The influence of corporate governance and ownership concentration on the timeliness of financial reporting in Jordan

The influence of corporate governance and ownership concentration on the timeliness of financial reporting in Jordan

This study investigated the influence of corporate governance mechanisms and company attributes on the timeliness of financial reports among Jordanian listed firms. It also explored the moderating effect of ownership concentration on the relationship between internal corporate governance (board o...

Full description

Saved in:
Bibliographic Details
Main Author: Aldaoud, Khaldoon Ahmad Mohammad
Format: Thesis
Language:eng
eng
Published: 2015
Subjects:
HF5601-5689 Accounting
Online Access:https://etd.uum.edu.my/5375/1/s94072.pdf
https://etd.uum.edu.my/5375/2/s94072_abstract.pdf
Tags: Add Tag
No Tags, Be the first to tag this record!
id my-uum-etd.5375
record_format uketd_dc
institution Universiti Utara Malaysia
collection UUM ETD
language eng
eng
advisor Ku Ismail, Ku Nor Izah
Lode, Nor Asma
topic HF5601-5689 Accounting
spellingShingle HF5601-5689 Accounting
Aldaoud, Khaldoon Ahmad Mohammad
The influence of corporate governance and ownership concentration on the timeliness of financial reporting in Jordan
description This study investigated the influence of corporate governance mechanisms and company attributes on the timeliness of financial reports among Jordanian listed firms. It also explored the moderating effect of ownership concentration on the relationship between internal corporate governance (board of directors and audit committee) and timeliness. Timeliness is measured using audit report lag (ARL), management report lag (MRL) and total report lag (TRL). This study covered 114 listed companies on the Amman Stock Exchange from 2009 to 2012 (N= 448). It was found that the firms, on average, took more than three months to release their financial reports. Hierarchical regression analysis was employed to examine if ownership concentration moderates the relationship between internal corporate governance and timeliness. The findings show that board independence, board diligence, audit committee presence, auditor’s opinion and institutional ownership are significantly related to ARL. Board size, CEO duality, audit committee presence, auditor’s opinion, auditor independence and institutional ownership are related to MRL. For the TRL model, the results also indicate that board independence, size, diligence, financial expertise and audit committee are related to total report lag. In addition, this study shows that company profitability, leverage and type of sector are related to timeliness. The results show that ownership concentration moderates the relationship between internal corporate governance and timeliness for all models (ARL, MRL and TRL). The findings indicate that a higher level of ownership concentration affect timeliness by confining the functions of the audit committees and the board of directors, and results in a delay in the financial reports. This means that a high ownership concentration which represents principal conflicts among the firms‘ managers hinders the firms' decisions to release their financial reports in a timely manner. This study concludes that good structures of corporate governance play a key role in improving the timeliness of financial reports.
format Thesis
qualification_name Ph.D.
qualification_level Doctorate
author Aldaoud, Khaldoon Ahmad Mohammad
author_facet Aldaoud, Khaldoon Ahmad Mohammad
author_sort Aldaoud, Khaldoon Ahmad Mohammad
title The influence of corporate governance and ownership concentration on the timeliness of financial reporting in Jordan
title_short The influence of corporate governance and ownership concentration on the timeliness of financial reporting in Jordan
title_full The influence of corporate governance and ownership concentration on the timeliness of financial reporting in Jordan
title_fullStr The influence of corporate governance and ownership concentration on the timeliness of financial reporting in Jordan
title_full_unstemmed The influence of corporate governance and ownership concentration on the timeliness of financial reporting in Jordan
title_sort influence of corporate governance and ownership concentration on the timeliness of financial reporting in jordan
granting_institution Universiti Utara Malaysia
granting_department Othman Yeop Abdullah Graduate School of Business
publishDate 2015
url https://etd.uum.edu.my/5375/1/s94072.pdf
https://etd.uum.edu.my/5375/2/s94072_abstract.pdf
_version_ 1747827920287563776
spelling my-uum-etd.53752021-03-18T03:42:13Z The influence of corporate governance and ownership concentration on the timeliness of financial reporting in Jordan 2015 Aldaoud, Khaldoon Ahmad Mohammad Ku Ismail, Ku Nor Izah Lode, Nor Asma Othman Yeop Abdullah Graduate School of Business Othman Yeop Abdullah Graduate School of Business HF5601-5689 Accounting This study investigated the influence of corporate governance mechanisms and company attributes on the timeliness of financial reports among Jordanian listed firms. It also explored the moderating effect of ownership concentration on the relationship between internal corporate governance (board of directors and audit committee) and timeliness. Timeliness is measured using audit report lag (ARL), management report lag (MRL) and total report lag (TRL). This study covered 114 listed companies on the Amman Stock Exchange from 2009 to 2012 (N= 448). It was found that the firms, on average, took more than three months to release their financial reports. Hierarchical regression analysis was employed to examine if ownership concentration moderates the relationship between internal corporate governance and timeliness. The findings show that board independence, board diligence, audit committee presence, auditor’s opinion and institutional ownership are significantly related to ARL. Board size, CEO duality, audit committee presence, auditor’s opinion, auditor independence and institutional ownership are related to MRL. For the TRL model, the results also indicate that board independence, size, diligence, financial expertise and audit committee are related to total report lag. In addition, this study shows that company profitability, leverage and type of sector are related to timeliness. The results show that ownership concentration moderates the relationship between internal corporate governance and timeliness for all models (ARL, MRL and TRL). The findings indicate that a higher level of ownership concentration affect timeliness by confining the functions of the audit committees and the board of directors, and results in a delay in the financial reports. This means that a high ownership concentration which represents principal conflicts among the firms‘ managers hinders the firms' decisions to release their financial reports in a timely manner. This study concludes that good structures of corporate governance play a key role in improving the timeliness of financial reports. 2015 Thesis https://etd.uum.edu.my/5375/ https://etd.uum.edu.my/5375/1/s94072.pdf text eng public https://etd.uum.edu.my/5375/2/s94072_abstract.pdf text eng public Ph.D. doctoral Universiti Utara Malaysia Abbott, L. J., & Parker, S. (2000). Auditor selection and audit committee characteristics. Auditing: A Journal of Practice & Theory, 19(2), 47-66. Abbott, L. J., Parker, S., & Peters, G. F. (2004). Audit committee characteristics and restatements. Auditing: A Journal of Practice & Theory, 23(1), 69-87. Abbott, L. J., Parker, S., Peters, G. F., & Raghunandan, K. (2003). An Empirical Investigation of Audit Fees, Non-audit Fees, and Audit Committees Contemporary Accounting Research, 20 (2), 215-234. Abbott, L., Parker, S., & Peters, G. (2002). Audit committee characteristics and financial misstatement: A study of the efficacy of certain blue ribbon committee recommendations. Available at SSRN 319125. Abdelsalam, O. H., & Street, D. L. (2007). Corporate governance and the timeliness of corporate internet reporting by UK listed companies. Journal of International Accounting, Auditing and Taxation, 16(2), 111-130. Abdelsalam, O., & El-Masry, A. (2008). The impact of board independence and ownership structure on the timeliness of