Audit delay across ASEAN-5 economies: The role of audit characteristics, corporate governance, and institutional context
-
Author(s)Elvira LuthanLink to ORCID Index: https://orcid.org/0000-0002-1219-6157
,
Fina AdeliaLink to ORCID Index: https://orcid.org/0009-0005-8938-6695
,
Husna RozaLink to ORCID Index: https://orcid.org/0009-0001-5410-9357
-
DOIhttp://dx.doi.org/10.21511/imfi.23(4).2026.05
-
Article InfoVolume 23 2026, Issue #4, pp. 66–87
- 17 Views
-
3 Downloads
This work is licensed under a
Creative Commons Attribution 4.0 International License
Type of article: Research Article
Abstract
This study aims to investigate the determinants of audit delay among real estate and property companies listed on ASEAN stock exchanges during the 2020–2025 period. Although the timely issuance of financial reports is important for attracting investor confidence and helping firm transparency, prior empirical evidence on the determinants of audit delay in the ASEAN context remains inconclusive. Drawing on Agency Theory, Signaling Theory, and Institutional Theory, this study examines whether audit fees, profitability, audit tenure, audit opinion, audit committee expertise, auditor reputation, and firm size influence the existence of audit delay.
This study uses panel data from Refinitiv Eikon and company annual reports, including 254 companies and 1,524 company-year observations. A Random-Effects Logistic Regression model, which accounts for the panel data structure and unobserved heterogeneity across companies, is used for hypothesis testing because the dependent variable is dichotomous.
The findings conclude that while profitability, audit tenure, and audit committee skill do not significantly influence audit delay, audit fees, audit opinions, auditor reputation, or firm size do. These results suggest that audit-process variables are more important in predicting audit timeliness than corporate governance procedures or performance characteristics.
By providing cross-national empirical data from the ASEAN region, this study contributes to the expanding literature on audit delays. Additionally, by enhancing audit quality and implementing more efficient financial reporting procedures, the findings provide regulators and industry professionals with useful recommendations to improve financial reporting timeliness.
Acknowledgment
The authors gratefully recognise the financial assistance provided by the Institute for Research and Community Service (LPPM), Universitas Andalas, under the Flagship Research Scheme (PUJK), Batch I, through Contract No. 295/UN16.19/PT.01.03/PTM/2024. The authors also express their sincere appreciation to the Faculty of Economics and Business, Universitas Andalas, for the institutional funding and accommodations that supported the successful completion of this study.
- Keywords
-
JEL Classification (Paper profile tab)M40, M41, M42, D53, G15
-
References62
-
Tables6
-
Figures0
-
- Table 1. Sampling
- Table 2. Dimension of variables
- Table 3. Descriptive analysis
- Table 4. Average variable per country
- Table 5. Logistic regression analysis results
- Table 6. Robustness test results
-
- Abdillah, M. R., Mardijuwono, A. W., & Habiburrochman, H. (2019). The effect of company characteristics and auditor characteristics to audit report lag. Asian Journal of Accounting Research, 4(1), 129-144.
- Agista, D. L., Zakaria, A., & Nasution, H. (2023). Pengaruh audit fee, financial distress, dan auditor switching terhadap audit delay [The influence of audit fees, financial distress, and auditor switching on audit delay]. Jurnal Akuntansi, Perpajakan dan Auditing – Journal of Accounting, Taxation, and Auditing, 4(1), 50-63. (In Indonesian).
- 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.
- Alhadisa, N., & Yusrianti, H. (2024). The influence of company profitability, corporate risk, audit report lag, and CEO gender on audit fee. KnE Social Sciences, 9(14).
- Alisa, I. R., & Rusvina, E. (2025). Company complexity and audit delay: The moderating effect of audit committee chair accounting expertise. International Journal of Digital Marketing Science, 2(1), 31-40.
- Ashton, R. H., Willingham, J. J., & Elliott, R. K. (1987). An empirical analysis of audit delay. Journal of Accounting Research, 25(2), 275-292.
- Azizkhani, M., Hossain, S., Jiang, A., & Yap, W. (2021). Mandatory partner rotation, audit timeliness and audit pricing. Managerial Auditing Journal, 36(1), 105-131.
