A research in BIST relating to the factors affecting the publication timeliness of consolidated and individual financial statements and effect of the timeliness on the price of stock certificates

The purpose of this research is to detect the auditing and company factors affecting the time of publishing the financial reporting and their significance levels. The publishing time of the financial reporting is determined as a dependent variable and some features related to the company and independent audit as an independent variable in the model created within the scope of the purpose of this study. The variables used in the study are determined as the size of auditing company, the audit opinion, change of auditing company, change of auditor, active size of the company, company profitability, age of the company, financial leverage ratio, liquidity ratio, sector of business, non-controlling interest (minority shareholders), number of reportings, number of subsidiary companies according to geographical segments, operating segments. This study consists of 1.608 data of the companies being dealt with in Borsa İstanbul (BİST) between 2013 and 2019. Two different multiple regression models are created in the research. In the first step, the first ten hypotheses developed (the size of auditing company, the audit opinion, change of auditing company, change of auditor, active size of the company, company profitability, age of the company, financial leverage ratio, liquidity ratio, sector of business) are tested via the multiple regression model developed for all the financial statements, consolidated and individual. In the second step, the last four hypotheses developed (uncontrolled shares (minority shareholders), number of reportings, subsidiary companies according to segments) are tested via the multiple regression model developed only for the consolidated financial statements. And on the last step, the effects of the companies delaying the publishing time of the financial report on the share prices are analyzed. As a consequence of the research, it is shown that there is a meaningful relationship between the time of publishing the financial reporting of the companies preparing and submitting an individual and consolidated financial statement and change in the stock prices. It is detected that the stock price changes of the companies publishing their financial statements earlier than its time are positive. Keywords: Consolidated financial statements, The timing of the financial reporting, Stock price, Auditing factors, Company factors