corporate internet reporting of Irish-listed companies. Managerial Finance, 34(12), 907-918. Abdulla, J. Y. A. (1996). The timeliness of Bahraini annual reports. Advances in International Accounting, 9, 73-88. Abdullah, S. N. (2006). Board composition, audit committee and timeliness of corporate financial reporting in Malaysia. Corporate ownership & control, 4(2), 33-45. Abdullah, W. W., Ismail, S., & Jamaluddin, N. (2008). The impact of board composition, ownership and CEO duality on audit quality: The Malaysian evidence. Malaysian Accounting Review, 7(2), 17-28. Abdullatif, M., & Al‐Khadash, H. A. (2010). Putting audit approaches in context: the case of business risk audits in Jordan. International Journal of Auditing, 14(1), 1-24. Abed, S., Al-Attar, A., & Suwaidan, M. (2012). Corporate governance and earnings management: Jordanian evidence. International Business Research, 5(1), 216-225. Abor, J., & Biekpe, N. (2007). Corporate governance, ownership structure and performance of SMEs in Ghana: implications for financial opportunities. Corporate Governance, 7(3), 288-300. Abu Haija, A. A. H. (2012). The application of fair value accounting and corporate governance and their relationship to financial statement manipulation. (Doctor of Philosophy, Universiti Utara Malaysia) Retrieved from http://www.uum.edu.my. Abu- Nassar, M., & Lotfe, M. (1998) Factors influencing the delay in issuing the annual financial reports of Jordanian companies. Journal of Dirasat, Jordan of university, 25(2), 376-385. Abu-Hija, M. A,. & A. Al-Hayek (2012). Characteristics of audit committees and their impact on the audit report lag: an empirical study on the Jordanian public companies. Journal of the Islamic University of Economics Studies and Management, 20(2), 439-463. Abu-Serdaneh, J., Zuriekat, M. I., & Al-Sheikh, I. A. S. (2010). Ownership structure and corporate performance in the Jordanian manufacturing companies. Jordan Journal of Business Administration, 6(3), 426-440. Abu-Tapanjeh, A. M. (2009). Corporate governance from the Islamic perspective: A comparative analysis with OECD principles. Critical Perspectives on Accounting, 20(5), 556-567. Afify, H. A. E. (2009). Determinants of audit report lag: Does implementing corporate governance have any impact? Empirical evidence from Egypt. Journal of Applied Accounting Research, 10(1), 56-86. Agrawal, A., & Chadha, S. (2005). Corporate governance and accounting scandals. Journal of Law and Economics, 48(2), 371-406. Aguinis, H., and Gottfredson, R. (2010). Best-practice recommendations for estimating interaction effects using moderated multiple regression. Journal of Organizational Behavior, 31, 776–786. Ahmad, H., Alim, A. N., & Subekti, I. (2005). Pengujian empiris audit report lag menggunakan client cycle time dan firm cycle time. Paper presented at the Symposium Nasional Akuntansi, Indonesia. Ahmad, R. A. R., & Kamarudin, K. A. (2003). Audit delay and the timeliness of corporate reporting: Malaysian evidence. In Communication Hawaii International Conference on Business. June, University of Hawaii-West Oahu. Ahmed, A. S., & Duellman, S. (2007). Accounting conservatism and board of directors characteristics: An empirical analysis. Journal of Accounting and Economics, 46(2/3), 411-437. Ahmed, K. (2003). The timeliness of corporate reporting: A comparative study of South Asia. Advances in International Accounting, 16, 17-43. Aiken, L. S., and West, S. G. (1991). Multiple regression: Testing and interpreting interactions. Newbury Park, CA: Sage. Ajeela E., & Hamdan A. (2011). The relationship between corporate governance and earnings management: Evidence from Jordan. Arab Journal of Administrative Sciences, 17(2), 1-28 Ajinkya, B., Bhorjraj, S., & Sengupta, P. (2005). The association between outside directors, institutional investors, and the properties of management earnings forecasts. Journal of Accounting Research, 43(3), 343–376. Akhtaruddin, M. (2005). Corporate mandatory disclosure practices in Bangladesh. The International Journal of Accounting, 40(4), 399-422. Akle, Y. H. (2011). The relationship between financial reporting timeliness and attributes of companies listed on Egyptian stock exchange" An Empirical Study". Internal Auditing and Risk Management, 23(3), 83-103. Aktas, R. and M. Kargýn (2011) Timeliness of reporting and the quality of financial information. International Research Journal of Finance and Economics ISSN 1450-2887(63), 71-77. Al-Ajmi, J. (2008). Audit and reporting delays: Evidence from an emerging market. Advances in Accounting, 24(2), 217-226. Al-Akra, M., Eddie, I. A., & Ali, M. J. (2010). The influence of the introduction of accounting disclosure regulation on mandatory disclosure compliance: evidence from Jordan. The British Accounting Review, 42(3), 170-186. Al-Fayoumi, N., Abuzayed, B., & Alexander, D. (2010). Ownership structure and earnings management in emerging markets: The case of Jordan. International Research Journal of Finance and Economics. 38, 28-47. Al-Ghanem, W., & Hegazy, M. (2011). An empirical analysis of audit delays and timeliness of corporate financial reporting in Kuwait. Eurasian Business Review, 1(1), 73-90. Al-Haddad W, Alzurqan, S., & Al-Sufy, F. (2011). The effect of corporate governance on the performance of Jordanian industrial companies: An empirical study on Amman Stock Exchange. International Journal of Humanities and Social Science, 1(4), 55-693 Al-khabash, A. A., & Al-Thuneibat, A. A. (2008). Earnings management practices from the perspective of external and internal auditors: evidence from Jordan. Managerial Auditing Journal, 24(1), 58-80. Alkhatib, K., & Marji, Q. (2012). Audit reports timeliness: Empirical evidence from Jordan. Procedia-Social and Behavioral Sciences, 62, 1342-1349. Alkhawaldeh, A. A. (2012). Effects of family and foreign ownership structure on Jordanian credit risk assessments. International Research Journal of Finance and Economics, (90), 92-113. Al-Khouri, R. S. & M. M. Balqasem (2006). The effect of timing of financial statements disclosure on stock prices and trading volume (an empirical study on amman stock exchange). Jordan Journal of Business Administration, 2(2), 163-186. Al-Lehaidan, I. (2006). Audit Committee Effectiveness: Australia and Saudi Arabia. (Doctoral dissertation, Faculty of Business and Law, Victoria University) Retrieved from http://vuir.vu.edu.au/1438/1/Al_Lehaidan.pdf. Allen, J. (2000). Code convergence in Asia: Smoke or fire? Corporate Governance Almazan, A., Hartzell, J. C., & Starks, L. T. (2005). Active institutional shareholders and costs of monitoring: Evidence from executive compensation. Financial Management, 34(4), 5-34. Almosa, S. A., & Alabbas, M. (2007). Audit delay: evidence from listed joint stock companies in Saudi Arabia. Retrieved from www1.kku.u.edu.sa/.../.د Al-Najjar, B, & Taylor, P. (2008). The relationship between capital structure and ownership structure. ,Managerial Finance, 34(12), 919 - 933 Al-Najjar, B. (2010). Corporate governance and institutional ownership: evidence from Jordan. Corporate Governance, 10(2), 176-190. Alsaeed, K. (2006). The association between firm-specific characteristics and disclosure: the case of Saudi Arabia. Managerial Auditing Journal, 21(5), 476-496. Al-Sa'eed, M. T. A. (2011). Evaluation of the audit committee features and the manner they influence the financial reporting: Evidence from Amman Stock Exchange. ECMLG 2011. Alshami, A., & Noor, A. (2009). The effect of qualitative characteristics of accounting information on the quality of financial reporting of commercial banks in Yemen. Business Administration Journal, 28(1), 52-683. Al-Shareif, E. (2008). The relationship between corporate governance and earnings quality. Journal of Business Administration, 13(2), 38-523. Al-Sraheen, D. A. O. N. (2014). The relationship between corporate governance mechanisms and company attributes and accounting conservatism of Jordanian listed companies (Doctoral dissertation, College of business, Universiti Utara Malaysia). Retrieved from: http://etd.uum.edu.my/4309/ Al-Tahat, S. S. Y. (2010). The Timeliness and Extent of Disclosure of Corporate Interim Financial Reporting in Jordan (Doctoral dissertation), College of Business, Universiti Utara Malaysia. Alves, S. (2012). Ownership