297)
JOTA
-53.32**
(-2.586)
-44.35
(-1.28)
-10.57
(-0.072)
-28.04
(-0.285)
2.887
(0.064)
-0.913
(-0.017)
-15.21
(0.372)
-43.76
(1.103)
-28.29
(0.333)
1.61
(0.052)
AFEE
10.83
(0.467)
2.978
(0.107)
-1.807
(-0.045)
12.46
(0.463)
-31.79
(-1.13)
-32.45
(-1.650)
-19.60
(-1.24)
-0.994
(0.055)
-39.34
(1.452)
-7.89
(-0.735)
R2
0.270
0.011
0.230
0.492
0.191
0.245
0.086
0.207
0.129
0.121
Adj R2
0.162
-0.130
0.126
0.423
0.079
0.143
-0.038
0.096
0.005
-0.061
F-S a
2.513**
0.077
2.210*
7.161***
3.00**
2.398*
0.696
1.876
1.044
0.666
p- al
0.049
0.995
0.074
0.000
0.022
0.056
0.630
0.123
0.408
0.653
Model wi h con ol a iable
C
76.08
(1.011)
91.35
(0.781)
-20.88
(-0.109)
45.47
(0.358)
134.4
(1.281)
247.4**
(2.536)
164.8**
(2.381)
106.4
(1.391)
211.8
(1.523)
123.5**
(2.278)
ATYP
0.076
(0.002)
0.458
(0.014)
-27.72
(-0.530)
-31.35
(-0.825)
-1.067
(-0.04)
67.15**
(2.212)
29.12
(1.205)
2.758
(0.113)
10.6
(0.292)
24.22
(1.408)
AUDO
80.83*
(1.906)
-0.547
(-0.02)
312.9***
(3.479)
400.4***
(5.818)
105.4
(1.345)
71.13**
(2.064)
21.04
(0.784)
59.24
(2.372)
2.85
(0.064)
-0.715
(0.040)
AUDT
64.81***
(3.140)
4.599
(0.189)
-19.64
(-0.296)
-15.87
(-0.444)
20.30
(0.866)
3.204
(0.121)
-7.997
(-0.440)
-9.232
(-0.45)
32.6
(0.976)
0.647
(0.049)
JOTA
-51.19**
(-2.545)
-46.99
(-1.27)
-30.53
(-0.213)
-30.50
(-0.306)
-11.97
(-0.26)
2.603
(0.046)
-15.39
(-0.372)
-43.96
(-1.09)
-34.3
(-0.396)
3.003
(0.096)
AFEE
47.49
(0.675)
-10.40
(-0.21)
-146.4
(-1.538)
-15.46
(-0.217)
-94.98
(-1.31)
6.409
(0.116)
-28.82
(-0.716)
-13.80
(0.356)
-66.4
(-1.062)
3.865
(0.172)
FSIZE
-25.35
(-0.642)
10.02
(0.330)
107.2
(1.673)
19.51
(0.424)
47.23
(1.125)
-27.96
(-0.759)
6.517
(0.250)
8.935
(0.375)
20.5
(0.481)
-9.021
(-0.599)
R2
0.280
0.013
0.286
0.494
0.219
0.257
0.088
0.210
0.135
0.135
Adj R2
0.149
-0.161
0.167
0.410
0.084
0.133
-0.065
0.074
-0.017
-0.09
F-S a
2.140*
0.073
2.398**
5.865***
1.631
2.071*
0.576
1.549
0.890
0.599
p- al
0.075
0.998
0.047
0.000
0.168
0.081
0.747
0.191
0.513
0.727
NOTE: ***,**,* imply signi ican a 0.01, 0.05 & 0.1 le el espec i ely; -s a in pa en hesis.
5. Conclusion
This s udy has achie ed i s objec i e o assessing he e ec o audi o ’s ype, audi
ee, audi enu e, audi opinion and join audi on imeliness o lis ed amily-owned
i ms in Nige ia. Concisely, he indings e eals ha audi o ype, audi enu e and
audi opinion impound posi i e e ec on imeliness o amily-owned lis ed i ms in
Nige ia, bu his posi i e e ec is s a is ically insigni ican o audi o ype,
especially when size o he i ms was no pu in o conside a ion. This implies ha
audi o ype, audi enu e and audi opinion ha e he po en ial o elonga e
imeliness o he examined lis ed i ms. Howe e , bo h join audi exe cise and
audi ees demons a e an i he ic e ec on imeliness among he lis ed i ms. This
also implies ha join audi and amoun paid as audi ees accele a e imely elease
o hese lis ed i ms’ inancial epo s. Fu he mo e, when size o he clien s’ i ms
Accoun ing and Managemen In o ma ion Sys ems
232 Vol. 23, No. 1
was included in he model, only audi enu e impounds in e se e ec on imeliness,
bu s a is ically insigni ican , while audi o ype became signi ican . This has
implica ions o he audi i ms. In addi ion, size o he amily-owned lis ed i ms
in Nige ia depic s nega i e e ec on imeliness and also plays a signi ican ole in
he e ec o audi o ’s cha ac e is ics on imeliness o inancial epo s.
The s udy he e o e concludes ha audi o ype, audi enu e, and audi opinion
ex end o p olong issuance o amily-owned lis ed i ms’ inancial epo s in
Nige ia, bu only signi ican o audi enu e, while audi ee educes imeliness,
bu s a is ically insigni ican . The conclusion o his s udy, based on he con ex , is
no in isola ion o ex an s udies as i is consis en wi h ha o Ha indahyani and
Ha indahyani (2018), Ocak and Zden (2018), and Singe and Zhang (2018)
conduc ed om ano he economies, bu wi h ocus on o he sec o s. Howe e , ou
conclusion is a a iance wi h he one by Ishak e al., (2017) who ob ained nega i e
nexus be ween audi o ype and imeliness o inancial s a emen , and ha o
Abdillah e al. (2019) and Yahaya and Awen (2021) wi h a conclusion ha audi
enu e and audi o indus y do no ha e signi ican impac on audi epo lag. I is
also no ed ha i m size plays signi ican ole in he e ec o audi o ’s
cha ac e is ics on imeliness o inancial epo .
The s udy ecommends ha lis ed amily-owned i ms in Nige ia and simila
eme ging ma ke s should engage ex e nal audi o s o longe audi enu e, so as o
enhance he imeliness o hei inancial s a emen s. In addi ion, audi ees paid by
he amily-owned lis ed i ms o audi hei i ms should be such ha suppo
accele a ed audi exe cise in o de o he inancial epo s o be issued wi hou
delay. Ou come o he s udy also sugges s ha u he empi ical in es iga ion ha
ocus on amily-owned lis ed i ms in bo h de eloped and de eloping economies
be conduc ed. This becomes expedien in o de o expand li e a u e in he esea ch
a ea. The s udy equally ecommends inclusion o mo e con ol a iables in u u e
s udies on his opic. Howe e , he limi a ions o he s udy cen e on i s ocus on
lis ed amily-owned i ms in Nige ia and he a en ion on audi o s’ cha ac e is ics
only, wi hou cap u ing boa d and audi commi ees’ ea u es, among o he s. These
sho comings a e no expec ed o ha e any signi ican d awbacks on he esul s and
indings o he s udy.
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