BOARD ATTRIBUTES, IFRS ADOPTION, AND TIMELINESS OF FINANCIAL REPORTS AMONG NIGERIAN LISTED FIRMS

Abstract

This study examines the relationship between the board attributes and timeliness of financial reports upon International Financial Reporting Standard (IFRS) adoption in Nigeria. The study compares the pre and post-IFRS relationship between board attributes and the timeliness of financial information, proxy by Audit Report Lag (ARL), among Nigerian listed companies. An ex-post facto research design and the estimation technique of Panel Generalized Least square (PGLS) were used to analyze the secondary data sourced from the audited published annual financial reports of 57 sample firms, purposively selected across all sectors of the NSE from 2006 to 2018. The population of the study was comprised of all firms listed firms on the Nigerian Stock Exchange (NSE) as of December 2019, totaling 165. The study found that IFRS is a dummy variable that distinguishes the two periods: the pre- IFRS period of 2006-2011 and the post-IFRS of 2013-2018. The coefficient of IFRS being statistically significant suggests that IFRS adoption seems to be more effective in the relationship between the board attributes and the timeliness of financial reports in the post-IFRS period. Board attributes, particularly board independence and board gender diversity, also increased ARL post-IFRS. The study suggested a holistic review of the board requirements by the regulatory body, SEC, among others.