structure and earnings management: evidence from Portugal. Australasian Accounting Business and Finance Journal, 6(1), 57-74. Alzoubi, E. S. S. (2012). Board characteristics and financial reporting quality among Jordanian listed companies: proposing conceptual framework .Asian Journal of Finance & Accounting, 4 (1),.258-245 Alzoubi, E. S. S. and M. H. Selamat (2012). The effectiveness of corporate governance mechanisms on constraining earning management: literature review and proposed framework. International Journal of Global Business 5(1),17-35. Amir, E., Guan, Y., & Livne, G. (2009, October). The association between auditor independence and conservatism. In the 2009 Annual Meeting of the American Accounting Association (AAA) (Vol. 1, p. 5). American Accounting Association Anandarajah, K (2004) Corporate Governance in Asia in a Post-Enron World' in The Practitioner’s Guide to Corporate Governance in Asia, ISI Publications Limited, Hong Kong. Anderson, R. C., Mansi, S. A., & Reeb, D. M. (2004). Board characteristics, accounting report integrity, and the cost of debt. Journal of accounting and economics, 37(3), 315-342. ASE. (2007). Amman Stock Exchange. Retrieved from: http://www.ase.com.jo/pages.php?menu_id= 119&local_type=0&local_id=0&locadetails=0 ASE. (2009). Amman Stock Exchange. Retrieved from: http://www.ase.com.jo/pages.php?menu_id= 119&local_type=0&local_id=0&local_details=0. Ashbaugh, H., & Warfield, T. (2003). Governance mechanism: evidence from the German market. Journal of International Accounting Research, 2, 1−21. Ashton, R. H., Graul, P. R., & Newton, J. D. (1989). Audit delay and the timeliness of corporate reporting, Contemporary Accounting Research, 5(2), 657-673. Ashton, R. H., Willingham, J. J., & Elliott, R. K. (1987). An empirical analysis of audit delay. Journal of Accounting Research, 25(2), 275-292. Assessment, C. G. C., & Annexes, V. (2004). Report on the Observance of Standards and Codes (ROSC) Corporate Governance Country Assessment Jordan Atiase, R. K., Bamber, L. S., & Tse, S. (1989). Timeliness of financial reporting, the firm size effect, and stock price reactions to annual earnings announcements. Contemporary Accounting Research, 5(2), 526-552. Aubert, F. (2009). Determinants of corporate financial reporting lag: the French empirical evidence. Journal of Accounting and Taxation, 1(3), 053-060. Auh, S., & Menguc, B. (2005). Top management team diversity and innovativeness: The moderating role of inter-functional coordination. Industrial Marketing Management, 34(3), 249-261. Azman, H. & A. Kamaluddin (2012). Corporate Governance Mechanisms And Intellectual Capital Disclosure In Malaysian Glcs. 3rd International Conference On Business And Economic Research. Proceeding, Sbn: 978-967-5705-05-2. Website: Www.Internationalconference.Com.My. Azubike, J. U. B. & Aggreh, M. (2014). Corporate Governance And Audit Delay In Nigerian Quoted Companies. European Journal of Accounting Auditing and Finance Research, 2(10), 22-33. Baek, H. Y., Johnson, D. R., & Kim, J. W. (2009). Managerial ownership, corporate governance, and voluntary disclosure. The Journal of Business and Economic Studies, 15(2), 44-106. Bagaeva, A., Kallunki, J. P., & Silvola, H. (2008). Can investors rely on the quality of earnings figures published by listed and non-listed Russian firms? International Journal of Accounting, Auditing and Performance Evaluation, 5(1), 30-49. Bagulaidah, G. S. S. (2012). The Determinants of Audit Report Lag: The Mediating Effect of Auditor's Reliance in Jordan (Doctoral dissertation, Universiti Utara Malaysia) Retrieved from http://www.uum.edu.my. Bamber, E. M., Bamber, L. S., & Schoderbek, M. P. (1993). Audit structure and other determinants of audit report lag: An empirical analysis. Auditing, 12(1), 1. Barako, D. G., Hancock, P., & Izan, H. (2006). Factors influencing voluntary corporate disclosure by Kenyan companies. Corporate Governance: An International Review, 14(2), 107-125. Barako, D. G., Hancock, P., & Izan, H. Y. (2006). Relationship between corporate governance attributes and voluntary disclosures in annual reports: the Kenyan experience. Financial Reporting, Regulation and Governance, 5(1), 1-26. Baron, R. M., & Kenny, D. A. (1986). The moderator-mediator variable distinction in social psychological research: Conceptual, strategic and statistical considerations. Journal of Personality and Social Psychology, 51(6), 1173-1182. Barton, D., Coombes, P., & Wong, S. Y. (2004). Asia's governance challenge. McKinsey Quarterly, (2), 54-61. Bawaneh, S. S. (2011). The effects of corporate governance requirements on Jordan banking sector. International Journal of Business and Social Science, 2(9), 130-140. Baxter, P., & Cotter, J. (2009). Audit committees and earnings quality. Accounting & Finance, 49(2), 267-290. Bean, D. F., & Bernardi, R. A. (2003). Improvements in Audit Report Lag And Reporting Timeliness: A Non-Event For Technology Advances. Journal of Business & Economics Research (JBER), 1(2), 1-12. Beasley, M. S., & Petroni, K. R. (2001). Board independence and audit-firm type. Auditing: A Journal of Practice & Theory, 20(1), 97-114. Bedard, J., & Gendron, Y. (2010). Strengthening the financial reporting system: Can audit committees deliver? International Journal of Auditing, 14(2), 174-210. Bedard, J., Chtourou, S. M., & Courteau, L. (2004). The effect of audit committee expertise, independence, and activity on aggressive earnings management. Auditing: A Journal of Practice & Theory, 23(2), 13-35. Beekes, W., Pope, P., & Young, S. (2004). The link between earnings timeliness, earnings conservatism and board composition: evidence from the UK. Corporate Governance: An International Review, 12(1), 47-59. Berg, A., & Nenova, T. (2004), ‘Report on the Observance of Standards and Codes (ROSC): Corporate Governance Country Assessment –Jordan’, World Bank- Berndt, T., & Leibfried, P. (2007). Corporate governance and financial reporting. Corporate Ownership & Control, 4(4), 397-400. Billings, M. B. (2008). Disclosure timeliness, insider trading opportunities and litigation consequences. http://ssrn.com/abstract=1011759. Black, B.S. (1992). The value of institutional investor monitoring: the empirical evidence. Law Review, 39,895-939. Available at SSRN: http://ssrn.com/abstract=1132063 Bonsón‐Ponte, E., Escobar‐Rodríguez, T., & Borrero‐Domínguez, C. (2008). Empirical analysis of delays in the signing of audit reports in Spain. International Journal of Auditing, 12(2), 129-140. Boo, E. F., & Sharma, D. (2008). Effect of regulatory oversight on the association between internal governance characteristics and audit fees. Accounting & Finance, 48(1), 51-71. Boo, E., & Sharma, D. (2008). The association between corporate governance and audit fees of bank holding companies. Corporate Governance, 8 (1), 28 - 45. Borhanuddin, R. I., & Pok, W. C. (2011). Cash Holdings, Leverage, Ownership Concentration And Board Independence: Evidence From Malaysia. Malaysian Accounting Review,10(10)63-88.. Boritz, E., & Liu, G. (2006). Determinants of the timeliness of quarterly reporting: evidence from Canadian firms. Available at SSRN 875288. Botosan, C., McMahon, S., & Stanford, M. (2011). Representationally faithful disclosures, organizational design and managers' segment reporting Decisions. AAA. Financial Accounting and Reporting Section (FARS) Paper Available at: http://ssrn.com/abstract=1272091 Bradbury, M., Mak, Y. T., & Tan, S. M. (2006). Board characteristics, audit committee characteristics and abnormal accruals. Pacific Accounting Review, 18(2), 47–68. Braswell, M., Daniels, R. B., Landis, M., & Chang, C. C. A. (2012). Characteristics Of Diligent Audit Committees. Journal of Business & Economics Research (JBER), 10(4), 191-206. Brown, P., Dobbie, G. W., & Jackson, A. B. (2011). Measures of the timeliness of earnings. Australian Accounting Review, 21(3), 222-234. Caprio, G., & Levine, R. (2002). Corporate governance in finance: Concepts and international observations. Financial Sector Governance: The Roles of the Public and Private Sectors, 17-50. Caramanis, C., & Lennox, C. (2008). Audit effort and earnings management. Journal of Accounting and Economics, 45(1), 116-138. Carcello, J. V., Hermanson, D. R., Neal, T. L., & Riley, R. A. (2002). Board