- Bryant-Kutcher, L., Peng, E. Y., & Weber, D. P. (2013). Regulating the timing of disclosure: Insights from the acceleration of 10-K filing deadlines. Journal of Accounting and Public Policy, 32(6), 475-494.
- Chen, C., Jia, H., Xu, Y., & Ziebart, D. A. (2022). The effect of audit firm attributes on audit delay in the presence of financial reporting complexity. Managerial Auditing Journal, 37(2), 283-302.
- Dao, M., & Pham, T. (2014). Audit tenure, auditor specialisation and audit report lag. Managerial Auditing Journal, 29(6), 490-512.
- Dewi, I. G. A. S., & Putra, I. M. P. D. (2025). The influence of company size, public accounting firm reputation, and audit opinion on audit delay. International Journal of Economics, Management and Accounting, 2(3), 323-332.
- DiMaggio, P. J., & Powell, W. W. (1983). The Iron Cage Revisited: Institutional Isomorphism and Collective Rationality in Organisational Fields. American Sociological Review, 48(2), 147-160.
- Endri, E., Dewi, S. S., & Pramono, S. E. (2024). The determinants of audit report lag: Evidence from Indonesia. Investment Management and Financial Innovations, 21(1), 1-12.
- Fathonah, S., Sari, I., & Mubarakah, S. (2024). Pengaruh fee audit, pergantian auditor, dan ukuran perusahaan terhadap audit delay [The influence of audit fees, auditor switching, and company size on audit delay]. Gorontalo Accounting Journal, 7(1), 136-143. (In Indonesian).
- Fauziah, N., & Setiawati, E. (2023). The Effect of Auditor Fees, Audit Opinions, Audit Tenure, Profitability, and Company Size on Audit Delay (Empirical Study on Property and Real Estate Companies Listed on the Indonesia Stock Exchange in 2019-2021). International Journal of Latest Research in Humanities and Social Science, 6(5), 81-89.
- Favere-Marchesi, M. (2000). Audit quality in ASEAN. The International Journal of Accounting, 35(1), 121-149.
- Feng, N. C. (2020). Individual auditor characteristics and audit quality: Evidence from nonprofits in the US. Journal of Public Budgeting, Accounting & Financial Management, 32(4), 551-575.
- Feryandi, A., & Suhayati, E. (2022). Audit Tenure dan Ukuran Kantor Akuntan Publik Mempengaruhi Audit Delay [Audit Tenure and Size of the Public Accounting Firm Affect Audit Delay]. Klabat Accounting Review, 3(2), 33-42. (In Indonesian).
- Habib, A., & Bhuiyan, M. B. U. (2011). Audit firm industry specialisation and the audit report lag. Journal of International Accounting, Auditing and Taxation, 20(1), 32-44.
- Habib, A., Bhuiyan, M. B. U., Huang, H. J., & Miah, M. S. (2019). Determinants of audit report lag: A meta-analysis. International Journal of Auditing, 23(1), 20-44.
- Hall, J. A. (2016). Information technology auditing (4th ed.). Cengage Learning.
- Handoko, D., & Aprilia, E. A. (2024). Pengaruh Kepemilikan Institusional, Audit Fee dan Audit Tenure terhadap Audit Delay [The Influence of Institutional Ownership, Audit Fees, and Audit Tenure on Audit Delay]. Blantika: Multidisciplinary Journal, 2(4), 412-420. (In Indonesian).
- Hartwig, F., Hansson, E., Nielsen, L., & Sörqvist, P. (2023). The relation between auditing and accounting timeliness in Swedish private firms. Journal of Financial Regulation and Compliance, 31(3), 379-396.
- Hay, D. C., Knechel, W. R., & Wong, N. (2006). Audit fees: A meta-analysis of the effect of supply and demand attributes. Contemporary Accounting Research, 23(1), 141-191.
- Hayes, R., Dassen, R., Schilder, A., & Wallage, P. (2005). Principles of auditing: An introduction to international standards on auditing (2nd ed.). Pearson Education.
- Hussin, W. N., Bamahros, H. M., & Shukeri, S. N. (2018). Lead engagement partner workload, partner-client tenure and audit reporting lag: Evidence from Malaysia. Managerial Auditing Journal, 33(3), 246-266.
- International Organization of Securities Commissions (IOSCO). (2020, May 29). IOSCO statement on the importance of disclosure about COVID-19 (IOSCO/OR/02/2020).
- Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.
