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ABSTRACT
The broad objective of this study was to investigate the impact of CEO attributes on financial reporting lag; along with the moderating effect of board power on CEO power.
Secondary data were used for the study. These data were sourced from annual reports of 120 listed firms on the Nigerian Stock Exchange (NSE) as at 31st December, 2017. The study adopted the panel data regression technique to analyze data gathered for the study. The result of the Hausman tests for the three models adopted in the study showed a preference for the random effect model for the three proxies of financial reporting lag (audit report lag, management report lag and natural logarithm of audit report lag).
The results from the study revealed that CEO power has a negative and significant effect on all three measures of financial reporting lag. CEO gender exhibited a positive and significant relationship with the management report lag variant of financial reporting lag. Though, the relationship between CEO gender and the other two variants of reporting lag (audit report lag and natural log of audit report lag) was not significant. The relationship between CEO origin and the three measures of financial reporting lag was negative and statistically significant. CEO age exhibited a negative and significant relationship with financial reporting lag. The moderating effect of board power on the relationship between CEO power and financial reporting lag was negative and statistically significant. Firm size, being the control variable, showed a negative and significant relationship with the three measures of financial reporting lag. The study recommended amongst others that quoted firms desirous of shortening reporting lag should go for insider CEOs and CEOs in their 50’s. Also, CEO tenure should be reasonable say between 5-6 years and firms should have independent boards with more number of outside directors.
