Purpose

The purpose of this study is to investigate the effects of ownership structure, board attributes and eXtensible Business Reporting Language (XBRL) on annual financial reporting timeliness of non-financial companies listed on Borsa Istanbul (BIST).

Design/methodology/approach

To conduct the analyses, the authors used two samples. The main sample consists of 187 companies, while the subsample includes 54 companies in the BIST 100 index. The data set covers the 2010–2018 period. To investigate the influence of ownership structure, board attributes and XBRL on timeliness, panel regression and univariate analyses were used. To explore the factors associated with the likelihood of late filing, panel logistic regression analyses were employed.

Findings

The findings provide evidence that companies that have a high level of institutional ownership and women board membership file earlier. In line with prior studies, profitable companies file their accounts faster. Highly leveraged companies are late reporters. Further, XBRL has a positive influence on the filing of financial reports for the BIST 100 companies due to technological agility. Finally, companies that have less institutional ownership and that get qualified audit opinions are more subject to late filing.

Research limitations/implications

The authors acknowledge that this study has certain limitations. First, the results may not be generalized to the entire BIST population due to the exclusion of financial companies from the samples. Future research may explore the financial reporting timeliness of these companies. Second, the study did not investigate the relationship between timeliness and the information content in financial statements and the market reactions they arouse. Third, this study is trying to find out early evidence on the mandatory adoption of XBRL filings, which cover only three-year period due to the recent implementation of this regulatory practice. Thus, it needs further elaboration after the accumulation of data in the forthcoming years by the expansion of the sample beyond the 2016–2018 period. As companies would have more time to become familiar with XBRL, a more reliable conclusion may be drawn. Further, the study particularly focuses on the effect of XBRL adoption on the timeliness among filers. XBRL could also influence investors, auditors and other stakeholders. Future research could investigate the influence of XBRL on different stakeholders to produce more insightful implications.

Practical implications

This study offers several implications for managers, regulators and policy makers. First, companies that do not make timely financial reporting may find it more difficult to attract long-term capital by means of institutional investors. Since these investors view timely reporting as an ideal ingredient in corporate governance, it may have a positive impact on company reputation and corporate sustainability. The results also provide insights for regulatory authorities, policy makers and auditors on the causes of the reporting lag, thereby increasing their awareness and helping them in their decision-making process since improvements in timely availability and accessibility of financial information reduce information asymmetry for users and increase market efficiency. Additionally, companies that reduce their filing timeframe will be able to compare their results with other companies. However, the XBRL mandate could be much more burdensome to smaller firms. This may stem from the fact that larger firms may tend to use the in-house approach for XBRL and can afford more advanced financial reporting systems with automated coding algorithms attached to streamline their XBRL filings, whereas smaller firms are more likely to use the outsourcing approach due to the difference in the level of resources available for XBRL preparation. This finding also lends support to recent concerns that new technology creates an unleveled benefit in reporting efficiency for large companies, but not for small ones (e.g. Blankespoor et al., 2014). This benefit may change the dynamics of the financial market and information environment, leading to further segmentation of the capital markets. The positive effects of XBRL adoption may accrue over time due to the potential benefits of learning curve experience since the XBRL mandate will help companies automate their reporting process and information processing, thereby strengthening internal control over financial reporting (Deloitte, 2013; Du et al., 2013; Li, 2017). Companies may also efficiently incorporate auditor-proposed adjustments by cross-referencing impacted accounts and prepare revised versions of the financial reports, which are automatically rendered in various formats for auditors to assess (Wu and Vasarhelyi, 2004). Finally, investors and other users of financial information benefit from having quicker access to data, since this allows them to make more timely and reliable decisions, leading to greater benefits.

Originality/value

This paper contributes to the literature on the impact of adopting XBRL on the timeliness of financial reporting in emerging markets. Second, this study extends the literature and provides evidence on determinants of timeliness, covering both ownership structure and board attributes besides firm-specific characteristics. Hence, it provides valuable insights for companies, investors, auditing firms and policy makers.

中文翻译：

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所有权结构、董事会属性和 XBRL 授权对财务报告及时性的影响：来自土耳其的证据

目的

本研究的目的是调查所有权结构、董事会属性和可扩展商业报告语言 (XBRL) 对在伊斯坦布尔证券交易所 (BIST) 上市的非金融公司年度财务报告及时性的影响。

设计/方法/方法

为了进行分析，作者使用了两个样本。主样本包括 187 家公司，而子样本包括 BIST 100 指数中的 54 家公司。该数据集涵盖 2010-2018 年期间。为了研究所有权结构、董事会属性和 XBRL 对及时性的影响，使用了面板回归和单变量分析。为了探讨与延迟提交的可能性相关的因素，采用了面板逻辑回归分析。