- Jesni, J., & Yopie, S. (2023). Characteristics of the audit committee on delay in audit reporting. Jurnal Pamator: Jurnal Ilmiah Universitas Trunojoyo, 16(2), 364-376.
- Khan, F., Abdul-Hamid, M. A. B., Saidin, S. F., & Hussain, S. (2023). Organisational complexity and audit report lag in GCC economies: The moderating role of audit quality. Journal of Financial Reporting and Accounting, 24(1), 23-45.
- Khoufi, N., & Khoufi, W. (2018). An empirical examination of the determinants of audit report delay in France. Managerial Auditing Journal, 33(8/9), 700-714.
- Lai, K.-W. (2023). Differential spillover effects of different non-audit fees on audit report lag. Journal of Applied Accounting Research, 24(1), 1-24.
- Lajmi, A., & Yab, M. (2022). The impact of internal corporate governance mechanisms on audit report lag: Evidence from Tunisian listed companies. EuroMed Journal of Business, 17(4), 619-633.
- Leditho, M. D., Kusumastati, W. W., & Safiq, M. (2023). Do company performance, multinational company, and audit fee affect audit delay? JAAF (Journal of Applied Accounting and Finance), 7(1), 13-27.
- 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.
- Lestari, N. L. K. A. S., & Latrini, M. Y. (2018). Pengaruh fee audit, ukuran perusahaan klien, ukuran KAP, dan opini auditor pada audit delay [The influence of audit fees, client company size, audit firm size, and auditor opinion on audit delay]. E-Jurnal Akuntansi Universitas Udayana, 24(1), 422-450.
- 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.
- Li, H., Hay, D., & Lau, D. (2019). Assessing the impact of the new auditor's report. Pacific Accounting Review, 31(1), 110-132.
- Lirungan, D., & Harindahyani, S. (2018). The effect of corporate governance on audit report timeliness in Indonesia. Jurnal Akuntansi Bisnis, 16(1), 80-94.
- Luthan, E., Ali, S., & Hairaty, E. (2019). The professionalism, competence, organisational commitment, and job satisfaction on the performance of auditors. The International Journal of Business Review (The Jobs Review), 2(2), 89-106.
- Manalu, R. V. B., & Hastuti, I. S. (2023). Faktor-Faktor yang Memengaruhi Audit Delay pada Perusahaan Indeks LQ45 yang Terdaftar di Bursa Efek Indonesia. Journal of Accounting and Finance (JACFIN), 5(2), 38-52.
- Merter, A. K., & Özer, G. (2024). Audit committee and timely reporting: Evidence from Turkey. SAGE Open, 14(1).
- Meyer, J. W., & Rowan, B. (1977). Institutionalised organisations: Formal structure as myth and ceremony. American Journal of Sociology, 83(2), 340-363.
- Nelson, S. P., & Shukeri, S. N. (2011). Corporate governance and audit report timeliness: Evidence from Malaysia. Research in Accounting in Emerging Economies, 11, 109-127.
- Ningrum, Y. P. W., & Srimindarti, C. (2022). Determinants of audit delay on mining companies listed on the Indonesia Stock Exchange for the 2015-2020 period. SIMAK, 20(1), 1-13.
- Permatasari, M. D., & Saputra, M. M. (2021). Analisis faktor-faktor yang mempengaruhi audit delay [Analysis of factors affecting audit delay]. Jurnal Akuntansi Bisnis Pelita Bangsa – Pelita Bangsa Business Accounting Journal, 6(1), 19-33. (In Indonesian).
- Putra, D. G., Rahayu, R., & Putri, A. (2021). The influence of enterprise resource planning (ERP) implementation system on company performance mediated by organisational capabilities. Journal of Accounting and Investment, 22(2), 221-241.
- Putra, H. A., Afrizal, & Rahayu. (2023). The effect of audit fee, audit opinion, KAP size, audit tenure, and auditor switching for audit delay in companies on the LQ 45 Index listed on IDX 2019-2021. Indonesian Journal of Economic and Management Sciences, 1(4), 523-540.
- Putra, V. A., & Wilopo, R. (2018). The effect of company size, accounting firm size, solvency, auditor switching, and audit opinion on audit delay. The Indonesian Accounting Review, 7(1), 119-130.