characteristics and audit fees. Contemporary Accounting Research, 19(3), 365-384. Carey, P., & Simnett, R. (2006). Audit partner tenure and audit quality. The Accounting Review, 81(3), 653-676. Carpenter, M. A., & Westphal, J. D. (2001). The strategic context of external network ties: examining the impact of director appointments on board involvement in strategic decision making. Academy Of Management Journal, 44(4), 639-660. Carslaw, C. A., & Kaplan, S. E. (1991). An examination of audit delay: Further evidence from New Zealand. Accounting and Business Research, 22(85), 21-32. Chambers, A. E., & Penman, S. H. (1984). Timeliness of reporting and the stock price reaction to earnings announcements. Journal of Accounting Research, 22(1), 21-47. Chau, G. K., & Gray, S. J. (2002). Ownership structure and corporate voluntary disclosure in Hong Kong and Singapore. The International Journal of Accounting, 37(2), 247-265. Che Haat M. H., Abdul Rahman, R. & Mahenthiran, S. (2008). Corporate governance, transparency and performance of Malaysian companies. Managerial Auditing Journal, 23(8), 744-778. Che-Ahmad, A., & Abidin, S. (2001). Auditor industry specialisation, brand name auditors and financial reporting lag. Working Paper, Universiti Utara Malaysia. Available at: http://iceb.nccu.edu.tw Chen, C. J., & Jaggi, B. (2001). Association between independent non-executive directors, family control and financial disclosures in Hong Kong. Journal of Accounting and Public Policy, 19(4), 285-310. Chen, V. Z., Li, J., & Shapiro, D. M. (2000). Are OECD-prescribed “good corporate governance practices” really good in an emerging economy?. Asia Pacific Journal of Management, 28(1), 115-138. Cheng, E. C. M., & Courtenay, S. M. (2006). Board composition, regulatory regime and voluntary disclosure. The International Journal of Accounting, 41(3), 262-289. Chiang, H. T., & Chia, F. (2005). An empirical study of corporate governance and corporate performance. Journal of American Academy of Business, 6(1), 95-101. Cho, D.-S., & Kim, J. (2007). Outside directors, ownership structure and firm profitability in Korea. Corporate Governance : An International Review, 15(2), 239-250. Cho, J. Y. (1987). Timeliness of earning report: A signaling approach. Unpublished PhD Dissertation, University of Florida, Florida, USA. Choi, J. H., Jeon, K. A., & Park, J. I. (2004). The role of audit committees in decreasing earnings management: Korean evidence. International Journal of Accounting, Auditing and Performance Evaluation, 1(1), 37-60. Claessens, S., & Fan, J. P. (2003). Corporate governance in Asia: A survey. International Review of Finance, 3(2), 71-103. Clarke, D C (2003). Corporate governance in China: An overview. China Economic Review, 14, 494-507 Coakes, S., & Steed, L. (2003). SPSS analysis without anguish version 11.0 for windows. (1st Edition). Australia: John Wiley & Sons Inc. Coffee, J. C. (1991). Liquidity versus control: The institutional investor as corporate monitor. Columbia Law Review, 91(6), 1277-1368. Cohen, J., Krishnamoorthy, G., & Wright, A. (2004). The corporate governance mosaic and financial reporting quality. Journal of accounting literature, 23 (1) 87-152. Cohen, J., Krishnamoorthy, G., & Wright, A. (2009). Corporate governance in the post Sarbanes-Oxley era: Auditors' experiences. SSRN eLibrary. Retrieved from: http://ssrn.com/abstract=1014029. Coles, J. L., Daniel, N. D., & Naveen, L. (2008). Boards: Does one size fit all?. Journal of Financial Economics, 87(2), 329-356. Conger, J. A., Finegold, D., & Lawler, E. E. (1998). Appraising boardroom performance. Harvard Business Review, 76, 136-164. Cooke, T. E. (1989). Disclosure in the corporate annual reports of Swedish companies. Accounting and Business Research, 19(74), 113-124. Cooke, T. E. (1996). The influence of the keiretsu on Japanese corporate disclosure. Journal of International Financial Management & Accounting, 7(3), 191-214. Craven, B. M., & Marston, C. L. (1999). Financial reporting on the Internet by leading UK companies. European Accounting Review, 8(2), 321-333. Dahya, J., Dimitrov, O., & McConnell, J. J. (2009). Does board independence matter in companies with a controlling shareholder? Journal of Applied Corporate Finance, 21(1), 67-78. Dahya, J., Lonie, A. A., & Power, D. M. (1996). The case for separating the roles of chairman and CEO: An analysis of stock market and accounting data. Corporate Governance: An International Review, 4(2), 71-77. DeAngelo, L. E. (1981). Auditor independence, ‘low balling’, and disclosure regulation. Journal of Accounting and Economics, 3(2), 113-127. DeFond, M. L., Hann, R. N., & Hu, X. (2005). Does the market value financial expertise on audit committees of boards of directors?. Journal of accounting research, 43(2), 153-193. Demsetz, H., & Lehn, K. (1985). The structure of corporate ownership: Causes and consequences. The Journal of Political Economy, 93(6), 1155-1177. DeZoort, F. T., & Salterio, S. E. (2001). The effects of corporate governance experience and financial-reporting and audit knowledge on audit committee members' judgments. Auditing: A Journal of Practice & Theory, 20(2), 31-47. DeZoort, F. T., Hermanson, D. R., Archambeault, D. S., & Reed, S. A. (2002). Audit Committee effectiveness: a synthesis of the empirical Audit Committee Literature. Journal of Accounting Literature, 21, 38-75. Dimitropoulos, P. E., & Asteriou, D. (2010). The effect of board composition on the informativeness and quality of annual earnings: Empirical evidence from Greece. Research in International Business and Finance, 24(2), 773–784. Dogan, M., Coskun, E., & Celik, O. (2007). Is timing of financial reporting related to firm performance? An examination on ISE listed companies. International research journal of finance and economics, ISSN 1450-2887 (12), 221-233. Donelson, D. C., McInnis, J. M., Mergenthaler, R. D., & Yu, Y. (2012). The timeliness of bad earnings news and litigation risk. The Accounting Review, 87(6), 1967-1991. Dyer IV, J. C., & McHugh, A. J. (1975). The timeliness of the Australian annual report. Journal of Accounting Research, 13 (2) 204-219. Ees, H. V., & Postma, T. J. (2004). Dutch boards and governance: A comparative institutional analysis of board roles and member (s) election procedures. International Studies of Management and Organization, 34(2), 90-112. El-Bannany, M. (2008). Factor affecting audit report lag in bank: the Egyptian case. Corporate Ownership & Control, 5(3), 54-61. Erkens, D. H., Hung, M., & Matos, P. (2012). Corporate governance in the 2007–2008 financial crisis: Evidence from financial institutions worldwide. Journal of Corporate Finance, 18(2), 389-411. Errunza, V. R., & Losq, E. (1985). The behavior of stock prices on LDC markets. Journal of Banking & Finance, 9(4), 561-575. Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. Journal of law and economics, 26(2), 301-325. Feldmann, D. A., & Schwarzkopf, D. L. (2003). The effect of institutional ownership on board and audit committee composition. Review of Accounting and Finance, 2(4), 87-109. Felo, A., Krishnamurthy, S., & Solieri, S. (2003). Audit committee characteristics and the perceived quality of financial reporting: An empirical analysis. Working Paper, available at http://papers.ssrn.com/sol3/papers.cfm?abstract_ id----401240, 19/06/2004. Frazier, P. A., Tix, A. P., & Barron, K. E. (2004). Testing moderator and mediator effects in counseling psychology research. Journal of counseling psychology, 51(1), 115-134. Geiger, M. A., & Raghunandan, K. (2002). Auditor tenure and audit reporting failures. Auditing: A Journal of Practice & Theory, 21(1), 67-78. Gill, A., & Mathur, N. (2011). Board size, CEO duality, and the value of Canadian manufacturing firms. Journal of Applied Finance and Banking, 1(3), 1-13. Gillan, S., & Starks, L. (1998). A survey of shareholder activism: Motivation and empirical evidence. Contemporary Finance Digest 2(3), 10-34. Givoly, D., & Palmon, D. (1982). Timeliness of annual earnings announcements: Some empirical evidence. Accounting Review, 57(3). 