EFFECT OF BOARD CHARACTERISTICSON TIMELINESS OF FINANCIAL REPORTING OF LISTED INSURANCE FIRMS IN NIGERIA

Olabayo Uthman Bakare, Ajadi Taofiq, Jumai Asipita Jimoh

Abstract


The study examined the effect of board characteristics on timeliness of financial reporting of listed insurance firms in Nigeria for the period 2011-2016 The study used correlational research design. The source of data which were collected from the published annual financial reports of studies listed insurance firms in Nigeria. The population of the study comprised of the 28 listed insurance firms. The sample size was fifteen (15) listed insurance firms in Nigeria. The data collected were analyzed with the aid of GLS multiple regression technique. Using 90 firm-year paneled observations, the result of the random effect showed that board size has a positive and significant effect on the timeliness of financial reporting of listed insurance firms in Nigeria. Also, board meeting has a significant effect on timeliness of financial reporting. Based on the findings, the study recommended that the shareholders of listed insurance firms should ensure that the board has a reasonable large amount of members as it has been revealed that a larger board will reduce the delay of releasing the financial reports. Moreover, the meeting held by the directors should be reduced so that the executive directors can focus well on their managerial responsibilities.


Keywords


financial reporting, board meeting, board independence and board size

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References


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