- Rabaiyah, Rosmanidar, E., & Martaliah, N. (2023). Pengaruh ukuran perusahaan, auditor switching dan audit fee terhadap audit delay pada perusahaan properti yang terdaftar di ISSI periode 2016–2020 [The influence of firm size, auditor switching, and audit fees on audit delay in property companies listed on the ISSI for the 2016–2020 period]. Jurnal Ilmiah Manajemen, Ekonomi, Akuntansi – Scientific Journal of Management, Economics, and Accounting, 3(2), 1-15. (In Indonesian).
- Rahmadani, N., Arum, E. D. P., & Friyani, R. (2024). The effect of profitability, audit opinion, audit committee, and company size on audit delay (Study of property and real estate sector companies listed on the Indonesia Stock Exchange in 2021-2023). International Journal of Business and Applied Economics, 3(5), 851-866.
- Saraswati, R., & Herawaty, V. (2019). Pengaruh opini audit, penggantian auditor, profitabilitas, solvabilitas dan likuiditas terhadap audit report delay dengan kepemilikan manajerial sebagai moderasi [The Influence of Audit Opinion, Auditor Change, Profitability, Solvency, and Liquidity on Audit Report Delay with Managerial Ownership as a Moderating Variable]. Prosiding Seminar Nasional Cendekiawan, 1-10. (In Indonesian).
- Sihombing, T., & Khairunisa (2025). The Influence of Audit Tenure, Profitability, and Financial Viability on Audit Delays with Audit Quality As A Moderator: Evidence from ASEAN. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 9(3), 332-341.
- Sobhan, R., Mim, F. F., & Rahman, F. (2024). Nexus between audit committee characteristics and audit report lag in an emerging economy: An analysis using frequentist and Bayesian regression models. Asian Journal of Economics and Banking, 9(2), 311-333.
- Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, 87(3), 355-374.
- Sultana, N., Singh, H., & Van der Zahn, J.-L. W. M. (2014). Audit committee characteristics and audit report lag. International Journal of Auditing, 19(2), 72-87.
- Uly, F. R. U., & Julianto, W. (2022). Pengaruh opini audit, audit tenure, dan komite audit terhadap audit report lag [The influence of audit opinion, audit tenure, and the audit committee on audit report lag]. Accounting Student Research Journal, 1(1), 37-52. (In Indonesian).
- Wasonga, J. K., Nyamute, W., Omoro, N., & Lishenga, L. (2020). Audit committee attributes and financial reporting quality of the state-owned commercial enterprises in Kenya. Research Journal of Finance and Accounting, 11(14), 1-15.
- Wijasari, L. K. A., & Wirajaya, I. G. A. (2021). Faktor-faktor yang memengaruhi fenomena audit delay di Bursa Efek Indonesia [Factors influencing the phenomenon of audit delay on the Indonesia Stock Exchange]. E-Jurnal Akuntansi – E-Journal of Accounting, 31(1), 168-181.
- Xiong, X., Zheng, R., Liu, Y. J., & Huang, X. (2024). International accounting network memberships and audit fees: Evidence from China. PLOS ONE, 19(1), Article e0296304.
- Yulianingtias, K. S., & Triyuwono, I. (2024). Pengaruh audit tenure, opini auditor, dan reputasi kantor akuntan publik terhadap audit report lag [The influence of audit tenure, auditor opinion, and public accounting firm reputation on audit report lag.]. Studi Akuntansi dan Keuangan Indonesia, 7(2), 171-186. (In Indonesian).
- Yusuf, M., Ismail, T., Taqi, M., & Soleha, N. (2025). Audit delay in the agency context: Profitability, corporate social responsibility, intellectual capital, and tax avoidance. Financial and Credit Activity: Problems of Theory and Practice, 4(63), 93-105.