486−508. Globerman, S., Peng, M., & Shapiro, D. (2011). Corporate governance and Asian companies. Asia Pacific Journal of Management, 28(1), 1-14. Goh, B. W. (2010). Audit Committees, Boards of Directors, and Remediation of Material Weaknesses in Internal Control. Contemporary Accounting Research, 26(2), 549-579. Greco, G. (2011). Determinants of board and audit committee meeting frequency: Evidence from Italian companies. Managerial Auditing Journal, 26(3), 208–229. Gulzar, M., & Wang, Z. (2011). Corporate governance characteristics and earnings management: empirical evidence from Chinese listed firms. International Journal of Accounting and Financial Reporting, 1(1), 133-1513. Guo, L. (2011). The Moderating impact of directors' demographic characteristics on the relationship between corporate governance and firm performance in China's listed companies (Doctoral dissertation, Lincoln University). Habbash, M. (2010). The effectiveness of corporate governance and external audit on constraining earnings management practice in the UK. (Doctoral thesis), School of Economics, Finance and Business. UK, Durham University. Habib, A., & Hossain, M. (2012). CEOs and accounting information: A review of the literature .Paper presented at the International Conference on Excellence in Business Sharjah, United Arab Emirates. Hair, J. F., Black, W. C., Babin, B. J., Anderson, R. E., & Latham, R. (2010). Multivariate data analysis (7th ed). New Jersey: Pearson3. Haislip, J. Z., Peters, G. F., & Richardson, V. J. (2013). The Effect of Auditor IT Expertise on Internal Controls-A Resource-Dependence Theoretical Perspective. Haislip, J. Z., Peters, G. F., & Richardson, V. J. (2013). The Effect of Auditor IT Expertise on Internal Controls-A Resource-Dependence Theoretical Perspectiv Hamdan, A. M. M. (2012). Evaluation of level of accounting conservatism in financial statements and its relationship to corporate governance in companies listed in kuwait stock exchange. Journal of King Saud University, 7(1). Hashim, H. A., & Devi, S. S. (2007). Corporate governance, ownership structure and earnings quality: Malaysian evidence. Research in Accounting and Emerging Economies, 8, 97-123. Hashim, U. J. B., & Rahman, R. B. A. (2010). Board independence, board diligence, board expertise and impact on audit report lag in Malaysian market. Finance and Corporate Governance Conference 2011 Paper. Retrieved from http://ssrn.com/abstract=1717479 Hashim, U., & Rahman, R. (2011). Audit report lag and the effectiveness of audit committee among malaysian listed companies. International Bulletin of Business Administration, ISSN: 1451-243X (10),50-61. Haw, I. M., Qi, D., & Wu, W. (2000). Timeliness of annual report releases and market reaction to earnings announcements in an emerging capital market: The case of China. Journal of International Financial Management & Accounting, 11(2), 108-131. Hermalin, B. E., & Weisbach, M. S. (2003). Boards of directors as an endogenously determined institution: a survey of the economic literature. Economic Policy Review– National Bureau of Economic Research, 7–26. Hillman, A. J., & Dalziel, T. (2003). Boards of directors and firm performance: Integrating agency and resource dependence perspectives. Academy of Management review, 28(3), 383-396. Hu, H., Tam, O., & Tan, M. (2010). Internal governance mechanisms and firm performance in China. Asia Pacific Journal of Management, 27(4), 727-749. Huang, H. W., & Thiruvadi, S. (2010). Audit committee characteristics and corporate fraud. International Journal of Public Information Systems, 6(1), 71-82. Ibadin, I. M., Izedonmi, F., & Ibadin, P. O. (2012). The association between selected corporate governance attributes, company attributes and timeliness of financial reporting in Nigeria. Research Journal of Finance and Accounting, 3(9), 137-144. IFRS. (2008). An improved conceptual framework for financial reporting. Retrieved from: http://www.ifrs.org/nr/rdonlyres/464c50d6-00fd-4be7-a6ff276 Ika, S. R., & Ghazali, N. A. M. (2012). Audit committee effectiveness and timeliness of reporting: Indonesian evidence. Managerial Auditing Journal, 27(4), 403-424. International, 3(1), 23-37.Song, J., & Windram, B. (2004). Benchmarking audit committee effectiveness in financial reporting. International Journal of Auditing, 8(3), 195-205. Ishak, I., Sidek, M., A., & Rashid, A. A. (2010). The effect of company ownership on the timeliness of financial reporting: empirical evidence from Malaysia. UNITAR e- Journal, 6(2), 20-35. Iskandar, M. J., & Trisnawati, E. (2010). Faktor-faktor yang mempengaruhi audit report lag pada perusahaan yang terdaftar di bursa efek indonesia. Jurnal Bisnis dan Akuntansi, 12(3), 175-186. Islam, M. Z., Islam, M. N., Bhattacharjee, S., & Islam, A. Z. (2010). Agency Problem and the Role of Audit Committee: Implications for Corporate Sector in Bangladesh. International Journal of Economics and Finance, 2(3), P177. Ismail, H., Mohd. Iskandar, T., & Mohid Rahmat, M. (2008). Corporate reporting quality, audit committee and quality of audit. Malaysian Accounting Review, 7,(1), 21-42. Ismail, H., Mustapha, M., & Ming, C. O. (2012). Timeliness of audited financial reports of Malaysian listed companies. International Journal of Business and Social Science. 3(22), 242-247. Iyoha, F. O. (2012). Company attributes and the timeliness of financial reporting in Nigeria. Business Intelligence Journal, 5(1). Jaafar, A., & El-Shawa, M. (2009). Ownership concentration, board characteristics and performance: evidence from Jordan. Accounting in Emerging Economies (Research in Accounting in Emerging Economies, Volume 9), Emerald Group Publishing Limited, 9, 73-95. Jaggi, B., & Leung, S. (2007). Impact of family dominance on monitoring of earnings management by audit committees: Evidence from Hong Kong. Journal of International Accounting, Auditing and Taxation, 16(1), 27–50. Jaggi, B., Leung, S., & Gul, F. (2009). Family control, board independence and earnings management: Evidence based on Hong Kong firms. Journal of Accounting and Public Policy, 28(4), 281-300. Jain, P. K., & Rezaee, Z. (2006). The Sarbanes‐Oxley Act of 2002 and Capital‐Market Behavior: Early Evidence*. Contemporary Accounting Research, 23(3), 629-654. Jamil, N. N., & Nelson, S. P. (2011). An Investigation on the Audit Committees Effectiveness: The Case for GLCs in Malaysia. Gadjah Mada International Journal of Business, 13(3), 287-305. Javid, A. Y., & Iqbal, R. (2008). Ownership concentration, corporate governance and firm performance: Evidence from Pakistan. The Pakistan Development Review, 643-659. Jeanjean, T., & Stolowy, H. (2009). Determinants of board members' financial expertise—Empirical evidence from France. The International Journal of Accounting, 44(4), 378-402. Jensen, M. C. (1993). The modern industrial revolution, exit, and the failure of internal control systems. The Journal of Finance, 48(3), 831-880. Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics, 3(4), 306-360. JFED (Jordanian Forum for Economic Development). (2003). The state of corporate governance in Jordan. The Economic Policy Dialogue, (1), 1-6. John, K., & Senbet, L. W. (1998). Corporate governance and board effectiveness. Journal of Banking & Finance, 22(4), 371-403. Johnson, J. L., Daily, C. M., & Ellstrang, A. E. (1996). Boards of directors: A review and research agenda. Journal of Management, 22(3), 409-438. JSC, Jordanian Securities Commission (2007b). Securities' law. Retrieved from: http://www.jsc.gov.jo/RegulationsLaw.asp JSC, Jordanian Securities Commission. (2009). Corporate governance code for shareholding companies listed on Amman Stock Exchange. 