发现

调查结果提供证据表明，拥有高水平机构所有权和女性董事会成员的公司更早提交申请。与之前的研究一致，盈利的公司会更快地提交账目。高杠杆公司是迟到的报告者。此外，由于技术敏捷性，XBRL 对 BIST 100 公司的财务报告备案具有积极影响。最后，机构所有权较少且获得合格审计意见的公司更容易延迟提交。

研究限制/影响

作者承认这项研究有一定的局限性。首先，由于从样本中排除了金融公司，结果可能无法推广到整个 BIST 群体。未来的研究可能会探索这些公司的财务报告及时性。其次，该研究没有调查及时性与财务报表信息内容及其引起的市场反应之间的关系。第三，本研究试图找出强制采用 XBRL 文件的早期证据，由于最近实施了这一监管实践，因此该文件仅涵盖三年。因此，在未来几年通过样本扩展到 2016-2018 年之后积累数据后，需要进一步阐述。由于公司将有更多时间熟悉 XBRL，可以得出更可靠的结论。此外，该研究特别关注 XBRL 的采用对申报人及时性的影响。XBRL 还可以影响投资者、审计师和其他利益相关者。未来的研究可以调查 XBRL 对不同利益相关者的影响，以产生更深刻的影响。

实际影响

本研究为管理者、监管者和政策制定者提供了若干启示。首先，不及时进行财务报告的公司可能会发现通过机构投资者吸引长期资金的难度更大。由于这些投资者将及时报告视为公司治理的理想组成部分，因此它可能对公司声誉和公司可持续性产生积极影响。结果还为监管机构、政策制定者和审计师提供了有关报告滞后原因的见解，从而提高了他们的认识并帮助他们进行决策，因为财务信息的及时可用性和可访问性的改善减少了用户和提高市场效率。此外，缩短申请时间的公司将能够将其结果与其他公司进行比较。然而，XBRL 的要求对小公司来说可能会带来更大的负担。这可能源于这样一个事实，即较大的公司可能倾向于对 XBRL 使用内部方法，并且能够负担得起更先进的财务报告系统，并附有自动编码算法以简化其 XBRL 申报，而较小的公司则更有可能使用外包方法由于可用于 XBRL 准备的资源水平不同。这一发现也为最近的担忧提供了支持，即新技术为大公司在报告效率方面创造了前所未有的好处，但对小公司则不然（例如 Blankespoor 这可能源于这样一个事实，即较大的公司可能倾向于对 XBRL 使用内部方法，并且能够负担得起更先进的财务报告系统，并附有自动编码算法以简化其 XBRL 申报，而较小的公司则更有可能使用外包方法由于可用于 XBRL 准备的资源水平不同。这一发现也为最近的担忧提供了支持，即新技术为大公司在报告效率方面创造了前所未有的好处，但对小公司则不然（例如 Blankespoor 这可能源于这样一个事实，即较大的公司可能倾向于对 XBRL 使用内部方法，并且能够负担得起更先进的财务报告系统，并附有自动编码算法以简化其 XBRL 申报，而较小的公司则更有可能使用外包方法由于可用于 XBRL 准备的资源水平不同。这一发现也为最近的担忧提供了支持，即新技术为大公司在报告效率方面创造了前所未有的好处，但对小公司则不然（例如 Blankespoor 而较小的公司更可能使用外包方法，因为可用于 XBRL 准备的资源水平不同。这一发现也为最近的担忧提供了支持，即新技术为大公司在报告效率方面创造了前所未有的好处，但对小公司则不然（例如 Blankespoor 而较小的公司更可能使用外包方法，因为可用于 XBRL 准备的资源水平不同。这一发现也为最近的担忧提供了支持，即新技术为大公司在报告效率方面创造了前所未有的好处，但对小公司则不然（例如 Blankespoor等，2014）。这种好处可能会改变金融市场和信息环境的动态，导致资本市场的进一步细分。由于 XBRL 授权将帮助公司自动化其报告流程和信息处理，从而加强对财务报告的内部控制（德勤，2013 年；Du等人），XBRL 采用的积极影响可能会随着时间的推移而产生，因为学习曲线体验的潜在好处., 2013; 李，2017）。公司还可以通过交叉引用受影响的账户和准备财务报告的修订版本，有效地纳入审计师建议的调整，这些报告会自动以各种格式呈现供审计师评估（Wu 和 Vasarhelyi，2004 年）。最后，投资者和其他财务信息用户可以从更快地访问数据中受益，因为这使他们能够做出更及时、更可靠的决策，从而带来更大的收益。

原创性/价值

本文对有关采用 XBRL 对新兴市场财务报告及时性影响的文献做出了贡献。其次，本研究扩展了文献并提供了关于及时性决定因素的证据，除了公司特定的特征外，还涵盖所有权结构和董事会属性。因此，它为公司、投资者、审计公司和政策制定者提供了宝贵的见解。