-
ESG disclosure and financial performance: Empirical study of Vietnamese commercial banks
Bui Thi Thu Loan ,
Tran Thi Lan Anh ,
Trang Hoang
doi: http://dx.doi.org/10.21511/bbs.19(1).2024.18
Banks and Bank Systems Volume 19, 2024 Issue #1 pp. 208-220 Views: 12757 Downloads: 3556 TO CITE АНОТАЦІЯEnvironmental, social, and governance (ESG) disclosure becomes vital for banks to be transparent and accountable for their investments and lending decisions to shareholders, regulators, and society. The potential enhancement of shareholder value through ESG disclosure is still inconsistent. Empirical studies on the association between ESG disclosure and financial performance are mixed and limited in emerging economies. This study aims to examine whether ESG disclosure impacts the financial performance of 24 Vietnamese commercial banks in terms of return on assets (ROA), return on equity (ROE), and net interest margin (NIM). The study uses the feasible generalized least squares estimation method based on panel data from 2018 to 2022. The study employs content analysis on 12 themes related to environmental, social, and governance pillars to score policy disclosure based on the Fair Finance Guide Methodology. The results highlight the positive effects of ESG policy disclosure, individual environment disclosure (E), and individual governance disclosure (G) on bank financial performance. Notably, ESG, E, and G have the largest influence on ROE, with coefficients of 0.051, 0.036, and 0.027, respectively, at a 5% significance level. However, the study does not provide evidence of a statistically significant association between social disclosure and financial performance. These results provide empirical evidence for regulators and bank managers to shape ESG policies and practices aligning with international standards.
Acknowledgment
ESG disclosure score of 11 banks as primary data in this study is conducted under the project coordinated by the Fair Finance Vietnam coalition, as part of Fair Finance International. -
Evaluating the effects of IFRS 9 on Jordanian banks’ credit and financial metrics
Amer Morshed
doi: http://dx.doi.org/10.21511/bbs.19(4).2024.06
Banks and Bank Systems Volume 19, 2024 Issue #4 pp. 70-83 Views: 7264 Downloads: 850 TO CITE АНОТАЦІЯAdopting International Financial Reporting 9 is critically relevant as it significantly transforms accounting practices, particularly in credit risk management, for banks in Jordan. The primary purpose of this study is to examine the impact of implementing International Financial Reporting 9 on the financial performance and credit risk management practices of Jordanian banks. A quantitative analysis was conducted using the Difference-in-Differences approach and Fixed Effects models on data from 19 banks operating between 2012 and 2022.
The results indicate that the adoption of International Financial Reporting 9 led to a substantial increase in loan loss provisions, with a mean increase of 0.25 (t-value = 18.00). This increase in loan loss provisions negatively affected profitability metrics such as Return on Assets and Return on Equity, which showed mean decreases of 0.0857 (t-value = 4.22) post-implementation. Despite the negative impact on profitability, the findings also highlight improvements in financial transparency and stability due to more accurate credit risk assessment.
While the adoption of International Financial Reporting 9 imposes operational and financial challenges, it enhances the robustness and clarity of financial reporting in Jordanian banks. -
Environmental, social and governance disclosure and firm value in the energy sector: The moderating role of profitability
Priskila Dorothy ,
Endri Endri 
doi: http://dx.doi.org/10.21511/ppm.22(4).2024.44
Problems and Perspectives in Management Volume 22, 2024 Issue #4 pp. 588-599 Views: 6526 Downloads: 1756 TO CITE АНОТАЦІЯEnvironmental, social, and governance (ESG) performance is critical in mitigating climate change. Energy companies must include ESG practices in their business plans because they can determine firm value. This study investigates the impact of ESG and firm size on firm value in Indonesian energy sector, which is moderated by profitability through return on assets. This study uses a sample of 19 energy companies listed on the Indonesia Stock Exchange from 2016 to 2022. A panel data regression model is applied to estimate the impact of ESG practices and firm size on firm value with the moderating role of return on assets. The study results found that ecological, social, and governance disclosure in the model with return on assets as a moderator independently positively impacts firm value but not vice versa. The interaction between return on assets and ESG practices has no impact on firm value, which means that the role of return on assets as a moderator cannot strengthen the influence of ESG and firm size on firm value. Return on assets positively impacts firm value if it acts as an independent variable without a moderator. Firm size independently has a negative impact on firm value but has no effect if it interacts with return on assets. The implications of the empirical findings provide recommendations for policymakers, corporate management, investors, and academics. Environmental, social, and governance disclosure practices are essential to pay attention to as they can improve sustainability performance and firm value in the energy sector of Indonesia.
Acknowledgment
Acknowledgments are expressed to the Directorate General of Higher Education, Research, and Technology, Ministry of Education, Culture, Research and Technology for the Funding Assistance for the Master’s Thesis Research Grant Scheme [Contract Number: 01-1-4/675/SPK/VII/2024].