1-16. Retrieved from: http://www.sdc.com.jo/arabic/ images/stories/pdf/corporate_governance_ companies.pdf. Kamarudin, K. A., Ismail, W., Adibah, W., & Samsuddin, M. E. (2012). The role of the audit committee in moderating the negative effect of non-audit services on earnings quality. Available at SSRN 2051258. Kang, W. S., Kilgore, A., & Wright, S. (2011). The effectiveness of audit committees for low-and mid-cap firms. Managerial Auditing Journal, 26(7), 623-650. Karamanou, I., & Vafeas, N. (2005). The association between corporate boards, audit committees, and management earnings forecasts: An empirical analysis. Journal of Accounting research, 43(3), 453-486. Karim, A. K. M. W., & Ahmed, J. (2005). Determinants of IAS disclosure compliance in emerging economies, evidence from exchange-listed companies in Bangladesh. Working Paper. Victoria University of Wellington, New Zealand. Available at: http://www.victoria.ac. nz/sacl/centres-and-nstitutes Kaufmann, D., Kraay, A., & Mastruzzi, M. (2009). Governance matters VIII: aggregate and individual governance indicators, 1996-2008. World bank policy research working paper, (4978). Kazmier, L.J. (1996). Business Statistics (third edition). McGraw-Hill. Kelton, A. S., & Yang, Y. W. (2008). The impact of corporate governance on Internet financial reporting. Journal of Accounting and Public Policy, 27(1), 62-87. Khanchel, I. (2007). Corporate governance: Measurement and determinant analysis. Managerial Auditing Journal, 22(8), 740-760. Khasharmeh, H. A., & Aljifri, K. (2010). The timeliness of annual reports in Bahrain and the United Arab Emirates: An empirical comparative study. The International Journal Of Business And Finance Research, 4(1), 51-72. Kim, K. H., Al-Shammari, H. A., Kim, B., & Lee, S. H. (2009). CEO duality leadership and corporate diversification behavior. Journal of Business Research, 62(11), 1173-1180. Kim, P. K., & Rasiah, D. (2010). Relationship between Corporate Governance and Bank Performance in Malaysia during the Pre and Post Asian Financial Crisis. European Journal of Economics, Finance and Administrative Sciences, ISSN 1450-2275.)21( Kirk, DJ & Siegel, A (1996). How directors and auditors can improve corporate governance. Journal of Accountancy, 181(1), 53-57. Klai, N., & Omri, A. (2011). Corporate governance and financial reporting quality: The case of Tunisian firms. International Business Research, 4(1), 158-1663. Klein, A. (2002a). Audit committee, board of director characteristics, and earnings management. Journal of Accounting and Economics, 33(3), 375-400. Klein, A. (2006). Audit committee, board of director characteristics, and earnings management. Available: http://papers.ssrn.com/ paper.taf?abstract_id=246674. Kline,R.B. (1998). Principles and practice of structural equation modeling. New York: Guilford Press. Knechel, W. R., & Payne, J. L. (2001). Additional evidence on audit report lag. Auditing: A Journal of Practice & Theory, 20(1), 137-146. Knechel, W. R., & Sharma, D. S. (2012). Auditor-provided nonaudit services and audit effectiveness and efficiency: evidence from pre-and post-sox audit report lags. Auditing: A Journal of Practice & Theory, 31(4), 85-114. Kouznetsov, P., & Muravyev, A. (2001). Ownership Structure and Firm Performance in Russia: The Case of Blue Chips of the Stock Market (No. 01-10e). EERC Research Network, Russia and CIS. Krishnan, J. (2005). Audit committee quality and internal control: An empirical analysis. The accounting review, 80(2), 649-675. Krishnan, J., & Yang, J. S. (2009). Recent trends in audit report and earnings announcement lags. Accounting Horizons, 23(3), 265-288. Kroll, M., Walters, B. A., & Wright, P. (2008). Board vigilance, director experience, and corporate outcomes. Strategic Management Journal, 29(4), 363-382. Kross, W. (1981). Earnings and announcement time lags. Journal of Business Research, 9(3), 267-281. Kross, W. (1982). Profitability, earnings announcement time lags, and stock prices. Journal of Business Finance & Accounting, 9(3), 313-328. Kross, W., & Schroeder, D. A. (1984). An empirical investigation of the effect of quarterly earnings announcement timing on stock returns. Journal of Accounting Research, 22(1), 153-176. Ku Ismail, K., & Chandler, R. (2004). The timeliness of quarterly financial reports of companies in Malaysia. Asian Review of Accounting, 12(1), 1-18. Ku Ismail, K., & Chandler, R. (2005). Disclosure in the quarterly reports of Malaysian companies. Financial Reporting, Regulation & Governance, 4(1), 1-25. Ku Ismail, K., & Chandler, R. (2007). Quarterly financial reporting: A survey of Malaysian users and preparers. Accounting, Banking and Corporate Financial Management in Emerging Economies Research in Accounting in Emerging Economies, 7, 53-67. Kulzick, R. S. (2004). Sarbanes-Oxley: Effects on financial transparency. SAM Advanced Management Journal, 69(1), 43-49. Kumar, P., & Chawla, M. (2014). The timeliness of online financial reporting of selected Indian, UK and US banks. Abhinav-International Monthly Refereed Journal Of Research In Management & Technology, 3(4), 41-45. La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (2000). Investor protection and corporate governance. Journal of financial economics, 58(1), 3-27. La Porta, R., Lopez-De-Silanes, F., Shleifer, A., & Vishny, R. W. (1998). Law and finance. Journal of Political Economy, 106(6), 1113-1155. Labelle, R. & Schatt, A. (2005) Structure de propriété et communication financière des entreprises françaises, Finance Contrôle Stratégie, 8 (3),.77-104. Lai, K. W., & Cheuk, L. C. (2005). Audit report lag, audit partner rotation and audit firm rotation: evidence from Australia. Audit Partner Rotation and Audit Firm Rotation: Evidence from Australia (August 15, 2005). Available at SSRN: http://ssrn.com/abstract= 783684 Lalević-Filipović, A. (2012). Revised qualitative characteristics of financial statements as precondition for strengthening information power on capital market. Facta universitatis-series: Economics and Organization, 9(1), 81-92. Lang, M. H., & McNichols, M. F. (1997). Institutional trading and corporate earnings and returns. Working paper. Stanford University. Available at SSRN: http://ssrn.com/abstract=61328. Lara, J. M. G., Osma, B. G., & Penalva, F. (2007). Board of directors' characteristics and conditional accounting conservatism: Spanish evidence. European Accounting Review, 16(4), 727-755. Lee, H. Y., & Jahng, G. J. (2008). Determinants of audit report lag: evidence from korea-an examination of auditor-related factors. Journal of Applied Business Research (JABR), 24(2), 27-44. Lee, H. Y., Mande, V., & Son, M. (2008). A comparison of reporting lags of multinational and domestic firms. Journal of International Financial Management & Accounting, 19(1), 28-56. Lee, H. Y., Mande, V., & Son, M. (2009). Do Lengthy Auditor Tenure and the Provision of Non‐Audit Services by the External Auditor Reduce Audit Report Lags?. International Journal of Auditing, 13(2), 87-104. Leftwich, R. W., Watts, R. L., & Zimmerman, J. L. (1981). Voluntary corporate disclosure: The case of interim reporting. Journal of accounting research, 19, 50-77. Letendre, L. (2004). The dynamics of the boardroom. The Academy of Management Executive, 18(1), 101-104. Leventis, S., Weetman, P., & Caramanis, C. (2005). Determinants of audit report lag: Some evidence from the Athens Stock Exchange. International Journal of Auditing, 9(1), 45-58. Leventis, S., & Weetman, P. (2004). Timeliness of financial reporting: applicability of disclosure theories in an emerging capital market. Accounting and Business Research, 34(1), 43-56. Li, J. (1994). Ownership structure and board composition: A multi‐country test of agency theory predictions. Managerial and Decision Economics, 15(4), 359-368. Li, J., Pike, R., & Haniffa, R. (2008). Intellectual capital disclosure and corporate governance structure in UK firms. Accounting and Business Research, 38(2), 137-159. Lianto, N., & Kusuma, B. H. (2010). Faktor-faktor yang berpengaruh terhadap audit report lag. Jurnal Bisnis dan Akuntansi, 12(2), 97-106. Lim, S H (2012) Ownership structure and concentration and the timeliness of corporate earnings: Malaysian evidence. (Master thesis, School of economics and Finance, Queensland University of Technology Brisben, Australia) Retrieved,from: http://eprints.qut.edu.au/52768/ Lipton, M., & Lorsch, J. W. (1992). A modest proposal for improved corporate governance. Business Lawyer, r, 48.)1(. Lopes, P. T., & Rodrigues, L. L. (2007). Accounting for financial instruments: An analysis of the determinants of disclosure in the Portuguese stock exchange. The International Journal of Accounting, 42(1), 25-56. Lurie, A. J., & Pastena, V. S. (1975). How promptly do corporations disclose their problems? Financial Analysts Journal, 55-61. Mahajan, P., & Chander, S. (2008). Determinants of timeliness of corporate disclosure of selected companies in India. Journal of Accounting Research, 7(4), 28-63. Maher, M., & Andersson, T. (2000). Corporate governance: effects on firm performance and economic growth. Organization for economic co-operation and development, oecd 1999 Mallin, C. A. (2004) Corporate Governance. New York: Oxford University Press. Matoussi, H., & Chakroun, R. (2008). Board composition, ownership structure and voluntary disclosure in annual reports: Evidence from Tunisia. Laboratoire Interdisciplinaire de Gestion Universite-Entreprise (LIGUE), 1-28. McGee, R. (2007). Corporate governance and the timeliness of financial reporting: A case study of the Russian energy sector. Available at SSRN 978114. McGee, R. (2010). Corporate governance in transition and developing economies: a case study of hungary. Available online at http://ssrn.com/abstract=1664185. McGee, R. W., & Yuan, X. (2012).Corporate governance and the timeliness of financial reporting: a comparative study of the People's Republic of China, the USA and the European Union. Journal of Asia Business Studies, 6(1),5-16. McGregor, D. (1960). The human side of enterprise. New York, 21. McMullen, D.A. & Raghunandan, K. (1996). Enhancing audit committee effectiveness, Journal of Accountancy, 182(2), 79-81. Meca, E. G., & Ballesta, J. P. S. (2009). Corporate governance and earnings management: A meta-analysis. Corporate Governance: An International Review, 17(5), 594–6103. Ministry of Industry and Trade. (1997). Companies' law no. 22. Retrieved from: http://www.mit.gov.jo/portals/0/tabid/502/ Companies%20Law.aspx Mitra, S., & Hossain, M. (2011). Corporate governance attributes and remediation of internal control material weaknesses reported under SOX Section 404. Review of Accounting and Finance, 10(1), 5-293 Mohamad-Nor, M. N., Shafie, R., & Wan-Hussin, W. N. (2010). Corporate governance and audit report lag in Malaysia. Asian Academy of Management Journal of Accounting and Finance (AAMJAF), 6(2), 57-84. Mohandi, A., & Odeh, A. (2010). The effect of ownership structure on the quality of financial statements in Jordan. Journal of Business Administration, 19(2), 1-233 Monks, R. A. G. & Minow, N. (2003) Corporate Governance. Oxford Unuversity, UK, Blackwell Publishing Ltd. Morck, R., Wolfenzon, D. and Yeung, B. (2005). Corporate governance, economic retrench, and growth. Journal of Economic Literature, 63, 655–720. Muhamad Sori, Z. & Karbhari, Y. (2005). The impact of selected corporate governance programmes to auditor independence: some evidence from Malaysia. Available at SSRN: http://ssrn.com/abstract=871139 Myring, M., & Shortridge, R. T. (2010). Corporate governance and the quality of financial disclosures. International Business & Economics Research Journal (IBER), 9(6), 103-110. Naser, K., Al-Khatib, K., & Karbhari, Y. (2002). Empirical evidence on the depth of corporate information disclosure in developing countries: The case of Jordan. International Journal of Commerce and Management, 12(3), 122155. Nimer, K. M., Warrad, L., & Khuraisat, O. (2012). The effect of audit committee’s effectiveness on dividend payout policy: evidence from the Jordanian firms International Journal of Business and Management, 7, (7), 172-179. Noor, A., & Matar, M. (2007). The compliance of Jordanian shareholding companies with the principles of corporate governance: An analytical comparative study between the banking and the industrial sectors. Journal of Business Administration, 3(1), 98-1213. Nour, A. N. I., & Al-Fadel, M. M. (2006). Analysis of the importance of the factors that affected the delay of issuing corporate annual reports: comparison study between views of corporate managers and auditors in iraq and jordan. Jordan Journal of Business Administration, (2), 33. Ntim, C. G., & Osei, K. A. (2011). The impact of corporate board meetings on corporate performance in South Africa. African Review of Economics and Finance, 2(2), 83-103. Obaidat, A. N. (2007). Auditors Compliance with International Standards on Auditing (ISAs): Evidence form Jordan. Journal of Social Sciences, 3(4), 185-189. OECD 2004 'The OECD Principles of Corporate Governance', available online at www.oecd.org/publications/Pol_brief. OECD. (2004). Corporate governance definition. Retrieved from: http://stats.oecd.org/glossary/ detail.asp?ID=6778. Omran, M. M., Bolbol, A., & Fatheldin, A. (2008). Corporate governance and firm performance in Arab equity markets: Does ownership concentration matter? International Review of law and economics, 28(1), 32-45. O'Neal, D., & Thomas, H. (1996). Developing the strategic board. Long Range Planning, 29(3), 314-327. Owusu-Ansah, S. (2000). Timeliness of corporate financial reporting in emerging capital markets: Empirical evidence from the Zimbabwe Stock Exchange. Accounting and business research, 30(3), 241-254. Owusu-Ansah, S., & Leventis, S. (2006). Timeliness of corporate annual financial reporting in Greece. European Accounting Review, 15(2), 273-287. Pavel, K., & Alexander, M. (2001). Ownership Structure and Firm performance in Russia: The Case of Blue Chips of the Stock Market. EERC Research Network, Russia and CIS. Peasnell, K. V., Pope, P. F., & Young, S. (2005). Board monitoring and earnings management: do outside directors influence abnormal accruals? Journal of Business Finance & Accounting, 32(7‐8), 1311-1346. Pfeffer, J. (1972). Size and composition of corporate boards of directors: The organization and its environment, Administrative Science Quarterly, 17(2), 218-28. Pfeffer, J. (1972). Size and composition of corporate boards of directors: The organization and its environment. Administrative Science Quarterly, 218-228. Ponnu, C. H. (2008). Corporate governance structures and the performance of Malaysian public listed companies. International Review of Business Research Papers, 4(2), 217-230. Pourkazemi, A., & Abdoli, M. (2011). Corporate Governance and Conservatism. Paper presented at the European Conference on Management, Leadership & Governance. Prickett, R. (2002). Sweet clarity. Financial Management, 18−20. Public Oversight Board (POB). 1993. Issues Confronting the Accounting Profession. Stamford, CT. Raghunandan, K., & Rama, D. V. (2007). Determinants of audit committee diligence. Accounting Horizons, 21(3), 265-279. Rasmussen, S. J., & Schmidt, J. J. (2012, April). Auditing the audit committee: A study of shareholders’ and boards’ efforts to hold audit committee members accountable. In Presented at the Deloitte Foundation/University of Kansas Auditing Symposium. Rezaee, Z., Olibe, K. O., & Minmier, G. (2003). Improving corporate governance: the role of audit committee disclosures. Managerial Auditing Journal, 18(6/7), 530-537. Romano, G., & Guerrini, A. (2012). Corporate governance and accounting enforcement actions in Italy. Managerial Auditing Journal, 27(7), 622-638. Roodposhti, R., & Chashmi, N. (2011).The impact of corporate governance mechanisms on earnings management. African Journal of Business Management, 5(11), 4143-4151. Ruigrok, W., Peck, S., & Tacheva, S. (2007). Nationality and gender diversity on Swiss corporate boards. Corporate Governance: An International Review, 15(4), 546-557. Saleh, N. M., Iskandar, T. M., & Rahmat, M. M. (2005). Earnings management and board characteristics: Evidence from Malaysia. Jurnal Pengurusan, 24, 77-103. Saleh, N. M., Iskandar, T. M., & Rahmat, M. M. (2007). Audit committee characteristics and earning management: evidence from Malaysia. Asian Review of Accounting, 15(2), 147-163. Sanda, A., Garba, T., & Mikailu, A. S. (2011). Board independence and firm financial performance: evidence from Nigeria (No. RP_213). African Economic Research Consortium. In proceeding of the Centre for the Study of African Economies (CSAE) for presentation at the CSAE Conference 2008 titled Economic Development in Africa at St Catherine’s College, University of Oxford, Oxford, 16-18 March 2008. Retrieved from: http://econpapers. repec.org/paper/aerrpaper/rp_5f213.htm. Schnake, M. E., & Williams, R. J. (2008). Multiple directorships and corporate misconduct : The moderating influences of board size and outside directors. Journal of Business Strategies, 25(1), 1-13. Schwartz, K. B., & Soo, B. S. (1996). The Association Between Auditor Changes and Reporting Lags. Contemporary Accounting Research, 13(1), 353-370. Sekaran, U. (2003). Research methods for business: A skill-building approach (4th ed.). New York: John Wiley & Sons, Inc. Shaikh, A. M., Iqbal, M. J., & Shah, S. Z. A. (2012). Institutional Ownership and Discretionary Accruals: Empirical Evidences from Pakistani Listed Non-Financial Companies. Information Management and Business Review 4(4): 217-222. Sharar, Z. (2007). A Comparative Analysis of the Corporate Governance Legislative Frameworks in Australia and Jordan Measured against the OECD Principles of Corporate Governance 2004 as an International Benchmark( (Doctoral dissertation, School of Law, Bond university,. Australia) Retrieved from: http://epublications. bond.edu.au/cgi/viewcontent.cgi?article=1033&context=theses Shen, C. H., & Chih, H. L. (2007). Earnings management and corporate governance in Asia's emerging markets. Corporate Governance: An International Review, 15(5), 999-1021. Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. The journal of finance, 52(2), 737-783. Shukeri, S. N., & Islam, M. A. (2012). The determinants of audit timeliness: Evidence from Malaysia. Journal of Applied Sciences Research, 8(7). Shukeri, S. N., & Nelson, S. (2011). Timeliness of Annual Audit Report: Some Empirical Evidence from Malaysia. Paper presented at the Entrepreneurship and Management International Conference (EMIC 2) Kangar, Perlis Malaysia. Retrieved from http://ssrn.com/abstract=1967284 Singam, K. (2003). Corporate governance in Malaysia. Bond Law Review, 15(1), 313-344. Soltani, B. (2002). Timeliness of corporate and audit reports: Some empirical evidence in the French context. The International Journal of Accounting, 37(2), 215-246. Suwaidan, M & El-Khouri, R. (2000). An empirical examination of the relationship between increased disclosure in Jordanian industrial corporate annual reports and risks, Dirasat, 27(2), 467- 476. Tabachnick, B.G. & Fidell, L.S (2007). Using multivariate statistics (5th ed). Boston: Pearson Education. Tam, O. K., & Tan, M. G.-S. (2007). Ownership, governance and firm performance in Malaysia. Corporate Governance, 15(2), 208-222. Tang, W., Yu, Q., Crits-Christoph, P., & Tu, X. M. (2009). A New Analytic Framework for Moderation Analysis---Moving Beyond Analytic Interactions. Journal of data science: JDS, 7(3), 313. Tanyi, P., Raghunandan, K., & Barua, A. (2010). Audit report lags after voluntary and involuntary auditor changes. Accounting Horizons, 24(4), 671-688. Tauringana, V., Kyeyune, M. F., & Opio, P. J. (2009). Corporate governance, dual language reporting and the timeliness of annual reports on the Nairobi stock exchange. Research in Accounting in Emerging Economies, 8, 13-37. Tazik, H., & Mohamed, Z. M. (2014) Accounting Information System Effectiveness, Foreign Ownership and Timeliness of Corporate Financial Report. Paper presented at the 5th Asia-Pacific Business Research Conference 17 - 18 February, 2014, Hotel Istana, Kuala Lumpur, Malaysia, ISBN: 978-1-922069-44-3 Tong, S., & Ning, Y. (2004). Does capital structure affect institutional investor choices?. The Journal of Investing, 13(4), 53-66. Türel, A. (2010). Timeliness of financial reporting in emerging capital markets: Evidence from Turkey. İstanbul Üniversitesi İşletme Fakültesi Dergisi, 39(2), 227-240. Turley, S., & Zaman, M. (2004). The corporate governance effects of audit committees. Journal of management and governance, 8(3), 305-332. Vafeas, N. (1999). Board meeting frequency and firm performance. Journal of Financial Economics, 53(1), 113-142. Van Beest, F., Braam, G., & Boelens, S. (2009). Quality of Financial Reporting: measuring qualitative characteristics. Nijmegen Center for Economics (NiCE). Working Paper, 09-108. Van der Zahn, J. W. M., & Tower, G. (2004). Audit committee features and earnings management: further evidence from Singapore. International Journal of Business Governance and Ethics, 1(2), 233-258. Walker, A., & Hay, D. (2011). Non-Audit Services and Knowledge Spillovers: An Investigation of the Audit Report Lag. Available at SSRN 1852836. Wallace, R.S.O. (1993). Development of accounting standards for developing and newly industrialised countries. Research in Accounting in Emerging Economies 2, 121-165. Wan Abdullah, W Z, Ismail, S, & Jamaluddin, N. (2008). The impact of board composition, ownership and CEO duality on audit quality: The Malaysian evidence. Malaysian Accounting Review, 7(2), 17-28. Wang, Y. (2011). Earnings timeliness and seasoned equity offering announcement effect. International Journal of Humanities and Social Science, 1( 20), 55-69. Wan-Hussin, W. N., & Haji-Abdullah, N. M (2009). Audit committee attributes, financial distress and the quality of financial reporting in Malaysia. Working Paper. Available at http://ssrn.com/abstract=1500134. Watts, R. L. (1977). Corporate financial statements, a product of the market and political processes. Australian journal of management, 2(1), 53-75. Watts, R. L. (2003). Conservatism in accounting part I: Explanations and implications. Accounting horizons, 17(3), 207-221. Watts, R. L., & Zimmerman, J. L. (1990). Positive accounting theory: a ten year perspective. Accounting review, 131-156. Watts, R., and J. Zimmerman. . (1986). Positive Accounting Theory. : Englewood Cliffs, NJ: Prentice-Hall. Wilkins, M. S., & Schmidt, J. (2012). Bringing darkness to light: the influence of auditor quality and audit committee expertise on the timeliness of financial statement restatement disclosures. Auditing: A Journal of Practice & Theory,32 (1), 221-244. Williamson, O. E. (1981). The modern corporation: origins, evolution, attributes. Journal of economic literature, 19(4), 1537-1568. Wu, C., Wu, C. S., & Liu, V. W. (2008). The release timing of annual reports and board characteristics. The International Journal of Business and Finance Research, 2(1), 103-108. Xie, B., Davidson, W. N., & DaDalt, P. J. (2003). Earnings management and corporate governance: the role of the board and the audit committee. Journal of corporate finance, 9(3), 295-316. Yang, W. S., Chun, L. S., & Ramadili, S. M. (2009). The effect of board structure and institutional ownership structure on earnings management. International Journal of Economics and Management, 3(2), 332 – 3533 Yasser, Q. R., Entebang, H., & Mansor, S. A. (2011). Corporate governance and firm performance in Pakistan: The case of Karachi Stock Exchange (KSE)-30. Journal of Economics and International Finance, 3(8), 482-491. Yee, K. K. (2004). Interim reporting frequency and financial analysts' expenditures. Journal of Business Finance & Accounting, 31(1‐2), 167-198. Yermack, D. (1996). Higher market valuation of companies with a small board of directors. Journal of financial economics, 40(2), 185-211. Young, M. N., Peng, M. W., Ahlstrom, D., Bruton, G. D., & Jiang, Y. (2008). Corporate governance in emerging economies: A review of the principal–principal perspective. Journal of Management Studies, 45(1), 196-220. Yuksel, C. (2008). Recent developments of corporate governance in the global economy and the new turkish commercial draft law reforms. Journal of International Commercial Law and Technology, 3(2), 101-111. Yunos, R. M. (2011). The effect of ownership concentration, board of directors, audit committee and ethnicity on conservative accounting: Malaysian evidence (Doctoral thesis, School of Accounting, Finance and Economics, Edith Cowan University, Australia): Retrieved, from http://ro.ecu.edu.au/cgi/view content.cgi?article=1155&context=theses Yunos, R. M., Smith, M., Ismail, Z., & Ahmad, S. A. (2011) Inside concentrated owners, board of directors and accounting conservatism. Annual Summit on Business and Entrepreneurial Studies (ASBES 2011) Proceeding, 954-971. Zaitul. (2010). Board of Directors, audit committee, auditor characteristics and the timeliness of financial reporting in listed companies in Indonesia (Doctoral dissertation, College of business, University Utara Malaysia) Retrieved from http://www.uum.edu.my. Zeitun, R., & Tian, G. G. (2007). Does ownership affect a firm's performance and default risk in Jordan?. Corporate Governance, 7(1), 66-82. Zhou, J., & Chen, K. Y. (2004). Audit committee, board characteristics and earnings management by commercial banks. Unpublished Manuscript. Zureigat, Q. M. (2011). The effect of ownership structure on audit quality: Evidence from Jordan. International Journal of Business and Social Science, 2(10), 38-46.

Similar Items